E-Financial
Femi Otedola Reportedly Acquires Majority Shares of First Bank Holdings
Femi Otedola, business mogul and founder/chairman, Geregu Energy Group, has reportedly acquired the majority shares of FBN Holdings (FBNH).
The acquisition is coming some six months after the intervention of the Central Bank of Nigeria (CBN) in the management crisis in the bank..
FBN Holdings is the owners of First Bank Plc.
Otedola according to sources with knowledge of the transaction took over FBN Holdings with an acquisition of about N30bn worth of shares, making him the single largest shareholder of the bank.
Consequently, Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.
Otedola has reportedly been acquiring the shares of the bank through a vehicle, Calvados Global Services Ltd
The latest audited account of FBN Holdings does not have any shareholder with up to 5% of the ownership of the banking behemoth.