FBN Holdings (FBNH) Plc acknowledged on Saturday that Mr Femi Otedola has bought a 5.07 percent equity holding in the company, just 24 hours after denying notification of a possible acquisition of shares by the business mogul.
In a statement released on the Nigerian Exchange (NGX) Ltd. website on Saturday, FBNH’s Company Secretary, Mr. Seye Kosoko, confirmed that Otedola and his nominee now possess 5.07 percent of the company’s shares.
“We refer to our communication to the market dated October 22, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.
“This morning, Oct. 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Ltd., that their client, Mr. Otedola Olufemi Peter, and his nominee, Calvados Global Services Ltd. have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.
“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07 percent,” said the statement.
Malam Garba Kurfi, the Managing Director of APT Securities and Funds Ltd., told Newsmen in Lagos that Otedola had become the company’s largest single shareholder.
Kurfi, who debunked rumors that Otedola had purchased FBN Holdings, stated that he was just the company’s largest single stakeholder.
Other shareholders, including Pension Fund Administrators and other individuals, held 95 percent of FBNH shares, according to him.
When the opportunity occurred, Otedola began purchasing shares in the company, according to Kurfi.
However, a trustworthy source told newsmen that Oba Otudeko was the one who sold all his shares due to problems with the Central Bank of Nigeria.
“If he put up his shares for sale, anyone that has money is free to buy such shares.
“Otedola is not the only one that bought, someone else bought too.
“Once a company has left 20 percent of their stake to the public they are within the regulations.
“The only requirement is that those that bought need to notify the Securities and Exchange Commission, once they do that there is no infraction,” said the source.
