Prime Business AfricaThe value of investment Femi Otedola, Nigerian billionaire, has in First Bank of Nigeria (FBN) parent company, First HoldCo, is N104.15 billion as of April 17.
According to an analysis of his shares in the financial institution by Prime Business Africa, Otedola holds a total of 4.23 billion shares of First HoldCo as of December 31, 2024.
Join our WhatsApp ChannelIt was gathered that the billionaire bought 2.20 billion shares last year, considering he held 2.02 billion shares in 2023, according to First HoldCo’s separate and consolidated financial statements for the year ended December 31, 2024.
Out of the 4.23 billion shares, 1.68 billion are directly held by Otedola, while the businessman indirectly holds 2.54 billion shares through Calvados Global Services Limited.
The chairman of the financial institution increased the direct shares from 40.03 million, which were valued at N942.80 million as of December 29, 2023.
Also, Otedola raised his indirect investment in First HoldCo from 1.98 billion shares, which Prime Business Africa valued at N46.84 billion at the end of 2023.
This brought his total investment value in 2023 to N47.79 billion, indicating the billionaire’s value of investment in the financial institution rose by N56.35 billion in 16 months.
The billionaire holds a 10.10 percent controlling stake in First HoldCo as of December 31, 2024, compared to the 4.84 percent stake held in 2023.
Otedola has been increasing his shares in First HoldCo to tighten his control over the company as the majority shareholder after a hostile takeover attempt by investor, Oba Otudeko, in July 2023.
Otudeko is the owner of Barbican Capital Limited, the second majority shareholder in the financial company with an 8.65 percent stake in First HoldCo, which is valued at N76.37 billion as of April 17.
Prior to Otudeko’s takeover attempt, Otedola had also pulled a hostile takeover against Tunde Hassan-Odukale, First HoldCo’s former major investor, in 2021.
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