Majority shareholder of FBNH, Otedola, makes over N400 million in one day
After a series of documented buy-interests, the recent majority shareholder of FBN Holdings Plc, Mr. Femi Otedola, gained over N400 million from his FBNH Plc stake in a single session on the Nigerian Exchange Limited, as local investors rallied up the Tier-1 bank’s shares after the trading day.
The chairman of Geregu Power Plant and Billionaire investor currently holds the majority stake in First Bank Holdings Plc, to the tune of 2,717,282,140 total shareholding, representing 210,000,000 indirect holdings and 2,507,282,140 held in different indirect holdings, out of the 35.90 billion total issued shares of the company.
Femi Otedola’s stake, at the end of the trading session, is currently worth about N33.15 billion, up from N32.74 billion as at the end of the market on Monday 20th of December 2021.
The gains were driven by buy-interests in the shares of the group which saw the share price increase by 1.24% in a single session, from N12.05 per share at the open of the market, to N12.20 per share at the close of the market.
Subsequently, this took the group’s market capitalization up by N5.38 billion on the exchange, from N432.54 trillion to N437.92 billion at the close of trading activities on Nigeria’s stock exchange.
Stock performance summary
The shares of FBN Holdings Plc have advanced by 70.63% from year to date, starting the year at N7.15 and currently trading at N12.20. However, the shares of the company have returned about 95.20% gains for investors who bought them at their 52-week low trading price of N6.05 per share.
During today’s trading hours, 20,189,929 ordinary shares of FBNH Plc worth about N244.72 million, were exchanged in 204 executed deals.
What you should know
In the past few weeks, Mr. Femi Otedola has been recorded to initiate purchases of First Bank Holdings Plc shares which elevated him as the majority stakeholder in the group.
Most recently, the billionaire finalized the purchase of 200,000,000 units of shares to be held directly, making his total direct holdings 210,000,000 shares.
The billionaire has also come out to refute claims that he is vying for the position of Chairman in the bank. Nairametrics reported that he stated, “I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculations is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement”.