Femi Otedola Splashed N19bn on FBN Holdings Shares
Femi Otedola, FBN Holdings Plc’s chairman, raised its shareholding in the financial services group with direct and indirect share purchases worth N19 billion on Thursday, according to a regulatory filing.
According to an insider dealing in share notice published on the Nigerian Exchange, Otedola paid N6.934 billion to purchase 316,506,776 at N21.91 per share. Also, Calvados Global Services Limited, a company related to FBN Holding chairman, splashed more than N12.01 billion to acquire 546,674,034 shares in the financial services company.
Despite unusual volume trade, the FBNH market value fell below N800 billion, with a widening gap to its peak price. Data from the Nigerian Exchange showed that FBNH was the most traded stock in terms of volume, accounting for 67.03% of the total volume of trades.
The elephant was also the most traded stock in value terms, accounting for 75.50% of the total value of trades on the exchange. FBN Holdings share price has halved from 52 week high of N43.95 to N21.90 at the end of trading session.
Some analysts said the billionaire investor’s move was to consolidate position as chairman of the Nigerian oldest banking group in the country, given that his rival, Oba Otudeko whose shareholdings had eclipsed Otedola interest.
#Femi Otedola Splashed N19bn on FBN Holdings Shares Geregu Power Steadies at N2.5trn despite Fresh Deal with Siemens
