Femi Otedola Reduces Equity Interest in FBNH
Femi Otedola

Femi Otedola Reduces Equity Interest in FBNH

FBN Holding Plc.’s single largest shareholder, Femi Otedola, has sold 2.3% of his equity interest in the oldest financial service group as the need for quick cash becomes important.

Otedola who is also Geregu Power Chairman sold about 834 million shares of FBN Holdings purchase last year in a deal valued at about N9.28 billion, according to the latest regulatory filling – 2.3% offloaded thus far.

These transactions were reported by FBN Holdings as part of its Insider Dealing requirement to the local bourse/ exchange and the investing public. READ: FBNH Confirms Chairman Geregu Energy Femi Otedola Largest Shareholder

In separate filings to the local bourse, Otedola and his entities sold a total of 834,939,764.00 units representing about 30% of his shareholdings in the financial service boutique after recent earnings beat.

In transactions that were spread over three days presumed to be conducted by his stockbroker Apt Securities Limited, the sell-down has effectively reduced the billionaire investor’s shareholding from about 7.57% to about 5.24%. # Femi Otedola Reduces Equity Interest in FBNH