Chairman of FBN Holdings Plc (First Bank HoldCo) Femi Otedola, has further consolidated his position in the financial giant with the acquisition of an additional 39.3 million shares, valued at approximately ₦1.21 billion.
The acquisition was disclosed in a regulatory filing on the Nigerian Exchange (NGX) on Thursday, with the transaction taking place on September 23, 2025, in Lagos. The shares were purchased at a unit price of ₦31, under the identification code NGFBNH000009.
Before this latest buy, Otedola held 3,212,032,866 units of FBNH shares directly, representing 7.67% of the company, and 3,465,560,297 units indirectly, accounting for 8.28%.
With this new acquisition, his direct stake has increased to 3,251,346,245 units or 7.77%, while his indirect holding has risen to 3,491,125,586 units, now totaling 8.34%.
In a parallel transaction, Calvados Global Services Limited, a company associated with Otedola, acquired an additional 25,565,289 ordinary shares, valued at ₦792.5 million, also at ₦31 per share and under the same transaction code.
This dual move by both Otedola and Calvados signals a sustained interest in tightening their influence within FBN Holdings, the parent company of First Bank of Nigeria, which has been a focal point in Nigeria’s financial landscape for over a century.
This development comes just days after First Bank HoldCo released its Q2 2025 financial results on July 30, indicating ongoing investor confidence in the group’s performance and long-term prospects.
Otedola, who first emerged as a major shareholder in FBNH in 2021, has continued to strategically increase his holdings, positioning himself as a dominant figure in the institution’s corporate trajectory.
