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Otedola Regains Position As First Bank’s Majority Shareholder, Increases Stake To 9.41%

NIGERIAN billionaire, Femi Otedola, the Chairman of FBN Holdings has regained his position as the majority shareholder of First Bank.

He now holds a 9.41% stake in the bank, after acquiring N18.9 billion worth of the group’s shares in the NGX today, June 20.


According to a corporate notice accessed by Nairametrics, Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion.

He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.

Otedola previously held a 7.01% stake in the bank, behind Oba Otudeko’s Barbican Capital Limited which holds an 8.67% stake.

With his acquisition of 863,180,810 shares today, he acquired 2.40% of the group’s total shareholding, thus increasing his total stake in the group to 9.41%.

Otedola’s acquisition accounted for 99% of FBN Holdings’ turnover volume of 871.084 million shares on the Nigerian Exchange (NGX) today.

Fight for a majority stake

The contest for the majority stake in FBN Holdings dates back to December 2021, when Femi Otedola increased his shareholding from 5.07% to 7.57%. Prior to this period, Otedola had been incrementally building his stake to 5.07% before making the significant leap to 7.57%.

By mid-2022, Otedola reduced his stake to 5.24%, divesting approximately 30% of his shareholding in the group.

However, by July 2023, Oba Otudeko reemerged in the scheme of things, through his company Barbican Capital Limited.

Otudeko, via Barbican Capital, increased his stake in FBN Holdings to 8.67%, a figure confirmed in the group’s audited financial statement for 2023.

Despite Otedola assuming the role of Chairman of FBN Holdings in January 2024, concerns persisted regarding Otudeko’s potential influence within the bank.

First Bank management changes

2024 has been an active year for First Bank of Nigeria Limited and its parent company, FBN Holdings.

From Femi Otedola assuming the position as the Chairman of FBN Holdings, to Adesola Adeduntan stepping down as First Bank’s MD, then to Olusegun Alebiosu stepping in as the new MD of the bank, and Ebenezer Olufowose stepping in as the board chairman of First Bank of Nigeria.

Femi Otedola who rejoined the Forbes Billionaires List this year, is now the majority shareholder in two major Nigerian companies, FBN Holdings and Geregu Power PLC.

He now also owns the second largest single individual shareholding for any publicly listed bank, behind Jim Ovia’s 11.29% shareholding of Zenith Bank

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