FBN makes a U-Turn, confirms Otedola acquired ‘substantial’ stake in holdings

FBN Holdings Plc has announced that the Chairman of Calvados Global Services Limited, Mr Femi Otedola, has acquired substantial shareholding in the company.

FBN Holdings made the announcement in a statement issued on the Nigerian Exchange Limited’s portal on Saturday.

The statement, signed by the company secretary, Mr Seyi Kosoko said, “We refer to our communication to the market dated, October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the shareholder.

“This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their client, Mr Otedola Olufemi Peter, and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07 per cent.”

On Friday, FBN Holdings Plc had denied media reports that Otedola had acquired a significant shareholding in the company.

The holding company for First Bank of Nigeria Limited, in a statement signed by Kosoko, and filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.

It had said, “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.”