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Otedola regains position as First Bank major shareholder

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

Otedola now holds a 9.41 per cent stake in the bank after acquiring N18.9 billion worth of the group’s shares on the Nigerian Exchange on June 20.

According to a corporate notice on Thursday, 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.

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Otedola previously held a 7.01 per cent 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, he increased his total stake in the group to 9.41 per cent.

Otedola’s acquisition accounted for 99 per cent of FBN Holdings’ turnover volume of 871.084 million shares on the NGX.

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.

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

The contest for the majority stake in FBN Holdings dates back to December 2021, when Femi Otedola increased his shareholding from 5.07 per cent to 7.57 per cent.

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%.

Otedola in late 2021 acquired a 7.6 per cent interest in the financial services group. He displaced Tunde Hassan-Odukale to take the lead position but then held a 5.57 per cent stake according to the unaudited report of the lender for the first half of 2023.

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Hassan-Odukale interests stood at 4.40 per cent at the end of the same period.

Again, in October 2023, Otedola was listed as the largest shareholder of First Bank of Nigeria Holdings Plc, despite the acquisition of 4.7 billion units of FBNH shares by the former chairman of the group, Oba Otudeko.

This was revealed in the unaudited consolidated financial statements for the period ended September 30, 2023, of the financial institution filed with the Nigerian Exchange Limited.

In February this year, the First Bank of Nigeria Holdings appointed Otedola the new chairman of its board of directors.

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Sharing a picture of the announcement on his Instagram page, he wrote, “Interesting”, and added smiley and dollar emojis.”

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Just in: Gov Soludo reveals those behind kidnapping in SE, says it’s now a lucrative biz

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… better than oil and drug peddling

Governor Charles Soludo of Anambra State on Saturday disclosed that arrested Finland-based self-acclaimed Biafra agitator, Simon Ekpa “has continued kidnapping for ransom.

Soludo said kidnapping is currently a business that is more lucrative than drugs and oil.

The governor who spoke in Awka, the state capital, said before he became governor, eight local government areas in the state were being controlled by gunmen.

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Soludo also recalled how his father was kidnapped in 2009.

 

He said: “Kidnapping is not new, my father had been kidnapped as far back as 2009. GU Okeke, Pokobros and many others have fallen victim too.

 

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“Before I assumed office, about eight local government areas were being controlled by gunmen.

“They killed policemen and collected guns, attacked and burnt down police stations and went into the bush to label themselves liberators.

We came in and went to work and cleared them and we recovered the eight local government areas that were under siege. These gangs claim to be Biafra freedom fighters. IPOB has dissociated themselves from it, but one Simon Ekpa has continued kidnapping for ransom.

 

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“Kidnapping for ransom is now the most lucrative enterprise, even more lucrative than drugs and oil. For every one naira reported as payment for ransom, five to six naira was not reported.

 

“With a culture that celebrates wealth without craft, even the kidnappers amongst us are now celebrated. Idolatry which these criminals have converted to have become the fastest growing religion in the South-East. Nothing is sacred to them anymore.”

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Just in: Obi angry over exorbitant charges by POS operators despite hardship

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Ex-governor of Anambra State and presidential candidate of the Labour Party, LP, in the 2023 general election, Mr Peter Obi has protested the level of hardship faced by the poor in Nigeria.

The former governor spoke during a visit to the Archbishop Province on the Niger and Bishop of Awka Diocese of Church of Nigeria Anglican Communion, His Grace Alexander Ibezim.

He said: “The hardship in Nigeria is too much, how can the ordinary people survive. The woman who sells pepper by the road side has to pay huge charges to get her own money. How much is her profit margin and how much will remain after paying charges?

“No country is run like that. Don’t bother to interview me on that, I will write officially to the President on this and state all these things.

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“These (POS Charges) is too much, no country is run like this,” Obi told journalists who approached him to speak on the matter.

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Oborevwori expresses sadness over Edna Ibru’s passage

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Delta State Governor, Hon. Sheriff Oborevwori, has commiserated with the Ibru family of Agbarha-Otor in Ughelli North Local Government Area of the State on the death of their wife and mother, Mrs. Edna Ibru.

Mrs Ibru, who reportedly died after a brief illness, was the wife of late Olorogun Senator Felix Ovuodoroye Ibru, first Executive Governor of Delta State.

A former Miss Nigeria, Mrs Ibru in 1964, died in London after a brief illness on Wednesday.

In a statement by the Chief Press Secretary to the Governor, Sir Festus Ahon, the governor described the demise of Mrs Ibru as sad and painful, adding that she was a loving wife and mother who supported her husband and family in all his noble endeavours.

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He said, “On behalf of the government and people of Delta, I mourn the passing of a great woman of substance, a caring mother and loving wife, Mrs Edna Ibru.

“The news of her death came to me as a shock, especially now that the family members needed her motherly and wise counsel.

“She was a woman of faith who devoted her time in supporting her husband’s political career which culminated in his election as the first Executive Governor of Delta State.”

Oborevwori prayed to God to accept the soul of the deceased and grant fortitude to the family and friends she left to bear the loss.

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