First Bank Reacts To Reports Of Acquisition By Billionaire Femi Otedola

In a statement sent to the Nigerian Exchange Limited, the Company Secretary, Seyi Kosoko, responded to the reports that Otedola had allegedly acquired 5 per cent of the company’s shares noting that such was not tenable in the field the company operates.

The statement read in part, “The attention of FBN Holdings Plc (the Company) has been drawn to media reports today, 22 October 2020 purporting that a certain individual has acquired significant shareholding interest in FBN Holdings Plc {the Company) therefore making him the majority shareholder in the Company,”

“As a listed Company, the shares of FBN Holdings Plc 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 reports circulating would indicate that Otedola would be the majority shareholder, which would also give him the highest voting points.

Since FBN stocks are traded publicly, a notification of the businessman’s acquisition, which is reportedly about N30 billion, would have been reported to the Company Registrars.

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

“FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the Shareholders and the Company’s Registrars,” the statement added.