Otedola trumps Adenuga, Otudeko, Hassan-Odukale in battle for soul of First Bank

First Bank of Nigeria Holdings Plc, parent company of First Bank of Nigeria Limited, announced Saturday that the founder and Chairman of Geregu Energy Group, Mr Femi Otedola, has acquired substantial shareholding in the company.

In a statement issued on the Nigerian Exchange Limited portal and signed by the company secretary, Mr Seyi Kosoko, FBN Holdings said Otedola and his nominee, Calvados Global Services Limited, have acquired 5.07 per cent of FBN.

“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.

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“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,” FBN stated in its statement.

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

There has been a struggle among some of Nigeria’s billionaires to control the soul of FBN Holdings Plc. Those named in the titanic battle include Globacom Chairman, Mike Adenuga; Honeywell Group Chairman, Oba Otudeko and the current Chairman of FBNH, Mr. Tunde Hassan-Odukale.