Nigerian Billionaire Femi Otedola's Stake In Fbn Holdings Tops $84 Million After Latest Purchase

Nigerian billionaire Femi Otedola, one of Africa's most liquid billionaires, has strengthened his influence in Nigeria's banking sector by spending $28.3 million to boost his stake in FBN Holdings Plc. Otedolas recent acquisition solidifies his position as the largest shareholder in the parent company of First Bank of Nigeria, raising the market value of his stake to $84.2 million.

According to trading data obtained by Billionaires.Africa , Otedola, who chairs both FBN Holdings and Geregu Power, now owns 13.16 percent of FBN Holdings, up from 8.67 percent. This was facilitated through the purchase of an additional 4.49 percent stake, for a total consideration of N47.59 billion ($28.3 million). Otedola's latest acquisition bolsters his profile as the investor with the third most valuable portfolio on the Nigerian Exchange (NGX).

FBN Holdings, a prominent player in Nigerias financial services sector, has a storied history as the parent company of First Bank of Nigeria, the countrys oldest commercial bank. Established 130 years ago, the bank has been at the forefront of financial inclusion and development across West Africa, maintaining its stature in the region's banking landscape.

Otedolas stake-building in FBN Holdings began in Oct. 2021 , when he first acquired a 5.07 percent interest, equivalent to 1.82 billion shares, for N22.27 billion. By Dec. 2021, his holdings had increased to 7.57 percent before a series of adjustments saw his stake decline to 5.24 percent by the third quarter of 2022. However, by the end of 2023, he had rebounded to 5.57 percent.

This steady accumulation reflects Otedolas strategic approach, which accelerated in response to a competing acquisition by fellow Nigerian businessman Oba Otudeko. Through his investment vehicle, Barbican Capital, Otudeko increased his stake to 8.67 percent in 2023.