Nigerian billionaire and chairman of Geregu Power Plant, Femi Otedola, as stated in First Bank of Nigeria (FBN) 2022 first quarter report, has become the largest shareholder of the bank with a 7.57% stake.

Driving the news
The bank’s Q1 2022 result which was published this week revealed that FBN has a total share of 35,895,292,791 shares with Femi Otedola owning 2,717,282,140 or 7.57% making him the highest single individual shareholder. 

Why it matters 
The declaration in the report by FBN clears up the anonymity of the highest single individual shareholder; a debate that has lingered in one of Nigeria’s most highly rated banks.

  • Femi Otedola’s announcement of a majority stake in the bank alerted National Pension Commission (PenCom), Pension Fund regulators, Investors at the Nigerian Stock Exchange and other related agencies as a company’s audited report helps investors and the public make informed decisions regarding the company.

What you should know 

  • Femi Otedola becomes the largest shareholder holder through direct and indirect stakes with Mr. Tunde Hassan Odukale follows behind with 4.31% also in direct and indirect ownership. 
  • In late 2021, there was a slight tussle between the two giants when Mr. Tunde Hassan Odukale increased Leadway Pension shares from 0.64% to 1.01% and added to his stock profile, bringing his total to over 5% as reports stated. 
  • Mr. Femi Otedola and Global Services Limited later acquired a total of 1,818,551,625 units of the bank’s shares, bringing the total to 7.57% as reports stated. 
  • With the recent clarification in FBN’s report, it is clear Mr. Femi Otedola owns the highest single shares of 7.58% with Mr. Tunde Hassan Odukale in second place at 4.31%. 
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