First Bank Makes U-Turn, Confirms Otedola’s Acquisition Of 5.07% Stake

First Bank has officially acknowledged that Otedola Olufemi Peter, the founder of Zenon Petroleum and Gas Ltd, has acquired controlling stake in the first-tier bank.

The bank revealed that until the notification from Otedola’s clients, the shares were held with APT Securities and Funds Limited.

First Bank revealed in a notice sent to the Nigerian Exchange Limited seen by THE WHISTLER that the billionaire has acquired a total of 1,818,551,625 units of the bank’s 35,895,292,791 share capital through the two companies.

With the development, Otedola now has 5.07 per cent of the banks shares which no single individual owns.

First Bank wrote, “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.

“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.”

THE WHISTLER can report that as of June this year, the bank has a free float shares of 35,773,669,647 which it valued at N262,936,471,905.45 (99.67%).

THE WHISTLER also understands that the bank has 1.3 million shareholders as the bank’s directors own only 121,623,144 which is equivalent of 0.33 per cent.