FBNH: Femi Otedola Reinforces Equity Interest in FBNH with 797m Additional Shares
Following Thursday’s acquisition of 863m shares of FBNH, Mr Olufemi Otedola, Chairman and largest individual shareholder in FBNH Plc has further consolidated his equity stake in the 130-year bank with the share purchase of 797,946,415 units at N21.58 per share. This increases his shareholding in the financial holding company to 11.64% from 9.4% as of the last share purchase on Thursday.
The banks shareholding structure shows a few significant shareholders, with Otedola at 11.64% and Barbican Capital Ltd at 8.67% (see Table 1 below).
Recall that Proshare had reported on Thursday, June 20, 2024, that Mr Otedola, Chairman of FBNH Plc consolidated his direct and indirect shareholdings in the country’s oldest bank to 863,180,810 units of FBNH shares, bringing his total (direct and indirect) shareholding to over 3.38bn (worth N74.27bn as of Thursday close of market), which represented 9.4% of the total FBNH shares outstanding.
Market intel suggests the activist investor has spent over N100bn acquiring FBNH shares over the last three years. It is believed that he may have spent roughly N36.2bn over the last four trading days.
Meanwhile, the market has interpreted the chairman’s recent share purchases differently from expected. FBNH share price started the month at N22.35 per share but dipped to N21.15 at the last trading session and further to N20.00 per share as of today’s close of market, resulting in the bank’s market capitalisation falling by -14.71% month-to-date (MTD) (see Chart 1 below)
