First Bank: Femi Otedola confirmed majority shareholder of FBN Holdings with 7.57%

First Bank: Femi Otedola confirmed majority shareholder of FBN Holdings with 7.57%

Billionaire investor and chairman of Geregu Power Plant, Femi Otedola is now the majority stakeholder of FBN Holdings, one of Nigeria’s most respected banks and largest by branches.

He holds 2,717,282,140 shares or 7.57 percent of the bank, according to the bank’s much-anticipated audited statements for the year ended December 2021, making him the single largest stakeholder with more than 5% ownership.

The bank’s first-quarter results for 2022 were also disclosed this week, confirming ownership of 2,717,282,140 shares, or 7.57 percent of the bank’s total of 35,895,292,791. The audited statements reveal the outcome of a long-running shareholder feud that cast doubt on who is the majority owner of one of Nigeria’s most systemically significant financial institutions.

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Why this matters

The majority ownership of FBN Holdings had been a matter of contention since the billionaire investor announced he had taken a majority stake in the bank.

  • This triggered the intervention of Pencom, the Pension Fund regulator and the Nigerian Exchange, the operators of the Nigerian Stock Exchange.
  • The audited account of any company is viewed as the official source of information about the company making it the single source of truth for company corporate disclosures pertaining to results, shareholder information, and general company information.
  • At 7.57%, Mr. Otedola becomes the single largest shareholder of the bank.
  • The next largest shareholder of the bank as disclosed in the financial statement is Mr. Tunde Hassan Odukale with 4.31% direct and indirect ownership combined.

Shareholder Changes

  • From the disclosures seen by Nairametrics, Mr. Hassan Odukale acquired 1,546,289,714 units between March 2021 and March 2022 as the jostle for majority ownership ratcheted up.
  • Leadway Pension also added another 133,868,296 shares taking its ownership of the company to 1.01% from 0.64%.
  • However, Mr. Otedola’s acquisition of about 2.7 billion shares remains the largest single indirect and direct shares owned by a shareholder of the bank.
  • FBN Holdings has about 31,250,501,802 or 87.06% of its shares floating down from 94.95% of shares floating.


Nairametrics first reported Mr. Otedola acquired over 5% of the bank after acquiring shares of the bank over a protracted period.

  • In the letter dated October 23rd, 2021, and seen by Nairametrics, the bank confirmed 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.
  • A few days after, Mr. Femi Otedola announced an increase in his shareholdings of FBN Holdings, (First Bank’s parent company) to 7.57%.
  • This was disclosed in a letter to the bank by Mr. Otedola dated December 9, 2021. The disclosure officially made him the single largest majority shareholder of the bank at least according to the public disclosure of ownership that has now been made.
  • With the audited accounts now published, it is officially clear that Mr. Femi Otedola is the single largest shareholder of FBN Holdings as of March 31st, 2022.

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