The founder and chairman of the Geregu Energy Group, Femi Otedola, has acquired the majority shares of FBN Holdings (FBNH).
A source who craved anonymity said that Femi Otedola, is behind a massive mop-up of the shares of FBN Holdings, which would result in his becoming the single majority shareholder of the company, Leadership reports.
An official announcement would be coming in the days ahead.
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The billionaire investor and turnaround specialist famous for taking over African Petroleum earlier in the century and turning it into a dominant player in the downstream space of the oil and gas sector has been mopping up shares of the bank for months gradually accumulating his ownership and surpassing shares owned by any other single shareholder of the bank.
According sources with knowledge of the purchase, majority ownership of FBN Holding Company, owners of Nigeria’s oldest bank, First Bank, is about to be upturned following months of slow and meticulous purchase of the company shares on the floor of the Nigerian Stock Exchange by Otedola. We understand Femi Otedola is now the majority shareholder of the bank with an announcement imminent in the coming days.
The billionaire investor and turnaround specialist famous for taking over African Petroleum earlier in the century and turning it into a dominant player in the downstream space of the oil and gas sector has been mopping up shares of the bank for months gradually accumulating his ownership and surpassing shares owned by any other single shareholder of the bank.
