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First Bank Of Nigeria Holdings Denies Otedola’s Acquisition

FBN Holdings (FBNH) Plc has denied the rumour being circulating in some sections of the media about the purported acquisition of a majority stake in the company by Mr. Femi Otedola.

The rebuttal was disclosed by the company in a statement pasted on the website of the Nigerian Exchange (NGX) Ltd. on Friday, October 22, 2021.

FBN Holdings says it has yet to receive any notification of the purported acquisition. The statement, signed by Company Secretary, Mr. Seyi Kosoko, said the company would notify the appropriate agencies and authorities whenever it received any notice of significant shareholding by the shareholders and its registrars.

“The attention of FBNH has been drawn to media reports of today, October 22; purporting that a certain individual has acquired significant shareholding interest in FBN Holdings; making him the majority shareholder in the company.

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business.”

Further, the statement added that the company operated in a regulated environment; which required notification of significant shareholding by shareholders to the company, where shares were held in different vehicles; further to which the company would notify the regulators and the public as appropriate. Consequently, it held that it was yet to receive any notice of Otedola’s acquisition of significant shareholding in FBN Holdings.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.

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“FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the shareholders and the company’s registrars,” continued the statement.

Reports circulated yesterday that Otedola had emerged the majority shareholder of FBNH; following months of slow and meticulous purchase of the company’s shares on the NGX. A source claimed that Otedola was behind a massive mop-up of the shares of FBNH; which would result in his becoming the single majority shareholder of the company. Also, a top capital market operator who pleaded anonymity, said the statement of FBNH should trigger investigation by regulators; notably in order to know the correct position, protect market integrity and avoid share manipulation.

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