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First Bank: Otedola sells 834 million shares.

First Bank: Otedola sells 834 million shares.

Femi Otedola, the largest stakeholder in FBN Holdings, has announced the sale of around 823 million shares worth N9.28 billion. According to the Nairametrics report, the transactions were part of an insider trading notification to the Nigerian Stock Exchange, which is a mandatory file that must be notified when a major shareholder sells shares. 

According to a series of filings on the Nigerian Exchange’s website, the billionaire and his other firms sold around N834.934,939,764 units of shares, or about 30% of his company’s shares.
As a result, his stake has dropped from 7.57 percent to 5.24 percent, implying that 2.3 percent of the bank’s stock has been sold in the last three days.
There was a lengthy boardroom dispute over who was the company’s main shareholder. As a result, the bank issued a statement, prompting the Nigerian Stock Exchange to intervene and clarify the situation. According to the bank’s audited report, Otedola is the company’s largest stakeholder, owning 7.57 percent of the corporation.

Dangote and Femi Otedola
first bank
Dangote and Femi Otedola

The recent transactions of the shares have caused alarm among shareholders, who are unsure why Otedola is unloading the shares, raising worries that he is leaving the bank.
The likely exit of Otedola has elicited conflicting emotions, with analysts predicting that it might have either a beneficial or negative influence on the bank.

Read also Reno Omokri criticizes Osinbajo for betraying Tinubu
Femi Otedola has been confirmed as the largest single shareholder in First Bank of Nigeria Holdings (FBN). This was disclosed in the company’s full-year results, which were presented to the Nigerian Exchange on Tuesday, May 25, 2022. According to the FBN report, Otedola holds a direct stake of 0.58 percent and an indirect stake of 6.98 percent.

Gistlux Nelson

David is an Entertainment, Sport blogger and a Graphics designer. He is on a mission to help everyday entertainment news, Gossips, Sports and Legit online making tips.

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