The chairman of top-tier banking group FBN Holdings, Femi Otedola, has bought 534.1 million shares in current offers within the Lagos-quoted monetary establishment.
A regulatory submitting from FBN Holdings, whose principal working firm, First Financial institution, is Nigeria’s oldest business lender, indicated the multi-sector investor acquired the shares in separate transactions inside 23 and 25 September at a value averaging N30 per unit.
Mr Otedola is the company’s prime shareholder, on the similar time the holder of the controlling curiosity of Geregu Energy, an electricity-generating public firm backed by Kigali-based Fund for Export Growth in Africa.
The transactions put Mr Otedola’s newest spending on extra stakes within the group at over N16 billion.
Nonetheless, the info offered on the web site of the Nigerian Alternate Restricted (NGX), the place the monetary providers group’s shares are listed, reveals the shares traded by FBN Holdings within the three days the transactions have been mentioned to have been performed totalled 144.3 million.
That’s far lower than the 534.1 million models the businessman acquired through the interval, suggesting a niche within the data saved by the NGX.
The NGX didn’t instantly reply to PREMIUM TIMES enquiry looking for clarification on the discrepancy.
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The billionaire magnate has actively been within the hunt out there this 12 months for brand new shares to agency up his standing because the company’s prime shareholder after toppling its closest contender Barbican Capital Restricted in June. Barbican Capital has FBN Holdings Ex-chairman Oba Otudeko as its useful proprietor.
Spending on 1.67 billion models in new shares earlier within the 12 months got here to N36.2 billion taking his stake within the holding firm to 11.6 per cent. Together with his newest acquisition of shares, Mr Otedola’s holdings now stand at 13.16 per cent.
FBN Holdings shares have added 25.3 per cent this 12 months, outpacing the NGX Banking Index, the business index that displays the progress of the efficiency of probably the most capitalised and liquid shares within the banking sector, which has superior 4.5 per cent thus far.
READ ALSO: How Yar’Adua blocked me, Dangote from taking on Nigerian refineries – Otedola
FBN Holdings revenue for the primary half of the 12 months roughly doubled to N360.3 billion, helped by a significant enhance to the curiosity charged on loans.
Whole belongings for the interval jumped 38.3 per cent to N23.4 trillion, in comparison with the tip of final 12 months, in response to its newest earnings report.
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