How Femi Otedola became highest shareholder in First Bank using proxy companies owned by DJ Cuppy, Temi and others

Billionaire investor and chairman of Geregu Power Plant, Femi Otedola has announced an increase in his shareholdings of FBN Holdings, (First Bank parent company) to 7.57%.

But, how did he  do it? He got that through using  proxy companies to acquire different stake at specific time intervals 



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In the letter seen by INTEL REGION

Mr. Otedola acquired the additional shares through his proxies Calvados, Global Services, Primose Global Concept, Shetland Global, Wells Properties, and Impetus Synergy. In a letter addressed to the bank, Mr. Otedola informed the bank that he has now acquired 7.57% ownership in the bank “I have recently acquired additional shares in FBNHoldings Plc (the Company) which has brought my total stake to 7.57% percent of the issued shares capital of the Company.”


From the research gathered by INTEL REGION, we understand that calvados Global limited has a network of OTEDOLA and his children, Temi, Ifeoluwa, (DJ Cuppy) Ola Otedola, Temi Otedola   

source: Nairametrics



Mr Otedola also copied the Securities and Exchange Commission, Nigeria Exchange Ltd, and the Central Bank in the letter.

Over 44 billion invested

According to Nairametrics, Mr. Otedola has now spent a whopping N44.8 billion investing in FBN Holdings Ltd. Considering he has just announced 2.7 billion shares, his average cost of acquiring the shares is about N16.48 per share. FBN Holding’s share price closed at 11.6 per share yesterday.

This acquisition effectively makes Mr. Otedola the largest shareholder of FBN Holdings based on reported ownership in the bank. Nairametrics also understands the billionaire investor will be allowed to make board appointments very soon with 3 board seats guaranteed at the bank and holding company.

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