Billionaire business investor, Femi Otedola, has acquired the majority shares of FBN Holdings (FBNH).
Otedola is reportedly behind a massive mop-up of the shares of FBN Holdings, which would result in his becoming the single majority shareholder of the company.
Sources with knowledge of the purchase said 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.
Otedola has been gradually accumulating his ownership and surpassing shares owned by any other single shareholder of the bank.
An official announcement would be coming in the days ahead.