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First Bank debunks Otedola’s reported share acquisition

FBN Holdings Plc has debunked media reports that billionaire businessman, Femi Otedola, has acquired a significant shareholding in the company to become the largest shareholder.

In a statement yesterday, which was also filed with the Nigerian Exchange Limited, the Company Secretary, Seyi Kosoko, said:

“The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

“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. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

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

Trending media reports yesterday had indicated that the businessman Otedola had taken over the bank with the acquisition of about ₦30 billion worth of shares, to become the single largest shareholder of the FBN.

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