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Femi Otedola offloads 834m shares of FBN Holdings

FEMI Otedola, the single largest stakeholder in FBN Holding Plc., has sold 2.3 percent of his stake in the oldest financial services business as the need for rapid cash grows.

According to the most recent regulatory filing, Otedola, who is also the Chairman of Geregu Power, sold around 834 million shares of FBN Holdings for about N9.28 billion last year in a sale valued at about N9.28 billion – 2.3 percent offloaded thus far.

FBN Holdings notified these transactions to the local bourse/ exchange and the investing public as part of its Insider Dealing requirement.

Following recent earnings beats, Otedola and his businesses sold a total of 834,939,764.00 units to the local exchange, representing nearly 30% of his shareholdings in the financial service boutique.

The sell-down essentially decreased the wealthy investor’s holdings from around 7.57 percent to about 5.24 percent in three days of transactions thought to be conducted through his stockbroker Apt Securities Limited.

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