Femi Otedola, the chairman of Geregu Power, has yielded the top spot on the ownership ladder of FBN Holdings to Barbican Capital Limited, an affiliate of Oba Otudeko’s Honeywell Flour Mill, a regulatory filing showed on Saturday.
Barbican Capital accumulated shares of about 4.8 billion units in the parent company of Nigeria’s oldest lender FirstBank translating to a 13.3 per cent holding in the corporation, according to the document seen by PREMIUM TIMES.
That is more than twice the portion held by Mr Otedola, who in late 2021 had acquired a 7.6 per cent interest in the financial services group via off-market deals.
He displaced FirstBank’s Chair Tunde-Hassan Odukale to take the lead position but now holds a 5.6 per cent stake, having sold 834 million shares last June after the valuation of the stock soared.
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