The chairman of top-tier banking group FBN Holdings, Femi Otedola, has purchased 534.1 million shares in recent deals in the Lagos-quoted financial institution.
A regulatory filing from FBN Holdings, whose principal operating company, First Bank, is Nigeria’s oldest commercial lender, indicated the multi-sector investor acquired the shares in separate transactions within 23 and 25 September at a cost averaging N30 per unit.
Mr Otedola is the corporation’s top shareholder, at the same time the holder of the controlling interest of Geregu Power, an electricity-generating public company backed by Kigali-based Fund for Export Development in Africa.
