Otedola acquired the share of the bank through a vehicle, Calvados Global Services Ltd for about ₦30 billion worth of shares, making him the single largest shareholder of the bank.
FBN holdings will soon make a public announcement on the historic purchase of the company shares on the floor of the Nigerian Stock Exchange by Otedola.
FBNH currently has 34.7 billion of its shares floating freely meaning it is held by diverse shareholders. This makes the shares easy to acquire on the stock exchange.
The latest audited account of FBN Holdings does not have any shareholder with up to 5% of the ownership of the banking power. It was gathered that Otedola, through his proxies and investing vehicles, now owns over 5% of the bank, setting himself up to be the single largest shareholder of the bank.
Nigerian billionaire businessman and investor, Femi Otedola henceforth has a significant amount of influence over the company, especially if their shares are voting shares. Voting shares give a shareholder permission to vote on different corporate decisions, such as who should be on the company’s board of directors.
When a majority shareholder is in possession of voting shares, the person or entity may hold significant sway over the direction of the company.
Otedola will have to brainstorm and decide the powers that will be bestowed upon the company’s directors, including appointing and removing them from office. He will decide on how much the directors receive for their salary. Checking and making approvals of the financial statements of the company
It was reported that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.
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