Otedola is yet to notify us of majority share acquisition, says FBN Holdings

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FBN Holdings Plc, the holding company of First Bank of Nigeria, says it is yet to receive any notification from Femi Otedola, billionaire businessman, on his alleged acquisition of majority shares.

Seyi Kosoko, the company secretary, said this on Friday in a statement sent to the Nigerian Exchange Limited (NGX).

Reports had alleged that the business mogul acquired a significant shareholding in the company.

Otedola was said to have acquired more than five percent equity stake in FBN Holdings through provies and investments — reportedly now the single largest shareholder of the bank.

FBN Holdings insisted it operates in a regulated environment which required notifications of significant shareholding by shareholders to the company, where shares are held in different vehicles.

It further stated that the bank will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the shareholder and the company registrars.

“The attention of FBN Holdings Plc (the Company) has been drawn to media reports today, 22 October 2020 purporting that a certain individual has acquired significant shareholding interest in FBN Holdings Plc {the Company) therefore making him the majority shareholder in the Company,” the statement reads.

“As a listed Company, the shares of FBN Holdings Plc 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.

“FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the Shareholders and the Company’s Registrars.”

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