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We are yet to receive any report on Otedola acquisition – First Bank Holding

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FBN Holdings (FBNH) Plc has announced that it has not yet received any notification from Femi Otedola regarding the reported new acquisition.

This was announced by the secretary of the FBNH company, Mr Seyi Kosoko, in a statement on Friday.

He stated that the company always notifies the relevant authorities and agencies when it receives notices of significant interest from shareholders and their registrars.

The statement reads, “The attention of FBNH has been drawn to media reports of today, Oct. 22, purporting that a certain individual has acquired significant shareholding interest in FBN Holdings, making him the majority shareholder in the company.

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business,” said the statement.

“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.”

Recall that Nairametrtics had reported that Mr 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.

According to their sources, shares of FBNH have been mopped up over the course of the last 6 months when the share price traded at just above N7. However, rumours of an imminent takeover started to make the rounds among traders pushing up the share price of the bank to breach the N8 ceiling by end of September

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