Otedola did not acquire First bank, says management

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Following reports that billionaire Femi Otedola bought majority shares of First Bank of Nigeria Holdings (FBNH) Plc, the firm has said the reports are false.

In a statement on the website of the Nigerian Exchange (NGX) Ltd, the firm said it was yet to receive any notification of the purported acquisition.

The statement signed by the FBNH company secretary Seyi Kosoko said the company would notify the appropriate authorities whenever it received any notice of significant shareholding by the shareholders and its registrars.

“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,” the statement read.

It added that the company operated in a regulated environment, which required notification of significant shareholding by shareholders to the company, where shares were held in different vehicles, further to which the company would 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,” the statement further read.

 

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