First Bank Names Billionaire Femi Otedola Major Shareholder As He Makes N543m In 8hrs

The First Bank Of Nigeria has confirmed billionaire Femi Otedola as the largest individual share holder.

This is coming months after a faceoff between two billionaires Otedola and Tunde Hassan-Odukale.

In it’s latest report, the bank revealed that Otedola has amassed 7.56% of its shares and this helped him earn over N543 million on Thursday.

According to the report, the billionaire has a direct holding of 0.58% direct stake and 6.98% indirect stake.

This brings Otedola stake to 7.56% making him clear of Tunde Hassan-Odukale who has 4.31% as at the end of 2021.

Hassan-Odukale’s 27,530,930 direct shares, and 1,518,758,784 indirect shares in First Bank is worth N16.62 billion.

Meanwhile, Otedola has made N543 million on Thursday as the value of his share holdings (2.7 billion units) increased from N28.66 billion to N29.21 billion during trading.

This occurred when First Bank shares rebounded from two days of losses to rise from N10.55 to N10.75 per share.

This article was originally published on Nigeria News