Lagos, June 24, 2024 – In a bid to position himself in First Bank, Femi Otedola, the Chairman of the bank, has increased his shareholding in the bank by additional 2.22 percent. Â
This was achieved by his recent purchase of 797,948,415 additional shares in the bank at an average price of N21.58 totalling N17.2 billion.
This was disclosed in a corporate filing on the Nigerian Exchange Group on Monday.
Otedola has consequently increased his stake in the bank to 11.64%, making him the single largest shareholder in the bank.
This development is coming ahead of the recapitalisation excercise in the banking sector.
