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.
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.
