The Chairman of
In a notice signed by the company secretary, Mr.
The transaction value of the new acquisition amounted to a staggering N17.2 billion.
The current price of
The billionaire had acquired N18.9 billion worth of shares, which had increased his shareholding to 9.41per cent. The latest acquisition brings the total to N36.1 billion in a matter of days.
He now holds a combined 4.178 billion shares of the company's total outstanding shares of 35.895 billion.
Otedola, one of the only four Nigerian billionaires listed by Forbes, has invested an estimated N102 billion since he began acquiring
The pursuit of a majority stake in
Following this, in
By mid-2022, Otedola reduced his stake to 5.24per cent, divesting approximately 30per cent of his shareholding in the group. However, he started acquiring shares in the bank again in 2023 as controversy over who owned the majority stake in the bank remained.
After a review and confirmation by the
At the end of the first quarter of 2024, Otedola's shareholding in the bank was confirmed at 7.01per cent, up from 5.65per cent at the end of 2023, officially surpassing Otudeko as the single largest shareholder.
The latest acquisition now gives him a commanding 11.64per cent majority shareholding of the financial holding company.
Copyright 2024 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com)., source