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In the ongoing battle for control of First Bank of Nigeria Holdings Plc, Oba Otudeko’s Honeywell Group has increased its stake in the bank.
Last Thursday, Honeywell Group purchased 4,770,269,843 shares of the firm in a cross deal worth N87.8 billion.
This acquisition brings Otudeko’s shareholding to 14 percent of the bank’s outstanding market value.
The purchase of these shares, which were bought at N19 per unit, marks the largest volume of First Bank shares traded in a single day since 2012.
Honeywell Group Limited, through its affiliate Barbican Capital Limited, disclosed the acquisition in a letter to FBN Holdings Plc.
With this move, Otudeko has become the single largest shareholder of the bank, surpassing billionaire Femi Otedola, who currently holds a nine percent shareholding.
Hassan Odukale and Mike Adenuga are joint third with seven percent shareholding each, while Saheed Arisekole holds a five percent shareholding.
This article was updated 1 month ago
