Nigerian billionaire and business mogul, Olufemi Otedola, recently acquired an additional 200,000 shares at a total cost of N11.52 per share.

This was reported to the Nigerian Exchange Limited by First Bank Holdings, as required by the NGX for listed businesses to report insider trading to the exchange and the investing public.

Following his acquisition of the Tier-1 bank’s shares sometime in October, Otedola was designated as a significant stakeholder, causing the bank’s share price to skyrocket before it was discovered that the billionaire was behind the purchase.

At the time, First Bank Holdings Plc sent a notification to investors informing them of the group’s newest significant stakeholder.

Mr. Olufemi Peter Otedola was listed as a substantial shareholder in a disclosure filed by the group on October 27th, 2021 titled “Update on Substantial shareholders of FBN Holdings Plc, with 5.07 percent of the total shareholdings, translating to 10,000,000 units of shares held directly and 1,808,551,625 units of shares held indirectly under Calvados Global Limited.”

However, it was previously reported that Otedola bought the additional shares through his proxies Calvados Global Services, Primose Global Concept, Shetland Global, Wells Properties, and Impetus Synergy in a letter addressed to the bank.

In his letter, Otedola notified the bank that he now owns 7.57 percent of the company.

“I recently purchased further shares in FBN Holdings Plc (the Company), bringing my overall position in the Company to 7.57 percent of the issued share capital.”