Nigerian business magnate and philanthropist Femi Otedola recently increased his acquisition of First Bank shares to a total of 7.57%. And as a result, became the majority shareholder of FBN Holdings Plc.
Due to his majority stake, Femi Otedola has gained over N400 million from his FBNH Plc holding in a single session on the Nigerian Exchange Limited after local investors rallied up the Tier-1 bank’s shares following the trading day, which succeeded a series of verified buy-interests.
Femi Otedola was the chairman of Forte Oil Plc. His estimated net worth in 2021 is $1.8 billion.
Femi Otedola’s stock is now valued at around N33.15 billion at the end of the trading day, up from N32.74 billion at the end of the previous trading session on Monday, December 20th, 2021.
Buy-interests in the group’s shares fueled the gains, with the share price rising 1.24% in a single session, from N12.05 per share at market open to N12.20 per share at market close.
As a result, the group’s market value on the Nigerian stock exchange increased by N5.38 billion, from N432.54 trillion to N437.92 billion at the close of trade.
Femi Otedola’s Investments over the Years
Over the years, Femi Otedola has acquired shares in many industries. This has increased his net worth, notably in the oil and gas industry.
Femi Otedola has purchased a 28.7% stake in African Petroleum Limited. Otedola was then appointed CEO and Chairman of the company due to Zenon’s shareholding, his oil and gas firm.
Later, Otedola purchased an additional 29.3% stake in African Petroleum Ltd, bringing his total ownership to 56%. As a result, he became the company’s largest shareholder.
African Petroleum Ltd was renamed Forte Oil PLC in 2010. Femi Otedola had made it an objective to strengthen the company’s management while also implementing the necessary technology.
After selling 17% of its stock to Swiss commodity trader Mercuria Energy Group, Forte went global. In Nigeria, Forte Oil has around 500 gas stations.
Femi Otedola is also a major shareholder in leading Nigerian institutions like the United Bank for Africa (UBA) and Zenith Bank.
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