FBN Holdings, Led by Femi Otedola, Becomes Nigeria’s Top Valued Banking Group

FBN Holdings, led by the renowned Nigerian billionaire Femi Otedola, has emerged as the country’s most valuable banking group. This remarkable achievement places FBN Holdings at the forefront of the banking industry, surpassing Guaranty Trust Holding Company Plc (GTCO Plc), led by Segun Agbaje.

As of the close of trading on Monday, February 25, 2024, FBN Holdings’ market capitalization reached an impressive N1.22 trillion ($791.1 million). This surge in market value is attributed to the substantial increase in the bank’s shares, now trading at N34 ($0.022), marking a notable 9.68 percent rise from its closing price on Friday, February 23, 2024.

The impact of Femi Otedola’s acquisition

The ascendancy of FBN Holdings can be traced back to October 2021, when Femi Otedola made a strategic move by acquiring a significant stake in the company. Since then, the bank’s shares on the Nigerian Exchange have experienced a remarkable surge, climbing from N12.6 in October 2021 to the current value of N34.

Otedola’s influence on FBN Holdings was further solidified by his appointment as a Non-Executive Director earlier in 2023 and his subsequent elevation to the position of Chairman during a board meeting on January 31, 2024. These strategic moves underscore Otedola’s growing influence in Nigeria’s business landscape, particularly in the financial sector.

FBN Holdings’ financial triumph under Otedola’s leadership

The financial results of FBN Holdings have mirrored Otedola’s positive influence. The leading financial services group reported an outstanding 127 percent increase in profit for the 2023 fiscal year. 

The group’s profit soared to an impressive N310.01 billion ($201.1 million), exceeding the N136.31 billion ($88.4 million) reported in the corresponding period the previous year. Otedola’s investments and leadership have undoubtedly played a pivotal role in FBN Holdings’ remarkable financial performance.