Femi Otedola the largest shareholder in FBN Holdings the parent company of First bank of Nigeria has sold 717.93 million shares or 2.02 percent of his stake in the bank for approximately N7.96 billion.
Otedola sold the shares at an average price of N11.10 per share according to a filing on the Nigeria Exchange Group (NGX).
Otedola’s direct and indirect holdings of FBNH the parent company of First Bank amounted to 2.717 billion shares as at March 2022.
With the sales Otedola’s holdings in FBNH have dropped to 5.56 percent.