After Femi Otedola became the majority shareholder in First Bank, the stock has skyrocketed.
According to reports, the shares of First Bank Plc rose in response to news that Femi Otedola, the former Chairman of Forte Oil Plc, had purchased a majority stake in the bank.
According to sources at the bank, the billionaire has acquired a majority stake in the tier-one bank.
According to multiple reports, the billionaire purchased shares worth N30 billion, making him the bank’s largest single shareholder.
With the major share purchase, Otedola, as the largest shareholder, now owns the most voting shares, allowing him to direct the bank’s direction through his voting power.
As a result of the development, Ejes Gist News can report that the country’s oldest bank saw its share price rise to N12.25 on Wednesday on the Nigerian Exchange Group Ltd, up from N12.1.
This is a 1.24 per cent increase from Thursday to Friday.
First Bank led the gainers’ chart with 149,516,786 shares traded worth N1,853,437,127, making it the most traded stock on the NGX in terms of volume and value.
According to data available on the NGX, the bank’s market capitalization was N439,717,336,702. A total of 35,895,292,792 shares are held by the bank.