Femi Otedola has relinquished his position at the top of FBN Holdings’ ownership ladder, paving the way for Barbican Capital Limited.
Barbican Capital Limited is an affiliate of Oba Otudeko’s Honeywell Flour Mill.
According to a regulatory filing, Barbican Capital Limited has accumulated approximately 4.8 billion shares of FBN Holdings, representing a 13.3 percent ownership stake in the corporation.
This significant portion of shares surpasses Otedola’s previous holdings, which had accounted for 7.6 percent of the financial services group after his off-market acquisitions in late 2021.
Femi Otedola, however, still retains a 5.6 percent stake after selling 834 million shares last June amid a remarkable increase in the stock’s valuation.
Meanwhile, Oba Otudeko, the former chairman of FBN Holdings, exercises control over Honeywell Flour Mill, where he holds a substantial 75 percent stake through Siloam Global Services Limited, as reported in the company’s 2022 earnings report.
This recent development positions Otudeko’s business interests in a prominent position within the Nigerian business landscape, reflecting his continued influence and astute investments.
The shifting ownership dynamics have triggered a surge in trading activity, with almost 5 billion units of FBN Holdings shares being exchanged this week alone.
On Thursday, an astounding 95 percent of the trading volume was observed.
This heightened activity, coupled with ongoing currency reforms in Africa’s largest economy, has propelled the stock’s valuation to an all-time high.
Currently, FBN Holdings boasts a market capitalization of N728.7 billion, securing its position as Nigeria’s fourth-largest lender in terms of market value.
Only Zenith Bank, Guaranty Trust Holding Company, and Stanbic IBTC Holdings Company surpass FBN Holdings in terms of market valuation.