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First Bank Shares Gain Massively After Otedola Becomes Majority Shareholder



First Bank Shares have gained massively after Femi Otedola become the majority Shareholder.


Lovetvnews Nigeria reports that the shares of First Bank Plc responded to the news that the former Chairman of Forte Oil Plc, Femi Otedola, reportedly acquired majority shares of the Bank.


Lovetvnews Nigeria had earlier reported that sources at the bank said that the billionaire had acquired majority stake in the tier-one bank.


Multiple reports have it that the billionaire bought shares worth N30bn making him the bank’s largest single shareholder.


With the major share purchase, Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.


With the development, Newsonline Nigeria can report that the bank, which is the country’s oldest, saw its share price rise to N12.25, from N12.1 traded on Wednesday on the Nigerian Exchange Group Ltd.


This represents 1.24 per cent rise between Thursday and Friday.


First Bank led the gainers chart with stock volume of 149,516,786 traded worth N1,853,437,127, making it the most traded stock by volume and value on the NGX.


The bank’s market capitalization was N439,717,336,702 according to data available on the NGX. The bank has an outstanding share of 35,895,292,792.