Billionaire, Femi Otedola, has sold N5.76 billion worth of shares from his investment in First Bank of Nigeria (FBN), almost seven months after he acquired 7.56% stake in the financial institution, which made him the largest stakeholder in the lender, IgbereTV reports
Otedola’s total investment in First Bank, according to Ripples Nigeria analysis, was worth around N30 billion before he offloaded 517.93 million shares in one day. There are more reports that he also sold over 200 million shares, bringing the total number of shares he disposed of to over 800 million.
Prior to the sell off by the billionaire, he held a total of 2.71 billion shares.
This is divided into direct holdings of 210,000,000, and indirect stake of 2,507,282,140. With the sell off on Monday, Otedola now holds about 1.99 billion shares, which cut his ownership stake to 5.24%, from 7.56%.
Otedola’s sell off comes after he gained about N3 billion on his investment, according to Ripples Nigeria analysis, as First Bank share soared 11% since the discovery of the billionaire buying up shares in H2 2021.
His investment left in First Bank is now valued at N23.97 billion, but the sell off is likely to further devalue the networth, as the lender’s share was down -3.11% after trading closed, despite investors only discovering his stock offload on Tuesday evening
