Femi Otedola’s FBN Holdings emerges as Nigeria’s most valuable banking group

by MMC
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First Bank of Nigeria Holdings (FBN Holdings), a leading financial services group led and partly owned by Nigerian billionaire businessman Femi Otedola, has consolidated its position as the country’s most valuable banking group.

As of the close of trading on Monday, February 25, 2024, FBN Holdings’ market capitalization reached a staggering N1.22 trillion ($791.1 million), surpassing its peers in the Nigerian financial sector.

The rise in power FBN Holdings Market Value is attributed to the substantial increase in the bank’s shares, which are now trading at N34 ($0.022), marking a notable rise of 9.68% from its closing price on Friday, February 23, 2024. This places FBN Holdings ahead of Guaranty Trust Holding Company Plc (GTCO Plc), led by Segun Agbaje, in terms of market capitalization.

The groundbreaking acquisition of Nigerian tycoon Femi Otedola

Influential Nigerian billionaire and philanthropist Femi Otedola made a significant movement in October 2021 when it acquired a substantial stake in FBN Holdings. Since then, the bank’s shares on the Nigerian Stock Exchange have seen a remarkable rise from N12.6 in October 2021 to the current value of N34.

Otedola’s impact on FBN Holdings is further enhanced by his appointment as a non-executive director earlier in 2023 and his subsequent elevation to the role of Chairman during a board meeting of January 31, 2024. These strategic developments underline Otedola’s growing influence in the Nigerian economic landscape, particularly in the financial sector.

FBN Holdings’ $201.1 million profit signals Otedola’s triumph as leader

FBN Holdings’ financial results reflected Otedola’s positive influence with leading financial services group reporting an exceptional 127 percent increase in profit for the 2023 financial year.

The group’s profit soared to an impressive 310.01 billion naira ($201.1 million), surpassing the 136.31 billion naira ($88.4 million) reported for the corresponding period of the last year. Otedola’s investments and leadership have undoubtedly played a pivotal role in the remarkable financial performance of FBN Holdings.

As FBN Holdings continues to assert its dominance in the Nigerian banking sector, Femi Otedola’s strategic vision and leadership are poised to shape the future trajectory of one of the country’s leading financial institutions.

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