Femi Otedola Takes Over First Bank As He Becomes Largest Shareholder

Nigerian billionaire businessman, Femi Otedola has today, Friday, October 22, 2021, taken over First Bank of Nigeria Plc, JomogNews Nigeria reports.

Otedola, having a humongous loan portfolio of N192 billion in 2012 via his then Zenon Petroleum and Gas Ltd which was eventually passed on to the Asset Management Company of Nigeria, has today taken over First Bank of Nigeria Plc with his recent acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.

According to the report, the billionaire businessman being the largest shareholder, means he holds the highest voting shares and can dictate the direction of the bank through his voting power.

JomogNews Nigeria recalls that when that Otedola divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum in 2019, the decision raised questions as to why he made such a decision especially because of the lucrative nature of the oil and gas sector.

They became all the more curious as to what his next move would be. He didn’t keep them guessing too long as he soon announced that he wanted to explore and maximize business opportunities in refining and petrochemicals.

The billionaire singled out First Bank despite having investments in the real estate and financial sector, for the single reason that there wasn’t exactly one man calling the shots there, unlike in other new generation banks, the report added.

Meanwhile, JomogNews Nigeria reports that Otedola wasted no time in taking advantage of the leadership crisis that rocked First Bank not too long ago that led to the Central Bank of Nigeria (CBN) sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.

Otedola made his moves and today, he is the better for it.