Home Business Money Femi Otedola Joins FBN Holdings As Majority Shareholder
Money

Femi Otedola Joins FBN Holdings As Majority Shareholder

Share
Share

There are strong indications that Femi Otedola has acquired a majority share in First Bank.lwpu
According to The Street Journal, Otedola took over the bank with the acquisition of about ₦30 billion worth of shares, making him the single largest shareholder of the bank.

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

Recall that Femi Otedola had in 2019 divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum.

This act made many wondered why he made such a decision especially because of the lucrative nature of the oil and gas sector.

The billionaire had expressed interest in going into refining and petrochemicals as well as investing in the real estate and financial sector.

It was gathered that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.

Recall that the leadership crisis rocking the bank led to the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Access Bank Shines, Wins Big At 2024 Digital Jurist Awards

BY NKECHI NAECHE- ESEZOBOR—Access Bank PLC has been named the 2024 Best...

IMF Expands Executive Board To 25

International Monetary Fund (IMF), i. Friday said member countries have successfully elected...

Kaduna Eyes N150bn Monthly Revenue With Automation Of Tax Collection System

 Mr Mukhtar Ahmed, the Kaduna Commissioner for Planning and Budget Commission (PBC),...

Stanbic IBTC Bank Charts New Frontiers In Nigeria’s Agricultural Terrain

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, reaffirmed its commitment...