Femi Otedola Makes First Decision after Spending N45bn to become the Majority Shareholder in First Bank

Femi Otedola Makes First Decision after Spending N45bn to become the Majority Shareholder in First Bank

  • One week after becoming the majority single shareholder, charismatic billionaire, Femi Otedola has revealed what he plans to do
  • For the past two months, Femi Otedola and Taiwo Hassan-Odukale have been battling for First Bank leadership
  • To cement his position as the majority shareholder, Otedola announced he has acquired an extra 2.5% shares to push his total stake to 7.57% in First Bank

The Chairman of Geregu Energy Group and billionaire businessman, Mr Femi Otedola has made his first statement after becoming the majority single shareholder of first banks.

Legit.ng had reported how through proxies Otedola spent over N45 billion to acquire the shares of First bank in the last few months.

As at the last letter to FBNHoldings Plc (the Company), Otedola reveals his total state in the company is 7.57 percent compared to his closest rival Hassan-Odukale 4.31 percent.

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Otedola’s increased stake forces Remi Babalola to quit as FBNH Chairman

Femi Otedola announces his first decision after becoming the majority shareholder in First Bank
Otedola distance himself from first bank chairmanship position Credit: @otedola
Source: UGC

Otedola makes a decision

Speaking at a Save the Children event where he was recognized for his philanthropic efforts to improve the lives of children in Nigeria, Otedola denied rumours that he is interested in holding a board position with FBN Holdings, First Bank, or any of their subsidiaries.

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Vanguard reports that Otedola was asked about his next steps after becoming the single largest shareholder of FBNHOLDINGS.

He said he did not acquire the bank’s shares because he wanted to be chairman of the bank.

Otedola explained:

"I am simply an investor who saw an opportunity in the financial institution and decided to capitalize on it through my investment." Contrary to popular belief, my ambition is not to become chairman of the bank or its holding company. Moreover, I am in semi-retirement.”

According to him, the hallmark of any good investor is to see opportunities where others don’t, saying that he was convinced that FBN Holdings has a bright future, is strong, solid and would remain a dominant player in the Nigerian financial services sector in the foreseeable future.

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Otedola praised the financial institution, saying

"Being the single largest shareholder does not obligate me to hold a position in the bank." I believe in allowing competent people to run institutions in a professional and beneficial manner for all stakeholders."

I was halfway to becoming a billionaire, then I lost everything in 5 minutes

Meanwhile, a cryptocurrency trader has shared his experience on how he lost almost half a billion Naira assets in less than five minutes.

He said he lost everything when the coin crashed and his account was left with $0 before he could do anything.

He also stated that he cannot reveal himself for fear of being mocked because he was cautioned against investing in squid currency.

Source: Legit.ng

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