Otedola is New Owner of First Bank with N30bn Worth of Shares

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Ijaw News - Niger Delta Stories
By Yemi Akintomide

Report just reaching www.ijawnews.com, revealed that the son of former Lagos State Governor, Late Micheal Otedola, Femi Otedola, has acquired control of First Bank of Nigeria Plc today, Friday, October 22, 2021.

Femi Otedola, a billionaire busineman has taken over First Bank as a single holder of the largest shares of the Nigeria first generation bank, according to report on The Wall Street Journal, with his recent acquisition of roughly N30 billion worth of shares, making him the bank’s single largest shareholder.

According to the report, because Otedola is the largest shareholder, he has the most voting shares and thus the most control over the bank’s direction.

The report explained that Otedola’s position as the largest shareholder means he has the most voting shares and hence has the most authority over the bank’s direction.

In 2019, Otedola sold off his 75 percent direct and indirect shareholding in Forte Oil through a combination of his business Zenon Oil with erstwhile African Petroleum, raising questions about why he made such a choice given the lucrative nature of the oil and gas industry.
According to iexclusive News Nigeria, he indicated at the time that he intended to research and optimize business potential in refining and petrochemicals.

Despite owning real estate and banking assets, Otedola chose First Bank because, unlike other new generation banks, it did not have a single point of contact, according to the study.

Meanwhile, Otedola took àdvantage of the recent leadership crisis at First Bank, which saw both the bank’s chairman, Ibukun Awosika, and the chairman of FBN Holdings, Obafemi Otudeko, fired.

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