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Billionaire Femi Otedola takes over First Bank of Nigeria (FBN), becomes biggest single shareholder of the bank

Nigerian Billionaire Femi Otedola has reportedly taken over First Bank Nigeria (FBN) as it's biggest single shareholder after he bought over N30 Billion worth of shares from the leading Financial Institution.

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

At the time, Newsonline recalls that Otedola had announced that he wanted to explore and maximize business opportunities in refining and petrochemicals.

Otedola 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.


As at the time of filing this report, News Online understands that First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider which was awarded the 2021 ‘’Retail Banking CEO of the Year Nigeria’’, ‘’Most innovative Retail Banking App Nigeria’’ and ‘’Best CSR Bank Nigeria’’ awards by Global Banking and Finance magazine are yet to make the notice official.

This development is coming after the explosion of the leadership crisis that rocked First Bank which led to the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.

More details soon.

2 comments:

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