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Breaking! Billionaire Femi Otedola Becomes First Bank Nigeria Majority Shareholder

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Breaking! Billionaire Takes Over First Bank of Nigeria As the Majority Shareholder

Ngnews247 understands that Nigerian billionaire businessman, has today, Friday, October 22, 2021, taken over First Bank of Nigeria Plc.

An exclusive report monitored on The Street Journal by Ngnews247, says Femi Otedola took over First Bank with his recent acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.

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.

Ngnews247 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.

At the time, Ngnews247 recalls that Otedola had announced that he wanted to explore and maximize business opportunities in refining and petrochemicals.

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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.

Meanwhile, Ngnews247 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.

NGNEWS247.COM

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Alamu Tosin

The writer is Alamu Tosin. I have three strong passions in life — football, blogging and movies — in that order. I love spending time with friends talking about the important things in life and hate nothing more than ‘authority’ and hypocrisy. My personal believe in life is that once an individual sets his/her mind to achieve something, it is totally possible. And oh!, I am a strong Lannister, because I always pay my debt. For writing or fixing gigs, contact tosinalamu@gmail.com.

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