Just-ln: Femi Otedola Takes Over First Bank Nigeria
Francis Tayor
Femi Otedola, a billionaire businessman, has taken over First Bank of Nigeria Plc with his recent acquisition of about N30 billion worth of shares, making him the bank’s single largest shareholder.
He had a humongous loan portfolio of N192 billion in 2012 via his then Zenon Petroleum and Gas Ltd, which was eventually passed on to the Asset Management Company of Nigeria. This invariably means that, as the largest shareholder, he owns the most voting shares and, as a result, has the most power over the bank’s direction.
Many people were surprised when he sold his 75 percent direct and indirect stake in Forte Oil in 2019 via a merger of his company Zenon Oil and former African Petroleum, especially given the lucrative nature of the oil and gas industry.
He didn’t keep them guessing for long, as he soon announced that he wanted to explore and maximise refining and petrochemicals business opportunities. Despite having investments in the real estate and financial sectors, Otedola singled out First Bank for the simple reason that, unlike other new generation banks, there wasn’t exactly one man in charge.
He wasted no time in capitalising on the leadership crisis that rocked First Bank recently, with the Central Bank of Nigeria sacking both the bank’s chairman, Ibukun Awosika, and the chairman of FBN Holdings, Obafemi Otudeko.
Femi Otedola made his moves, and today he is a better person as a result of them.
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