Femi Otedola Becomes First Banks’s Largest Shareholder

Spread the love

Exclusive! Femi Otedola takes over First Bank as largest shareholder with N30bn.

From having 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, billionaire businessman, Femi Otedola has today taken over First Bank of Nigeria Plc with his recent acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.

Sponsored Ads

What this invariably means is that being the largest shareholder, he holds the highest voting shares and can dictate the direction of the bank through his voting power.

In 2019 when he divested his 75% direct and indirect shareholding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum, many wondered why he made such a decision especially because of the lucrative nature of the oil and gas sector.

They became all the more curious as to what his next move would be. He didn’t keep them guessing too long as he soon announced that he wanted to explore and maximize business opportunities in refining and petrochemicals.

Even though he also had investments in the real estate and financial sector, Otedola singled out First Bank for the single reason that there wasn’t exactly one man calling the shots there, unlike in other new generation banks.

He wasted no time in taking advantage of the leadership crisis that rocked First Bank not too long ago that the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.

Otedola made his moves and tday, he is the better for it.

Sponsored Ads

Related Posts

PHOTOS: Innoson Begins Production Of Tricycles In Nigeria

Spread the love

Spread the love Innoson Vehicle Manufacturing Company has commenced the production of tricycles also known as Keke NAPEP\Keke Marwa. The vehicle manufacturer revealed that production commenced at…

My Journey to 7 Figure on Kindle Publishing (True Story)

Spread the love

Spread the love Sponsored Ads Hi. My name is Josiah . I had about Amazon KDP long ago courtesy of @⁨Gilob Tech. Solutions Ltd⁩ , but I…

EXPERTNAIRE AFFILIATE: Guide to running a Successful Ads that brings Leads

Spread the love

Spread the love Sponsored Ads If you’re an Expertnaire affiliate looking to run ads for a moneymaking product, here’s a few things you should consider: (A Thread)…

4 Best Blogging Niche you should consider as a Beginner in 2022

Spread the love

Spread the love What Are The Best Niches To Get Into If You Are Just Starting Out As A Blogger In 2022. Sponsored Ads 1. The Pet…

4 Things You Should Know As A Beginner Blogger

Spread the love

Spread the love 1. Never Ever Use Blogger.com: I know it is free but don’t do this. Unless the reason why you are blogging is not to…

7 MISTAKES YOU SHOULDN’T MAKE AS A NEWBIE BLOGGER OR YOU GO TO HELL

Spread the love

Spread the love STOP LOOKING FOR FREE HOSTING AND DOMAIN: Sponsored Ads First it is just too much stress. Secondly, any free domain/hosting you get is not…

Leave a Reply

Your email address will not be published.