₦airaland Forum

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.

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.

https://thestreetjournal.org/exclusive-femi-otedola-takes-over-first-bank-as-largest-shareholder-with-n30bn/

The rich get richer and the poor get poorer.

Indeed for to him who has will more be given, and he will have abundance, but from him who has not, even what he has will be taken away.

Congratulation to him

I thought he had sunk his Forte oil sale proceeds in Dangote refinery

This is rather a wise move. Kudos.

Wow! I love this. Congratulations!

wow, Congratulations to him. This is quiet doings not showing off, doings get levels.

Really

He can’t take over it

Chai
Femi otedola
E na mi ni dollar

And your daughter an DJ

Good money is A goal

Congratulations sir

Capitalists Everywhere.!!
..
And Cuppy is there gallivanting with DJ-Equipments

Okay oo. The same people

Good money is A goal old money is good too

Ote$ with the money

Man with big brain, respect sir

smart move

Ok

Balling wise

This is money talking.

Good move

After he sold Forte Oil everyone taught it was over for him now see his comeback FEAR REAL BUSINESS MAN, THEY ALWAYS KNOW WHAT THEY ARE DOING

Chai
We are in trouble o
Pleaae don't mess it up and run out

Omo Oduduwa

Smart money move

Real Power

Na dem