BREAKING: Billionaire Femi Otedola takes over First Bank Nigeria

Nigerian billionaire businessman, Femi Otedola has on Friday, October 22, took over First Bank of Nigeria Plc.

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 Street Journal 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.

In 2019, Otedola divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum, the decision raised questions as to why he made such a decision especially because of the lucrative nature of the oil and gas sector.

The billionaire had expressed interest in going into refining and petrochemicals as well as investing in the real estate and financial sector.

It was gathered that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.

Recall that the leadership crisis rocking the bank led to the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings