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.
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.
Globalnewsng recalls that Otedola had announced that he wanted to explore and maximize business opportunities in refining and petrochemicals.
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.
Otedola hurriedly took advantage of the leadership crisis that hit 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