BREAKING: First Bank Backtracks, Confirms Femi Otedola As Major Shareholder

Billionaire Femi Otedola has taken over First Bank Nigeria.

Newsone understands that Nigerian billionaire businessman, Femi Otedola has today, Friday, October 22, 2021, taken over First Bank of Nigeria Plc.


An exclusive report monitored on The Street Journal by Newsone Nigeria, says 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.


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

BREAKING: Billionaire Femi Otedola Takes Over First Bank Nigeria
Femi Otedola.

At the time, Newsone 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.


Meanwhile, Newsone Nigeria reports that Otedola wasted no time in taking advantage of the leadership crisis that rocked 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.

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