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See Why A Popular Billionaire Takes Over Nigeria’s First Bank

Femi Otedola, a Nigerian billionaire businessman and investor, is said to have taken control of First Bank of Nigeria Plc on Friday.
According to The Wall Street Journal, Otedola took over the bank with a $30 billion stock purchase, making him the bank’s single largest shareholder.

Because Otedola is the largest shareholder, he has the most voting shares, giving him the ability to control the bank’s course through his voting power.

Remember that Femi Otedola sold his 75 percent direct and indirect stake in Forte Oil in 2019 through a merger of his Zenon Oil and erstwhile African Petroleum.

Many people were surprised as to why he made such a decision, especially given the lucrative nature of the oil and gas industry.

The billionaire had previously displayed an interest in refining and petrochemicals, as well as real estate and banking investments.

According to reports, Otedola opted to take over First Bank Nigeria due to the bank’s internal crisis.

Remember that the bank’s leadership issue resulted in the sacking of both the bank’s chairman, Ibukun Awosika, and the chairman of FBN Holdings, Obafemi Otudeko, by the Central Bank of Nigeria.

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