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Femi Otedola says not interested in First Bank chairmanship despite his investment

Billionaire businessman, Femi Otedola has said that he was not interested in becoming chairman of FBNH Plc, the holding company of First Bank Nigeria Limited, despite his recent investment in the country’s oldest lender, which made him the single largest shareholder of the company.

Otedola, who currently holds an estimated 7.5 percent stake in the bank through his companies told Thisday that he did not acquire the bank’s shares because he wanted to be chairman of the commercial lender.

“I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made.

“My interest, contrary to speculations is not to become chairman of the bank or its holding company (Holdco). Moreover, I am in semi-retirement,” he explained.

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“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people run institutions in a professional manner and to the benefit of all the stakeholders,” he said.

Otedola, who is the chairman of Geregu Energy Group said told the paper that the hallmark of any good investor was to see opportunities where others don’t, noting that he was convinced that FBN Holdings has a bright future, is strong, solid and would remain a dominant player in the Nigerian financial services sector in the foreseeable future.

The billionaire recently acquired an additional 2.5 per cent in FBN Holdings Plc, raising his stake to become the single largest shareholder in the company with a total shareholding of 7.5 percent.

It was speculated that the former majority owner of Forte Oil, now Adorva must have invested up to N45 billion in the FBNH plc to attain this dominant position.

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