Femi Otedola Acquires First Bank Nigeria, Remains Top Shareholder

Reports reaching Earthnews, confirmed that Nigerian billionaire businessman, Femi Otedola has taken over First Bank of Nigeria Plc.

According to the said reports, 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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It will be recalled that when that Otedola divested his 75% direct and indirect shareholding 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.

Earthnews gathered, at the time, Otedola had announced that he wanted to explore and maximize business opportunities in refining and petrochemicals. Hence, the current venture in First Bank Nigeria PLC is an affirmation of various investment he has in plan.