Billionaire investor and the Chairman of Geregu Energy Group, Mr. Femi Otedola has debunked speculations that he his interested in holding any board position in FBN Holdings, First Bank or any of their subsidiaries.
Mr. Otedola recently declared additional ownership in FBNH making him the single largest shareholder with about 7.57% after spending over N44.8 billion, according to findings from Nairametrics.
Otedola was recently invited by Save the Children to join the prestigious group of its Vice Presidents, in recognition of his philanthropic efforts to better the lives of children in Nigeria.
Save the Children is the second largest charity in the world after UNICEF and has Princess Anne as Patron since 2017 after serving as President since 1970.
In a brief chat, Mr Otedola was asked about his next steps after becoming the single largest shareholder of FBNHOLDINGS. He said he did not acquire the bank’s shares because he wanted to become chairman of the bank.
“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 Holdco. Moreover, I am in semi-retirement,” he explained.
According to him, the hallmark of any good investor is to see opportunities where others don’t, saying 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.
Otedola praised the financial institution saying, “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. That is an institution with world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation”
First Bank is one of Nigeria’s largest commercial banks with total assets of about N8.5 trillion. It’s also the oldest bank in Nigeria with a sprawling deposit base of over N6.6 trillion.
