Femi Otedola takes control of Nigeria’s leading banks after becoming the largest shareholder
From having a humongous mortgage portfolio of N192 billion in 2012 through his then Zenon Petroleum and Gasoline Ltd which was finally handed on to the Asset Administration Firm of Nigeria, billionaire businessman, Femi Otedola has immediately taken over First Financial institution of Nigeria Plc together with his latest acquisition of about N30 billion value of shares, making him the only largest shareholder of the financial institution.
What this invariably means is that being the biggest shareholder, he holds the very best voting shares and may dictate the route of the financial institution by his voting energy.
In 2019 when he divested his 75% direct and oblique shareholding in Forte Oil, through a merger of his firm Zenon Oil and former African Petroleum, many questioned why he made such a choice particularly due to the profitable nature of the oil and fuel sector
They turned all of the extra curious as to what his subsequent transfer could be. He didn’t maintain them guessing too lengthy as he quickly introduced that he needed to discover and maximize enterprise alternatives in refining and petrochemicals.
Although he additionally had investments in the true property and monetary sector, Otedola singled out First Financial institution for the only purpose that there wasn’t precisely one man calling the photographs there, in contrast to in different new era banks.
He wasted no time in benefiting from the management disaster that rocked First Financial institution not too way back that the Central Financial institution of Nigeria sacking each the chairman of the financial institution, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.
Otedola made his strikes and tday, he’s the higher for it.