By James Orji
Business Mogul Femi Otedola has laid to rest suggestions that he’s interested in the job of Hassan Odukale, the Chairman of First Bank Nigeria Holdings, FBNH.
Otedola, one of the most successful businessmen in the country has reportedly being eyeing the control of the first generation bank, after he became the single largest shareholder of the bank, by acquiring over seven per cent of its shares.
He became the single largest shareholder after acquiring 7.57 per cent with N44.8 billion in the bank’s shares.
The issue became a tussle between him and Odukale, a former managing director of Leadway Insurance who also owns a substantial stake in the commercial bank, before regulators in the financial sector such as the CBN, SEC and PENCOM waded in.
But speaking on the issue on Wednesday, Otedola who after having a successful run in the oil and gas sector, moved into Power generation where he alongside his partners invested over $1 billion in the Geregu Energy Group, said his motive for investing in the bank was being misconstrued.
According to him, he decided to invest in First Bank because of its future potential as one of Nigeria’s leading banks, and not to take it over as being wrongly peddled.
Mr. Femi Otedola, the single largest shareholder in FBN Holdings, the holding company of First Bank, has said he is not interested in serving as chairman of any of the two entities.
He stated further that his position as “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”
Six days ago, the dynamic businessman who also have substanstive investments in the real estate sector, in a notice to the group managing director of FBN Holdings said he has acquired controlling shares in the bank.
He said in the notice that “I have recently acquired additional shares in FBN Holdings Plc (the Company) which has brought my total stake to 7.57 per cent of the issued shares capital of the Company,” Mr Otedola said in the letter.
“Section 120 of the Companies and Allied Matters Act requires that I give notice in writing o the Company stating amongst other things, the particulars of the shares held by me or my nominees by virtue of which I am a substantial shareholder.”
The breakdown of his shares in the bank indicates that Otedola now total 2.717 billion units, Mr Otedola holds 210 million directly, 1.989 billion through Calvados Global Services Limited, 170 million through Primrose Global Concept, 175 million through Shetland Global, 120 million through Wells Properties and 53 million through Impetus Synergy.
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