I’m not interested in becoming FirstBank chairman – Otedola

Femi Otedola

Businessman Femi Otedola says he is not interested in becoming chairman of FirstBank or its holding company after recently becoming the single largest shareholder in FBN Holdings.

Mr Otedola now has a shareholding of 7.5 per cent in FBN Holdings following his recent scale-up.

“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,” the former chairman of Forte Oil Plc told Premium Times on Thursday.

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

Otedola praised the financial institution, saying he believes “in allowing competent people run institutions in a professional manner and to the benefit of all the stakeholders.”

The chairman of Geregu Energy Group initially placed second behind chairman of FirstBank Tunde Hassan-Odukale on the shareholding ladder. Otedola first acquired 5.07 per cent shares.

Otedola, who was recently named one of the vice-presidents of Save the Children, is believed to have committed N45 billion to attain his total stake of 2,717,282,140 shares in the group.