Otedola’s FBN Holdings Emerges as Nigeria’s Most Valuable Banking Group
Having scrutinised the success of individuals, businesses, and nations, one might arrive at the nod-worthy conclusion that luck is a big part of success. In that case, a lucky individual is known for their success. Such is the case for super billionaire and investor, Femi Otedola. With his recent slide into the chairmanship position at First Bank of Nigeria Holdings (FBN Holdings), one can attribute the group’s triumphs to Otedola’s involvement.
With February’s shadow almost fading into the distance, the group has emerged as the most valuable banking group in Nigeria, running ahead of giants such as Guaranty Trust Holding Company Plc (GTCO Plc) in terms of market capitalization. Given enough time, FBN Holdings might reinforce its position as the first banking group in Nigeria, leaving its peers far behind.
Although nothing seems to be wrong with this possibility, it has to be said that it is not entirely ordinary. After all, GTCO is led by none other than the highly decorated banker and deep thinker, Segun Agbaje. Even without consulting the magical entrails of chickens, the reason for FBN Holdings’ recent domination is clear: Otedola.
Otedola came on board the FBN
Holdings ship as chairman at the start of the year. Looking at the momentum from his other businesses and how they thrived, investors at FBN Holdings judged Otedola to be the best choice for the position after Ahmad Abdullahi, the former Chairman.
It is clear that handing FBN Holdings over to Otedola is the best decision the group’s board has made this year. The man initiated several strategic moves that trounced competitors, resulting in the group’s market cap reaching N1.22 trillion as of February 25.
With such momentum, great times are ahead for FBN Holdings and its people. Agbaje and other captains of banking groups better watch out as Otedola’s wave of luck may sweep through them all.