Femi Otedola Consolidates Hold On First Bank
Barely two months after he emerged the single largest shareholder of First Bank of Nigeria Plc, following a long-drawn board room battle between him and the Chairman of First Bank Limited, Tunde Hassan-Odukale, Femi Otedola is now consolidating his hold on the oldest banking institution with a new nomination. This long-drawn battle coupled with the stench, rot and corruption that has pervaded the system, prompted technocrat, Remi Babalola to resign his position as chairman of FBN Holdings. Babalola who was there for only nine months, replaced Oba Otudeko who was removed by the governor of Central Bank of Nigeria for alleged sharp practices.
Unable to effect the needed change he desired, within the highest hierarchy of First Bank/FBN Holdings, Otedola has settled with fixing
Julius Omodayo-Owotuga as a non-executive director in the bank to protect his interest. Owotuga’s nomination has since been ratified by the CBN. Until his appointment, he was the Deputy Chief Executive Officer of Geregu Power Plc, a firm acquired by Otedola in 2019 after investing about $1 billion in it. Prior to that, Owotuga was the Group Executive Director Finance and Risk Management of Forte Oil Plc, now Ardova Plc.
So, it is safe to say that Owotuga is Otedola’s ‘man Friday.’
Otedola, who obviously likes to steer things from behind the scene, had punctured insinuations that he was gunning to become chairman of First Bank or the Holding Company. He has reiterated that he is simply an investor who moved fast enough to take advantage of the opportunity
First Bank provided through the investments he has made.
Recall that late last year, he acquired over seven percent of the bank’s shares making him the biggest equity holder, which further gave him the power to nominate candidates to the boards of First Bank Ltd and First Bank Holdings, the lender’s parent company.