Otedola not interested in being chairman of First Bank despite holding largest shares

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.

The billionaire investor who is the Chairman of Geregu Energy Group, who recently declared additional ownership in FBNH making him the single largest shareholder with about 7.57% after spending over N44.8 billion, said he did not acquire the bank’s shares because he wanted to become chairman.

Otedola who spoke in chat after he joined Save the Children, the second largest charity in the world after UNICEF, as one of its vice presidents, said he is simply an investor who saw an opportunity at First Bank.

He emphasized that a good investor is one who see opportunities where others don’t, noting that he was convinced that FBN Holdings has a bright future.

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

Praising the bank Otedola said, “being 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”