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Nigerian billionaire businessman, Femi Otedola has taken over First Bank of Nigeria Plc.
An exclusive report monitored on The Street Journal says Femi Otedola took over First Bank with his recent acquisition of about N30 billion worth of shares, making him the single largest shareholder of the bank.
According to the report, Otedola being the largest shareholder, means he holds the highest voting shares and can dictate the direction of the bank through his voting power.
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It could be recalled that when that Otedola divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum in 2019, the decision raised questions as to why he made such a decision especially because of the lucrative nature of the oil and gas sector.
