…with acquisition of N30bn shares
Nigerian billionaire businessman, Femi Otedola on Friday, October 22, took over First Bank of Nigeria Plc with his acquisition of N30 billion naira shares.
According to the Street Journal 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.
In 2019, Otedola divested his 75% direct and indirect shareholding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum, the decision raised questions as to why he made such a decision especially because of the lucrative nature of the oil and gas sector.
The billionaire had expressed interest in going into refining and petrochemicals as well as investing in the real estate and financial sector.
Details later…