I Don’t Want To Become FBN Holdings Chairman – Otedola

Billionaire businessman Femi Otedola has said that he has no plan to become the chairman of First Bank Nigeria Holdings Plc.

Naija News reports that FBN Holdings is the parent company of First Bank of Nigeria (FBN).

Recall that Otedola had acquired an additional 2.5 percent in the company, making him the single largest shareholder in the financial organisation.

It was gathered that Otedola’s stake has now risen over that of Tunde Hassan-Odukale, another shareholder.

Speaking with reporters on Wednesday in Lagos, Otedola said being the single largest shareholder in the company doesn’t mean he must necessarily hold a position in the bank.

He said: “Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders.

“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”

Otedola said he bought more shares in the company because he was convinced that FBN Holdings has a bright future.

The businessman added that the company is strong, solid, and would remain a dominant player in the Nigerian financial services sector.

“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 speculation, is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement,” he added.