Business mogul, Femi Otedola has stated that he does not want to become the Chairman of First Bank Nigeria Holdings Plc.
FBN Holdings is the parent company of First Bank of Nigeria (FBN).
The billionaire businessman had acquired an additional 2.5% in the company, making him the single largest shareholder in the financial institution.
Reports say that Otedola’s stake has now risen over that of Tunde Hassan-Odukale, another shareholder.
However, speaking with reporters on Wednesday in Lagos, Otedola said that being the single largest shareholder in the company does not necessarily translate to him holding a position in the bank.
According to him, “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.”
Otedola said he bought more shares in the company because he was convinced that FBN Holdings has a bright future.
He added that the company is strong, solid, and would remain a dominant player in the Nigerian financial services sector.
In his words, “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 the chairman of the bank or its Holdco. Moreover, I am in semi-retirement.”
Femi Otedola (born 4 November 1962) is a Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an importer of fuel products.
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‘I don’t Want to Become First Bank Chairman’ – Femi Otedola