Chairman of Geregu Energy Group and billionaire businessman, Femi Otedola has dismissed speculations that he is interested in holding any board position in FBN Holdings, First Bank or any of their subsidiaries.
Gatekeepers News reports that Otedola has become the largest single shareholder of FBN Holdings Plc after acquiring a significant shareholding interest of the Company.
He acquired an additional 2.5 percent in FBN Holdings Plc, raising his stake to a total shareholding of 7.5 percent, the development led to speculations that the billionaire might be thinking of holding a significant post in the board of FBN Holdings.
Asked in a chat with THISDAY about his next steps after becoming the single largest shareholder of FBNHoldings, Otedola said noted that he did not acquire the bank’s shares because he wanted to be chairman of the bank.
“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 holding company (Holdco). Moreover, I am in semi-retirement,” he explained.
Otedola said the hallmark of any good investor was to see opportunities where others don’t, saying that he was convinced that FBN Holdings has a bright future, is strong, solid and would remain a dominant player in the Nigerian financial services sector in the foreseeable future.
Otedola praised the financial institution, saying “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.”
