In a strategic move that has sent ripples through the Nigerian financial sector, billionaire businessman Femi Otedola has reclaimed his position as the largest shareholder of First Bank of Nigeria. Otedola now holds a substantial 9.41% stake in the prominent financial institution.
This significant increase in ownership was achieved through the purchase of shares valued at N18.9 billion on the Nigerian Exchange (NGX) today. The acquisition underscores Otedola’s continued confidence in First Bank’s prospects and his strategic vision for its future.
Before this latest acquisition, Otedola held a 7.01% stake in the bank, positioning him as the second-largest shareholder. The top spot was previously held by Barbican Capital Limited, owned by Oba Otudeko, which controls an 8.67% stake. With the recent purchase, Otedola has now surpassed Otudeko, solidifying his influence and control over the bank.
Otedola’s increased stake is expected to have significant implications for First Bank’s governance and strategic direction. Industry analysts are keenly observing how this development will impact the bank’s operations and its competitive stance within Nigeria’s banking sector.
As First Bank navigates this new chapter under the heightened influence of its largest shareholder, stakeholders and market watchers alike will be eager to see the strategic initiatives and innovations that may emerge under Otedola’s enhanced stewardship.
