Opara UgonnaBillionaire businessman Femi Otedola has revealed that he is not interested in becoming the chairman of First Bank Nigeria Holdings Plc.
Otedola had acquired an additional 2.5 percent in FBN Holdings, making him the single largest shareholder.
It was gathered that Otedola’s stake has now risen over that of Tunde Hassan-Odukale, another shareholder.
However, in his words, Otedola noted:
“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.”
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