I’m Not Interested In Becoming FBN Holdings Chairman — Otedola

Femi Otedola, billionaire businessman, says he has no interest in holding any position in FBN Holdings or any of its subsidiaries.

Otedola said this on Wednesday at the ExecuJet Private terminal in Lagos.

He said the recent acquisition of shares in FBN Holdings is purely an investment decision.

“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,” he said.

“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.”

According to him, the major focus of any good investor is 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.

“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.

The billionaire acquired an additional 2.5 percent in FBN Holdings Plc, thus, to become the single largest shareholder in the company with a total shareholding of 7.5 percent.

Market analysts speculate that Otedola must have pumped a whopping N45 billion to attain this dominant position.

The billionaire was recently invited by Save the Children, a UK-based charity organisation, where he was named one of the vice-presidents, in recognition of his philanthropic efforts to better the lives of children in Nigeria.

Save the Children is the second largest charity in the world after UNICEF with Princess Anne as a patron since 2017 after serving as president since 1970.