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Breaking: What Femi Otedola Plans To Do As He Takes Over First Bank PLC

The Editorngr.com can reliably confirm that an entity owned by billionaire investor and charismatic personality Femi Otedola, is behind a massive mop-up of the shares of FBN Holding, one of Nigeria’s tier one banks.

According to multiple sources with knowledge of the purchase, majority ownership of FBN Holding Company, owners of Nigeria’s oldest bank, First Bank, is about to be upturned following months of slow and meticulous purchase of the company shares on the floor of the Nigerian Stock Exchange by Otedola. We understand Femi Otedola is now the majority shareholder of the bank with an announcement imminent in the coming days.



The billionaire investor and turnaround specialist famous for taking over African Petroleum earlier in the century and turning it into a dominant player in the downstream space of the oil and gas sector has been mopping up shares of the bank for months gradually accumulating his ownership and surpassing shares owned by any other single shareholder of the bank.

And whilst it’s no longer news that Billionaire businessman,Femi Otedola is now the largest shareholder in First Bank PLC, the question financial analysts are asking is ‘what does Otedola want to do with his new status as the Lord of the Manor at FBN?

What the future holds

It is unclear what plans Mr. Otedola has for FBNH, but for him to have acquired this much, this online medium believes he has the full backing of the Central Bank. The billionaire investor has a pedigree going for him especially after successfully turning around Forte Oil and then selling it to new owners. He also acquired Geregu Power Plant during the privatization of 2013 and it is touted as one of the most efficient plants in the country.

Relying on his antecedents from previously acquired entities, majority ownership of FBNH by an Otedola backed entity will probably usher in a transformation in the bank revving up investor sentiments in anticipation.

FBNH reported a profit after tax of N38 billion in the first half of 2021 up from N35 billion same period in 2020. According to Financial Times, institutional investors like Black Rock Fund Advisors, Old Mutual Investments Group all own less than 1% individually of the bank.

Previous Turnaround at Geregu Power Plant.

In 2013 an entity controlled by Mr. Otedola Emerged as preferred bidder of the then 414-MW Geregu Power Plant under a joint venture partnership with the State Grid Corporation of China/Shanghai Municipal Electric Corporation; the largest utility company in the world by size and market capitalisation.

The plant has since been revamped, transformed, increasing the overall efficiency of the plant through a major overhaul exercise at a cost of USD 100 million dollars. Nameplate capacity increased from 414 to 435 MW and operational capacity increased to 90 percent of the nameplate capacity about 10% of the national grid.


This is a developing story…


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