The Chairman of Geregu Energy Group and Billionaire businessman, Femi Otedola says he is not interested in holding any position in First bank 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.”
“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.
Praising the bank Otedola said, “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. That is an institution with world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation”
