Femi Otedola’s Removal as Chairman Tops Agenda as FBN Holdings Shareholders Propose EGM

Allegations Against Femi Otedola

Shareholders allege that Otedola’s rise to Chairman of FBN Holdings was influenced by Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). They claim that Emefiele facilitated Otedola’s acquisition of significant shares in the company, thereby paving the way for his appointment as Chairman.

Reportedly, Emefiele invited former FirstBank CEO, Dr. Adesola Adeduntan, to his residence in Ikoyi, Lagos, where he allegedly instructed him to collaborate with Otedola to help secure control of the bank. Shareholders also assert that Otedola assumed his role without obtaining security clearances from the Department of State Security (DSS) and the Economic and Financial Crimes Commission (EFCC).

Furthermore, since his appointment, Otedola has been accused of placing personal associates in key positions and significantly increasing his shareholding in the bank.

Implications and Next Steps

The outcome of the proposed EGM remains uncertain, as regulatory authorities, including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), may weigh in on the matter. If the meeting is approved, it could lead to significant changes in the leadership of FBN Holdings.

The situation highlights growing tensions between shareholders and the current leadership of FBN Holdings, raising questions about governance, transparency, and regulatory oversight.