First Bank: Former Chairman Oba Otudeko Seeks Return to Leadership

Oba Otudeko

First Bank: Former Chairman Oba Otudeko Seeks Return to Leadership

Oba Otudeko, the former chairman of FBN Holdings, has launched a fresh bid to return to the bank’s leadership, challenging current chairman Femi Otedola’s position. In a letter dated January 7, Otudeko and his associate Saheed Alao demanded the removal of Otedola and non-executive director Julius Omodayo Owotuga from the board.

Otudeko, who controls 8.7% of FBN Holdings through Barbican Capital, was previously removed from his position in 2022 following Central Bank of Nigeria’s intervention over corporate governance violations. He now seeks to replace the current leadership alongside Alao, who represents Industrial Mercantile and Investment Company Limited, which holds 842.2 million shares in the bank.

The move sets up a clash with Otedola, who currently stands as the largest shareholder with a 13.6% stake (5.4 billion shares), including a recent acquisition of 534.1 million shares in September. This latest development adds another chapter to the ongoing rivalry between the two businessmen, who have previously competed for control of Nigeria’s oldest banking institution.

Their appointment as directors would require approval from the Central Bank of Nigeria, which had previously intervened in the bank’s governance matters.