Recent developments at First Bank of Nigeria Holdings Plc have led to a significant call for the removal of chairman Femi Otedola by a group of shareholders. These shareholders, who collectively own 10% of the bank, have requested an Extra-Ordinary General Meeting within 21 days to address their concerns, which include allegations of fraud and lack of proper security clearance for Otedola.
The shareholders assert that Otedola’s ascent to the chairmanship was facilitated by connections with the former Central Bank of Nigeria governor, Godwin Emefiele, and that he has since exerted undue influence over the bank, undermining corporate governance. They fear that a proposed private placement of shares could further consolidate Otedola’s control over the institution.
This situation comes amid a broader corporate restructuring at First Bank, which has seen significant layoffs, including top executives. The shareholders are advocating for a more equitable means of share distribution to prevent Otedola from transforming the bank into a personal venture.
Newspot Nigeria will continue to report updates on the news.
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