Otedola

Femi Otedola, billionaire businessman and chairman of Geregu Power Plc, today emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank.The change of guard happened at a meeting of the Board of Directors of the Group in Lagos on Wednesday, company insiders told PREMIUM TIMES. Mr Otedola succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021. Mr Otedola became a non-executive director of FBN Holdings on 14 August 2023, months…

Nigeria’s fourth-best-performing stock last year, Transnational Corporation of Nigeria (Transcorp), reported a two-fold jump in bottom line to N34.1 billion for the 2023 financial, according to its earnings report issued Wednesday. Energy, which contributed 78 per cent of gross revenue, is the heart of the conglomerate, whose other divisions comprise agro-allied business and hospitality. Turnover at that flagship subsidiary rose to N151.3 billion from N103.3 billion a year earlier, in turn driving gross revenue,…

Femi Otedola, a distinguished Nigerian entrepreneur and investor, has announced a significant acquisition of shares in Dangote Cement, the only cement company in Nigeria with two export terminals, with a combined export capacity of eight million tons per annum. This strategic investment underscores Mr Otedola’s confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience. The businessman did not…

Billionaire tycoon Femi Otedola has racked up shares worth N6 billion of Dangote Cement Plc, a source with knowledge of the transactions told PREMIUM TIMES on Thursday. Mr Otedola, the source said, acquired the shares in his name. Sub-Saharan Africa’s largest cement maker Dangote Cement recently leapfrogged telecommunications powerhouse Airtel Africa to become Nigeria’s biggest company by market capitalisation, currently valued at N8.35 trillion. Dangote Cement has returned 81.4 per cent in the last 52 weeks and…

Femi Otedola, the chairman of Geregu Power, has yielded the top spot on the ownership ladder of FBN Holdings to Barbican Capital Limited, an affiliate of Oba Otudeko’s Honeywell Flour Mill, a regulatory filing showed on Saturday. Barbican Capital accumulated shares of about 4.8 billion units in the parent company of Nigeria’s oldest lender FirstBank translating to a 13.3 per cent holding in the corporation, according to the document seen by PREMIUM TIMES. That is more than twice the portion held by Mr Otedola,…

Nigerian billionaire businessman, Femi Otedola, on Sunday hailed Africa’s richest man Aliko Dangote ahead of the commissioning of the Dangote Refinery in Lagos. Mr Otedola said history would be made in the Nigerian energy sector with the unveiling of the refinery, located in Lagos.President Muhammadu Buhari will on Monday commission the Dangote Refinery in Lagos amid expectations that the facility, considered Africa’s largest oil refinery, would impact positively on the nation’s oil sector and the larger economy.…

Energy tycoon Femi Otedola has received $19 million in arbitration award over the share purchase agreement (SPA) involving the sale of Forte Oil now Ardova Plc, a source with knowledge of the subject told PREMIUM TIMES. The settlement followed a ruling last October by the London Court of International Arbitration (LCIA), ordering Ignite Investments and Commodities Limited, the special purpose acquisition company of Ardova’s Chairman Abdulwasiu Sowami, to make SPA payments less the amount awarded for one of the…

The chairman of Geregu Power Plc, Femi Otedola, has sold 2.8 million units of his shares in the power generation company, where he is holding the majority stake. He offloaded the shares via two transactions executed on different dates. The first involved 1.9 million shares sold at N288.9 each on 8 May; the second 948,092 shares sold at N290.7 per unit on 9 May, according to a regulatory filing seen by PREMIUM TIMES. Both deals summed up to N817.3 million. A separate share dealing document at the Nigerian Exchange…

Nigerian businessman Femi Otedola has accused the chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu, of backstabbing him repeatedly at his most vulnerable moments in business. Mr Otedola made the revelation in a statement that marks his first public intervention in the recent battle for the soul of Transcorp, obtained exclusively by PREMIUM TIMES. The billionaire recently divested his newly acquired stake in Transnational Corporation of Nigeria (Transcorp) to Mr Elumelu, pulling the plug…

Nigerian businessman Femi Otedola has described his interest in the Transnational Corporation of Nigeria (Transcorp) as one driven by the need to unlock the company’s full potential and create value for shareholders. Mr Otedola made the revelation in a statement that marks his first public intervention in the recent battle for the soul of Transcorp. He was responding to repeated enquiries made to him by PREMIUM TIMES regarding why he acted the way he did in the Transcorp transaction. “I offered to buy Transcorp…