Tag: otedola

  • BREAKING: Femi Otedola now majority shareholder of FBN Holdings, owners of First Bank [How it happened]

    BREAKING: Femi Otedola now majority shareholder of FBN Holdings, owners of First Bank [How it happened]

    Report reaching TheNewsGuru(TNG) indicates that billionaire Femi Otedola, has acquired the majority shares in FBN Holdings, owners of First Bank of Nigeria Limited.

    Otedola reportedly took over the bank with the acquisition of about ₦30 billion worth of shares, making him the single largest shareholder of the bank.

    Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.

    According to sources who spoke to this news platform on the subject matter, FBN holdings will soon make a public announcement on the historic purchase of the company shares on the floor of the Nigerian Stock Exchange by Otedola.

    It was gathered that Otedola has been acquiring the shares of the bank through a vehicle, Calvados Global Services Ltd. It is also likely that there could be other vehicles associated with Mr Otedola who may have also been mopping up shares.

    FBNH currently has 34.7 billion of its shares floating freely meaning it is held by diverse shareholders. This makes the shares easy to acquire on the stock exchange.

    The latest audited account of FBN Holdings does not have any shareholder with up to 5% of the ownership of the banking behemoth. Nairametrics understands Mr Otedola, through his proxies and investing vehicles, now owns over 5% of the bank, setting himself up to be the single largest shareholder of the bank.

    It was gathered that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.

    The crisis, a tussle for control of the bank was between the then major shareholders, one block led by Oba Otudeko, who was the chairman of FBN Holdings’ board, and Mr Adenuga, who later emerged as one of the biggest shareholders in the bank.

    Recall that Mr Otudeko and Ibukun Awosika, his ally on the board of FirstBank of Nigeria Limited, were removed from their positions as chairmen of FBN Holdings and FirstBank respectively, Mr Adeduntan, who represented the interest of a late Ibadan mogul and prominent shareholder, Arisekola Alao, was reinstated as the bank’s chief executive, according to people with knowledge of the matter.

  • How IBB asked Jonathan to sit on Yar’Adua’s chair during FEC meeting – Otedola

    How IBB asked Jonathan to sit on Yar’Adua’s chair during FEC meeting – Otedola

    Billionaire businessman Femi Otedola on Sunday recounted the role former military President, General Ibrahim Babangida played during the political logjam caused by the prolonged sickness of President Umaru Musa Yar’Adua in 2010.

    Otedola said this in a special congratulatory to the ex-military president who marks his 80th birthday on Tuesday, August 17.

    In his forthcoming book on business lessons – scheduled for release in November, Otedola revealed that General Babangida sent a message through him to the then-Vice President Goodluck Jonathan, to sit on the empty seat of President Yar’Adua in the next Federal Executive Council (FEC) meeting.

    With Yar’Adua failing to formally transfer power to his VP when he was flown abroad for medical treatment, there was tension across the nation as a result of the power vacuum, which led to public protests.

    “Worried by the tension and uncertainty, I decided to do something on my own,” he wrote.

    “In the first week of February 2010, I went to Minna, Niger State, along with Hajia Bola Shagaya, to commiserate with General Ibrahim Babangida over the death of his wife, Maryam.

    “At his Hilltop residence, we spoke on a wide range of issues, but I told him I needed to discuss an urgent and vital issue. He took me to his study, where the two of us were alone. I told him that the state of the nation had been agitating my mind.”

    Otedola said he asked Babangida how the country could get out of the political logjam, emphasising that the political heat at the time was “too much”.

    He said a “calm and resolute” IBB replied: ‘Femi, advise your friend that when he gets to the Council Chambers next week for the Federal Executive Council (FEC) meeting, he should go and sit on the President’s chair.’

    “I found that fascinating and assured him I would pass the message across,” Otedola wrote, adding, “I travelled back to Abuja by road in the evening and went straight to have dinner with Dr Jonathan. I did not waste time in delivering General Babangida’s message to him.

    “He nodded and asked me, ‘What do you think?’

    “I laughed and said, ‘Be a man, Your Excellency. Go and sit on that chair!’

    “He looked at me for some time and responded that he would think about it.

    “A week later, on Tuesday, February 9, the National Assembly adopted the famous ‘Doctrine of Necessity’ to make Dr Jonathan the Acting President pending the return of President Yar’Adua from his medical leave. Behind-the-scene moves by prominent Nigerians preceded this decision. The legislative resolution was unprecedented, but the nation had been tensed up. The fault lines were so stoked that an unusual solution was needed to address the unique situation.

    “With Jonathan now legally empowered to act as President, there remained the critical optics: would he stand-in for the President confidently and authoritatively? Or would he try to maintain a subdued outlook? The following day was the FEC meeting. As Dr Jonathan entered the council chamber, he was made to sit on the chair of the Vice President—his usual seat.

    “As the protocol officer pulled out the VP’s chair, Dr Jonathan marched towards the seat reserved for the President. And he sat on it! That was the moment Dr Goodluck Jonathan took control of power. By that act, he sent a strong signal to all Nigerians that he was now in charge. The same day, Jonathan even reshuffled the cabinet.”

    Yar’Adua died on May 5, 2010, and Jonathan was sworn in as his replacement, going on to win the 2011 presidential elections and serving one term in office.

    Writing on the need for entrepreneurs to engage with political authorities in one of the chapters of his book, Otedola maintained that such a relationship will benefit the country.

    According to him, entrepreneurs’ outreach and dialogue with political leaders, among many positives, will ensure stability and social coherence, guaranteeing economic progress.

    He wrote: “While many may see political engagement for entrepreneurs as one-sided—in the sense that only the entrepreneur benefits—the reality is that it could work both ways.

    “I tapped into my political connections to contribute my little quota to resolving a power crisis that almost set the country on fire. This example is one of the several instances in which I used my access to the seat of power and political heavyweights to contribute to nation-building and national development. Entrepreneurs need to appreciate the fact that peace for the country is peace for their businesses, too. We need a stable and peaceful country first and foremost.”

  • Otedola’s daughter Tolani reveals battle with undisclosed ailment

    Otedola’s daughter Tolani reveals battle with undisclosed ailment

    Tolani, a budding singer and daughter of Nigerian billionaire, Femi Otedola, has stated that for over a year, she has been battling with an ailment.

    The songstress took to her Instagram account on Tuesday to reveal her challenge

    According to her, the treatment of the ailment has affected her appearance and confidence. However, she assured her friends and fans that she is recuperating.

    She wrote, “For over a year now, I’ve been very social media shy… life shy if I’m being honest. Last year l was diagnosed with a condition & it was the toughest season of my life… But with God and some really special people by my side, I made it through.

    “I grow stronger every day and the worst of it has passed… but there have been a few after-effects of my treatment, one of which has greatly affected my confidence… because it’s quite obvious. Being in an industry that places a high value on appearance, I found myself unable to reconcile taking medication that helped my mind but affected my weight.

    “I fought with all my heart to be here, and I’ve been feeling quite down that this one ridiculous thing is keeping me hidden. I’m alive! And what a blessing that is, especially in a season where so many people lost loved ones.

    “I also understood something today… that to stay self-conscious about my outer appearance, is to undervalue my inner healing… it’s an injustice to my mind, body & God-given creativity. To look in the mirror and be embarrassed about my scars is to disregard how I got them and belittle what I’ve survived.” (sic)

    Tolani further applauded her friends and family who reached out to her and sent her words of encouragement.
    She added that she was slowly making her way back to making music as she loves it.

  • I enjoy many privileges because of Otedola’s hard work-DJ Cuppy

    I enjoy many privileges because of Otedola’s hard work-DJ Cuppy

    Popular disc jockey, Florence Otedola a.k.a DJ Cuppy has averred that the privileges she is enjoying are due to the hard work of Femi Otedola, her father,

    In a Twitter post on Wednesday, Cuppy noted that though she has built herself a brand, her father’s wealth contributed to the success of her career.

    “I don’t talk about this much, but on mornings like this; waking up at our penthouse in Monaco, my heart is filled with so much gratitude. I am honoured and blessed to have a father as hardworking as mine,” she wrote.

    “Despite building my own ‘Cuppy’ empire, the truth is that many of the privileges I enjoy are purely due to Femi Otedola’s blood, sweat, and tears over the years.

    “My only prayer is to one day be able to give my own children at least half the love and generosity I’ve received.”

    Having graduated from King’s College London in July 2014 with a degree in business and economics, Cuppy earned a master’s degree in Music Business from New York University in 2015.

    The DJ recently got into the prestigious Oxford University in the UK for yet another master’s degree programme.

     

  • Femi Otedola, Sayyu Dantata, other Nigerians pre-order Strategic Turnaround

    Femi Otedola, Sayyu Dantata, other Nigerians pre-order Strategic Turnaround

    Billionaire businessman, Femi Otedola and Founder of MRS Group, Alhaji Sayyu Dantata are some of the first set of Nigerian business leaders to pre-order the yet to be released book on Management and Leadership, Strategic Turnaround

    The book, which chronicles the transformation of a strategic government agency is authored by Dr. Dakuku Peterside, the immediate past Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA).

    Mr. Femi Otedola who preordered 1,000 copies at cover price for distribution to selected institutions across the country expressed his belief In the reformation of public sector institutions as an enabler for private sector performance.

    In his words, “I believe in the reforms of public sector institutions for greater efficiency and effectiveness. If our public sector institutions are functioning well like their counterparts in other parts of the globe, it will lead to improvement in quality of services rendered and will strengthen the private sector to create jobs. Job creation will address poverty and accelerate development.

    “I believe that what happened in NIMASA in the past four years is a success story of institutional reform which can be replicated in other agencies of government which is why I am preordering this book so that more persons can read about it and be inspired to also reform whatever government institutions they find themselves.”

    On his part, Alhaji Sayyu Dantata, founding Chairman of MRS Group who has preordered 500 copies of the book wants as many aspiring leaders as possible to read the story of the transformation of NIMASA through committed and visionary leadership.

    According to him, “I want as many persons as possible to read about the success story of how one of the most important agencies of government in Nigeria was transformed under a period of four years. If NIMASA can be effectively reformed then all other agencies can be reformed. Alll we need is visionary and focused leadership which Dr Peterside gave while at NIMASA”.

    He said that the preordered copies would be distributed to selected public universities and libraries accross Nigeria.

    Six other notable business leaders have also preordered several hundred copies of the book, which according to the publishers, Safari books, will be released at a public presentation on 28 January 2021.

    Strategic Turnaround is a book written in simple narrative and expository style that tells the story of the major reform initiatives adopted to transform NIMASA from a non performing agency to a global brand that is alive to its regulatory and promotional mandate. It is a detailed account of Management and leadership principles that were applied to turnaround NIMASA in such a short period.

  • Living in their children’s shadow? – Francis Ewherido

    Living in their children’s shadow? – Francis Ewherido

    By Francis Ewherido

    The first time I saw it on social media, I recoiled. A young writer was describing the great Chief Femi Falana and all he could say was Falana is the father of Falz. Chief Falana is, of course, the father of Falz (Folarin Falana), but before Falz became a sensation, there was Femi Falana. As at 1990, when Falz was born, Femi Falana was already a well-known human rights activist with older human rights activists like his late former boss, Alao Aka-Bashorun, Chief Gani Fawehinmi and Dr. Beko Ransome-Kuti, amongst others. They were constant thorns in the flesh of the military government. Falana contributed greatly to the enthronement of democratic rule in 1999. He remains active till date. As a Senior Advocate of Nigeria, he has hit the zenith of the legal profession. Yet the young writer could not introduce him based on his achievements; he tagged him “father of Falz” to show that Falana is an important person. Of Multi-billionaire, Dr. Deji Adeleke, one young writer’s headline says: “Dr. Deji Adeleke (Davido’s father).”

    I also read another story, where Femi Otedola was introduced as the father of DJ Cuppy. In this case, I did not recoil; rather I laughed. What goes around comes around. When I came to Lagos in the 80s. Sir Michael Otedola, the father of Femi Otedola, was well known. In 1992, he was elected the governor of Lagos State. He stayed till 1993 when Gen. Sani Abacha’s coup ended his reign. Fast forward to year 2000 and beyond, Femi Otedola came on the scene and I started reading, “Sir Michael Otedola, father of Femi Otedola.” So, if the media introduce Femi Otedola as the father of DJ Cuppy, he is only being served a healthy dose of his own medicine – a medicine every (successful) parent would love to drink, though.

    I will not refer to Femi Falana as the father of Falz, Dr. Deji Aleleke as father of Davido and Femi Otedola as the father of DJ Cuppy in the headlines or first paragraphs of a write-up. These men have made their marks and should be introduced based on their accomplishments. “Father of this or that” appendages will only come in the later paragraphs. This is without prejudice to what their children have achieved. They have achieved so much at an age when many of their contemporaries are still trying to find their feet. Many of their mates – some of them graduates – are still being housed, fed and clothed by their parents.

    Some people say that successful young men and women from privileged backgrounds made it because of their family background, but I disagree. They knew what they wanted at an early stage; they had dreams and pursued them; they found their purpose early and committed themselves to living it; they had talents and skills and honed them. If you ascribe their success to only their illustrious background what about Wizkid and other grass to grace stories? What about other young people from rich and privileged backgrounds, who are wasting away in lives debauchery, drug addiction, alcoholism, aimlessness and purposeless?

    Climbing out of poverty and anonymity to prominence, especially in Nigeria, can be very tough, no doubt, but we all live and operate in this difficult environment. My experience in life is that making excuses is very unhelpful. I work with some youths and I am tracking their progress. My experience so far is that those who are driven by purpose, who know what they want, are making better progress than those who fall and go for anything. Our lives need to be purpose-driven. You can start off with any legitimate job that comes your way, but what are your plans for the future? Many youths have no medium or long term plans. You better start thinking about your future even in the midst of difficulties. Introspect and discover the wonderful talents and skills God has deposited in you. Even while you are doing “anything” for a living, hone those innate skills. Your chance will come and only people, who are prepared, take chances. Do not dig your talents in the ground like that foolish and wicked servant in the bible; use them, even if pro bono, for now like the two wise servants (25: 14-25). Set your goals – short-term, medium-term and long-term – and let your sight be fixed permanently on them.

    Read biographies of people, who have succeeded in your area of interest. The biographies are online, in newspaper articles and in books. Is it entertainment, publishing, fashion, entrepreneurship, manufacturing? They are all there. Some of these people were in a similar situation you are now at some points in their lives. Some of them are still very much around and might be willing to provide mentorship if you approach them. But you must know the rules guiding mentor-mentee relationships and abide by them.

    I see too much of blame game among young people. Everything and everyone around them have contributed to their predicament. They are the only party without a fault. How? With those character flaws, lack of self-development and absence of clarity of what you want? Common, success and greatness come from within and only manifest without. Go and fulfil your own part of the bargain first, the external lines will fall into the right places someday.

    Back to successful silver-spoon kids, their privileged background certainly quickened their journey to fame, wealth and stardom, but they also worked hard. I can never diminish the success these youngsters have achieved. Some youngsters from privileged backgrounds just want to live off the family wealth and name; they have no interest in adding more value to the family name. In 1985 at Nsukka, I was introduced to the nephew of a prominent politician and political office holder in the Second Republic. I introduced myself as “Francis,” but he introduced himself with his family name. I thought as youngsters we should call ourselves by our first name, but he was just cool with his family name and hung on to it as if it was a ticket to heaven.

    But look at these successful silver-spoon kids. Falz abandoned Falana and simply went with the stage name, Falz. Florence Otedola is DJ Cuppy. David Adedeji Adeleke is simply Davido. No clinging to their famous surnames, some of which go way back. DJ Cuppy’s grandfather, Sir Michael Otedola, was a former Lagos State Governor, while Davido’s grandfather, Senator Raji Ayoola Adeleke, was a Second Republic senator. They forsook these door-opening names and took on stage names.

    But our young writers should study some history. Headlining Femi Otedola as DJ Cuppy’s father, Femi Falana as Falz’s father and “Dr. Deji Adeleke (Davido’s Father),” diminishes what these men have achieved. But this “misnomer” has crept into Wikipedia. Femi Falana’s biography in Wikipedia is just 98 words, but Falz’s is 1018 words. May be, younger writers also wrote them (Lol), but who cares? Femi Falana is Falz’s father after all. My prayers for all parents is that our children should reach much greater heights than us; may they achieve successes that we could not even have envisioned.

  • Otedola teases daughter, Mr Eazi on getting married

    Otedola teases daughter, Mr Eazi on getting married

    Nigerian billionaire, Femi Otedola amazed many of his social media followers when he teased his daughter, Temi on getting married to popular singer, Mr Eazi.

    Temi and Mr Eazi who have been dating for a while are set to launch their new podcast which is set to premiere on Friday, 20th of November.

    Sharing a beautiful lovey dovey photo of herself and Mr Eazi, Temi wrote “We started a podcast!!! Me and the Don @mreazi new podcast – HOW FAR – launches this Friday. You’ll be able to listen to our weekly conversations via Apple Podcasts, Spotify, Youtube and anywhere you listen to podcasts. It’s about to be a madness”.

    The business mogul however took to the comment section of the post to ask;

    “Moremiii, when una go marry”.

    This has elicited various actions from their fans.

    Read the comments gathered by TheNewsGuru below

    @Nnenna: Eazi is dating temi and otedola didn’t say anything but you will date a Nigerian boy who doesn’t even have onions ? and he is testing to know if you want his money

    @Davidkhofi: Papa no wan hear story that touches the heart later. No free smashing. Better seal it up one time

    @Poseidonel: He’s ready to have Mr Eazi In his Will

  • PHOTOS: Ikorodu Bois reenacts DJ Cuppy, Temi Otedola’s Ferrari shoot

    PHOTOS: Ikorodu Bois reenacts DJ Cuppy, Temi Otedola’s Ferrari shoot

    Ikorodu Bois, a Nigerian group of three young actors, have recreated images of DJ Cuppy and Temi Otedola, her sister, following their dad’s Ferrari purchase.

    TheNewsGuru recalls that on Wednesday, DJ Cuppy, one of the daughters of Femi Otedola, a billionaire entrepreneur, had announced that her father took them on a Ferrari shopping,

    In one of the photos, which created a frenzy online, Cuppy, a DJ-turned-singer, stood with Temi amid three Ferrari Portofinos, each of which is said to be valued at about N83 million.

    Two of the Ikorodu bois trio then took positions between the hand-propelled construction vehicles wearing coloured wigs, one of which had the same colours as that which DJ Cuppy had during her shoot.

    Ikorodu Bois comprises Babatunde Sanni (23), Muiz Sanni (15), and Malik Sanni (10) — all brothers — and Fawas Aina, their cousin who edits and manages the team.

    The group began in 2017 when Sanni decided to share their skills to the world via social media.

    They gained attention for making use of household items to depict top gears adopted in movies while also using wheelbarrows to replicate luxury cars, an idea first exhibited by Kaptain Kush, a singer.

    Months back, Russo Brothers invited Ikorodu Bois to attend the premiere of the movie ‘Extraction 2’.This was after the group re-enacted the trailer of the movie and posted on Twitter and Instagram on Wednesday.

    The video gained over four million views in 24 hours on Twitter and captured the attention of the Russo Brothers and star actor, Chris Hemsworth.

  • Covid-19: Dangote, Adenuga, Otedola other corporate donations hit N21bn

    Covid-19: Dangote, Adenuga, Otedola other corporate donations hit N21bn

    The Nigeria Private Sector Coalition Against COVID-19 (CACOVID) has raised N21.588 billion to help fight COVID-19 pandemic.

    The update of the contributions was given on Monday in a document released by Mr Isaac Okorafor, Director Communications of Central Bank of Nigeria (CBN).

    The document showed that Modupe and Folorunsho Alakija, Mike Adenuga and Nigeria Deposit Insurance Corporation (NDIC) donated N1billion each

    The CBN and Aliko Dangote were the highest contributors.

    They donated N2 billion each.

    Among the N1billion donors were Abdul Samad Rabiu (BUA Sugar Refinery), Segun Agbaje (GTB), Tony Elumelu (UBA), Oba Otudeko (First Bank), Jim Ovia (Zenith Bank).

    Others were Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution.

    Dr. Deji Adeleke of Pacific Holding Ltd contributed N500 million.

    Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills donated N250 million.

    Multichoice Nigeria Limited contributed N200 million.

  • COVID-19: Adenuga fulfills N1bn donation to FG after severe bashing from Otedola

    COVID-19: Adenuga fulfills N1bn donation to FG after severe bashing from Otedola

    Billionaire businessman, Mike Adenuga through his Michael Adenuga Foundation (MAF), has fulfilled its N1 billion donation to the Federal Government to fight against the dreaded COVID-19 in the country.

    This is coming after billionaire business mogul, Femi Otedola redeemed his pledge days after pledging to support the fight against Coronavirus in Nigeria.

    Otedola shared a post to confirm that he fulfilled his promise to donate 1Billion Naira to fight Covid-19. He posted a confirmation which was published by the Central bank of Nigeria.

    In a subsequent post on both his Instagram page and Twitter handle, the former Forte Oil Chairman also called out those who are yet to fulfill their donation including Adenuga.

    However, checks by TheNewsGuru.com (TNG) revealed that an acknowledgement letter published shows that Mike Adenuga fulfilled his pledge on April 3rd.

    So far, 37 private citizens, as well as corporate organizations, have donated over 15 billion to the account which is being managed by the Central Bank of Nigeria.