According to The Street Journal, Otedola took over the bank with the worth of about ₦30 billion worth of shares, making him the single largest shareholder of the bank.
Otedola, being the biggest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.
Recall that Femi Otedola had in 2019 divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company
Zenon Oil and former African Petroleum.
This act made many wondered why he made such a decision especially because of the lucrative nature of the oil and gas sector.
The billionaire had expressed interest in going into refining and petrochemicals as well as investing in the real estate and financial sector.
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