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Tag: Femi Otedola

Femi Otedola named 2024 'Investor of the Year'
News

Otedola backs FG’s 70% windfall tax on banks’ FX earnings

Billionaire businessman, Femi Otedola, is in favour of the federal government’s 70% windfall tax on banks’ foreign exchange earnings. The business mogul disclosed this in a statement on Wednesday admonishing the banking sector for its $50m projected bill on private jets maintenance and an even higher bill on the acquisition of private jets. A 70% […]

Femi Otedola named 2024 'Investor of the Year'
News

Billionaire Otedola rallies behind Dangote amid refinery controversy

Nigerian billionaire Femi Otedola has rallied behind Aliko Dangote, CEO of Dangote Refinery, amidst ongoing disputes with national oil regulators. In a series of posts on X on Tuesday, Otedola echoed calls from various stakeholders urging the federal government to support industrialists like Dangote, akin to how other nations back their “local champions.” Describing Dangote […]

Femi Otedola named 2024 'Investor of the Year'
News

Billionaire Otedola backs Dangote amid clash with NMDPR

Nigerian billionaire Femi Otedola has taken to social media to support Aliko Dangote and his ambitious Dangote Refinery project. Otedola’s endorsement echoed recent sentiments expressed by Akinwunmi Adesina, President of the African Development Bank, who defended Dangote against criticisms of his business practices, asserting that such critiques are misguided and detrimental to Nigeria’s economic progress. […]

How banks sent 'charming' ladies to lure my interest — Otedola
Banking News

Otedola raises stakes to 11.64% in FBN holdings

The Chairman of FBN Holdings, Femi Tedola has raised his ownership stake in the business once more, solidifying his status as the company’s single largest stakeholder. This was disclosed in a notice to NGX on Monday. In the notice, the billionaire acknowledged that, at an average price of N21.58, he had purchased an extra 797,946,415 […]

News

Zenith Bank, Femi Otedola reach out-of-court settlement

The owner of Geregu Power and chairman of FBN Holdings, Femi Otedola, has resolved his legal battle with Zenith Bank, which was earlier brought before a Federal High Court. Sources claim that Otedola’s decision to withdraw from the legal proceeding is the result of a recent agreement reached between the billionaire and Jim Ovia, the […]

Ardova awards Otedola $19m in arbitration over Forte Oil sale
Business

Ardova awards Otedola $19m in arbitration over Forte Oil sale

Energy billionaire, Femi Otedola had won a $19 million arbitration award on the share purchase agreement surrounding the sale of Forte Oil, now Ardova Plc. According to Premium Times, the agreement was reached in response to a decision made by the London Court of International Arbitration in October. The agreement mandated that Ignite Investments and Commodities Limited’s Chairman, Abdulwasiu Sowami […]

Otedola asks top First Bank official to resign over 'wasteful party'
Business

How Tony Elumelu took my UBA, Transcorp shares – Otedola

Billionaire businessman, Femi Otedola, on Tuesday morning, went down memory lane on his relationship with Tony Elumelu and his plans for Transcorp before he opted out because his bid was rejected.   Otedola noted that he offered to acquire Transcorp Plc for N250 billion and take the company’s market capitalisation to N2 trillion but his […]

Otedola asks top First Bank official to resign over 'wasteful party'
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Otedola buys 5.52% of Transcorp

A 5.52 percent stake in the domestic conglomerate, Transcorp Corporation Plc, has been acquired by Femi Otedola, a millionaire businessman, according to the company’s disclosure. This information came in the wake of rumors that Otedola had purchased a sizeable position in the conglomerate, whose shares have seen intense trading on the Nigerian Exchange Limited since last week, […]

Banking

Afreximbank purchases 5% of Geregu Power shares

Afreximbank has completed the acquisition of five per cent of the shares of Geregu Power Plc. According to The BusinessDay, the purchase was made through its subsidiary – Fund for Export Development in Africa. FEDA is the impact development arm of the Africa Export and Import Bank. “Today, February 21, 2023, the company secretary for […]

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