There are not many businesses in Nigeria that a business mogul like Femi Otedola doesn’t have investment in.
And with his drive and robust business acumen, First Bank of Nigeria may well be on its way towards rebranding.
It was just about 24 hours ago that Femi Otedola emerged as the board chairman of First Bank Nigeria (FBN).
Otedola popularly known as a billionaire businessman and a philanthropist, would definitely waste no time in upgrading the banks status.
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First Bank was established in 1894 by Sir Alfred Jones, the Bank commenced business on a modest scale in Lagos.
It was originally known as Bank of British West Africa (BBWA).
To be the board chairman of a bank as old as First Bank, Otedola already has his job cut out.
Ways Otedola As Chairman Will Affect First Bank
More Investors Will Troop In
Investors who know what Femi Otedola stands for in business will now begin to invest in FBN share.
This will lead to a significant rise in the price value of FBN shares within a short time.
Branding And Rebranding
Otedola will have to rebrand the brand First Bank of Nigeria to become a modern day 21st century generation bank.
If this transition is properly done, and the youths start feeling the brand, the probability of raking in a huge number of new customers is high.
The bank has to modernise some of its traditional style of resolving issues and long processes must be cut short.
Legacy foundation can be an impediment to growth and performance.
So, there is need for a modern technology architecture that enables improvement and competitiveness due to faster rollout of innovation, and products among others.
Expertise And Stability
Among many other things Otedola brings his business growing expertise and stability into FBN.
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Companies like Forte Oil, Geregu Powers, and Zenon Oil among other companies where he has been chairman can attest to this fact.
FBN Shares Will Rise
The share price of FBN is likely going to soar on the floor of the Nigerian Stock market.
