Femi Otedola and Tony Elumelu were once upon a time good friends, but at some point, it appeared money and power pit them against each another.

Most people never knew their friendship had had a crack long ago until the Transcorp chairmanship drama.


Right now, some persons think Otedola is trying to get back at Elumelu?

Otedola becomes chairman of First Bank

You might be right if you ever thought that Femi Otedola jostled for the FBN Holdings chairmanship seat to rekindle his feud with Elumelu.

And you might also be right to think that Otedola is probably coming for a pound of Elumelu’s flesh.


Have You Read: Do You Know New Chairman Of First Bank Holdings

You see, when two big boys fight, it is often about money, they hardly kill themselves over women.

But for these two, you could say it is about a good friendship that went bad.

In 2023, Elumelu refused to be roughed up by Otedola, when he bought 6.3% Transcorp shares in separate deals.


The former, at that time, was the board chairman while the latter would have emerged as the new chairman, being the highest shareholder.

Impact Of Otedola’s Chairmanship 

This feud which, according to Otedola, began sometime around 2005, saw Transcorp shares plummet at the stock market.


One thing we know is that whenever the chairman of Geregu Power (Otedola) invests in a company, the share price of that company appreciates in the market.

From African Petroleum to First Bank then Transcorp and now First Bank again.

Before emerging as FBN Holdings chairman, in 2021, he had the highest number of individual shares but later sold it all.

His acquiring those shares back then made First Bank’s share value rise by 1.73%.

You May Also Like: See Why Otedola Sees Elumelu As A Backstabber

Elumelu’s United Bank for Africa has been hitting it high and currently is one of the banks to reckon with in Nigeria.

So, has Otedola come into the banking sector to compete with Elumelu’s UBA, and will UBA be losing customers to First Bank?

The businessman is surely going to rebrand and restructure First Bank for more effectiveness into a 21st-generation bank.


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