Nigerian billionaire Femi Otedola to pocket 1 billion naira dividend from First Bank Nigeria.
Nigerian billionaire businessman Femi Otedola is poised to receive a substantial windfall of 1 billion naira from his stake in First Bank of Nigeria Holdings Plc (FBNH), solidifying his position as one of Nigeria’s top dividend earners in the banking sector.
The news comes as the bank’s board of directors proposes a generous dividend payout of N17.95 billion reinforcing FBNH’s commitment to rewarding its shareholders with impressive returns.
Earlier this year, Otedola received an additional N15.2 billion from his power-generating company, Geregu Power Plc, which displayed remarkable resilience in its 2022 fiscal year despite headwinds, including revenue-damaging acts of vandalism on its gas pipelines.
Otedola has a total direct and indirect stake of 1,999,342,376 in First Bank, which accounts for 5.57% of the bank’s total shares whovj makes him the largest shareholder of First Bank as he owns 5.24% of the bank.
