By Agatha Emeadi

businessman and former Chairman of FBN Holdings, Dr Oba Otudeko, has again reacted to recent media reports and legal matters surrounding his involvement with the company.

Dr Otudeko, who is regarded as one of Nigeria’s most influential entrepreneurs, emphasized that despite his long-standing association with FBN Holdings, he never held an executive position in the bank or its subsidiaries, including First Bank of Nigeria Limited.

His General Counsel, Olasumbo Abolaji, who confirmed the statement, pointed out that the 81-year-old business mogul, who has over five decades of experience in shaping Nigeria’s business landscape, played a strategic and advisory role at FBN Holdings rather than being involved in the day-to-day operations.

“Dr. Otudeko’s impact on the company was focused on vision and guidance, not on operational decisions,” Abolaji pointed out.

This clarification came as Otudeko has faced persistent media attacks and false claims regarding his role within the financial institution, he noted.

Despite these allegations, Otudeko’s legal team has confirmed that no formal summons or invitations have been extended to him by the authorities in relation to any transactions at First Bank that occurred over a decade ago.

On January 20, 2025, the Federal High Court in Lagos ruled that Otudeko had not been notified of any legal filings regarding the matter, after the Economic and Financial Crimes Commission (EFCC) sought an arrest warrant, which was ultimately denied. The case has been adjourned to February 13, 2025.

Otudeko, accordiong to Abolaji, served as chairman of FBN Holdings from 1997 to 2021, and rather helped to guide the company through a significant transformation, evolving it from a traditional institution to a pan-African financial powerhouse.

Despite speculation about his possible return to an executive role, he said that Otudeko made it clear that he had no intentions of seeking new executive positions, either in Nigeria or abroad.

“The seasoned business leader also expressed concern about the recent corporate decisions at FBN Holdings, particularly the board’s move to initiate a private placement before completing a successful rights offering. This decision threatened the interests of over 1.2 million shareholders.

“Otudeko’s focus now is on mentoring the next generation of Nigerian business leaders and contributing to the country’s economic growth through enterprise.

“He remains a key figure in corporate governance, having served in prominent roles, including as former president of the Nigerian Stock Exchange and chairman of Honeywell Flour Mills. He has also held board memberships in companies such as Airtel Nigeria, Ecobank Transnational, and Fan Milk Nigeria, among others,” Abolaji said.

He added that beyond his business achievement, Dr Otudeko has been recognized for his contributions to national development, pointing out that his accolades include the 2014 The Sun Newspaper’s Business Person of the Year Award, the Vanguard Lifetime Achievement Award, and the National Order of Productivity Merit Award from the Nigerian government.

Abolaji said that Otudeko’s legacy extends beyond business leadership, adding that he is committed to fostering a dynamic and sustainable economic environment in Nigeria, with focus on building lasting institutions that will serve the country for generations to come.