First Bank: Refuting recent claims in the media

“In light of recent news reports, Dr Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation.

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“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBN Holdings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.

“With regards to the reported claims, Dr Oba Otudeko would like to clarify that he has never served in an executive capacity within FBN Holdings and its banking subsidiary, First Bank of Nigeria Limited and as such has had no operational responsibility in the organisation.

“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.

“While we respect the role of the press in keeping the public informed, we urge journalists to verify such sensitive information before publication to ensure accuracy and fairness.

“At 81, after five decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.

“He is not interested in serving in an executive capacity in any organisation in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.