A group of shareholders holding 10% of shares in First Bank of Nigeria Holdings Plc has called for the removal of its chairman, Femi Otedola.

The shareholders, in a statement on Wednesday, demanded an Extraordinary General Meeting (EGM) within 21 days, as stipulated under Section 215(1) of the Companies and Allied Matters Act (CAMA).

The group alleged that Mr. Otedola became chairman of FBN Holdings through significant share acquisitions, facilitated by the influence of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele and the bank’s former CEO, Adesola Adeduntan.

They claimed Mr. Otedola assumed the role of a non-executive director without clearance from the State Security Service (SSS) and the Economic and Financial Crimes Commission (EFCC).

After gaining control, the shareholders alleged, Mr. Otedola orchestrated the removal of several top executives, including Mr. Adeduntan; the then-chairman, Tunde Hassan-Odukale; Executive Director Tosin Adewuyi; Group Head Folake Ani-Mumuney; and journalist and non-executive director Ijeoma Nwogwugwu.

They further claimed these actions were taken to consolidate his grip on the bank’s leadership following a critical article written by Ms. Nwogwugwu.

They also raised concerns about a recent private placement of ₦360 billion in shares, which the shareholders believe will grant Mr. Otedola absolute control of the bank.

According to them, he was planning to use the financial institution as his personal asset, citing fears of poor corporate governance and unchecked authority.

Stakeholders have argued for the share issuance to be conducted as a rights issue or public offer instead of a private placement.

They further alleged that Mr. Otedola secured a loan of $45–$50 million (approximately ₦90 billion) from the African Export-Import Bank (Afreximbank) to bolster his financial position and dominate the proposed private placement.

The shareholders also pointed to Mr. Otedola’s alleged history with failed banks and non-performing loans sold to the Asset Management Corporation of Nigeria (AMCON), questioning his fitness to oversee the financial institution.

This call for his removal comes amidst a major restructuring effort at First Bank, which saw the layoff of approximately 100 senior staff members, including top executives, as part of a repositioning strategy for 2025.

The shakeup followed the confirmation of Olusegun Alebiosu as the bank’s managing director and CEO in June 2024.