I remain committed to protecting First Bank’s integrity — Otedola
Chairman of FBN Holdings, Mr. Femi Otedola has reiterated his commitment to protecting the integrity of First Bank, the oldest financial institution in Nigeria. He spoke against the backdrop of recent face-off with Chairman/Publisher of This Day/Arise News Channel, Mr. Nduka Obaigbena over a loan involving General Hydrocarbons Limited (GHL), owners and operators of OML […]
Chairman of FBN Holdings, Mr. Femi Otedola has reiterated his commitment to protecting the integrity of First Bank, the oldest financial institution in Nigeria.
He spoke against the backdrop of recent face-off with Chairman/Publisher of This Day/Arise News Channel, Mr. Nduka Obaigbena over a loan involving General Hydrocarbons Limited (GHL), owners and operators of OML 120, Deep Offshore Nigeria.
The subject of disagreement is the alleged $230m loan secured by GHL.
A federal high court in Lagos had restrained all commercial banks in Nigeria from releasing funds or handling assets belonging to the oil firm.
Obaigbena had also defended the oil firm even as he confirmed that the parties are in court and arbitration to resolve the differences and have obtained a court order securing our operations pending determination.
“We hope for a favourable outcome under our system of justice. Unfortunately, First Bank continues to disregard and disobey a subsisting court judgment in favour of GHL and instead has chosen to mislead the public,” he said.
But Otedola in a statement accused the GHL Chairman of resorting “Tactics simply because he has been asked to repay his $230 million loan.”
He said, “This loan, facilitated with the help of the former Central Bank of Nigeria Governor, Mr Godwin Emefiele, was purportedly for the operation of an oil block, which he obtained without competitive bidding.
“However, the funds were diverted for personal use-funding Mr Emefiele’s presidential aspirations, acquisition of luxury properties abroad, the operation of a private jet, and an extravagant $68 million spent on jet rentals in just four years.”
He stated that as Chairman of First Bank Holdings, he has a responsibility “To protect the interests of the bank’s shareholders and depositors.
“The actions initiated in the courts are necessary to recover funds that belong to depositors and ensure corporate governance,” he added.
He stated that he would go all out to protect depositors’ money, adding, “My commitment to upholding the integrity of the financial system and protecting depositors outweigh any cheap attempts at blackmail.”
He added, “Let me remind the public that my integrity is not in question. As Chancellor of Augustine University and a benefactor of Save the Children Fund, I continue to dedicate my wealth to noble causes. I will not allow unscrupulous elements to derail the efforts of First Bank to recover loans or jeopardise the financial security of our shareholders.
“To all stakeholders, I assure you that I remain steadfast in my mission to protect First Bank’s integrity and ensure its continued success. Media blackmail will not deter me from this responsibility.”