First Bank Debt Saga: Oba Otudeko Shoots Down Claims of Involvement

Astute investor and successful industrialist, Dr. Ayoola Oba Otudeko has categorically refuted the claims of alleged involvement in the First Bank’s $600 million debt.

This is coming following a series of media reports claiming the alleged involvement of the seasoned and accomplished financial expert.

In a statement signed by Olasumbo Abolaji, the general counsel to the foremost investor, he denies the claims concerning his role in FBN Holdings in its entirety while aggressively defending his reputation.

The 81-year-old business titan, who has led several organisations in and outside the shores of Nigeria and Africa in the last five decades, explained that at FBN Holdings, where he served as a chairman, he 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.

The statement further clarifies that with regards to the reported claims, 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.

Otudeko served as a director at FBN holdings between 1997 and 2012 after which he emerged chairman, where he served till 2021.

In furtherance, Otudeko noted that as of this moment, he is yet to receive any official summons, nor has his legal team received any official invitation from relevant authorities as regards the claims in the media.

“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. Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum,” the statement read in part.

The statement further noted that the Otudeko, who is the Life Patron, Nigerian-South African Chamber of Commerce, is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere.

“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, nor is he interested in serving in a non-executive capacity on any board besides those he currently sits on,” the statement read.

Otudeko also dismissed the possibility of returning to the board of FBN Holdings noting that though the financial institution remains dear to his heart, he is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.

“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 organization in Nigeria or elsewhere, 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.”

For one, who has distinguished himself in all spheres of life, Otudeko is aggressively defending his hard earned integrity and reputation.

Otudeko is a member, Office of Distinguished Friends, London Business School, London, and has served on many boards including Africa Regional Advisory Board of London Business School, London, United Kingdom and Presidential Advisory Council on Nigeria Industrial Revolution Plan.