Experts believe Otedola could take over the helm as the bank's chairman, or exercise some level of control over its administration.
Otedola has said that contrary to speculation he has no interest in becoming the chairman of First Bank Nigeria.
Otedola recently bought another 898,730,515 shares in the bank.
FBN Holdings is one of the largest financial services organizations in Africa.
His daughter, Florence Ifeoluwa Otedola, popularly known as "DJ Cuppy," is a Save the Children ambassador.
Otedola is resting pretty. He could now demand seats on the board, or even his appointment as chairman.
FBNH is one of the top five financial services providers in Nigeria, Africa’s largest economy.
Nigerian billionaires are putting their hard-earned money to work to control First Bank of Nigeria Holdings.
Otedola is known for building corporate juggernauts in the energy, shipping, real estate and finance sectors.
Otedola remains one of Nigeria’s wealthiest businessmen, who has conquered industries ranging from banking to oil and gas.