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Breaking: FBNHoldings appoints Otedola board chairman

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The First Bank of Nigeria Holdings has appointed Nigerian billionaire and businessman, Femi Otedola, as the new chairman of its board of directors.

Mr. Otedola, a renowned business mogul with substantial interests in various sectors of the economy is expected to bring his extensive experience and strategic insight to drive the trajectory of the iconic financial institution.

The transition marks a new phase for FBN Holdings, with stakeholders and analysts keenly observing the potential impacts of Mr. Otedola’s chairmanship. 

Otedola is currently the largest shareholder with a shareholding of 5.57%. Before this appointment, he was appointed to the Board of FBN Holdings as a Non-Executive Director on August 15, 2023.  

He is also the major shareholder in Geregu Power Plc where he holds a 78.64% direct and indirect shareholding.  

The business mogul, one of Nigeria’s few USD billionaires has a rich history of business and enterprise in Nigeria, having been appointed as a member of the Governing Council of the Nigerian Investment Promotion Council in January 2004. He also served as the Chairman of Transcorp Hilton Hotel, Abuja.  

He began his foray into the oil and gas sector with Zenon Petroleum and Gas Limited, after which he acquired African Petroleum Plc (AP) in May 2007. AP became Forte Oil Plc in 2010. And in 2018, Otedola divested from Forte Oil Plc and acquired shares in Amperion Power Distribution Company Limited, an SPV which he used in acquiring majority shares in the 414 MW Geregu Power Plant (now 435 MW).  

Apart from FBNH and Geregu Power, Otedola also owns shares in Zenith Bank Plc, as well as real estate assets in Lagos, Dubai, London, and Monaco. He also recently acquired substantial shares in Dangote Cement PLC.

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