Femi Otedola Becomes The Chairman of FBN Holdings Plc Board
FBN Holdings Plc, a prominent financial institution in Nigeria, has appointed Mr. Olufemi Peter Otedola, CON, as the new Chairman of its Board of Directors, effective January 31, 2024. This decision, made during a recent board meeting, sees Mr. Otedola taking over from Alhaji Ahmad Abdullahi.
Renowned as a distinguished business mogul with substantial contributions across various sectors, Mr. Otedola is expected to leverage his extensive experience and strategic insights to propel growth, innovation, and improved performance within FBN Holdings. The outgoing Chairman, Alhaji Ahmad Abdullahi, is commended for his tenure, which steered FBN Holdings through challenges, maintaining its prominent position in the Nigerian financial landscape.
As Mr. Otedola assumes the chairmanship, stakeholders and analysts are closely monitoring the potential impacts on FBN Holdings during this transitional phase. With the Nigerian financial sector evolving, Mr. Otedola’s leadership is poised to fortify FBN Holdings’ market position, delivering increased value to shareholders and customers.
Key Details:
Femi Otedola is presently the most substantial shareholder in FBN Holdings Plc, holding a 5.57% share.
Before becoming Chairman, he was appointed as a Non-Executive Director to the Board of FBN Holdings on August 15, 2023.
Otedola is also the major shareholder in Geregu Power Plc, with a 78.64% direct and indirect shareholding.
As a notable business figure in Nigeria, he has a rich history, including roles such as serving on the Governing Council of the Nigerian Investment Promotion Council and chairing Transcorp Hilton Hotel, Abuja.
Otedola’s ventures in the oil and gas sector include Zenon Petroleum and Gas Limited, the acquisition of African Petroleum Plc (AP) in 2007 (later Forte Oil Plc in 2010), and divesting from Forte Oil Plc in 2018 to acquire shares in Amperion Power Distribution Company Limited.
Beyond FBNH and Geregu Power, Otedola owns shares in Zenith Bank Plc and real estate assets in Lagos, Dubai, London, and Monaco.
His recent entry into Forbes’ Billionaires List was marked by his acquisition of shares in Dangote Cement Plc.
