Femi Otedola emerges chairman of FBN Holdings. On August 14, 2023, Mr. Femi Otedola joined FBN Holdings as a non-executive director, a few months after he bought a sizeable share in First Bank.
Today, Femi Otedola, a multibillionaire businessman and the chairman of Geregu Power Plc—was elected to lead the board of FBN Holdings Plc, the company whose main subsidiary is First Bank.
According to corporate insiders, the change of leadership occurred during a meeting of the Group’s Board of Directors on Wednesday in Lagos.
Mr. Otedola takes over for veteran economist Ahmad Abdullahi, who was named Holdco chair on December 17, 2021.
On August 14, 2023, Mr. Otedola joined FBN Holdings as a non-executive director, a few months after he bought a sizeable share in First Bank.
With a 5.6% interest, Mr. Otedola is the largest and only significant shareholder of the financial organization.
He has held holdings in insurance brokerage, port agency, shipping, and storage. He obtained a majority stake in African Petroleum in 2007, which subsequently changed its name to Forte Oil. Afterward, Forte Oil would be sold and given the new name Ardova.
He went public with Geregu Power in October 2022, and it now supplies roughly 9% of Nigeria’s grid electricity.
He has served on a number of boards, most notably as Chairman of the Transcorp Hilton Hotel in Abuja and President of the Nigerian Chamber of Shipping.
From 2011 to 2015, he served on the National Economic Management Team, which was led by the former president Goodluck Jonathan. He is currently a National Peace Committee member.
He sold his 6.3% part to rival Tony Elumelu in April 2023 after an attempt to become main shareholder of Transnational Corporation, the largest conglomerate in Nigeria based on market value went horribly wrong.
Mr. Otedola bought a sizable share in Dangote Cement in January of this year. Aliko Dangote, his friend, owns the majority of the company. Although the precise value of his shares is still unknown, many close to him estimate that his holdings are worth around N6 billion.
