Billionaire entrepreneur and Geregu Power Plc’s Chairman, Mr Femi Otedola, has assumed the role of chairperson for the board of FBN Holdings Plc, the parent company of First Bank.
This transition occurred during a Board of Directors meeting held in Lagos on Wednesday, marking Otedola’s succession after Ahmad Abdullahi, a seasoned economist, who served as the chair since December 17, 2021.
Otedola’s journey with FBN Holdings began on August 14, 2023, when he became a non-executive director, coinciding with his acquisition of a substantial stake in First Bank, making him the institution’s largest shareholder with a 5.6% stake.
The 61-year-old tycoon boasts diverse investments in port agency, shipping, storage, insurance brokerage, and previously controlled African Petroleum, later transformed into Forte Oil, and eventually sold and renamed Ardova.
Geregu Power, a public entity since October 2022, contributes about nine percent of Nigeria’s grid electricity.
Otedola, a seasoned businessman, has held prominent board positions, including President of the Nigerian Chamber of Shipping and past Chairman of Transcorp Hilton Hotel, Abuja.
He played a significant role in the National Economic Management Team from 2011 to 2015 under former President Goodluck Jonathan and is currently a member of the National Peace Committee.
Despite a failed attempt to become the chief shareholder of Transnational Corporation in April 2023, Otedola remains a dynamic entrepreneur.
In January, he acquired a substantial stake in Dangote Cement, valued at more than N6 billion, strengthening his diverse portfolio.
First Bank Holding praised Otedola’s visionary entrepreneurship, stating, “Femi Otedola is a dyed-in-the-wool and visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth.” This sentiment was echoed when he was appointed as a non-executive director in August 2023.
