FBN Holdings Appoints Femi Otedola as Board Chairman

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

He takes over from the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. According to the bank, his appointment takes effect January 31, 2024.

The company notified investors of the new development in a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday.

The appointment comes two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

The bank said Otedola, who is also the chairman of Geregu Power, was appointed after a meeting by its board of directors on January 31, 2024.

FBN Holdings said Otedola joined its board on August 15, 2023, as a non-executive director.

“He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations,” the financial institution said.