March 4, 2024

FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of Mr. Olufemi Peter Otedola, CON, as its new Chairman of the Board of Directors.

This appointment, effective January 31, 2024, follows a recent meeting of the board where Mr. Otedola succeeds Alhaji Ahmad Abdullahi.

Mr. Otedola, a renowned business mogul with significant contributions in various sectors, is expected to bring his extensive experience and strategic insight to FBN Holdings. His leadership is anticipated to drive growth, innovation, and enhanced performance in the company.

The outgoing Chairman, Alhaji Ahmad Abdullahi, is commended for his tenure, during which he guided FBN Holdings through numerous challenges, maintaining its stature in the Nigerian financial landscape. The transition marks a new phase for FBN Holdings, with stakeholders and analysts keenly observing the potential impacts of Mr. Otedola’s chairmanship.

As the Nigerian financial sector continues to evolve, FBN Holdings, under Mr. Otedola’s leadership, is poised to strengthen its position in the market and deliver increased value to shareholders and customers.

Femi Otedola is currently the most substantial shareholder in FBN Holdings Plc, 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 made a re-entry into the Forbes’ Billionaires List this year, after a seven-year hiatus.

Femi Otedola has been in the news recently due to his acquisition of shares in Dangote Cement Plc.

Nairametrics

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