Femi Otedola Appointed Chairman Of First Bank Holdings Board

Femi Otedola Appointed Chairman Of First Bank Holdings Board....KINDLY READ THE FULL STORY HERE▶

Billionaire business magnate and Geregu Power Plc chairman, Femi Otedola, has assumed the position of board chair at FBN Holdings Plc, the parent company of First Bank, following a board meeting in Lagos on Wednesday. Otedola takes over from Ahmad Abdullahi, an accomplished economist who was appointed as the Holdco’s chair on December 17, 2021………CONTINUE READING

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Otedola, who became a non-executive director of FBN Holdings in August 2023, acquired a substantial stake in First Bank a few months earlier, securing the role as the institution’s largest and sole significant shareholder, holding a 5.6% stake. With diverse investments in port agency, shipping, storage, and insurance brokerage, Otedola’s portfolio includes a controlling interest in African Petroleum, later rebranded as Forte Oil, which was eventually sold and renamed Ardova.

Known for taking Geregu Power public in October 2022, a move that contributes about nine percent to Nigeria’s grid electricity, Otedola’s influence extends to various board memberships, such as President of the Nigerian Chamber of Shipping and past Chairman of Transcorp Hilton Hotel, Abuja. He was also a part of the National Economic Management Team under former President Goodluck Jonathan from 2011 to 2015 and presently serves as a member of the National Peace Committee.

In April 2023, Otedola’s attempt to become the chief shareholder of Transnational Corporation, Nigeria’s largest conglomerate by market value, failed, leading him to sell his 6.3% stake to rival Tony Elumelu. In January of the current year, Otedola made headlines by acquiring a significant stake in Dangote Cement, a company predominantly owned by his friend, Aliko Dangote. Although the exact value of his shares remains undisclosed, sources close to him suggest that his holdings are valued at more than N6 billion.

Commenting on Otedola’s appointment as a non-executive director in August 2023, First Bank Holdings described him as a visionary entrepreneur dedicated to transforming enterprises and fostering growth. The businessman gained public recognition through his entry into the downstream sector of the oil industry with the establishment of Zenon Petroleum and Gas Limited.

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Source: Bushradiogist