Femi Otedola Assumes Chairmanship Role at First Bank Holdings

Femi Otedola, the billionaire entrepreneur and chairman of Geregu Power Plc, has been appointed as the chairperson of the board of FBN Holdings Plc, with its primary subsidiary being First Bank.

Mr. Otedola takes over from Ahmad Abdullahi, an experienced economist appointed as the chairman of the Holding Company on December 17, 2021.

Mr. Otedola assumed the role of a non-executive director at FBN Holdings on August 14, 2023, following his significant acquisition of shares in First Bank.

READ: Femi Otedola Becomes Chancellor, Gifts 750 Students N1M Each

As the largest and sole substantial shareholder in the financial institution, Mr. Otedola holds a 5.6 percent stake.

His diverse investments include ventures in port agency, shipping, storage, and insurance brokerage. In 2007, he obtained a controlling interest in African Petroleum, subsequently transforming it into Forte Oil. Forte Oil was later divested and rebranded as Ardova.

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