Billionaire businessman Femi Otedola, known for his leadership at Geregu Power Plc, has taken the helm as the new chairperson of FBN Holdings Plc, the parent company of First Bank.
The transition occurred during a Board of Directors meeting in Lagos, succeeding economist Ahmad Abdullahi. Otedola, who acquired a substantial stake in First Bank in August 2023, now holds a 5.6% stake, making him the institution’s largest shareholder.
With diverse investments in port agency, shipping, storage, and insurance brokerage, Otedola’s extensive business portfolio also includes leading roles in Forte Oil and Geregu Power, contributing significantly to Nigeria’s grid electricity.
His notable board memberships include the Nigerian Chamber of Shipping presidency and past chairmanship of Transcorp Hilton Hotel, Abuja.
Despite a failed attempt to become the chief shareholder of Transnational Corporation in 2023, Otedola remains a prominent figure in Nigeria’s economic landscape, recently acquiring a significant stake in Dangote Cement.
The exact value of his holdings, rumoured to surpass N6 billion, reflects his continued influence in the business sphere.
“Femi Otedola is a dyed-in-wool and visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth,” First Bank Holding said of the businessman while announcing his appointment as non-executive director in August 2023.
“He was thrust into the public’s consciousness with his foray into the downstream sector of the oil industry when he started Zenon Petroleum and Gas Limited.”
