Billionaire businessman Femi Otedola has assumed the position of chairperson for FBN Holdings Plc, the parent company of First Bank, succeeding Ahmad Abdullahi.
Otedola, a 61-year-old non-executive director of FBN Holdings since August 2023, became the institution’s significant shareholder with a 5.6% stake after acquiring a substantial interest in First Bank.
Geregu Power Plc’s chairman, Otedola, who commands about nine percent of Nigeria’s grid electricity, took on the role at a recent board meeting in Lagos, succeeding economist Ahmad Abdullahi, who held the position since December 17, 2021.
Known for his diversified investments, including port agency, shipping, storage, and insurance brokerage, Otedola’s journey into the public spotlight began with Zenon Petroleum and Gas Limited in the downstream sector of the oil industry.
Aside from his role in First Bank, Otedola has a storied history of board memberships, including leading the Nigerian Chamber of Shipping and chairing Transcorp Hilton Hotel, Abuja.
He was also part of the National Economic Management Team chaired by former President Goodluck Jonathan from 2011 to 2015 and is currently a member of the National Peace Committee.
Otedola’s recent ventures include the acquisition of a significant stake in Dangote Cement, reinforcing his position as a visionary entrepreneur dedicated to transforming enterprises.
In April 2023, a failed attempt to become the chief shareholder of Transnational Corporation led Otedola to sell his 6.3% stake to rival Tony Elumelu. Despite this setback, Otedola’s influence in Nigeria’s business landscape remains formidable.
First Bank Holdings highlighted Otedola’s visionary entrepreneurship and transformative energy upon announcing his appointment as a non-executive director in August 2023.
