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Femi Otedola Emerges As New Chairman Of FBN Holdings

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Femi Otedola Emerges As New Chairman Of FBN Holdings
Femi Otedola Emerges As New Chairman Of FBN Holdings

A leading financial institution in Nigeria has appointed Nigerian billionaire business mogul, Olufemi Peter Otedola, First Bank Holdings, as its new Chairman of the Board of Directors.

In a statement on Wednesday, January 31, 2024, FBN Holdings relayed to the Nigerian Exchange Limited and the investing public that Femi Otedola was appointed as chairman at a meeting of the Board of Directors.

According to FBN Holdings, Otedola’s appointment as chairman is effective from January 31, 2024.

The 61-year-old entrepreneur succeeded the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi, and his appointment takes effect immediately.

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In August 2023, Otedola, also the Chairman of Geregu Power, was appointed to the Board of FBN Holdings PIc as a Non-Executive Director.

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The company described him as a visionary entrepreneur with a track record of pioneering businesses and growing and transforming corporations.

This new development is coming barely a week after American business magazine Forbes ranked Otedola as the 20th richest African with a fortune of $1.1bn.

The billionaire philanthropist last made the Forbes Africa list in 2016, when he occupied 14th position on the 24-man list with a net worth of $1.85 billion.

Three other Nigerian billionaires also made the 2024 Forbes Africa list, with Aliko Dangote occupying the top spot and retaining his title as Africa’s richest billionaire with a net worth of $13.1bn.

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