Billionaire Femi Otedola emerges chairman of First Bank Holdings

The chairman of Geregu Power Plc, Femi Otedola has emerged as the chairperson of the board of First Bank of Nigeria (FBN) Holdings Plc, whose flagship arm is First Bank, at a change of guard at a meeting of the Board of Directors of the Group in Lagos State.

Penpushing reports that Otedola became a non-executive director of First Bank of Nigeria (FBN) Holdings on August 14, 2023 months after he acquired a substantial stake in First Bank, while on Wednesday, succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on December 17,2021.

The billionaire businessman is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake, and has had investments in port agency, shipping, storage and insurance brokerage. In 2007.

Penpushing further reports that Otedola acquired a controlling interest in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil itself would later be sold and renamed Ardova, while Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.

The new chairman of First Bank Holdings has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja, and was part of the National Economic Management Team, chaired by former President Goodluck Jonathan from 2011 to 2015.

Penpushing also reports that presently he is a member of the National Peace Committee, while a botched move to become the chief shareholder of Transnational Corporation, Nigeria’s biggest conglomerate by market value, in April 2023 saw him sell his stake of 6.3 per cent to rival Tony Elumelu.

The billionaire, this January, acquired a significant stake in Dangote Cement, a company largely owned by his friend, Aliko Dangote, with exact value of his shares remained unknown, but those close to him say his holdings are worth more than N6 billion.

Penpushing reports that First Bank Holding while announcing his appointment as non-executive director in August 2023. said Otedola is a dyed-in-wool and visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth

‘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,. 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.”

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