First Bank Holdings appoints Otedola as board chairman

Date:

FBN Holdings has appointed Femi Otedola, the billionaire
businessman and investor, as the new chairman of its board of directors.

FBN Holdings is the parent company of First Bank of Nigeria.

The company notified investors of the new development in a
corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday.

The appointment comes two years after the investor became
the firm’s single largest shareholder in December 2021, when he increased his
stake to 7.57 percent.

The bank said Otedola, who is also the chairman of Geregu
Power, was appointed after a meeting by its board of directors on January 31,
2024.

FBN Holdings said Otedola joined its board on August 15,
2023, as a non-executive director.

“He is a visionary entrepreneur with a track record of
pioneering businesses, growing and transforming corporations,” the
financial institution said.

“His first foray into the downstream sector of the oil
and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and
redefining standards in the industry. He thereafter initiated the purchase of
majority shareholding in the then African Petroleum Plc in May 2007 and became
the Chairman of the Board on 25 May 2007.

“His vision transformed African Petroleum Plc into
Forte Oil Pic (FO PIC). The company grew in leaps and bounds to become a model
of the possibilities inherent in Nigeria, winning numerous accolades in
recognition of the successful business turnaround, diversified portfolio,
prompt financial reporting, strong corporate governance, and Investment of
choice within the oil and gas industry.

“In December 2018, he divested from the company by
selling his shareholdings to the Ignite Consortium led by Prudent Energy
Services Limited and handed over in June 2019 after completing the
transaction.”

The bank also said he has investments spread across various
other interests including storage, shipping, and insurance brokerage in
addition to port agency and petroleum retail outlets and “he has built a
formidable, value-driven presence along the downstream value chain”.

Prior to the appointment, Otedola has been in the news for
his recent acquisition of shares in Dangote Cement, an investment that has
since been linked to the increase in the market capitalisation of the cement
plant, and pushing Aliko Dangote back to the list of the world’s top 100
billionaires.

With a total wealth of $1.1 billion, Otedola was ranked as
the 20th richest person in Africa by Forbes on January 22, 2024 – making him
the fourth richest Nigerian.

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