Femi Otedola appointed as chairman of First Bank Holdings

February 1st, 2024

Billionaire businessman Femi Otedola has been appointed chairman of FBN Holdings, whose flagship company is First Bank.

He was appointed to the position at the Group Board Meeting held in Lagos on Wednesday, January 31, replacing veteran economist Mr. Ahmad Abdullahi, who was appointed as Chairman of Holdco on December 17, 2021. It was done.

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Mr. Otedola, who is also the chairman of Gereg Power, was appointed as an independent director of FBN Holdings on August 14, 2023, a few months after acquiring a significant stake in First Bank.

Mr. Otedola, 61, is First Bank’s largest and only major shareholder, holding 5.6% of the stock.

Gereg Power, which he listed in October 2022, is responsible for about 9 percent of Nigeria’s grid electricity.

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He has held several directorships including Chairman of the Nigerian Chamber of Shipping and former Chairman of the Transcorp Hilton Hotel, Abuja.

He was part of the National Economic Management Team chaired by former President Goodluck Jonathan from 2011 until 2015.

In January, Otedola acquired a significant stake in Dangote Cement, a company majority owned by Aliko Dangote. It is worth over 6 billion naira.

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