Femi Otedola appointed as chairman of First Bank Holdings
The chairman of the board of FBN Holdings Plc, whose main business is First Bank, is billionaire businessman Mr. Femi Otedola.
He was chosen for the position on Wednesday, January 31, during a meeting of the Group’s Board of Directors in Lagos. Ahmad Abdullahi, a seasoned economist, had been named Holdco chair on December 17, 2021.
A few months after he bought a sizeable share in First Bank, Otedola, who is also the chairman of Geregu Power Plc, was appointed as a non-executive director of FBN Holdings on August 14, 2023.
Otedola, 61, is First Bank’s biggest and only substantial shareholder, holding a 5.6 per cent stake.
Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.
He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja.
He was part of the National Economic Management Team, chaired by former President Goodluck Jonathan from 2011 to 2015.
In January, Otedola acquired a significant stake in Dangote Cement, a company largely owned by, Aliko Dangote reported to be worth more than N6 billion.