Top Stories

Femi Otedola appointed as new chairman of FBN Holdings

FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of Mr. Olufemi Peter Otedola, CON, as its new Chairman of the Board of Directors.  

This appointment, effective January 31, 2024, follows a recent meeting of the board where Mr. Otedola succeeds Alhaji Ahmad Abdullahi. 

Advertisement

Mr. Otedola, a renowned business mogul with significant contributions in various sectors, is expected to bring his extensive experience and strategic insight to FBN Holdings. His leadership is anticipated to drive growth, innovation, and enhanced performance in the company. 

The outgoing Chairman, Alhaji Ahmad Abdullahi, is commended for his tenure, during which he guided FBN Holdings through numerous challenges, maintaining its stature in the Nigerian financial landscape. The transition marks a new phase for FBN Holdings, with stakeholders and analysts keenly observing the potential impacts of Mr. Otedola’s chairmanship. 

Advertisement

As the Nigerian financial sector continues to evolve, FBN Holdings, under Mr. Otedola’s leadership, is poised to strengthen its position in the market and deliver increased value to shareholders and customers. 

 

Advertisement

What you should know  

Femi Otedola is currently the most substantial shareholder in FBN Holdings Plc, with a shareholding of 5.57%. Before this appointment, he was appointed to the Board of FBN Holdings as a Non-Executive Director on August 15, 2023.  

Advertisement

He is also the major shareholder in Geregu Power Plc where he holds a 78.64% direct and indirect shareholding.  

The business mogul, one of Nigeria’s few USD billionaires has a rich history of business and enterprise in Nigeria, having been appointed as a member of the Governing Council of the Nigerian Investment Promotion Council in January 2004. He also served as the Chairman of Transcorp Hilton Hotel, Abuja.  

Advertisement

He began his foray into the oil and gas sector with Zenon Petroleum and Gas Limited, after which he acquired African Petroleum Plc (AP) in May 2007. AP became Forte Oil Plc in 2010. And in 2018, Otedola divested from Forte Oil Plc and acquired shares in Amperion Power Distribution Company Limited, an SPV which he used in acquiring majority shares in the 414 MW Geregu Power Plant (now 435 MW).  

Apart from FBNH and Geregu Power, Otedola also owns shares in Zenith Bank Plc, as well as real estate assets in Lagos, Dubai, London, and Monaco. He made a re-entry into the Forbes’ Billionaires List this year, after a seven-year hiatus.  

Advertisement

Femi Otedola has been in the news recently due to his acquisition of shares in Dangote Cement Plc. 

Advertisement
citynews

Recent Posts

Tinubu promotes Acting Chief of Army Staff, Oluyede to Lt Gen

President Bola Tinubu has promoted the acting Chief of Army Staff, Olufemi Oluyede to the…

26 mins ago

Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos

Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…

6 hours ago

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

8 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

12 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

12 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

12 hours ago