Billionaire entrepreneur Mr. Femi Otedola has assumed the position of Chairman of the Board of FBN Holdings Plc, the parent company of First Bank. The appointment was confirmed during a Board of Directors meeting held in Lagos on January 31. Otedola takes over from Ahmad Abdullahi, an accomplished economist who had been appointed as the chair of the Holding Company on December 17, 2021. Otedola, already serving as the Chairman of Geregu Power Plc, had joined FBN Holdings as a non-executive director on August 14, 2023, following his significant acquisition of shares in First Bank.
At 61, Otedola is the largest and sole substantial shareholder in First Bank, holding a 5.6% stake. Additionally, Geregu Power, which he successfully took public in October 2022, contributes approximately nine percent to Nigeria’s grid electricity.
With an extensive background in various board roles, Otedola has served as the President of the Nigerian Chamber of Shipping and as the former Chairman of Transcorp Hilton Hotel, Abuja. He was also a member of the National Economic Management Team chaired by former President Goodluck Jonathan from 2011 to 2015.
In January, Otedola expanded his portfolio by acquiring a noteworthy stake in Dangote Cement, a company primarily owned by Aliko Dangote and reportedly valued at more than N6 billion
