Femi Otedola Assumes Chairmanship of FBN Holdings Board

Ikenna ChurchillFebruary 1, 20241 Mins read577

Femi Otedola has taken over as Chairman of the Board of FBN Holdings Plc, the parent company of First Bank. This transition occurred during a Board of Directors meeting held in Lagos on Wednesday, where Otedola succeeded Ahmad Abdullahi, an experienced economist appointed as chair in December 2021.

Otedola, aged 61, initially joined FBN Holdings as a non-executive director on August 14, 2023, shortly after acquiring a substantial stake in First Bank. As the institution’s largest shareholder with a 5.6% stake, he has played a significant role in shaping its trajectory.

Known for diverse investments in port agency, shipping, storage, and insurance brokerage, Otedola’s business portfolio extends to the energy sector, notably with Geregu Power, contributing about nine percent to Nigeria’s grid electricity.

Having held key board memberships and played pivotal roles in Nigeria’s economic landscape, including serving on the National Economic Management Team from 2011 to 2015, Otedola brought a wealth of experience to his new position.

Despite a recent divestment in Transnational Corporation, Otedola’s strategic investments, including a substantial stake in Dangote Cement, continue to underscore his visionary approach to business. With his appointment as Chairman of FBN Holdings, Otedola’s influence in steering enterprises toward growth and transformation takes center stage.