First Bank of Nigeria (FBN) Holdings has announced the appointment of Femi Otedola, a renowned businessman and investor, as the new chairman of its board of directors.
The financial institution disclosed this information in a corporate filing submitted to the Nigerian Exchange Limited (NGX) on Wednesday.
According to the statement, Otedola’s appointment follows a meeting held by the board of directors on January 31, 2024.
Prior to his elevation to the position of chairman, Otedola had served on the board of FBN Holdings as a non-executive director since August 15, 2023.
Describing Otedola’s credentials and contributions, FBN Holdings emphasized his visionary leadership and transformative impact on various businesses:
“He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations,” the financial institution stated.
The statement further highlighted Otedola’s notable achievements in the oil and gas sector, particularly his role in revolutionizing companies such as Zenon Petroleum and Gas Limited and African Petroleum Plc (now Forte Oil Plc).
It also stated that Otedola’s strategic vision and leadership were credited with driving significant growth and diversification within these organizations.
“In December 2018, he divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over in June 2019 after completing the transaction,” the statement added.
