FBN Holdings Plc, the oldest financial institution in Nigeria, has announced the appointment of Mr. Femi Otedola as its new Chairman. Otedola, a renowned billionaire investor and philanthropist, succeeds Alhaji Ahmad Abdullahi in this role.
The appointment, effective immediately, was made official during a board meeting held on January 31, 2024. Otedola, who joined the Board of FBN Holdings as a non-executive Director on August 15, 2023, brings with him a wealth of experience and a track record of transformative leadership in various sectors.
In a statement to the Nigerian Exchange Limited (NGX) and the investing public, the Acting Company Secretary of FBN Holdings, Mr. Adewale Arogundade, described Otedola as a visionary entrepreneur known for his energy and commitment to driving growth and adding value to businesses.
Otedola’s entrepreneurial journey began with his venture into the downstream sector of the oil industry, where he founded Zenon Petroleum and Gas Limited. His innovative approach disrupted traditional standards in the sector, leading to significant advancements and growth opportunities. Subsequently, he orchestrated the transformation of African Petroleum Plc into Forte Oil Plc, a move that further solidified his reputation as a leader in the Nigerian business landscape.
Beyond his contributions to the oil industry, Otedola has demonstrated a keen interest in the power sector, culminating in his acquisition of a majority stake in the Geregu Power Plant. His strategic investments and commitment to fostering business relationships have earned him recognition and accolades, including the prestigious National Honour of ‘Commander of the Order of the Niger (CON)’.
As a philanthropist, Otedola remains deeply committed to supporting educational causes and initiatives aimed at empowering disadvantaged students. Through the Sir Michael Otedola Scholarship Awards Foundation, he continues to make a meaningful impact on the lives of individuals and communities across Nigeria.
The appointment of Femi Otedola as Chairman of FBN Holdings underscores the company’s commitment to driving innovation, growth, and sustainability in the financial sector. With his proven track record and visionary leadership, Otedola is poised to steer FBN Holdings towards greater heights of success and impact.
On the Nigerian Exchange Limited (NGX), the stock price of FBN Holdings closed trading at N21.7 per share on January 31, 2024, reflecting investor confidence in the company’s leadership transition and future prospects.
