Billionaire businessman, Femi Otedola has been appointed as chairman of the board of directors of FBN Holdings Plc, parent company of First Bank and related companies.
Otedola’s appointment takes effect on January 31, 2024. He succeeds Ahmad Abdullahi.
The financial institution disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday, notifying investors of the new development.
“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,” it said.
Otedola began buying huge amounts of FBN Holdings shares in 2021 through various entities and soon eclipsed others like the founder of Honeywell Group Oba Otudeko and Tunde Hassan-Odukale as the largest single shareholder in the company.
At the group’s 11th annual general meeting last year, Otedola was appointed a non-executive director of the holding company.
Otedola, also chairman of Geregu Power, once said he was not interested in becoming chairman of FBN Holdings.
The company crossed the N1 trillion market capitalisation mark on December 6, 2023, for the first time, after recording N1. 05 trillion valuation from N960.19 billion.
