Billionaire Femi Otedola becomes Chairman of First Bank Holdings
Nigerian businessman, Femi Otedola, has been named as the Chairman of the Board of Directors of First Bank of Nigeria (FBN) Holdings.
The announcement was made by the financial institution in a corporate filing on the Nigerian Exchange Limited (NGX).
Otedola’s appointment was confirmed following a board meeting, during which he succeeded Alhaji Ahmad Abdullahi.
He had joined the board as a non-executive director on August 15, 2023.
FBN Holdings expressed that Otedola is a visionary entrepreneur and stated that his appointment will be effective from January 31, 2024.
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FBN Holdings said: “He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations.
“His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and redefining standards in the industry.
“He thereafter initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007.
“His vision transformed African Petroleum Plc into Forte Oil Pic (FO PIc). The company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance, and investment of choice within the oil and gas industry.
“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 said.
