First Bank of Nigeria Holdings Plc has appointed Femi Otedola, the 20th richest man in Africa, as its new Chairman. The decision was announced after a Board of Directors meeting.
Otedola, also the Chairman of Geregu Power, succeeds the outgoing Chairman, Ahmad Abdullahi.
Forbes recently ranked him as the 20th richest African with a fortune of $1.1bn. Otedola was appointed to the FBN Holdings Board in August 2023 as a Non-Executive Director.
He is acknowledged as a visionary entrepreneur with a track record of pioneering businesses, including disrupting and redefining standards in the oil and gas industry.
Otedola initiated the purchase of majority shareholding in African Petroleum Plc in May 2007, transforming it into Forte Oil Plc.
In December 2018, he divested from Forte Oil Plc, focusing on the power sector. Otedola’s acquisition of shares in Amperion Power Distribution Company Limited and controlling shares in Geregu Power Plc marked his dedicated involvement in the power industry. He took on the role of Executive Chairman in Geregu Power Plc, further contributing to Nigeria’s energy sector.
The appointment reflects Otedola’s leadership and transformative contributions to the business landscape, emphasizing his strategic vision and impact on the oil, gas, and power sectors.
