Femi Otedola Appointed Chairman of FBN Holdings

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FBN Holdings, the parent company of First Bank of Nigeria, has appointed billionaire businessman and investor Femi Otedola as its new chairman of the board of directors. The corporate filing, made on the Nigerian Exchange Limited (NGX) on Wednesday, notified investors of this significant development.

Femi Otedola’s appointment comes two years after he became the single largest shareholder of FBN Holdings in December 2021, increasing his stake to 7.57 percent. The decision to appoint Otedola followed a meeting by the company’s board of directors held on January 31, 2024.

Otedola, who also serves as the chairman of Geregu Power, has recently made headlines for his acquisition of shares in Dangote Cement, which has contributed to an increase in the market capitalization of the cement plant and reinstated Aliko Dangote to the list of the world’s top 100 billionaires.

With a total wealth of $1.1 billion, Femi Otedola was ranked as the 20th richest person in Africa by Forbes on January 22, 2024, solidifying his position as the fourth richest Nigerian.

Source: Punch

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