Femi Otedola, a Nigerian businessman, has been appointed as the Chairman of the Board of Directors of First Bank of Nigeria (FBN) Holdings.
The financial institution made the announcement in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development.
Otedola’s appointment was confirmed after a recent meeting of the board where he succeeded Alhaji Ahmad Abdullahi.
FBN Holdings added that Otedola came on its board on August 15, 2023, as a non-executive director.
FBN Holdings described its New Chairman as a visionary entrepreneur.
According to the institution, Otedola’s appointment is effective from January 31, 2024.
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 portfollo, 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.”