Femi Otedola

Nigerian billionaire, Mr Femi Otedola, has been appointed as the chairperson of the board of FBN Holdings Plc, whose flagship company is First Bank.

He was appointed to the role during a meeting of the Board of Directors of the Group in Lagos on Wednesday, January 31, as he succeeded Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021.

Otedola, who is also chairman of Geregu Power Plc, became a non-executive director of FBN Holdings on 14 August 2023, months after he acquired a substantial stake in First Bank.

Otedola, 61, is First Bank’s biggest and only substantial shareholder, holding a 5.6 per cent stake.

Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.

He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja.

He was part of the National Economic Management Team, chaired by former President Goodluck Jonathan from 2011 to 2015.

In January, Otedola acquired a significant stake in Dangote Cement, a company largely owned by, Aliko Dangote reported to be worth more than N6 billion.