Billionaire businessman Femi Otedola has assumed the position of Chairperson of the board of FBN Holdings Plc, the parent company of First Bank. The appointment took place during a board meeting in Lagos on Wednesday, January 31, marking his succession of Ahmad Abdullahi, an experienced economist who was appointed as the chair of the Holdco on December 17, 2021.
Otedola, who also serves as the Chairman of Geregu Power Plc, had previously become a non-executive director of FBN Holdings on August 14, 2023, shortly after acquiring a substantial stake in First Bank. At 61, Otedola is not only the largest but the sole significant shareholder in First Bank, holding a 5.6% stake.
Geregu Power, a company he took public in October 2022, contributes around nine percent of Nigeria's grid electricity. Otedola has a history of holding various board memberships, including being the President of the Nigerian Chamber of Shipping and serving as the former Chairman of Transcorp Hilton Hotel, Abuja. He was also a part of the National Economic Management Team chaired by former President Goodluck Jonathan from 2011 to 2015.
In January, Otedola expanded his portfolio by acquiring a substantial stake in Dangote Cement, a company predominantly owned by Aliko Dangote, reported to be worth more than N6 billion.
No comments:
Post a Comment