Otedola appointed as chairman of First Bank

After about a year of lingering controversy for its majority shareholder, Femi Otedola has been named the chairman of First Bank of Nigeria (FBN) Holdings Plc.

His appointment as the new chairman of First Bank’s Board of Directors came after a meeting held by the Board on Wednesday. 

FBN Holdings notified investors of the new development in a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday.

Otedola succeeds the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi.

According to the statement signed by its Acting Company Secretary, Adewale L.O Arogundade, “Femi Otedola was appointed to the Board of FBN Holdings Plc on 15 August 2023 as an Executive Director.

“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).

“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. 

“The divestment from Forte Oil Plc and acquisition of FO shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc, provided ample opportunity to focus on the power sector as the company’s Executive Chairman.”