In a significant move that marks a new era for the First Bank of Nigeria Holdings (FBN), Nigerian billionaire and esteemed businessman, Femi Otedola, has been appointed as the new chairman of its board of directors. This appointment not only brings a fresh perspective to the FBN’s leadership but also reinstates Otedola’s influential status in the financial world.
Femi Otedola, renowned for his sharp business acumen and philanthropic endeavors, recently celebrated his return to the Forbes African Billionaires list after a seven-year absence.
His appointment as FBN’s board chairman is seen as a strategic move by the bank. Otedola takes the reins from Alhaji Ahmad Abdullahi, the outgoing chairman, signaling a new chapter for FBN under his guidance.
Otedola’s journey back to prominence is nothing short of remarkable. Currently ranked 20th on the Forbes list with a net worth of $1.1 billion, he has shown a resilience and business savvy that is admirable.
His re-emergence on the list has significantly contributed to the increase in the combined wealth of the 2024 list of 20 billionaires, which now stands at $82.4 billion, up from last year’s $81.5 billion.
The announcement of Otedola’s appointment was made through a corporate filing on the Nigerian Exchange Limited (NGX), a move that reflects FBN’s commitment to transparency and good governance. Otedola, known for his engaging social media presence, shared his enthusiasm about this new role on his Instagram page, hinting at exciting times ahead for FBN.
This landmark appointment took effect on January 31, 2024, as confirmed by FBN. It represents a pivotal moment for the bank as it seeks to harness Otedola’s vast experience and innovative approach to steer the institution toward new heights.
What should know about Femi Otedola’s ascendancy in FBN
Femi Otedola’s ascendancy in FBN has been a topic of much discussion in the financial sector. In October 2023, he was recognized as the largest shareholder of First Bank of Nigeria Holdings Plc.
This was a notable achievement considering the acquisition of 4.7 billion FBNH shares by the former chairman, Oba Otudeko, in July 2023. This move by Otedola underscored his commitment and belief in the future of FBN.
Amidst this, there was a legal tussle involving the shares purchased by Otudeko. Wole Olanipekun & Co, representing the former chairman, urged FBN Holdings to disregard a petition by Ecobank challenging the share purchase. The Securities and Exchange Commission