Billionaire business owner Mr Femi Otedola, has actually become the chairperson of the board of FBN Holdings Plc, whose flagship business is First Bank.
He was selected to the function throughout a conference of the Board of Directors of the Group in Lagos on Wednesday, January 31, as he was successful Ahmad Abdullahi, an experienced economic expert who was designated chair of the Holdco on 17 December 2021.
Otedola, who is likewise chairman of Geregu Power Plc, ended up being a non-executive director of FBN Holdings on 14 August 2023, months after he got a considerable stake in First Bank.
Otedola, 61, is First Bank’s most significant and just significant investor, holding a 5.6 percent stake.
Geregu Power, which he took public in October 2022, represents about 9 percent of Nigeria’s grid electrical energy.
He has actually held numerous board subscriptions, consisting of President of the Nigerian Chamber of Shipping and as previous Chairman of Transcorp Hilton Hotel, Abuja.
He became part of the National Economic Management Team, chaired by previous President Goodluck Jonathan from 2011 to 2015.
In January, Otedola obtained a substantial stake in Dangote Cement, a business mainly owned by, Aliko Dangote reported to be worth more than N6 billion.
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