Femi Otedola Has Been Named FBN Holdings' New Chairman

Mr. Olufemi Peter Otedola

Mr. Olufemi Peter Otedola, CON, has been named as the new Chairman of the Board of Directors of FBN Holdings Plc, a prominent financial insJanuary 31, 2024 institution in Nigeria.

Following a recent board meeting, Mr. Otedola was appointed to replace Alhaji Ahmad Abdullahi, effective January 31, 2024.

It is acknowledged that the departing Chairman, Alhaji Ahmad Abdullahi, led FBN Holdings through many difficulties and kept the company's reputation high in the Nigerian financial sector.

It is anticipated that Mr. Otedola, a well-known business tycoon who has made substantial contributions across a range of industries, will offer FBN Holdings his wealth of experience and strategic acumen. It is expected that his leadership will spur innovation, growth, and improved performance within the organization.

Analysts and stakeholders are closely monitoring the possible effects of Mr. Otedola's chairmanship as this transition ushers in a new era for FBN Holdings.

FBN Holdings, led by Mr. Otedola, is well-positioned to enhance its market position and provide greater value to both customers and shareholders as the Nigerian financial sector undergoes further transformation.

“His vision transformed African Petroleum Plc into Forte Oil Pic (FO Pic). The company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance, and Investment of choice within the oil and gas industry.

“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.”

According to the bank, he has investments in port agency, retail petroleum outlets, shipping, storage, and insurance brokerage, among other businesses, and “he has built a formidable, value-driven presence along the downstream value chain.”

Prior to the appointment, Otedola has been in the news for his recent acquisition of shares in Dangote Cement, an investment that has since been linked to the increase in the market capitalisation of the cement plant, and pushing Aliko Dangote back to the list of the world's top 100 billionaires.

With a total wealth of $1.1 billion, Otedola was ranked as the 20th richest person in Africa by Forbes on January 22, 2024 - making him the fourth richest Nigerian.