Otedola Emerges First Bank Holdings Chairman

Barely five months after Femi Otedola, the chairman of Geregu Power Plc was appointed into the board of First Bank Holding Plc, the billionaire has emerged as the chairman of the board of directors.

The development was announced on Wednesday in a regulatory filing obtained by THE WHISTLER.

Otedola was on August 15, 2023, appointed as a non-executive director at the 2023 annual general meeting of the company held virtually.

First Bank said “At the meeting of the board of directors of the company held today, January 31, 2024, the board appointed Mr Olufemi Peter Otedola, CON as the new Chairman of the board of directors.

“Femi Otedola was appointed to the Board of FBN Holdings Plc on 15 August 2023 as a Non-Executive Director. He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations.”

The company’s books as of the third quarter of 2023 show that Otedola controls 2,029,376,358 shares or 5.56 per cent of the total issued shares of FBH.

The board said Otedola’s ingenuity was a vital consideration for the job.

FBH said, “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 Plc. 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.”