First Bank of Nigeria Holdings Plc has appointed the 20th richest man in Africa, Femi Otedola, as its new Chairman.
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FBN Holdings, in a notice to the Nigerian Exchange Limited and the investing public, said the decision was made at the meeting of the Board of Directors of the company held on Wednesday.
Otedola, also the Chairman of Geregu Power, succeeds the outgoing Chairman of the FBN Board, Ahmad Abdullahi.
Otedola was recently ranked by American business magazine, Forbes, as the 20th richest African with a fortune of $1.1bn.
Otedola was appointed to the Board of FBN Holdings Plc on August 15, 2023 as a Non-Executive Director, the company said.
“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 Plc (FO 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.
“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 his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc, provided the ample opportunity to focus on the Power Sector as the Company’s Executive Chairman.”
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