First Bank of Nigeria Holdings Plc has announced the appointment of Femi Otedola, the 20th richest man in Africa, as its new Chairman.
The decision was made during a meeting of the company’s Board of Directors on Wednesday.
Otedola, who is also the Chairman of Geregu Power, will be taking over from Ahmad Abdullahi, the outgoing Chairman of the FBN Board.
Otedola was recently recognized by Forbes as the 20th richest African with a net worth of $1.1 billion. He joined the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director.
“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 May 25, 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.”
