January 31, (THEWILL) – Billionaire businessman and chairman of Geregu Power Plc, Olufemi Peter Otedola, has been appointed as the new Chairman of First Bank Holdings board of directors.
The holding firm announced this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors about the new development.
Femi Otedola became the major shareholder of FBN Holdings (FBNH), the owners of First Bank Nigeria, after acquiring a 5.07 per cent equity stake.
This appointment, effective January 31, 2024, follows a recent meeting of the board.
Otedola succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on December 17, 2021.
“Otedola, a renowned business mogul with significant contributions in various sectors, is expected to bring his extensive experience and strategic insight to FBN Holdings. His leadership is anticipated to drive growth, innovation, and enhanced performance in the company.
“The outgoing Chairman, Abdullahi, is commended for his tenure, during which he guided FBN Holdings through numerous challenges, maintaining its stature in the Nigerian financial landscape. The transition marks a new phase for FBN Holdings, with stakeholders and analysts keenly observing the potential impacts of Mr. Otedola’s chairmanship,” FBN Holdings said in its notice.
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