Nigeria: FBN Holdings appoints five new directors as Otedola assumes leadership

Under the leadership of billionaire Femi Otedola as its new Chairman, First Bank of Nigeria Holdings Plc announced on Wednesday the appointment of two new non-executive directors for the holding company and three new non-executive directors for First Bank.

The Nigerian Exchange Group was informed of recent developments within the bank by the company’s Secretary, Adewale Arogundade. He announced the appointment of Olusola Adeeyo as a non-executive director and Viswanathan Shankar as an independent non-executive director in FBN Holdings.

The company further disclosed the appointment of Remilekan Odunlami as a non-executive director for First Bank, along with Anil Dua and Fatima Ali, who were appointed as independent non-executive directors.

The appointments of the five new directors are contingent upon the approval of the Central Bank of Nigeria (CBN).

Adeeyo, a former banker and former Chairman of AXA Mansard Insurance Plc, currently holds the position of Chairman at Astral Waters Limited, a water bottling and delivery company.

Shankar, the Chief Executive Officer of private equity investments firm Gateway Partners, has previously held the position of CEO at Standard Chartered Plc.

Odunlami has previously served as a Director at CitiBank Nigeria Limited and FirstBank. Presently, she holds positions on the Board of Access Pensions Limited as an Independent Non-Executive Director and the Board of Rand M Additionally, Dua has served on the Board of Dangote GSP Offshore FZE, Seychelles International Mercantile Banking Corporation, Heirs Holdings Oil and Gas Limited, Matador Investment Management Limited, and Africa Property Development Managers Limited.

Ali, founder of Santi Food and Beverage Limited, presently serves on the Board of Reconnect Health Development Initiative International, a mental health charity organization.

In late January, First Bank of Nigeria Holdings Plc appointed Otedola, the 20th richest man in Africa, as its new Chairman.

With his appointment, Otedola, who is also the Chairman of Geregu Power, succeeded Ahmad Abdullahi.

Otedola was recently ranked by the American business magazine Forbes as the 20th richest African, with a fortune of $1.1 billion.

Otedola was initially appointed to the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director, the company stated.