Nigeria: FBN Holdings appoints Otedola as new board chairman

The power struggle over the control of assets in Nigeria’s oldest bank, FBN Holdings Plc, appears to have concluded with the appointment of billionaire businessman and Geregu Power Plant chairman, Femi Otedola, as the new Chairman of the Board of Directors.

Effective January 31, 2024, Femi Otedola assumed the role of Chairman of the Board of Directors at FBN Holdings, succeeding Alhaji Ahmad Abdullahi. Otedola’s appointment is seen as a move to leverage his extensive experience and strategic insight to foster growth, innovation, and improved performance within the company.

The corporate filing to the Nigerian Exchange Limited acknowledged the outgoing Chairman, Alhaji Ahmad Abdullahi, for his accomplishments during his tenure, navigating FBN Holdings through various challenges and preserving its standing in the Nigerian financial sector.

“FBN Holdings Plc hereby notifies the Nigerian Exchange Limited (NGX) and the investing public that at the meeting of the board of Directors of the company held today (yesterday), January 31, 2024, the board appointed Mr. Olufemi Otedola as the new chairman of the board of Directors. Mr. Olufemi Peter Otedola succeeds the outgoing chairman of the board, Alhaji Ahmad Abdullahi.

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