Afrigather The First Bank of Nigeria (FBN) Holdings, whose flagship arm is First Financial institution has appointed Femi Otedola, the billionaire businessman and investor, as the brand new chairman of its board of administrators.
The billionaire investor and philanthropist succeeds the outgoing Chairman of the board, Ahmad Abdullahi.
With a complete wealth of $1.1 billion, Otedola was ranked as one of many top 20 richest person in Africa by Forbes on January 22, 2024 — making him the fourth richest Nigerian.
First Financial institution of Nigeria notified buyers of the brand new growth in a company submitting on the Nigerian Alternate Restricted (NGX) on Wednesday.
It stated Otedola, who can be the chairman of Geregu Energy, was appointed after a gathering by its board of administrators on January 31, 2024.
FBN Holdings stated Otedola joined its board on August 15, 2023, as a non-executive director.
Otedola is the monetary establishment’s largest and solely substantial shareholder, holding a 5.6 p.c stake.
“He’s a visionary entrepreneur with a observe file of pioneering companies, rising and reworking companies,” the monetary establishment stated.
Geregu Energy, which Otedola took public in October 2022, accounts for about 9 p.c of Nigeria’s grid electrical energy.
“His first foray into the downstream sector of the oil and fuel business started with Zenon Petroleum and Fuel Restricted thus disrupting and redefining requirements within the business. He thereafter initiated the acquisition of majority shareholding within the then African Petroleum Plc in Might 2007 and have become the Chairman of the Board on 25 Might 2007.
“His imaginative and prescient reworked African Petroleum Plc into Forte Oil Pic (FO PIc). The corporate grew in leaps and bounds to turn out to be a mannequin of the probabilities inherent in Nigeria, successful quite a few accolades in recognition of the profitable enterprise turnaround, diversified portfollo, immediate monetary reporting, robust company governance, and Funding of selection throughout the oil and fuel business.
“In December 2018, he divested from the corporate by promoting his shareholdings to the Ignite Consortium led by Prudent Vitality Providers Restricted and handed over in June 2019 after finishing the transaction.”
The financial institution additionally stated he has investments unfold throughout numerous different pursuits together with storage, delivery, and insurance coverage brokerage along with port company and petroleum stores and “he has constructed a formidable, value-driven presence alongside the downstream worth chain”.
Previous to the appointment, Otedola has been within the information for his current acquisition of shares in Dangote Cement, an funding that has since been linked to the rise available in the market capitalisation of the cement plant, and pushing Aliko Dangote again to the record of the world’s prime 100 billionaires.
Femi Otedola is a dyed-in-wool and visionary entrepreneur whose vitality is directed at remodeling enterprises and placing them on the trail of progress,” First Financial institution Holding stated of the businessman whereas then saying his appointment as non-executive director in August 2023.
