FBN Holdings Plc Appoints Femi Otedola as Chairman Following Ahmad Abdullahi Retirement

FBN Holdings Plc recently appointed Femi Otedola as the new Chairman of its Board of Directors after the retirement of Ahmad Abdullahi.

This announcement was shared in a Wednesday corporate notice filed with the Nigerian Exchange Limited. In the notice, the Holding categorically stated that it had appointed billionaire Femi Otedola as the Chairman of FBN Holdings at the board meeting.

On August 15, 2023, Femi Otedola was appointed a Non-Executive Director. His appointment was agreed upon by shareholders at its last Annual General Meeting.

According to the firm's unaudited consolidated financial statements for the period that ended September 30, 2023, Femi Otedola was announced as the largest shareholder of First Bank of Nigeria Holdings Plc, even after the additional acquisition of 4.7 billion units of shares by the former Chairman of the group, Oba Otudeko, in July.

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According to the report, Otedola indirectly held 1,989,342,376 units, representing 5.54% of the bank's shareholding. Otedola directly had 40,033,982 units of FBN Holdings shares, representing 0.11%.

When combined, Otedola holds 2,029,376,358 units of FBN Holdings shares, which is about 5.65%.

Speaking on the development, the President of the Pragmatic Shareholders Association, Bisi Bakare, said, 

• I'm happy about his appointment. He is a tested hand. He has been the Chairman of many companies and is presently the Chairman of Geregu Power. Otedola will perform.

• If you look at any company where Otedola has been Chairman, they were always the first to file annual reports. He will introduce the same to FBN Holdings. Wherever Femi Otedola is, he always makes sure that he pays good dividends to minority shareholders. We hope that this time, Otedola will be good to shareholders, predominantly minority shareholders.

She added that the minority shareholders community greatly supports Otedola's emergence as the Chairman of FBN Holdings. She stated that a poll was conducted in their WhatsApp group where 50% were in support of the appointment, 20% were not in support, and 20% chose to abstain from the poll.

Mr. Femi Otedola, the Chairman of the electricity producer Geregu Power Plc, was appointed as a Non-executive Director of FBN Holdings after a successful AGM where shareholders approved his appointment. The notice was published on the Nigerian Exchange Limited (NGX) after gaining approval from the board and management of FBN Holdings Plc on August 16.

Who is Femi Otedola?

Femi Otedola is a renowned Nigerian entrepreneur, humanitarian, and former CEO of Forte Oil Plc. He is also recognised as a fuel product importer. Additionally, he is the father of the well-known Nigerian DJ, DJ Cuppy.

Based on Forbes' records, Femi Otedola's net worth is estimated at $1.8 billion. He was born in Ibadan on November 4, 1962, to Lady Doja and Michael Otedola, who served as Lagos State Governor from 1992 to 1993.

Femi Otedola established Zenon Petroleum and Gas Ltd. and owned various other companies, including those in shipping, finance, and real estate. Furthermore, he has recently invested in power generation as part of Nigeria's power sector liberalisation initiative.

Apart from his business ventures, Femi Otedola is known for his fitness regime, spending at least one hour at the gym daily. Continue reading here!