Femi Otedola Joins FBN Board of Directors Following CBN’s Approval

The appointment of Mr. Femi Otedola the Chairman of the electricity producer Geregu Power Plc as a Non-executive Director of FBN Holdings is coming 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.

Mr. Adewale Arogundade who is the acting secretary of FBN Holdings through a statement posted on NGX’s website revealed that the appointment of Mr. Femi Otedola by the board of FBN Holdings has gained approval by the Central Bank of Nigeria (CBN) and it has also been endorsed by the shareholders present at the AGM.

FBN Holdings AGM was focused on two agenda which include the appointment of Mr. Femi Otedola as a non-executive director which needs to gain acceptance from present shareholders in the meeting, while the second was the proposal to undertake a N150 billion rights issue.

Taking You Back on Previous Events

We could recall that Mr. Femi Otedola got his appointment as a non-executive director on July 09, 2023, the exact period Oba Otudeko’s children announced possession of 13.3% of shares in FBN Holdings Plc making them the single largest individual shareholders.

• Oba Otudeko’s long-lasting reign as a director and chairman of FBN Holdings Plc was nullified by the special intervention of the CBN.

Confirming the acquisition of Oba Otudeko’s children, FBN Holdings Plc said that the Barbican Capital which is an affiliate of Otudeko’s Honeywell Group Limited has acquired a total of 4.77 billion ordinary shares in FBN Holdings which was a representation of 13.3% of the total shares available to the group which was 35.9 billion shares.

Adewale Arogundade also speaking on the achievement of Oba Otudeko, said that he is a visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth.

Recall, that Investing post reported about the appointment of Mr. Femi Otedola as a non-executive director

Statement on the Recent Approval of Mr. Femi Otedola as a Non-executive Director

“Zenon disrupted and redefined the standards in the sector and to ensure that his very high standards are met, he also invested in storage, shipping, insurance brokerage, and port agency and petroleum retail outlets building a formidable, value-driven presence along the downstream value chain.

“In his quest to grow his foothold in the sector, he initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and joined the Board as Chairman of the Board on 25 May 2007.

“His vision transformed African Petroleum Plc into Forte Oil Plc. The Company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance, and investment of choice within the oil industry and the Nigerian Stock Exchange.”

The statement added: “He divested from the company when he accepted the offer of the Ignite Consortium led by Prudent Energy Services Limited for his entire shareholding in December 2018 and handed over control upon completion of the transaction in June 2019

“The divestment from Forte Oil Plc and his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc led to him facing the Power Sector squarely as the Company’s Executive Chairman.

“This is in continuation of his long-term interest in the Power sector dating back to 2007 when he made the very strategic decision to participate in the Privatisation Programme of the Nigerian Government and his doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Limited in August 2013 (a plant which has since been overhauled and improved to a 435MW installed capacity) contributing approximately nine per cent of the generating capacity available to the National Grid.

“He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja. He was appointed Member of the Governing Council of the Nigerian Investment Promotion Council (NIPC) in January 2004 and in December of the same year, he was appointed as a Member of the Committee saddled with the task of fostering business relationships between the Nigerian and the South African Private sectors.

“He was a member of the National Economic Management Team under the Chairmanship of Former President Goodluck Jonathan from September 2011 to May 2015 and The Honorary International Investors Council under the leadership of Baroness Lynda Chalker. He is currently a member of the revered National Peace Committee.

“Femi was further recognized for his immense contributions to the growth of the Nigerian economy with the conferment of the prestigious National Honour of “Commander of the Order of the Niger- CON” by Former President Goodluck Jonathan in May 2010.

“A philanthropist with deep involvement in educational causes at all levels via the Sir Michael Otedola Scholarship Awards Foundation, he has continued to demonstrate his passion for his Epe community in particular and Nigeria in general, committing huge financial resources to the sponsorship of promising but financially disadvantaged students.”