FEMI OTEDOLA TAKES THE HELM AT FBN HOLDINGS AND SOARS TO FOURTH RICHEST ON FORBES LIST

Femi Otedola Takes the Helm at FBN Holdings and Soars to Fourth Richest on Forbes List

In a significant corporate move, FBN Holdings, the parent company of First Bank of Nigeria, has appointed billionaire entrepreneur Femi Otedola as its new Chairman. The announcement, made via a corporate filing on the Nigerian Exchange Limited (NGX), marks a pivotal moment for the banking giant.

FEMI OTEDOLA 

Otedola, who ascended to become the firm's largest shareholder with a 7.57 percent stake in December 2021, assumed the role after a board meeting on January 31, 2024. This follows his initial appointment as a non-executive director on August 15, 2023.

Described by the financial institution as a visionary entrepreneur, Otedola's illustrious career includes transformative roles in the oil and gas sector. His journey began with Zenon Petroleum and Gas Limited, leading to the acquisition of a majority shareholding in African Petroleum Plc in 2007, where he later became Chairman.

The success story continued as Otedola steered African Petroleum Plc's transformation into Forte Oil Pic (FO Pic), earning accolades for business turnaround, diversified portfolios, and strong corporate governance. Notably, he divested from FO Pic in December 2018.

Beyond the energy sector, Otedola has diversified investments in storage, shipping, insurance brokerage, port agency, and petroleum retail outlets. His strategic vision has established a formidable presence along the downstream value chain.

Notably, Otedola's recent share acquisition in Dangote Cement has garnered attention, contributing to an increase in the company's market capitalization. This move propelled Aliko Dangote back into the world's top 100 billionaires.

According to Forbes, Otedola's wealth reached $1.1 billion, securing him the 20th position among Africa's richest individuals on January 22, 2024. This prestigious ranking cements his status as the fourth richest Nigerian, further solidifying his influence in the global business landscape.