Femi Otedola appointed as the new chairman of FBN Holdings PLC
FBN Holdings PLC, the parent company of First Bank of Nigeria has appointed Femi Otedola as the new chairman of the Board of Directors, succeeding Alhaji Ahmad Abdullah. This was announced through an official press release from FBN issued on the 30th of January. He was previously a non-executive Director at FBN before he was promoted to the new position.
Olufemi Peter Otedola is a Nigerian businessman philanthropist, and billionaire. He spearheads multiple businesses in Nigeria one of which is Zenon Petroleum and Gas Ltd. He also owns businesses in the shipping, real estate, and finance sectors.
The press release from FBN Holdings describes Otedola as a visionary and a strategic entrepreneur. “He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations. His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and redefining standards in the industry. He thereafter initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007, "FBN states.
“His vision transformed African Petroleum Plc into Forte Oil Pic (FO PIc). 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 and gas industry.
“In December 2018, he divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over in June 2019 after completing the transaction.”