Billionaire Femi Otedola Assumes Chairmanship of FBN Holdings Plc, First Bank's Parent Company

Renowned billionaire and Geregu Power Plc chairman, Femi Otedola, has taken over as the Chairperson of the board of FBN Holdings Plc, the parent company of First Bank. Otedola, who holds a significant 5.6% stake in the financial institution, succeeded Ahmad Abdullahi, an experienced economist. He initially joined as a non-executive director in August 2023, months after acquiring a substantial stake in First Bank. Otedola's extensive business portfolio includes investments in port agency, shipping, storage, and insurance brokerage. Notably, he acquired a controlling interest in African Petroleum in 2007, later transformed into Forte Oil, which was eventually sold and rebranded as Ardova.