FBN Holdings Plc, a leading financial institution in Nigeria, has appointed businessman, Mr. Femi Otedola as the new Chairman of its Board of Directors.
He will succeed Alhaji Ahmad Abdullahi as the company’s chairman.
FBN Holdings confirmed the appointment in a notice signed by the company’s Acting Secretary, Adewale Arogundade, and sent to the Nigerian Exchange Group (NGX) on Wednesday evening.
The appointment, according to the company, took effect on January 31.
FBN Holdings commended the outgoing chairman for guiding it through numerous challenges and maintaining its stature in the Nigerian financial landscape.
The notice read: “FBN Holdings Plc (the Company) hereby notifies the Nigerian Exchange Limited and the investing public that at the meeting of the Board of Directors of the Company held today, January 31, 2024, the Board appointed Mr. Olufemi Peter Otedola, CON as the new Chairman of the Board of Directors.
“Femi Otedola was appointed to the Board of FBN Holdings Plc on 15 August 2023 as a Non-Executive Director. 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.
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“His vision transformed African Petroleum Plc into Forte Oil Plc (FO 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 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. 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, provided ample opportunity to focus on the Power Sector as the Company’s Executive Chairman.
“This is a demonstration of his long-term interest in the power sector dating back to 2007 when he made a strategic decision to participate in the Privatization Programme of the Nigerian Government.
“Femi’s 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 capacity) contributing approximately 9% of the generating capacity available to the National Grid.”