Femi Otedola Takes Helm as Chair of FBN Holdings, Solidifies Position in Nigerian Banking Sector

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Femi Otedola is a prominent Nigerian businessman and entrepreneur. He was born on November 4, 1962, in Ibadan, Nigeria. Otedola comes from a wealthy family, as his father, Sir Michael Otedola, was a former governor of Lagos State.

Otedola’s business interests are diverse and span various sectors. The billionaire businessman and chairman of Geregu Power Plc, has been appointed as the chairperson of the board of FBN Holdings Plc, the parent company of First Bank. The change in leadership took place during a board meeting held in Lagos on Wednesday, according to company insiders who spoke to PREMIUM TIMES.

Mr. Otedola succeeds Ahmad Abdullahi, an experienced economist who had been serving as the chair of FBN Holdings since his appointment on December 17, 2021.

Femi Otedola joined FBN Holdings as a non-executive director on August 14, 2023, shortly after acquiring a significant stake in First Bank. Currently, he is the largest and only substantial shareholder of the financial institution, holding a 5.6 percent stake.

In addition to his involvement in the banking sector, Mr. Otedola has made investments in various industries, including port agency, shipping, storage, and insurance brokerage. In 2007, he acquired a controlling interest in African Petroleum, which later transformed into Forte Oil. Eventually, Forte Oil was sold and rebranded as Ardova.

Geregu Power, of which Mr. Otedola is the chairman, became a publicly traded company in October 2022 and accounts for approximately nine percent of Nigeria’s grid electricity.

Throughout his career, Femi Otedola has held several board memberships, serving as the President of the Nigerian Chamber of Shipping and as the past Chairman of Transcorp Hilton Hotel in Abuja. He was also a member of the National Economic Management Team, chaired by former President Goodluck Jonathan, from 2011 to 2015. Presently, he is a member of the National Peace Committee.

In April 2023, Mr. Otedola attempted to become the chief shareholder of Transnational Corporation, Nigeria’s largest conglomerate by market value. However, the move fell through, leading him to sell his 6.3 percent stake to his competitor, Tony Elumelu.

In January of this year, Femi Otedola acquired a significant stake in Dangote Cement, a company primarily owned by his friend, Aliko Dangote. While the exact value of his shares remains undisclosed, insiders close to him estimate that his holdings are worth more than N6 billion.