FBN Holdings  appoints Otedola as new chairman

Business a.m

FBN Holdings Plc, one of Nigeria’s largest financial institutions, has appointed Olufemi Peter Otedola as the new Chairman of its board of directors. 

Otedola’s appointment, effective January 31, 2024, follows the recent resignation of Ahmad Abdullahi from the board of directors.

In a recent corporate filing with the Nigerian Exchange Limited (NGX), FBN Holdings informed investors of the appointment of  Otedola as the new Chairman of the company. The announcement followed a meeting of the company’s board of directors on January 31, 2024. 

Otedola is a highly accomplished businessman with experience across a range of industries, including energy, real estate, and finance. 

FBN Holdings sees Otedola’s appointment as an opportunity to leverage his extensive experience and strategic insight to drive growth, innovation, and improved performance across the organisation. The company believes that Otedola’s track record of success in diverse industries, coupled with his passion for social impact, makes him the ideal person to lead FBN Holdings into the future. 

The company also expressed its gratitude to the outgoing chairman, Ahmad Abdullahi, for his years of service. FBN Holdings stated that during his tenure, Abdullahi demonstrated exceptional leadership and guidance, steering the company through difficult times and ensuring its continued success.

According to FBN Holdings, Otedola’s appointment as chairman marks a new chapter for the company.  With his appointment, the company is seen to be entering a new phase, and stakeholders and analysts are eager to see what changes the new chairman will bring. Otedola’s tenure is expected to bring renewed energy and focus to the company, positioning it for even greater success.

 As the financial sector in Nigeria continues to evolve and grow, it is believed that FBN Holdings, under Otedola’s leadership, is well positioned to adapt and thrive in this dynamic landscape. 

According to the latest unaudited consolidated financial statements for the period ended September 30, 2023, Otedola is the largest shareholder of First Bank of Nigeria Holdings Plc (FBNH), with 1,989,342,376 units, or 5.54 per cent of the bank’s total shareholding.