Breaking: Billionaire Femi Otedola appointed new chairman of FBN Holdings

Breaking: Billionaire Femi Otedola appointed new chairman of FBN Holdings

Ghazali Ibrahim

Nigerian billionaire, Femi Otedola has been appointed as the new chairman of the board of directors for First Bank of Nigeria Holdings.

This move comes on the heels of Otedola’s jubilation over his resurgence on the Forbes African Billionaires list, where he now holds the 20th spot with a net worth of $1.1 billion after a seven-year gap.

Taking to his Instagram page, Otedola shared the announcement with the caption, “Interesting,” accompanied by smiley and dollar emojis, signaling his enthusiasm for the new role.

In a press statement obtained by Black Box Nigeria, released by First Bank of Nigeria Holding on January 31st,2024, the information about his appointment corroborate his reaction on his Instagram page.

Forbes reported a surge in the total wealth of the 2024 billionaires list, reaching $82.4 billion compared to the previous year’s $81.5 billion.

Otedola’s return to the prestigious list played a contributing role in this financial uptick. His absence from the Forbes Africa list since 2017 and subsequent return has marked a remarkable trajectory for the 61-year-old entrepreneur.

The decision to appoint Otedola followed a recent board meeting of the financial institution, as disclosed in a corporate filing on the Nigerian Exchange Limited. The appointment officially took effect on January 31, 2024.

In a related context, Otedola’s prominence as the largest shareholder in First Bank of Nigeria Holdings Plc was highlighted in October 2023. This status remained intact despite former chairman Oba Otudeko’s acquisition of 4.7 billion units of FBNH shares in July 2023.

As Femi Otedola takes the helm at First Bank Holdings, the financial landscape anticipates further developments, and shareholders watch closely for the impact of his leadership on the institution’s future trajectory.


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