Femi Otedola emerges new board chairman of FBN Holdings

Nigerian billionaire businessman Olufemi (Femi) Peter Otedola has been appointed by a leading financial institution in Nigeria, FBN Holdings, as its new Chairman of the Board of Directors.

In a statement on Wednesday, January 31, 2024, to notify the Nigerian Exchange Limited and the investing public, the company said Otedola emerged at a meeting of the Board of Directors held the same.

The 61-year-old entrepreneur succeeded the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi, and his appointment takes effect immediately.

Otedola, also the Chairman of Geregu Power, was appointed to the Board of FBN Holdings PIc on 15 August 2023 as a Non-Executive Director.

A renowned business mogul with interests in various sectors, Otedola comes into the FBN Holdings leadership with extensive experience and strategic insight. The company described him as a visionary entrepreneur with a track record of pioneering businesses and growing and transforming corporations.

This development comes barely a week after American business magazine Forbes ranked Otedola as the 20th richest African with a fortune of $1.1bn.

He returned to the exclusive club after an eight-year hiatus. The billionaire philanthropist last made the Forbes Africa list in 2016, when he occupied 14th position on the 24-man list with a net worth of $1.85 billion.

Three other Nigerian billionaires also made the 2024 Forbes Africa list, with Aliko Dangote occupying the top spot and retaining his title as Africa’s richest billionaire with a net worth of $13.1bn.