The decision, communicated through a notice to the Nigerian Exchange Limited and the investing public, follows a deliberation during the company’s Board of Directors meeting held on Wednesday.

Femi Otedola, renowned as the 20th richest individual in Africa according to Forbes, brings extensive experience and expertise to his new role. Notably, Otedola currently serves as the Chairman of Geregu Power, further underlining his stature as a prominent figure in the Nigerian business landscape.

Otedola’s ascension to the chairmanship position marks a transition from the leadership of Ahmad Abdullahi, the outgoing Chairman of the FBN Board. Abdullahi’s tenure has seen significant milestones and challenges, positioning Otedola to steer the institution through its next phase of growth and development.

Acknowledging Otedola’s wealth of experience and leadership acumen, First Bank of Nigeria Holdings Plc underscores the strategic importance of his appointment in charting the course for the company’s future endeavors.

Interestingly, Femi Otedola’s recent recognition by Forbes as the 20th richest African, with a fortune valued at $1.1 billion, underscores his remarkable achievements and influence within the continent’s business circles.

Otedola’s association with FBN Holdings began earlier when he was appointed to the Board as a Non-Executive Director on August 15, 2023.

The company said, “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.

“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 the ample opportunity to focus on the Power Sector as the Company’s Executive Chairman.”