Femi Otedola, the billionaire businessman and investor, has been named the new chairman of the board of directors at First Bank of Nigeria (FBN) Holdings.
The announcement came through a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday, following a board meeting on January 31, 2024.
According to the financial institution, Otedola, known for his visionary entrepreneurship, joined the FBN Holdings board as a non-executive director on August 15, 2023.
The financial institution highlighted his significant contributions to the oil and gas industry, citing his transformative role in companies like Zenon Petroleum and Gas Limited and Forte Oil Plc.
“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 Pic (FO PIc). 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 portfollo, prompt financial reporting, strong corporate governance, and Investment of choice within the oil and gas industry,” the Bank said.
The bank also said he has investments spread across various other interests including storage, shipping, and insurance brokerage in addition to port agency and petroleum retail outlets and “he has built a formidable, value-driven presence along the downstream value chain”.
Recently, his acquisition of shares in Dangote Cement has drawn attention, contributing to an increase in the market capitalization of the cement plant. As of January 22, 2024, Forbes ranked Otedola as the 20th richest person in Africa, making him the fourth richest Nigerian with a total wealth of $1.1 billion.