FBN Holdings Makes Five Fresh Appointments As Femi Otedola Takes Over

First Bank of Nigeria (FBN) Holdings Plc has made fresh changes to its board of directors, appointing five new executives as its billionaire chairman, Femi Otedola, assumes office.

Naija News reports that the apex bank announced the former chairman of Forte Oil PLC as its new chairman in January.

The financial institution confirmed Otedola’s appointment in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development.

Subsequently, in an update to the Nigerian Exchange Group, the company’s Secretary, Adewale Arogundade, announced the appointment of Olusola Adeeyo and Viswanathan Shankar as non-executive directors and independent non-executive directors, respectively, in FBN Holdings.

Additionally, Remilekan Odunlami has been appointed as a non-executive director for First Bank, while Anil Dua and Fatima Ali have been appointed as independent non-executive directors for the bank.

It is important to note that the appointments of these five new directors are still pending approval from the Central Bank of Nigeria (CBN).

Naija News reports that Otedola, also the Chairman of Geregu Power, succeeded Ahmad Abdullahi by taking over as chairman of FBN Holdings.

Otedola was recently ranked by American business magazine Forbes as the 20th richest African with a fortune of $1.1bn.

The company said Otedola was first appointed to the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director.