Business

Otedola Emerges As FirstBank Holdings New Chairman

Ola ‘Kiya, Reporting

NIGERIAN billionaire, Femi Otedola, has emerged as the new chairman of the Board of Directors of FirstBank Holdings.

Mr. Otedola, CON succeeded the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi.

The disclosure was made in a statement from the company Secretary Department, Lagos, late Wednesday.

The statement reads thus:

NOTIFICATION OF CHANGES ON THE BOARD OF FBN HOLDINGS PLC

FBN Holdings Pic (the Company) hereby notifles the Nigerian Exchange Limited and the investing public that at the meeting of the Board of Directors of the Company held today, January 31, 2024, the Board appointed Mr. Olufemi Peter Otedola, CON as the new Chairman of the Board of Directors.

Mr. Olufemi Peter Otedola, CON succeeds the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi.

Profile of Mr. Olufemi Otedola, CON

Femi Otedola was appointed to the Board of FBN Holdings Plc on 15 August 2023 as a Non-Executive Director. 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 Pic in May 2007 and became the Chairman of the Board on 25 May 2007.

His vision transformed African Petroleum Pic into Forte Oll 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 tumaround, 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 PIc 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. This is a demonstration of his long-term interest in the Power sector dating back to 2007, when he took a strategic decision to participate in the Privatization Programme of the Nigerian Government. Femi’s doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Limited in August 2013 (a plant which has since been overhauled and Improved to a 435MW capacity) contributing approximately 9% of the generating capacity available to the National Grid.

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