In a recent development, Nigerian business tycoon and philanthropist, Femi Otedola, has taken the helm as the Chairman of First Bank of Nigeria Holdings Plc. The announcement came after a meeting of the Board of Directors on January 31, 2024, as reported by Findwhosabi News.
The financial institution promptly notified investors of this significant change through a corporate filing on the Nigerian Exchange Limited (NGX). Femi Otedola’s appointment follows the departure of the outgoing Chairman of the Board, Ahmad Abdullahi.
Femi Otedola’s Profile and Business Ventures
Femi Otedola, who was appointed as a Non-Executive Director on the Board of FBN Holdings Plc on August 15, 2023, is renowned for his visionary entrepreneurship and transformative business leadership. His notable contributions to the downstream sector of the oil and gas industry began with the establishment of Zenon Petroleum and Gas Limited, disrupting industry standards.
Otedola further left an indelible mark by acquiring a majority shareholding in African Petroleum Plc in May 2007, subsequently becoming the Chairman of the Board. Under his guidance, African Petroleum Plc evolved into Forte Oil Plc (FO Plc), earning accolades for its successful business turnaround, diversified portfolio, and strong corporate governance.
In 2018, Otedola divested from Forte Oil Plc, redirecting his focus to the power sector. His strategic decisions, including the acquisition of a majority stake in the Geregu Power Plant, demonstrated his commitment to the sector’s development, dating back to 2007.
Beyond his contributions to the business landscape, Otedola has held several board memberships, including the Presidency of the Nigerian Chamber of Shipping and the Chairmanship of Transcorp Hilton Hotel, Abuja. His extensive involvement in economic management teams and international investors’ councils underscores his influence and expertise.
Philanthropy and Community Impact
Femi Otedola is not only a business magnate but also a dedicated philanthropist. Through the Sir Michael Otedola Scholarship Awards Foundation, he actively supports educational causes at all levels. His commitment extends to financially disadvantaged students, demonstrating his passion for community development.
Currently serving as the Chancellor of Augustine University in Lara, Epe, Lagos State, Otedola is also the Vice President of “Save the Children,” a UK-based charity group. His substantial donation of Sbillion to the organization showcases his dedication to supporting children’s causes in Nigeria.
In addition to his professional accomplishments, Otedola takes pride in being an accomplished family man, happily married, and blessed with children. His multifaceted contributions to business, philanthropy, and community welfare position him as a prominent figure in the Nigerian landscape.