FIRST Bank of Nigeria Holdings Plc has appointed the 20th richest man in Africa, Femi Otedola, as its new Chairman.
FBN Holdings, in a notice to the Nigerian Exchange Limited and the investing public, said the decision was made at the meeting of the Board of Directors of the company held on Wednesday.
Otedola, also the Chairman of Geregu Power, succeeds the outgoing Chairman of the FBN Board, Ahmad Abdullahi.
Otedola was appointed to the Board of FBN Holdings Plc on August 15, 2023 as a Non-Executive Director.
Otedola was recently ranked by American business magazine, Forbes, as the 20th richest African with a fortune of $1.1bn.
According to Forbes, the wealth of the 2024 list of 20 billionaires rose to $82.4bn from last year’s $81.5bn, partly as a result of Otedola’s return. Before then, the last time the business mogul appeared on the Forbes Africa list was in 2017. This year, he took the 20th spot on the list.
The bank disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development.
This appointment, according to the bank, takes effect today, January 31, 2024.
