Femi Otedola Assumes Chairmanship at First Bank of Nigeria Holdings
Nigerian billionaire and business magnate, Femi Otedola, has been appointed as the new chairman of the board of directors for First Bank of Nigeria Holdings. Otedola, who recently made a comeback to the Forbes African Billionaires list after a seven-year absence, takes the helm from the outgoing Chairman, Alhaji Ahmad Abdullahi.
Expressing his enthusiasm for the appointment, Otedola shared the news on his Instagram page with the caption, “Interesting” along with smiley and dollar emojis. Forbes notes that the 2024 list of 20 billionaires witnessed a rise in wealth to $82.4 billion from the previous year’s $81.5 billion, attributing part of this increase to Otedola’s return. He secured the 20th spot on the list this year, marking his first appearance since 2017.
The decision to appoint Otedola was disclosed in a corporate filing on the Nigerian Exchange Limited (NGX), following a recent board meeting. The effective date of Otedola’s chairmanship is January 31, 2024.
In a related development, Wole Olanipekun & Co, the legal representatives of former chairman Dr. Oba Otudeko, urged FBN Holdings to dismiss a petition from Ecobank’s lawyers, demanding the rejection of 4.7 billion shares purchased by Otudeko. The law firm refuted Ecobank’s claims of a Supreme Court judgment supporting the alleged debt owed by Otudeko, asserting that no court order had awarded such a judgment in favor of Ecobank.
The Securities and Exchange Commission disclosed its investigation into the tussle at First Bank of Nigeria Holdings Plc. In October 2023, despite Oba Otudeko’s acquisition of 4.7 billion units of FBNH shares, Otedola was listed as the largest shareholder. FBN Holdings clarified that Barbican Capital Limited, an affiliate of Honeywell Group Limited, had acquired the shares, constituting a 13.3% equity stake in the company.
