FBN Holding Appoints Otedola As Board Chairman Days After Return To Forbes African Billionaires

The First Bank of Nigeria Holdings has appointed Femi Otedola, a Nigerian billionaire, as the new Chairman of its board of directors.

The announcement comes on the heels of Otedola’s triumphant return to the Forbes African Billionaires list after a seven-year hiatus, where he currently holds the 20th spot with a net worth of $1.1 billion.

Expressing his reaction to the news on Instagram, Otedola posted, “Interesting” along with smiley and dollar emojis, signaling his enthusiasm for the new role.

Forbes reports a spike in the total wealth of the 2024 list of billionaires, reaching $82.4 billion, partly attributed to Otedola’s return to the list. His last appearance was in 2017, and this year, he takes the 20th position.

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The decision to appoint Otedola as Chairman followed a board meeting, as revealed in a corporate filing on the Nigerian Exchange Limited (NGX). The bank notified investors of the change, effective from January 31, 2024.

In a previous development, legal representatives of Dr. Oba Otudeko, the former chairman of the group, dismissed claims by Ecobank regarding a petition demanding the rejection of 4.7 billion shares purchased by Otudeko.

The law firm clarified that no court order had awarded any judgment sum in favor of Ecobank, urging FBN Holdings to ignore their requests.

The Securities and Exchange Commission disclosed an ongoing investigation into the tussle at First Bank of Nigeria Holdings Plc.

In October 2023, despite the acquisition of 4.7 billion units of FBNH shares by Otudeko, Otedola emerged as the largest shareholder with Barbican Capital Limited holding a 13.3% equity stake in the company.

Otedola’s ascent to the chairman position adds a fresh chapter to the bank’s narrative, bringing with it anticipation and renewed market dynamics.