Femi Otedola, a prominent Nigerian billionaire and entrepreneur, has been appointed as the new chairman of the board of directors of First Bank of Nigeria Holdings.
The announcement come amidst Otedola’s recent return to the Forbes African Billionaires list after a seven-year absence, where he currently ranks 20th with a net worth of $1.1 billion. Otedola, took over the position from the outgoing chairman, Alhaji Ahmad Abdullahi.
Sharing a picture of the announcement on his Instagram page, he wrote, “Interesting”, and added smiley and “dollar emojis”. His return to the Forbes list has contributed to the overall increase in the combined wealth of African billionaires, which rose to $82.4 billion in the latest edition.
The decision to appoint Otedola was made during a recent board meeting of the financial institution and was disclosed through a corporate filing on the Nigerian Exchange Limited (NGX). His appointment officially took effect on January 31, 2024.
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.
Otedola is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake.
Last month, Otedola, boosted his investment portfolio by acquiring a substantial stake in Dangote Cement, a company predominantly owned by his close associate, Aliko Dangote. While the precise value of Otedola’s shares remains undisclosed, insiders suggest that his holdings surpass a whooping sum of N6 billion.
Otedola’s journey in the business world covers a wide range of sectors, including port agency, shipping, storage, and insurance brokerage. In 2007, he made a major move by acquiring a controlling stake in African Petroleum, which later transformed into Forte Oil and eventually rebranded as Ardova. Additionally, Otedola’s venture, Geregu Power, which he took public in October 2022, now contributes about nine percent to Nigeria’s grid electricity.
Apart from his business ventures, Otedola has served on various boards, notably as President of the Nigerian Chamber of Shipping and as the former Chairman of Transcorp Hilton Hotel in Abuja. He also played a significant role in Nigeria’s economic management team, chaired by former President Goodluck Jonathan from 2011 to 2015. Currently, Otedola is a member of the National Peace Committee, showcasing his commitment to national development and stability.
