Billionaire businessman Femi Otedola has been appointed as a non-executive director at First Bank of Nigeria (FBN) Holdings. The announcement came through a corporate filing on Wednesday, signed by Adewale Arogundade, the acting secretary of the company. Otedola's appointment took effect on August 14, 2023, pending shareholders' approval.
The bank stated that Otedola is a visionary entrepreneur with a focus on transforming businesses and driving growth. The statement described him as a strong leader with a history of accomplishments in various business areas. Otedola gained prominence when he entered the downstream sector of the oil industry with his establishment of Zenon Petroleum and Gas Limited, which redefined standards in the sector.
He further expanded his presence by investing in storage, shipping, insurance brokerage, port agency, and petroleum retail outlets along the downstream value chain. In December 2021, Otedola became the largest single shareholder by acquiring 7.57 percent of FBN Holdings' issued shares. However, last month, Oba Otudeko acquired 4.7 billion shares, overtaking Otedola in ownership.
The appointment of Otedola follows a court ruling that halted the 11th annual general meeting (AGM) of FBN Holdings, sparking controversy due to the ongoing dispute over company ownership.
The bank stated that Otedola is a visionary entrepreneur with a focus on transforming businesses and driving growth. The statement described him as a strong leader with a history of accomplishments in various business areas. Otedola gained prominence when he entered the downstream sector of the oil industry with his establishment of Zenon Petroleum and Gas Limited, which redefined standards in the sector.
He further expanded his presence by investing in storage, shipping, insurance brokerage, port agency, and petroleum retail outlets along the downstream value chain. In December 2021, Otedola became the largest single shareholder by acquiring 7.57 percent of FBN Holdings' issued shares. However, last month, Oba Otudeko acquired 4.7 billion shares, overtaking Otedola in ownership.
The appointment of Otedola follows a court ruling that halted the 11th annual general meeting (AGM) of FBN Holdings, sparking controversy due to the ongoing dispute over company ownership.