BREAKING: Jubilation As Otedola Becomes Chairman FBN Holdings, Details Emerge

• First Bank Holdings has made some changes in its leadership structure and Femi Otedola is favoured
• Otedola emerged as the chairman of the bank on Wednesday, January 31, according to a corporate filing on the Nigerian Exchange Limited (NGX)
• Meanwhile, Otedola became the major shareholder of FBN Holdings (FBNH), the owners of First Bank Nigeria, after acquiring a 5.07 percent equity stake

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements

First Bank of Nigeria Holdings Plc has appointed the Femi Otedola, as its new chairman.

As reported by Channels TV, 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, January 31, 2024.

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Otedola, also the chairman of Geregu Power, succeeds the outgoing chairman of the FBN Board, Ahmad Abdullahi.

Recall that Otedola was appointed to the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director after acquiring a 5.07 percent equity stake.

With that stake, Otedola becomes the bank’s single largest shareholder on record, PM News reported.

The bank had in its 2020 annual report and accounts stated that “According to Register of Members as at December 30, 2020, there is no shareholder with 5% of the shares of FBN Holdings Plc.”

Otedola emerges second Nigerian billionaire

Earlier, Legit.ng reported that billionaire Femi Otedola has been a significant force in the African business landscape and the Nigerian economy.

The Geregu Power Plc boss has become the second Nigerian billionaire to own stakes in two companies worth over N1 trillion or $1,244 555,000.

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Otedola's record comes after the Chairman of BUA Group, Abdul Samad Rabiu, who owns BUA Cement and BUA Foods, clinched the first position.

Otedola acquires and sells Transcorp shares

Meanwhile, in April of 2023, Otedola secured 2.6 billion shares or a 6.3% stake in Transcorp Plc, becoming the second-largest shareholder in the company.

His position followed that of United Bank for Africa nominees, who held approximately 9.25% of the company's shares as of December 2022.

At first, Otedola announced the acquisition with excitement, expressing his belief in the potential of Transcorp, but later sold off the shares due to a rivalry with Tony Elumelu, the company's founder.

Source: Legit.ng