By Peter Egwuatu

After nearly one year of lingering controversy for its majority shareholder, First Bank of Nigeria (FBN) Holdings Plc has finally appointed Femi Otedola, as the new chairman of its Board of Directors after a meeting held by the Board yesterday.

The FBN Holdings notified investors of the new development in a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday.

Otedola succeeds the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi.

According to the statement signed by its Acting Company Secretary, Adewale L.O Arogundade, “Femi Otedola was appointed to the Board of FBN Holdings Plc on 15 August 2023 as a non Executive Director.

“He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations.

“His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and redefining standards in the industry. He thereafter initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007.

“His vision transformed African Petroleum Plc into Forte Oil Pic (FO PIc).

“In December 2018, he divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over in June 2019 after completing the transaction.

The divestment from Forte Oil Plc and acquisition of FO shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc, provided the ample opportunity to focus in the power sector as the company’s Executive Chairman.”