Home » Nigeria’s First Bank appoints billionaire businessman Femi Otedola as non-executive director

Nigeria’s First Bank appoints billionaire businessman Femi Otedola as non-executive director

by Omokolade Ajayi
Femi Otedola

Nigerian billionaire businessman and philanthropist Femi Otedola has achieved yet another significant milestone in his illustrious career with his recent appointment as a Non-Executive Director on the Board of First Bank of Nigeria Holdings Plc.

The appointment, which was approved during FBN Holdings’ Board of Directors meeting on July 9, 2023, is awaiting regulatory approval by the Central Bank of Nigeria. The move cements Otedola’s position as a leading figure in Nigeria’s business landscape and underscores his influence in the country’s financial sector.

As the largest stakeholder in the Lagos-based financial services holding group, with an impressive 5.57-percent ownership as of June 30, 2023, Otedola’s involvement with First Bank solidifies his reputation as one of Africa’s top billionaires.

His success can be attributed to his business acumen and exceptional ability to identify opportunities in high-growth industries ahead of others, amassing an impressive fortune over the years.

Otedola’s appointment to the Board of First Bank of Nigeria Limited is widely seen as a testament to his exceptional leadership skills and strategic thinking, which have earned him recognition for his entrepreneurial pursuits across various sectors.

The appointment letter conveyed the news of his new role as a non-executive director, outlining an initial term of four years, subject to satisfactory performance and an annual performance appraisal. The tenure may be extended for two additional terms of four years each, subject to age limitations stipulated by the Central Bank of Nigeria.

Industry experts, shareholders, and stakeholders in the Nigerian financial sector have enthusiastically welcomed the announcement of Otedola’s appointment. His inclusion on the board will bring fresh perspectives and contribute significantly to the bank’s growth and development as a going concern.

This appointment follows Otedola’s recent focus on strengthening his position in the Nigerian power sector. His power-generating company, Geregu Power Plc, has sparked interest as he seeks to collaborate with the Lagos State government and the African Development Bank Group (AFDB) to establish Nigeria’s first-ever PPP power transmission project, aiming to enhance the nation’s power infrastructure.

As Otedola’s influence continues to grow in both the financial and power sectors, his contributions to Nigeria’s business landscape remain highly anticipated, and his leadership is expected to leave a lasting impact on the nation’s economic development.

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