CBN Approves Femi Otedola as Director of FBN Holdings

The Central Bank of Nigeria has approved the appointment of Nigerian billionaire Femi Otedola as a non-executive director of FBN Holdings Plc, one of the country’s oldest and largest financial services groups.

In a memo published on the website of the Nigerian Stock Exchange on Wednesday, FBN Holdings noted that the appointment became effective on Aug. 14, 2023.

Femi Otedola, who is the chairman of power generating company Geregu Power, is one of the largest shareholders of the bank.

A profile of the energy tycoon as published on the Nigerian Stock Exchange is reproduced here:

Femi Otedola is a dyed-in-wool and visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth. A strong leader with a track record of achievements in business and always aiming to make things better and adding value in areas where pioneers have trod.

He was thrust into the public’s consciousness with his foray into the downstream sector of the oil industry when he started Zenon Petroleum and Gas Limited. Zenon disrupted and redefined the standards in the sector and to ensure that his very high standards are met, he also invested in storage, shipping, insurance brokerage and port agency and petroleum retail outlets building a formidable, value-driven presence along the downstream value chain.

In his quest to grow his foothold in the sector, he initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and joined the board as chairman on May 25, 2007. His vision transformed African Petroleum Plc into Forte Oil Plc. The company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance and investment of choice within the oil industry and the Nigerian Stock Exchange.

He divested from the company when he accepted the offer of the Ignite Consortium led by Prudent Energy Services Limited for his entire shareholding in December 2018 and handed over control upon completion of the transaction in June 2019.

The divestment from Forte Oil Plc and his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc led to him facing the power sector squarely as the company’s executive chairman. This is in continuation of his long term interest in the power sector dating back to 2007, when he made the very strategic decision to participate in the privatization program of the Nigerian government and his doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Limited in August 2013 (a plant which has since been overhauled and improved to a 435MW installed capacity) contributing approximately nine percent of the generating capacity available to the National Grid.

He has held several board memberships, including president of the Nigerian Chamber of Shipping and as past chairman of Transcorp Hilton Hotel, Abuja. He was appointed member of the Governing Council of the Nigerian Investment Promotion Council (NIPC) in January 2004 and in December of the same year, he was appointed as a member of the committee saddled with the task of fostering business relationships between the Nigerian and South African private sectors.

He was a member of the national economic management team under the chairmanship of former President Goodluck Jonathan from September 2011 to May, 2015 and the Honorary International Investors Council under the leadership of Baroness Lynda Chalker. He is currently a member of the revered National Peace Committee.

Femi was further recognized for his immense contributions to the growth of the Nigerian economy with the conferment of the prestigious national honor of “Commander of the Order of the Niger” by then-President Jonathan in May 2010.

A philanthropist with deep involvement in educational causes at all levels via the Sir Michael Otedola Scholarship Awards Foundation, he has continued to demonstrate his passion for his Epe community in particular and Nigeria in general, committing huge financial resources to the sponsorship of promising but financially disadvantaged students.

Femi is the current chancellor of Augustine University in Ilara, Epe, Lagos State.

He is a vice president of Save the Children, a UK based charity. His invitation to the Group is a testament to his philanthropy evidenced in the 5 billion naira donated to Save the Children in Nigeria.

An accomplished family man, his children are charting varied endeavors and making a name for themselves in arts, entertainment, fashion and business. Indeed, the fruits are not falling far from the tree.

He has distinguished himself in business, leadership and philanthropy.