Home » Femi Otedola’s First Bank reiterates commitment to empower FMCG distributors

Femi Otedola’s First Bank reiterates commitment to empower FMCG distributors

FBN Holdings led by Femi Otedola, fortifies commitment to empower FMCG distributors amid economic challenges

by Feyisayo Ajayi
Femi Otedola

In a bid to foster economic growth in Nigeria and empower Fast-Moving Consumer Goods (FMCG) distributors, First Bank of Nigeria Holdings (FBN Holdings), led by Nigerian billionaire Femi Otedola, is doubling down on its commitment to supporting local businesses.

Recognized as one of Nigeria’s most valuable banking groups, FBN Holdings is at the forefront of initiatives to strengthen businesses in the region. This week, FBN Holdings Chairman Otedola, recognized for his impactful leadership and turnaround strategies, was appointed to Nigeria’s Economy Advisory Committee by President Bola Tinubu. Otedola joins industry leaders such as Aliko Dangote, Abdul Samad Rabiu, and Tony Elumelu in this key committee.

Under Otedola’s guidance, FBN Holdings is reinforcing its support for FMCG distributors, as reaffirmed during an interactive session in Lagos. Olaitan Martins, Group Executive of Transaction Banking at First Bank of Nigeria Plc, emphasized the group’s dedication to this cause during the session tailored for FMCG distributors in the Southwest region.

The session aimed to provide insights into business development strategies and avenues for expanding revenue streams, recognizing the pivotal role of distributors and principals within the FMCG sector.

Martins highlighted the significance of supporting businesses contributing to Nigeria’s economy through the distribution of fast-moving commodities, underscoring the bank’s commitment to assisting clients in navigating operational challenges effectively.

As the parent company of First Bank of Nigeria Limited, the country’s oldest commercial bank, FBN Holdings operates across ten countries. Recently appointed as chairman, Otedola holds a 5.65 percent stake in the financial group. Since becoming a majority shareholder in October 2021, he has played a key role in boosting the group’s financial performance and valuation.

In the 2023 fiscal year, FBN Holdings demonstrated robust financial performance, recording a profit of N310.01 billion ($201.1 million). This financial success highlights Femi Otedola’s influential leadership, solidifying the group’s pivotal role in Nigeria’s financial sector.

FBN Holdings’ recent emphasis on bolstering local businesses not only reaffirms its dedication to economic empowerment but also establishes Femi Otedola and the group as significant contributors to Nigeria’s growth.

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