FBN Holdings Plc, yesterday, announced the appointment of Olufemi Otedola as its new chairman, Board of Directors. This is a major win for the billionaire, who has been locked in a boardroom tussle for the soul of the premiere lender with other top shareholders, notably the Chairman of Globacom, Mike Adenuga; a former Chairman of FBNH, Tunde Hassan-Odukale; and Chairman of Honeywell Flour Mills, Oba Otudeko.
In a notification to the Nigerian Exchange Ltd. (NGX), signed by the Company Secretary, Adewale Arogundade, the bank explained that the appointment followed a meeting of the Board of Directors. Mr Otedola succeeds the outgoing chairman, Ahmad Abdullahi. Extolling the virtues of the new chairman, Mr. Arogundade recalled that the new chairman was first appointed to the Board of FBN Holdings on August 15, 2023, as a non-executive director.
He described Mr Otedola as a visionary entrepreneur with a track record of pioneering businesses, growing, and transforming corporations. He said: “His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Ltd., 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 May 25, 2007.
“His vision transformed African Petroleum Plc into Forte Oil Plc (FO 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 and gas industry.”
Also, Mr Otedola, in 2018, divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Ltd. and handed it over in June 2019 after completing the transaction. Mr Arogundade noted that the divestment from Forte Oil Plc and acquisition of FO Pile shares in Amperion Power Distribution Company Ltd., among others, enabled Mr Otedola to focus on the power sector as the company’s executive chairman.
He said the new chairman’s doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Ltd. in August 2013. He added that Mr Otedola’s investments spread across various other interests including storage, shipping, and insurance brokerage port agency, and petroleum retail outlets, through which he has built a formidable and value-driven presence along the downstream value chain.
The notification reads further: “Otedola has a rich experience in corporate boards having held several board memberships, including President of the Nigerian Chamber of Shipping.
“He also served as the Chairman of Transcorp Hilton Hotel, Abuja, and was appointed a member of the Governing Council of the Nigerian Investment Promotion Council (NIPC) in January 2004. In December of the same year, he became a member of the committee saddled with the task of fostering business relationships between the Nigerian and South African private sectors.
“He was also a member of the National Economic Management Team chaired by former President Goodluck Jonathan from September 2011 to May 2015, and the Honorary International Investors Council chaired by Baroness Lynda Chalker.
“Otedola is currently a member of the revered National Peace Committee and has received several awards and recognitions for his immense contributions to the growth of the Nigerian economy.”
