First Bank Holdings appoints Otedola non-executive director

First Bank Holdings appoints Otedola non-executive director

First Bank of Nigeria (FBN) Holdings has named billionaire businessman, Mr Femi Otedola, as a non-executive director.

The company announced the appointment in a corporate filing on Wednesday, signed by Adewale Arogundade, its acting secretary.

Otedola’s appointment took effect on August 14, 2023, subject to the shareholders’ approval, according to the statement.

The bank believes that Otedola is a “dyed-in-the-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,” the statement read.

“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 of the board on 25 May 2007.”

Otedola’s appointment came after a court judgement halted the 11th annual general meeting (AGM) of FBN Holdings.

The development, which sparked controversy, is said to be due to the tussle over the ownership of the company.

In a corporate filing on Wednesday Arogundade said the company had not been served with any court order stopping the AGM.

In December 2021, Otedola became the single largest shareholder after acquiring 7.57 per cent of the issued shares capital of FBNH.

But last month, the billionaire lost his stake to Oba Otudeko, who acquired 4.7 billion shares of FBN Holdings.