Nigerian businessman and chairman of Geregu Power Plc, Mr Femi Otedola, has emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank.
Otedola was passed the baton at a meeting of the Board of Directors of the Group in Lagos on Wednesday.
He succeeded Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021.
Otedola became a non-executive director of FBN Holdings on 14 August 2023, months after he acquired a substantial stake in First Bank.
The 61-year-old is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake.
Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.
