FBN Holdings Announces Femi Otedola As New Chairman


The management of FBN Holdings Plc, on Wednesday announced the appointment of Femi Otedola as their new Chairman.

The billionaire investor succeeds the outgoing Chairman of the board, Ahmad Abdullahi.

The acting company sectary, FBN Holdings, Adewale Arogundade in a notification to the Nigerian Exchange Limited (NGX) and the investing public said that the board and directors at a meeting held January 31, 2024 appointed Otedola as the new Chairman of the board of Directors.

Before now, Otedola was appointed to the Board of FBN Holdings on August 15, 2023 as a non-executive Director.

Otedola is a visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth.

Arogundade in a statement said, “Otedola is 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.”

According to him, “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 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.”


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