FBN Holdings Appoints Five New Directors as Otedola Takes Over

First Bank of Nigeria Holdings Plc has appointed two new non-executive directors for the holding company and three for First Bank, with billionaire Femi Otedola stepping in as the new Chairman.

Updating the Nigerian Exchange Group, Adewale Arogundade, the company’s Secretary, disclosed the appointments of Olusola Adeeyo and Viswanathan Shankar as non-executive director and independent non-executive director respectively in FBN Holdings.

The appointments also include Remilekan Odunlami as non-executive director for First Bank, along with Anil Dua and Fatima Ali as independent non-executive directors.

The Central Bank of Nigeria (CBN) approval is awaited for these appointments.

Adeeyo, a former banker and ex-Chairman of AXA Mansard Insurance Plc, brings a wealth of experience. Shankar, CEO of private equity investments firm Gateway Partners, has served as the CEO of Standard Chartered Plc.

Odunlami, with a background in banking and extensive board experience, currently serves on the boards of Access Pensions Limited and Rand Merchant Bank Limited. Dua has a diverse board portfolio, including positions at Dangote GSP Offshore FZE and Heirs Holdings Oil and Gas Limited. Ali, founder of Santi Food and Beverage Limited, is actively involved in mental health initiatives through Reconnect Health Development Initiative International.

In late January, FBN Holdings appointed Otedola, ranked as the 20th richest African by Forbes, as its new Chairman, succeeding Ahmad Abdullahi. Otedola, Chairman of Geregu Power, brings his vast business acumen to the helm.

Otedola’s journey with FBN Holdings began in August 2023 when he was appointed as a Non-Executive Director. His elevation to Chairman marks a significant chapter in the company’s evolution.