Otedola joins FBN Holdings’ board of administrators

Femi Otedola, the chair of the electrical energy producer Geregu Energy, obtained key approvals enabling him to change into a non-executive director of FBN Holdings and has been appointed to the highest hierarchy with impact from 14 August.

The appointment obtained the sanction of each the Central Financial institution of Nigeria in addition to that of the shareholders of the monetary companies group, FBN Holdings stated in a Wednesday observe to the Nigerian Change.

“Femi Otedola is a dyed-in-wool and visionary entrepreneur whose vitality is directed at reworking enterprises and placing them on the trail of development,” stated the company, whose flagship arm FirstBank is Nigeria’s oldest lender.

“He was thrust into the general public’s consciousness along with his foray into the downstream sector of the oil trade when he began Zenon Petroleum and Fuel Restricted,” the doc additionally acknowledged in reference to Mr Otedola’s guess earlier than venturing absolutely into energy enterprise in 2019.

Mr Otedola is the monetary establishment’s largest and solely substantial shareholder, holding a 5.6 per cent stake.

He has had investments in port company, delivery, storage and insurance coverage brokerage. In 2007, he initiated the acquisition of a controlling curiosity in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil itself would later be renamed Ardova.

Geregu Energy, which he took public final October, accounts for about 9 per cent of Nigeria’s grid electrical energy.

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“He has held a number of board memberships, together with President of the Nigerian Chamber of Delivery and as previous Chairman of Transcorp Hilton Resort, Abuja,” the doc stated.

He was a part of the Nationwide Financial Administration Workforce, chaired by former President Goodluck Jonathan from 2011 to 2015. In the mean time, he’s a member of the Nationwide Peace Committee.

A botched transfer to change into the chief shareholder of Transnational Company, Nigeria’s largest conglomerate by market worth, in late April noticed him promote his stake of 6.3 per cent to rival, Tony Elumelu.