FBN Holdings Plc announced the appointment of Olufemi Otedola as its new chairman of the Board of Directors

FBN Holdings Plc announced the appointment of Olufemi Otedola as its new chairman of the Board of Directors, succeeding Ahmad Abdullahi. The appointment follows a meeting of the Board of Directors and was disclosed in a notification to the Nigerian Exchange Ltd. (NGX) in Lagos, signed by the company’s secretary, Adewale Arogundade.

Mr. Otedola joined the Board of FBN Holdings Plc on Aug. 15, 2023, as a non-executive director. Described as a visionary entrepreneur, he has a proven track record of pioneering businesses and transforming corporations. His journey in the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Ltd., where he disrupted and redefined standards.

Subsequently, Mr. Otedola acquired majority shareholding in what was then African Petroleum Plc, becoming its Chairman in May 2007. Under his leadership, African Petroleum Plc was transformed into Forte Oil Plc (FO Plc), achieving remarkable success and earning accolades for its business turnaround, diversified portfolio, prompt financial reporting, and strong corporate governance.

After divesting from Forte Oil Plc in 2018, Mr. Otedola focused on the power sector as the executive chairman of Amperion Power Distribution Company Ltd. His strategic acquisitions, including a majority stake in the Geregu Power Plant, have further demonstrated his commitment to driving growth and innovation.

In addition to his ventures in the oil and gas and power sectors, Mr. Otedola has investments across various interests, including storage, shipping, insurance brokerage, port agency, and petroleum retail outlets. His extensive experience in corporate governance is reflected in his numerous board memberships and leadership roles in organizations such as the Nigerian Chamber of Shipping and Transcorp Hilton Hotel, Abuja.

Mr. Otedola’s contributions to the Nigerian economy have earned him several awards and recognitions. As a member of the National Peace Committee and various economic management teams, he continues to play a significant role in shaping the country’s business landscape.