FBN Holdings appoints new executives as Femi Otedola takes helm

FBN Holdings Plc, Nigeria’s leading financial institution, has undergone significant changes to its board of directors with the appointment of five new executives coinciding with the assumption of office by its billionaire chairman, Femi Otedola.

The announcement of Otedola’s appointment as Chairman was initially made by the apex bank in January, confirming the former chairman of Forte Oil PLC’s new role. This was subsequently affirmed in a corporate filing on the Nigerian Exchange Limited (NGX), informing investors of the latest development.

In an update provided to the Nigerian Exchange Group, FBN Holdings’ Secretary, Adewale Arogundade, disclosed the appointment of Olusola Adeeyo and Viswanathan Shankar as non-executive directors and independent non-executive directors, respectively, within the company.

Additionally, Remilekan Odunlami has been appointed as a non-executive director for First Bank, while Anil Dua and Fatima Ali have been appointed as independent non-executive directors for the bank.

It is important to note that the appointments of these five new directors are still pending approval from the Central Bank of Nigeria (CBN).

It was gathered that Otedola, also the Chairman of Geregu Power, succeeded Ahmad Abdullahi by taking over as chairman of FBN Holdings.

Otedola was recently ranked by American business magazine Forbes as the 20th richest African with a fortune of $1.1bn.

The company said Otedola was first appointed to the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director.