FBN Holdings has appointed billionaire businessman, Femi Otedola, as the new chairman of its Board of Directors to succeed Ahmad Abdullahi.
In a corporate notice filed with the Nigerian Exchange Limited on Wednesday, the financial institution said Otedola was appointed at the board meeting.
Otedola had been appointed as a Non-Executive Director on August 15, 2023. His appointment was thereafter ratified by shareholders at its last Annual General Meeting (AGM).
In its unaudited consolidated financial statements for the period ended September 30, 2023, Otedola listed as the largest shareholder of First Bank of Nigeria Holdings Plc, despite the acquisition of 4.7 billion units of FBNH shares by the former chairman of the group, Oba Otudeko, in July.
Indirectly, Otedola held 1,989,342,376 units representing 5.54 per cent of the entire shareholding of the bank. Directly, Otedola held 40,033,982 units of FBN Holdings shares, which is 0.11 per cent.
Combined, Otedola hold 2,029,376,358 units of FBN Holdings shares which is about 5.65 per cent.