Femi Otedola, the chair of the electricity producer Geregu Power, got key approvals enabling him to become a non-executive director of FBN Holdings and has been appointed to the top hierarchy with effect from 14 August.
The appointment got the sanction of both the Central Bank of Nigeria as well as that of the shareholders of the financial services group, FBN Holdings said in a Wednesday note to the Nigerian Exchange.
“Femi Otedola is a dyed-in-wool and visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth,” said the corporation, whose flagship arm FirstBank is Nigeria’s oldest lender.
“He was thrust into the public’s consciousness with his foray into the downstream sector of the oil industry when he started Zenon Petroleum and Gas Limited,” the document also stated in reference to Mr Otedola’s bet before venturing fully into power business in 2019.
Mr Otedola is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake.
He has had investments in port agency, shipping, storage and insurance brokerage. In 2007, he initiated the acquisition of a controlling interest in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil itself would later be renamed Ardova.
Geregu Power, which he took public last October, accounts for about 9 per cent of Nigeria’s grid electricity.
“He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja,” the document said.
He was part of the National Economic Management Team, chaired by former President Goodluck Jonathan from 2011 to 2015. At the moment, he is a member of the National Peace Committee.
A botched move to become the chief shareholder of Transnational Corporation, Nigeria’s biggest conglomerate by market value, in late April saw him sell his stake of 6.3 per cent to rival, Tony Elumelu.
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