FBN Holdings appoints Femi Otedola as new Board Chairman
FBN Holdings Plc has notified the Nigerian Exchange Limited and the investing public of the appointment of Femi Otedola as the Chairman of its board. Mr Olufemi Otedola succeeds the outgoing Chairman of the FBN Board, Ahmad Abdullahi.
Femi Otedola was appointed to the Board of FBN Holdings Plc on August 15, 2023 as a Non-Executive Director. He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations.
His first foray Into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and redefining standards in the industry. He thereafter initiated the purchase of majority shareholding In the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007.
His vision transformed African Petroleum Plc into Forte Oil Plc (FO Plc). The company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance, and investment of choice within the oil and gas industry.
In December 2018, he divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over In June 2019 after completing the transaction.
The divestment from Forte Oil Plc and his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc, provided the ample opportunity to focus on the Power Sector as the Company’s Executive Chairman.
He has investments spread across various other interest including storage, shipping, and insurance brokerage in addition to port agency and petroleum retail outlets and he has built a formidable value-driven presence along the downstream value chain.