Femi Otedola, a billionaire businessman, has been named by FBN Holdings to take Ahmad Abdullahi’s place as the next chairman of the board of directors. Otedola was chosen during the board meeting, according to a corporate notice the financial institution filed with the Nigerian Exchange Limited.
On August 15, 2023, Otedola was appointed as a Non-Executive Director. At the company’s most recent annual general meeting, the shareholders approved his appointment
Despite the former group chairman, Oba Otudeko, acquiring 4.7 billion units of FBNH shares in July, Otedola was identified as the largest stakeholder of First Bank of Nigeria Holdings Plc in its unaudited consolidated financial statements for the period ending September 30, 2023.