JUST IN: Femi Otedola emerges new FBN Holdings chair

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First Bank of Nigeria Holdings Plc has named Femi Otedola, Africa’s 20th richest man, as its new Chairman.

In a notice to the Nigerian Exchange Limited and the investing public, FBN Holdings stated that the decision was made during the company’s Board of Directors meeting on Wednesday.

Otedola, who also serves as Chairman of Geregu Power, succeeds Ahmad Abdullahi, the outgoing Chairman of the FBN Board.

On August 15, 2023, Otedola was appointed as a Non-Executive Director to FBN Holdings Plc’s board.

Forbes, an American business journal, has named Otedola as the 20th richest African, worth $1.1 billion.