FBN Holdings Appoints Five New Directors as Otedola Takes Over as Chairman

FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of five new directors as billionaire businessman Femi Otedola takes over as its new Chairman.

The appointments were made public by the company’s Secretary, Adewale Arogundade, on Wednesday.

Otedola was recently ranked by American business magazine, Forbes, as the 20th richest African with a fortune of $1.1 billion.

He was first appointed to the Board of FBN Holdings Plc on August 15, 2023 as a Non-Executive Director.

The company appointed Olusola Adeeyo and Viswanathan Shankar as non-executive director and independent non-executive director respectively in FBN Holdings.

For First Bank, Remilekan Odunlami was appointed as non-executive director, while Anil Dua and Fatima Ali were appointed as independent non-executive directors.

These appointments are subject to the approval of the Central Bank of Nigeria (CBN).

Late January, FBN Holdings Plc appointed Otedola as its new Chairman to succeed Ahmad Abdullahi.

With these new appointments, FBN Holdings aims to strengthen its corporate governance and enhance its strategic decision-making process.

The diverse backgrounds and extensive experience of the new directors are expected to contribute significantly to the growth and success of the company.