FBNH Appoints Otedola As Chairman

The management of FBN Holdings Plc, has announced the appointment of Mr. Femi Otedola as its new chairman.

This was contained in a statement signed by the acting company secretary, FBNH, Adewale Arogundade.

FBNH said that, “Otedola succeeds the outgoing chairman of the Board, Alhaji Ahmad Abdullahi. Otedola was appointed to the Board of FBNH 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 Pic in May 2007 and became the chairman of the Board on May 25, 2007.”

The statement stated that, “Otedola vision transformed African Petroleum Plc into Forte Oil 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.”

It added that, “in December 2018, Otedola 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 and his acquisition of FO 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.

“This is a demonstration of his long-term interest in the Power sector dating back to 2007, when he took a strategic decision to participate in the Privatization Programme of the Nigerian government.”

It further said Otedola has investments spread across various other interests 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, saying that Otedola has a rich experience in corporate boards having held several board memberships, including president of the Nigerian Chamber of Shipping.

“He also served as the chairman of Transcorp Hilton Hotel, Abuja. He was appointed a member of the Governing Council of the Nigerian Investment Promotion Council (NIPC) in January 2004 and in December of the same year, he became a member of the committee saddled with the task of fostering business relationships between the Nigerian and South African Private sectors,” it stated.