Nigerian billionaire Femi Otedola has taken over the chairmanship of First Bank of Nigeria Holding.
He takes over from Ahmad Abdullahi. His appointment, effective immediately, follows a board meeting held on Wednesday.
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In mid-2023, a tussle erupted between Otedola and Oba Otudeko, the former chairman, regarding the acquisition of a significant stake in the company. While Otudeko’s initial acquisition made him the largest shareholder, Otedola’s appointment as chairman now places him at the helm of the decision-making table.
The Securities and Exchange Commission is currently investigating the tussle, adding a layer of complexity to the already dynamic situation. However, investors seem optimistic about Otedola’s leadership, as evidenced by the rise in First Bank Holdings shares after the announcement.
The businessman and philanthropist’s rise to the top follows an illustrious career marked by successful ventures in various sectors, including oil and gas, shipping, and real estate. His entrepreneurial acumen and wealth of experience are likely to be crucial assets in navigating the evolving Nigerian financial landscape.
Otedola’s appointment as chairman of First Bank Holdings is a move that promises to send ripples through the Nigerian economy.