Femi Otedola, a billionaire businessman, has been appointed the new chairman of the Board of Directors of FBN Holdings, replacing Ahmad Abdullahi. Otedola, who was previously a Non-Executive Director, became the largest shareholder of First Bank of Nigeria Holdings Plc. Otedola holds 5.65% of the entire shareholding of the bank. Shareholders have expressed optimism about his appointment, citing his track record of effective leadership and commitment to paying good dividends to minority shareholders. They expect him to prioritize higher dividends and capital appreciation for investors. Otedola also chairs Geregu Power Plc and has made significant investments in companies like Dangote Cement and Transcorp Plc. His appointment is seen as a positive development for FBN Holdings and is expected to contribute to the bank’s growth and success.
