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BUSINESS

Femi Otedola Takes Over First Bank of Nigeria, Appoints 5 New Directors

March 22, 2024 • 2 min read

Billionaire businessman, Femi Otedola, has begun his reign as new chairman, First Bank of Nigeria Holdings Plc, on Wednesday by appointing two new non-executive directors for the holding company and three new non-executive directors for the First Bank.

This was according to the company’s Secretary, Adewale Arogundade.

Arogundade announced the appointment of Olusola Adeeyo and Viswanathan Shankar as non-executive director and independent non-executive director respectively in FBN Holdings.

The company also announced Remilekan Odunlami as non-executive director for First Bank while Anil Dua and Fatima Ali were appointed as independent non-executive directors.

The appointments of the five new directors are subject to the approval of the Central Bank of Nigeria (CBN).

Adeeyo, a former banker and ex-chairman of AXA Mansard Insurance Plc, is currently the chairman of Astral Waters Limited, a water bottling and delivery company.

Shankar, the chief executive officer of a private equity investments firm, Gateway Partners, previously served as the CEO of Standard Chartered Plc.

Odunlami has served as director at CitiBank Nigeria Limited and FirstBank.

She currently sits on the board of Access Pensions Limited as an independent non-executive director and the board of Rand Merchant Bnak Limited as a non-executive director.

Also, Dua has sat on the board of Dangote GSP Offshore FZE, Seychelles International Mercantile Banking Corporation, Heirs Holdings Oil and Gas Limited, Matador Investment Management Limited and Africa Property Development Managers Limited.

Ali, founder of Santi Food and Beverage Limited, currently sits on the board of Reconnect Health Development Initiative International, a mental health charity organisation.

Late January, First Bank of Nigeria Holdings Plc appointed Otedola, the 20th richest man in Africa as its new chairman.

With his appointment, Otedola, also the chairman of Geregu Power, succeeded Ahmad Abdullahi.

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

Otedola was first appointed to the board of FBN Holdings Plc on August 15, 2023 as non-executive director, the company said.