Femi Otedola Emerges Chairman Of First Bank

In a strategic move, the First Bank of Nigeria Holdings has appointed prominent Nigerian billionaire and businessman, Femi Otedola, as the new Chairman of its board of directors. Otedola, whose recent return to the Forbes African Billionaires list after a seven-year hiatus garnered excitement, steps into the role previously held by Alhaji Ahmad Abdullahi.

Expressing his reaction to the forbes list, Otedola took to Instagram, sharing an image of the announcement with the caption “Interesting,” accompanied by smiley and dollar emojis.

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The 61-year-old entrepreneur currently holds the 20th position on the Forbes African Billionaires list with a net worth of $1.1 billion.

Forbes noted that the wealth of the 2024 list of billionaires reached $82.4 billion, up from the previous year’s $81.5 billion, partly attributing the increase to Otedola’s return. His reappearance on the Forbes Africa list comes after his last inclusion in 2017, securing the 20th spot this year.

The decision to appoint Femi Otedola as the Chairman of the First Bank of Nigeria Holdings Board was made following a recent board meeting. The official corporate filing on the Nigerian Exchange Limited (NGX) serves as notification to investors, confirming the effective date of the appointment as January 31, 2024.

Otedola’s vast business experience and financial acumen position him as a significant asset to the board, marking a strategic move by First Bank of Nigeria Holdings to leverage his expertise in steering the institution towards continued success
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