Femi Otedola, a well-known Nigerian billionaire and entrepreneur, has been appointed as the new chairman of First Bank of Nigeria Holdings, one of the country’s leading financial institutions. His appointment, confirmed during a recent board meeting, follows his impressive return to the 2024 Forbes African Billionaires list after an absence of seven years. With a net worth estimated at $1.1 billion, Otedola ranks 20th on the prestigious list, contributing to a rise in the collective wealth of African billionaires, which now totals $82.4 billion.
Otedola, who succeeds Alhaji Ahmad Abdullahi as chairman, announced the news on his Instagram, posting a photo of the announcement with a simple caption “Interesting,” accompanied by dollar and smiley emojis. His return to the Forbes rankings has not only marked a personal achievement but also played a role in the overall increase in African billionaire wealth, which saw a rise from $81.5 billion last year.
His official appointment as chairman of First Bank Holdings takes effect on January 31, 2024, and is a significant development for the financial sector. Otedola holds a substantial stake of 5.6% in the banking group, making him its largest shareholder. His leadership is expected to bring fresh insights and direction to the organization.
Beyond his involvement with First Bank, Otedola has continued to expand his business empire. Recently, he significantly enhanced his investment portfolio by acquiring a large stake in Dangote Cement, a company owned by his close ally, Aliko Dangote. Although the precise value of his holdings in Dangote Cement has not been disclosed, industry sources suggest that his investment exceeds N6 billion.
Otedola’s extensive business career spans various industries, including shipping, port agency, insurance, and energy. In 2007, he acquired a controlling stake in African Petroleum, which he later transformed into Forte Oil, and subsequently rebranded as Ardova. Furthermore, his power generation company, Geregu Power, which went public in 2022, now contributes approximately nine percent of Nigeria’s electricity supply.
In addition to his business accomplishments, Otedola has held influential positions in various organizations. He previously served as the president of the Nigerian Chamber of Shipping and as chairman of Transcorp Hilton Hotel in Abuja. He also contributed significantly to the national economic management team during the administration of former President Goodluck Jonathan, where he served from 2011 to 2015. Otedola is currently a member of the National Peace Committee, highlighting his ongoing commitment to Nigeria’s economic stability and social development.
