JUST IN: First Bank appoints Otedola board chairman

First Bank Nigeria Holdings Plc has appointed billionaire businessman Femi Otedola as its board chairman.

Mr. Otedola who is also the chairman of Geregu Power Plc, succeeds seasoned economist Ahmad Abdullahi, who assumed the role on December 17, 2021.

It was learned that the change of leadership occurred at a meeting of the Board of Directors of the Group in Lagos on Wednesday.

Mr. Otedola became a non-executive director of FBN Holdings on August 14, 2023, months after he acquired a substantial stake in First Bank.

Mr. Otedola is the financial institution’s biggest and only substantial shareholder, holding a 5.6 percent stake.