Nigeria’s leading financial services group, First Bank Holdings, has announced the appointment of billionaire businessman Femi Otedola as its new chairman. Otedola, who is the founder and executive chairman of Geregu Power Plc, a power generation company, and the owner of several other businesses across various sectors, will take over from Ibukun Awosika, who has served as the chairperson of the group since 2015.
The appointment of Otedola, who is widely regarded as one of Nigeria’s most successful and influential entrepreneurs, is expected to bring a wealth of experience and strategic direction to the group, which comprises First Bank of Nigeria Limited, FBNQuest Merchant Bank, FBNQuest Capital, FBNQuest Trustees, FBN Insurance Brokers, FBN Holdings Plc, and FBN Bank UK Limited.
According to a statement issued by the group on Monday, Otedola’s appointment followed a rigorous selection process that involved both internal and external stakeholders and was subject to regulatory approval by the Central Bank of Nigeria (CBN).
The statement quoted Otedola as saying: “I am honored and delighted to be appointed as the chairman of First Bank Holdings, a group that has been at the forefront of driving financial inclusion and economic development in Nigeria and Africa for over 127 years. I look forward to working with the board, management, and staff of the group, as well as all our stakeholders, to continue to build on the legacy and reputation of this great institution.”
The statement also commended Awosika for her exemplary leadership and contributions to the group during her tenure, which saw the group record significant achievements in financial performance, corporate governance, risk management, innovation, and social responsibility.
Otedola’s appointment comes at a time when the Nigerian banking sector is facing increased competition and disruption from fintech startups, digital platforms, and regulatory changes. The sector is also recovering from the impact of the COVID-19 pandemic, which affected the asset quality, profitability, and liquidity of many banks.
Analysts have expressed optimism that Otedola’s vast business acumen, network, and vision will help the group navigate the challenges and opportunities in the evolving financial landscape, and position it for sustained growth and profitability.
Otedola, who is estimated to have a net worth of $1.3 billion by Forbes, is known for his philanthropic activities and social causes. He has donated billions of naira to various initiatives, such as education, health, security, and humanitarian relief. He is also the father of four children, including the popular disc jockey and musician, Florence Otedola, also known as DJ Cuppy.
Source: Business Day
