FBN Holdings has appointed Femi Otedola as its new Chairman of the Board of Directors, eliciting applause from shareholders and industry observers alike.
The billionaire businessman’s ascent to the chairmanship position, effective January 31, 2024.
Commenting on the appointment, Bisi Bakare, the President of the Pragmatic Shareholders Association, expressed satisfaction, stating, “I’m happy about his appointment. He is a tested hand. He has been the chairman of many companies and he is presently the chairman of Geregu Power. We believe that Otedola will perform.”
Bakare’s sentiment reflects the optimism surrounding Otedola’s track record in steering companies towards success.
Echoing similar sentiments, Boniface Okezie, the National Coordinator of the Progressive Shareholders Association, emphasized Otedola’s competence and trustworthiness.
“Femi is tested and trusted. He can lead the financial institution to greater heights. Much is expected of him,” remarked Okezie.
The appointment underscores shareholders’ confidence in Otedola’s ability to provide effective leadership during a critical juncture for FBN Holdings.
Otedola’s extensive experience and strategic acumen are anticipated to drive growth and innovation within FBN Holdings.
As a proven leader in various sectors, including power generation and cement production, Otedola brings valuable insights to the table.
His commitment to shareholder value and corporate governance aligns with shareholders’ expectations for sustained performance and profitability.
Furthermore, Otedola’s tenure as Chairman of Geregu Power Plc, where revenue surged by 74.11% in 2022, exemplifies his capability to navigate complex business landscapes and deliver tangible results.
His recent acquisition of shares in Dangote Cement underscores his dedication to supporting businesses that contribute to Nigeria’s economic resilience.
With Otedola at the helm, FBN Holdings is poised to strengthen its position in the market and enhance value for shareholders and customers alike.
His appointment signifies a new chapter for the banking conglomerate, characterized by strategic initiatives and forward-looking leadership.
As shareholders eagerly anticipate the future under Otedola’s stewardship, the banking sector awaits the transformative impact of his chairmanship.