FBN Holdings Plc on Wednesday appointed Mr Olufemi Otedola as its new Chairman, Board of Directors.
The Holdings announced this in a notification signed by the Company’s Secretary, Mr Adewale Arogundade, and sent to the Nigerian Exchange Ltd. (NGX) in Lagos.
The appointment was a fall-out of the meeting of the Board of Directors of the company.
Arogundade said that Otedola succeeds the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi.
He stated that the new chairman was appointed to the Board of FBN Holdings Plc on Aug. 15, 2023 as a Non-Executive Director.
The company’s secretary described Otedola as a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations.
He said: “His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Ltd., thus disrupting and redefining standards in the industry.
“He thereafter initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and became the Chairman of the Board on May 25, 2007.
“His vision transformed African Petroleum Plc into Forte Oil Plc (FO Plc).
“The company grew In leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround.
“Diversified portfolio, prompt financial reporting, strong corporate governance, and investment of choice within the oil and gas industry.”
According to him,Otedola, in 2018 divested from the company by selling his shareholdings to the ignite Consortium led by Prudent Energy Services Ltd. and handed it over in June 2019 after completing the transaction.
Arogundade explained that the divestment from Forte Oil Plc and acquisition of FO Pile shares in Amperion Power Distribution Company Ltd., among other acquisitions, enabled Otedola to focus on the power sector as the company’s executive chairman.
He said the new chairman’s doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Ltd. in August 2013.
According to him, Otedola has investments spread across various other interests including storage, shipping, and insurance brokerage in addition to port agency and petroleum retail outlets.
Arogundade said the business mogul has built a formidable and value-driven presence along the downstream value chain.
“Otedola has a rich experience in corporate boards having held several board memberships, including President of the Nigerian Chamber of Shipping.
“He also served as the Chalrman of Transcorp Hilton Hotel, Abuja, and was appointed a member of the Governing Council of the Nigerian Investment Promotion Council (NIPC) in January 2004.
“In December of the same year, he became a member of the committee saddled with the task of fostering business relationships between the Nigerian and South African private sectors.
“He was also a member of the National Economic Management Team chaired by former President Goodluck Jonathan from September 2011 to May 2015, and the Honorary International Investors Council chaired by Baroness Lynda Chalker.
“Otedola is currently a member of the revered National Peace Committee and has recelved several awards and recognitions for his immense contributions to the growth of the Nigerian economy.
He was part of the National Economic Management Team, chaired by former President Goodluck Jonathan from 2011 to 2015. At the moment, he is a member of the National Peace Committee.
A botched move to become the chief shareholder of Transnational Corporation, Nigeria’s biggest conglomerate by market value, in April 2023 saw him sell his stake of 6.3 per cent to rival Tony Elumelu.
This January, Mr Otedola acquired a significant stake in Dangote Cement, a company largely owned by his friend, Aliko Dangote. The exact value of his shares remained unknown, but those close to him say his holdings are worth more than N6 billion.
