January 31, 2024/FBNHoldings Plc
FBN Holdings Plc (the Company) has notified the Nigeria Exchange Limited and the investing public that at the meeting of the Board of Directors of the Company held today, Wednesday, January 31, 2024, the Board appointed Mr Olufemi Peter Otedola, CON, as the new Chairman of the Board of Directors.
This was stated in a letter signed by the Acting Company Secretary of FBN Holdings Plc, Mr. Adewale Arogundade to the Nigeria Exchange Limited.
Mr. Olufemi Peter Otedola, CON succeeds the outgoing Chairman of the Board, Alhaji Ahmad Abdullahi.
Profile of Mr. Olufemi Otedola, CON
Femi Otedola was appointed to the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director. He is a visionary entrepreneur with a track record of pioneering businesses of growing and transforming corporations.
His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited 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 25 May 2007.
His vision transformed African Petroleum Plc into Forte Oil Plc(FO Plc). The company grew in leaps and bounds to become a model for 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 in the oil and gas industry.
In December 2018, he divested from the company by selling shareholdings to Ignite Consortium led by Prudent Energy Services Limited and handed over in June 2019 after completing the transaction.
The divestment from Forte Oil Plc and his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc, provided the ample opportunity to focus on the Power Sector as the Company’s Executive Chairman. This is a demonstration of his long-term interest in the Power sector dating back to 2007, when he took a strategic decision to participate in the Privatization Programme of the Nigerian Government.
His doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Limited in August 2013 (a plant which has since been overhauled to a 435MW capacity), contributing approximately 9% of the generating capacity available to the National Grid.
Apart from the Power sector, he has investments spread across various other interests including storage, shipping, and insurance brokerage in addition to port agency and petroleum retail outlets.
He has a rich experience in corporate boards and was also a member of the National Economic Management Team Chaired by President Goodluck Jonathan, GCFR, from September,2011 to May,2015.
The new Chairman of FBN Holdings Plc is a philanthropist with deep involvement in the education sector through the Sir Michael Otedola Scholarship Awards Foundation sponsoring promising but disadvantaged students.
He was conferred with the prestigious National Honour of the Commander of the Order of the Niger, CON, by President Goodluck Jonathan in 2010.
