Otedola becomes board chairman First Bank Holdings

By Taiwo Okanlawon

Nigerian billionaire, businessman and investor, Femi Otedola has been appointed as the new chairman of First Bank Holdings board of directors.

The holding firm announced this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors about the new development.

Femi Otedola became the major shareholder of FBN Holdings (FBNH), the owners of First Bank Nigeria, after acquiring a 5.07 per cent equity stake.

With that stake, Mr Otedola becomes the bank’s single largest shareholder on record.

The bank had in its 2020 annual report and accounts stated that “According to Register of Members as at December 30, 2020, there is no shareholder with 5% of the shares of FBN Holdings Plc.”

Details later….