First Bank of Nigeria Holdings has chosen Femi Otedola, a wealthy Nigerian businessman, as their new chairman. He is taking over from the previous chairman, Alhaji Ahmad Abdullahi. Otedola is happy to be back on the Forbes African Billionaires list after not being on it for seven years. He is currently ranked number 20 on the list and has a net worth of $1.1 billion.
The bank made this decision during a recent meeting. They told investors about the appointment through a filing on the Nigerian Exchange Limited. Otedola will officially start as chairman on January 31, 2024.
In July 2023, there was a disagreement between Oba Otudeko, the former chairman of the group, and Ecobank’s lawyers about shares that were purchased. Otudeko’s lawyers said that Ecobank’s claims were not supported by any court orders. The Securities and Exchange Commission is investigating this issue.
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Despite Otudeko buying shares, Otedola is listed as the biggest shareholder of First Bank of Nigeria Holdings. This is because Barbican Capital Limited, which is connected to Honeywell Group Limited, also bought a lot of shares in the company.
Overall, Otedola becoming chairman and being back on the Forbes African Billionaires list have made the total wealth of the list go up.
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