In a significant development, First Bank of Nigeria Holdings Plc (FBN Holdings) has appointed five new directors, with billionaire Femi Otedola assuming the role of Chairman.
The appointments were made known on Wednesday, signaling a notable shift in the leadership structure of the company.
According to the announcement made to the Nigerian Exchange Group by the company’s Secretary, Adewale Arogundade, two new non-executive directors were appointed for FBN Holdings, namely Olusola Adeeyo and Viswanathan Shankar. Adeeyo, a former banker and former Chairman of AXA Mansard Insurance Plc, brings a wealth of experience to the role.
Shankar, currently serving as the Chief Executive Officer of private equity investments firm Gateway Partners, previously held the position of CEO at Standard Chartered Plc.
Additionally, Remilekan Odunlami was appointed as a non-executive director for First Bank, while Anil Dua and Fatima Ali were appointed as independent non-executive directors. Odunlami, with prior experience as a Director at CitiBank Nigeria Limited and FirstBank, currently serves on the boards of Access Pensions Limited and Rand Merchant Bank Limited. Dua’s board affiliations include Dangote GSP Offshore FZE and Seychelles International Mercantile Banking Corporation, among others, while Ali, the founder of Santi Food and Beverage Limited, is actively involved in mental health charity initiatives.
The appointments of the five new directors are subject to the approval of the Central Bank of Nigeria (CBN), underscoring the regulatory compliance aspect of the process.
Otedola’s ascension to the role of Chairman follows the exit of Ahmad Abdullahi. Otedola, also the Chairman of Geregu Power, brings his extensive business acumen and experience to his new position. Recently ranked by Forbes as the 20th richest African with a fortune of $1.1 billion, Otedola was initially appointed to the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director.
The appointment of new directors and the change in leadership at FBN Holdings reflect the company’s commitment to effective governance and strategic management as it navigates the evolving financial landscape.