First Bank Nigeria (FBN) Holdings has announced the appointment of billionaire businessman, Olufemi Peter Otedola, as the new chairman of its board of directors.

The bank announced this in a corporate filing on the Nigerian Exchange Limited (NGX), where it notified investors about the new development.

According to FBN Holdings, Otedola, who is also the chairman of Geregu Power, was appointed after a meeting by its board of directors on January 31, 2024.

The bank said Otedola joined its board on August 15, 2023, as a non-executive director.

“FBN Holdings Plc (the Company) hereby notifies the Nigerian Exchange Limited and the investing public that at the meeting of the Board of Directors of the Company held on January 31, 2024, the Board appointed Mr. Olufemi Peter Otedola, CON, as the new Chairman of the Board of Directors.

“He was appointed to the Board of FBN Holdings Plc on 15 August 2023 as a Non-Executive Director. He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations,” the bank said.

Otedola, who recently expressed his excitement about his return to the Forbes African Billionaires list after a seven-year hiatus, takes over from the outgoing chairman of the board, Alhaji Ahmad Abdullahi.