FBN Holdings Names Five New Directors as Otedola Takes Over

With billionaire Femi Otedola as its new Chairman, First Bank of Nigeria Holdings Plc named two new non-executive directors for the holding company and three for the First Bank on Wednesday.

Adewale Arogundade, the company’s Secretary, informed the Nigerian Exchange Group of recent developments within the bank. He announced the appointment of Olusola Adeeyo and Viswanathan Shankar as non-executive directors and independent non-executive directors, respectively, in FBN Holdings.

The company also named Remilekan Odunlami as First Bank’s non-executive director, while Anil Dua and Fatima Ali were appointed as independent non-executive directors.

The nomination of the five new directors is subject to approval by the Central Bank of Nigeria (CBN).

Adeeyo, a former banker and previous Chairman of AXA Mansard Insurance Plc, is now the Chairman of Astral Waters Limited, a water bottling and distribution company.

Shankar, the CEO of private equity firm Gateway Partners, was previously the CEO of Standard Chartered Plc.

Odunlami has worked as a Director at CitiBank Nigeria Limited and First Bank. She currently serves as an Independent Non-Executive Director on the Boards of Access Pensions Limited and Rand Merchant Bnak Limited.

Additionally, Dua has served on the boards of Dangote GSP Offshore FZE, Seychelles International Mercantile Banking Corporation, Heirs Holdings Oil and Gas Limited, Matador Investment Management Limited, and Africa Property Development Managers Limited.

Ali, the creator of Santi Food and Beverage Limited, currently serves on the board of Reconnect Health Development Initiative International, a mental health nonprofit.

In late January, First Bank of Nigeria Holdings Plc appointed Otedola, Africa’s 20th richest man, as its new Chairman.

With his appointment, Otedola, who also serves as Chairman of Geregu Powe succeeded Ahmad Abdullahi.

Forbes, an American business journal, has named Otedola as the 20th richest African, worth $1.1 billion.

According to the firm, Otedola was appointed to FBN Holdings Plc’s Board of Directors as a Non-Executive Director on August 15, 2023.