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In accordance with the Nigerian Exchange Limited Rule Book, FBN Holdings Plc has notified of the appointment of Mr. Olufemi Otedola, CON as a Non-Executive Director of the Holding Company.
The appointment by the Board of FBN Holdings Plc has been approved by the Central Bank of Nigeria (CBN) and endorsed by the Shareholders at the Annual General Meeting held on August 15, 2023. The appointment is effective August 14, 2023.
Femi Otedola is a dyed-in-wool and visionary entrepreneur whose energy is directed at transforming enterprises and putting them on the path of growth. A strong leader with a track record of achievements in business and always aiming to make things better and adding value in areas where pioneers have trod.
He was thrust into the public’s consciousness with his foray into the downstream sector of the oil industry when he started Zenon Petroleum and Gas Limited. Zenon disrupted and redefined the standards in the sector and to ensure that his very high standards are met, he also invested in storage, shipping, insurance brokerage and port agency and petroleum retail outlets building a formidable, value-driven presence along the downstream value chain.
In his quest to grow his foothold in the sector, he initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and joined the Board as Chairman of the Board on 25 May 2007.
His vision transformed African Petroleum Plc into Forte Oil Plc. The Company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance and investment of choice within the Oil Industry and the Nigerian Stock Exchange.
He divested from the Company when he accepted the offer of the Ignite Consortium led by Prudent Energy Services Limited for his entire shareholding in December 2018 and handed over control upon completion of the transaction in June 2019.
The divestment from Forte Oil Plc and his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc led to him facing the Power Sector squarely as the Company’s Executive Chairman. This is in continuation of his long term interest in the Power sector dating back to 2007, when he made the very strategic decision to participate in the Privatization Programme of the Nigerian Government and his doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Limited in August 2013 (a plant which has since been overhauled and improved to a 435MW installed capacity) contributing approximately 9% of the generating capacity available to the National Grid.
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