First Bank of Nigeria Holdings has announced the appointment of Nigerian billionaire and businessman, Femi Otedola, as the new chairman of its board of directors. Otedola, who recently made a comeback to the Forbes African Billionaires list after a seven-year hiatus, takes over from the outgoing Chairman, Alhaji Ahmad Abdullahi.
Expressing his reaction to the appointment on Instagram, Otedola wrote, “Interesting,” accompanied by smiley and dollar emojis. The 61-year-old entrepreneur currently holds the 20th position on the Forbes African Billionaires list, boasting a net worth of $1.1 billion.
Forbes reported that the wealth of the 2024 list of 20 billionaires increased to $82.4 billion from the previous year’s $81.5 billion, with Otedola’s return contributing to the rise. Prior to this, his last appearance on the Forbes Africa list was in 2017, and this year, he secured the 20th spot.
The decision to appoint Femi Otedola was reached during a recent board meeting, as disclosed in a corporate filing on the Nigerian Exchange Limited (NGX). The appointment is effective as of January 31, 2024.
