The First Bank of Nigeria (FBN) Holdings has recently appointed billionaire businessman Femi Otedola as its new chairman, effective immediately. Otedola, who is a well-known entrepreneur with interests in oil and gas, power generation, and real estate, has taken over from Alhaji Ahmad Abdullahi, who has completed his tenure.

The announcement was made through a corporate filing on the Nigerian Exchange Limited (NGX), where the company informed investors of the new development.

Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of various other related businesses. He formerly served as the chairman of Forte Oil PLC and is currently the executive chairman of Geregu Power PLC.