Femi Otedola, a Nigerian billionaire and businessman, has been named as the new chairman of the board of directors of First Bank of Nigeria Holdings.
After a seven-year break, Otedola announced his excitement to be back on Forbes’ African Billionaires list. He succeeds Alhaji Ahmad Abdullahi, the departing chairman of the board.
He posted a photo of the announcement to his Instagram feed, labeling it as “Interesting” and including dollar and cheerful emojis.
The 61-year-old businessman, whose net worth is $1.1 billion, is presently ranked 20th on the list.
Otedola’s comeback contributed to the 2024 list of 20 billionaires’ worth, which increased to $82.4 billion from $81.5 billion the previous year, according to Forbes. The business tycoon had not been on Forbes Africa before, having last been included in 2017. He moved up to number 20 on the list this year.
The financial institution’s decision came about as a result of today’s board meeting.
The bank informed investors of the new development by disclosing this in a corporate filing on the Nigerian Exchange Limited (NGX).
The bank states that this appointment is effective as of January 31, 2024.