FBN Holdings appoints Femi Otedola as non-executive director amid 11th AGM controversy

First Bank of Nigeria (FBN) Holdings has appointed Femi Otedola, the billionaire businessman, as a non-executive director.

The company announced the appointment in a corporate filing on Wednesday, signed by Adewale Arogundade, its acting secretary.

Otedola’s appointment took effect on August 14, 2023, subject to the shareholders’ approval, according to the statement.

The bank believes that Otedola is a “dyed-in-the-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,” the statement reads.

“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.”

Otedola’s appointment followed a court judgement that halted the 11th annual general meeting (AGM) of FBN Holdings.

The development has since sparked controversy around the 11th AGM, but this is said to be mainly due to the tussle over the ownership of the company going on behind the scene.

In a corporate filing on Wednesday Arogundade, said the company had not been served with any court order stopping the AGM.

In December 2021, Otedola became the single largest shareholder after acquiring 7.57 percent of the issued shares capital of FBNH.

But last month, the billionaire lost his stake to Oba Otudeko, who acquired 4.7 billion shares of FBN Holdings.