Business

Femi Otedola emerges chairman of First Bank Holdings

Published

2 years ago

January 31, 2024

344 Views

Billionaire businessman and chairman of Geregu Power Plc, Femi Otedola, today emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank.

The change of guard took place at a meeting of the Board of Directors of the Group in Lagos on Wednesday.

Mr Otedola succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021.

Mr Otedola became a non-executive director of FBN Holdings on 14 August 2023, months after he acquired a substantial stake in First Bank.

Mr Otedola is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake.

He has had investments in port agency, shipping, storage and insurance brokerage. In 2007, he acquired a controlling interest in African Petroleum, which later metamorphosed into Forte Oil. Forte Oil itself would later be sold and renamed Ardova.

Geregu Power, which he took public in October 2022, accounts for about nine per cent of Nigeria’s grid electricity.

He has held several board memberships, including President of the Nigerian Chamber of Shipping and as past Chairman of Transcorp Hilton Hotel, Abuja.

He was part of the National Economic Management Team, chaired by former President Goodluck Jonathan from 2011 to 2015. At the moment, he is a member of the National Peace Committee.

A botched move to become the chief shareholder of Transnational Corporation, Nigeria’s biggest conglomerate by market value, in April 2023 saw him sell his stake of 6.3 per cent to rival Tony Elumelu.

This January, Mr Otedola acquired a significant stake in Dangote Cement, a company largely owned by his friend, Aliko Dangote. The exact value of his shares remained unknown, but those close to him say his holdings are worth more than N6 billion.

Related Topics:Chairman FBN Featured Femi Otedola

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Business

Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

7 hours ago

June 9, 2026

OCHEFA

12 Views

United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

10 hours ago

June 9, 2026

OCHEFA

19 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.