FBN Holdings Appoints Five New Directors As Otedola Takes Over

First Bank of Nigeria Holdings Plc has recently appointed two new non-executive directors for the holding company and three new non-executive directors for First Bank.

Gatekeepers News reports that the appointments were announced by the company’s Secretary, Adewale Arogundade, who also updated the Nigerian Exchange Group on the recent developments within the bank.

The two new non-executive directors for FBN Holdings are Olusola Adeeyo and Viswanathan Shankar, while Remilekan Odunlami, Anil Dua, and Fatima Ali were appointed as non-executive directors for First Bank.

Before their appointments, Adeeyo was previously the Chairman of AXA Mansard Insurance Plc and is currently the Chairman of Astral Waters Limited, Shankar was the CEO of Standard Chartered Plc and is currently the CEO of Gateway Partners, while Odunlami has had experience as a director at CitiBank Nigeria Limited and FirstBank.

Dua has sat on the Board of various companies, including Dangote GSP Offshore FZE and Africa Property Development Managers Limited, and Ali is the founder of Santi Food and Beverage Limited and sits on the Board of Reconnect Health Development Initiative International, a mental health charity organization.

All five new directors’ appointments are subject to the approval of the Central Bank of Nigeria (CBN).

These appointments came after billionaire Femi Otedola was appointed as the new Chairman of First Bank of Nigeria Holdings Plc in late January.

Otedola is also the Chairman of Geregu Power and was recently ranked by Forbes as the 20th richest African with a fortune of $1.1bn. He was first appointed to the Board of FBN Holdings Plc on August 15, 2023, as a Non-Executive Director.