By Ijeoma Nwogwugwu
Billionaire businessman, Femi Otedola, must be excreting bricks. In recent weeks, the often-ebullient businessman has told anyone who cares to listen that he is about to emerge Chairman of FBN Holdings Plc (FBN Holdco) – one of Africa’s largest diversified financial services groups and parent of First Bank of Nigeria Limited, the country’s oldest lender. Otedola, from all indications, was recently nominated a Non-executive Director of FBN Holdco, subject to the approval of the Central Bank of Nigeria (CBN), as is always the case with all financial institutions regulated by the banking system regulator.
His hope was that after his nomination is approved by the CBN, at the next annual general meeting of FBN Holdco slated for August 15, 2023, other shareholders/directors of the group will elect him chairman. It remains uncertain how Otedola intends to be elected chairman, given that the current holdco chairman, Adamu Abdullahi, is an appointee of the central bank, albeit on an interim basis.
