Otedola Takes Over As First Bank Chairman, Appoints 5 New Directors

First Bank of Nigeria Holdings Plc, under the leadership of billionaire Femi Otedola as its new Chairman, has announced the appointment of new directors. Two non-executive directors, Olusola Adeeyo and Viswanathan Shankar, have been appointed for the holding company, while three new non-executive directors, Remilekan Odunlami, Anil Dua, and Fatima Ali, have been appointed for First Bank.

These appointments, disclosed by the company’s Secretary, Adewale Arogundade, are aimed at strengthening the leadership team and enhancing corporate governance within the organization. Adeeyo, a seasoned banker and former Chairman of AXA Mansard Insurance Plc, brings valuable industry experience to his role as Chairman of Astral Waters Limited.

Shankar, currently the CEO of Gateway Partners, brings a wealth of knowledge from his tenure as CEO of Standard Chartered Plc. Odunlami, with a background in banking and extensive board experience, adds her expertise to the team, having served in various capacities including Director at CitiBank Nigeria Limited and FirstBank.

Dua, whose board memberships include prominent companies like Dangote GSP Offshore FZE and Heirs Holdings Oil and Gas Limited, brings a diverse perspective to the table. Meanwhile, Ali, founder of Santi Food and Beverage Limited, contributes her entrepreneurial acumen and board experience to the organization.

The appointments of these five new directors are subject to the approval of the Central Bank of Nigeria (CBN), ensuring regulatory compliance and governance standards. Otedola’s leadership heralds a new era for First Bank of Nigeria Holdings Plc, positioning the institution for continued growth and innovation in the financial sector. With Otedola’s vast experience and Forbes-ranked fortune of $1.1 billion, his chairmanship signifies a strategic move towards strengthening the bank’s position in the market.