Nigeria, Feb. 1 -- Femi Otedola, the renowned business mogul, was on Wednesday announced as the new chairman of First Bank Holdings' board of directors.

The holding firm made the announcement in a corporate filing on the Nigerian Exchange Limited (NGX), where it notified investors about the new development.

According to FBN Holdings, Otedola, also the chairman of Geregu Power, was appointed after a meeting by its board of directors on January 31, 2024, after joining its board on August 15, 2023, as a non-executive director.

"FBN Holdings Plc (the Company) hereby notifies the Nigerian Exchange Limited and the investing public that at the meeting of the Board of Directors of the Company held today, January 31, 2024, the Board appointed M...