Femi Otedola

Olufemi Peter Otedola

Olufemi Peter Otedola, commonly known as Femi Otedola, is a Nigerian businessman and Group Chairman of First HoldCo Plc. His career has included leadership and investment activity in Nigeria's downstream oil-and-gas and power sectors, notably through African Petroleum and Forte Oil, and Geregu Power.

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About Femi Otedola

Profile information current to 2026-08-22.

Nigeria · Businessman · 3 affiliations

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Also known as: Olufemi Otedola, Peter Olufemi Otedola
Known for: Nigerian corporate leadership; Energy-sector business
Country: Nigeria

Businessman

At a glance

He has chaired First HoldCo Plc, formerly FBN Holdings Plc, since his appointment on 31 January 2024.
His business career has included Zenon Petroleum and Gas, African Petroleum and Forte Oil, and Geregu Power.
He resigned as chairman of Geregu Power effective 29 December 2025, when the indirect controlling interest previously held by him and Calvados Global Services transferred to MA'AM Energy.
He is also listed as Chancellor of Augustine University.
He received Nigeria's Commander of the Order of the Niger national honour in May 2010.

Background

Otedola was born on 4 November 1962. A National Open University of Nigeria course unit reports that he obtained a university degree at Obafemi Awolowo University, Ile-Ife, although the collected evidence does not include a record from the degree-awarding institution or an independently corroborating primary biography.

Oil, gas and power interests

Otedola entered Nigeria's downstream oil-and-gas sector through Zenon Petroleum and Gas. In 2007 he became chairman of African Petroleum after initiating the acquisition of a majority interest; the company was subsequently renamed Forte Oil. He sold his Forte Oil shareholding to the Ignite Consortium in December 2018 and handed over following completion of the transaction in June 2019. His power-sector activities included Geregu Power, where he served as chairman before resigning effective 29 December 2025.

Leadership of First HoldCo

Otedola was appointed chairman of FBN Holdings Plc on 31 January 2024 and continued in the role after the company became First HoldCo Plc. The company's board directory and a June 2026 capital-raising announcement identified him as Group Chairman. First HoldCo also reported that, at 31 March 2026, he held 3,251,346,245 shares directly and 4,803,968,241 shares indirectly, representing 7.31% and 10.81% respectively; those figures are period-end disclosures rather than confirmation of his holdings after that date.

Other roles and recognition

Augustine University lists Otedola as its Chancellor. He was awarded the Commander of the Order of the Niger, a Nigerian national honour, in May 2010.

Affiliations

First HoldCo Plc Group Chairman 2024-01-31–present
Augustine University Chancellor present
Geregu Power Plc Chairman 2025-12-29

Timeline

1994 A National Open University of Nigeria course unit reports that Otedola established Centre Force Limited, a finance, investment and trading business.
2007-05-25 He became chairman of African Petroleum Plc after initiating the acquisition of a majority interest in May 2007; the company was subsequently renamed Forte Oil Plc.
2010-05 He received the Commander of the Order of the Niger national honour.
2013-08 Amperion Power Distribution Company Limited acquired a majority stake in the Geregu Power Plant.
2024-01-31 He was appointed Chairman of the Board of Directors of FBN Holdings Plc, now First HoldCo Plc.
2025-12-29 Geregu Power announced his resignation as chairman and the transfer to MA'AM Energy Limited of the indirect controlling interest previously held by him and Calvados Global Services Limited.

Additional verified details

Current context

First HoldCo's board directory lists Olufemi Otedola, CON as Group Chairman. This official website status should be rechecked if the profile is used after the stated as-of date.
A First HoldCo press release identified Femi Otedola as Group Chairman when announcing the company's private-placement capital raise.
First HoldCo reported that Otedola held 3,251,346,245 shares directly, or 7.31%, and 4,803,968,241 shares indirectly, or 10.81%, as of 31 March 2026. This is a period-end disclosure and should not be treated as a current holding after 31 March 2026 without a newer filing.
Geregu Power's board accepted Otedola's resignation as chairman effective 29 December 2025.

Biographical facts

He was born on 4 November 1962.
A National Open University of Nigeria course unit reports that he obtained a university degree at Obafemi Awolowo University, Ile-Ife.
His early entry into Nigeria's downstream oil-and-gas sector was through Zenon Petroleum and Gas Limited.
He sold his Forte Oil shareholding to the Ignite Consortium in December 2018 and handed over after the transaction was completed in June 2019.
He received Nigeria's Commander of the Order of the Niger national honour in May 2010.