Mr. Peter Olufemi Otedola, CON, was appointed Group Chairman of the Board of Directors of First HoldCo Plc on 31 January 2024. He is a visionary entrepreneur with a track record of pioneering businesses and transforming corporations.
His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited, disrupting and redefining standards in the industry. He thereafter purchased the majority shareholding in the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007. His vision transformed African Petroleum Plc into Forte Oil Plc. The Company grew by leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance and position as an investment of choice within the oil and gas industry.
In 2013, he divested from Forte Oil Plc and acquired the controlling shares in Geregu Power Plc which become the first power generation company to be listed on the Nigerian Exchange Limited. Following the successful transformation and growth of Geregu Power Plc, he subsequently divested his interest in the company, bringing to a close another significant chapter in his involvement in Nigeria’s power sector and his foray into the banking sector.
His investments span multiple sectors, including banking, storage, shipping, insurance brokerage, port agencies and petroleum retail outlets. Mr. Otedola has rich and formidable experience on corporate boards, having held several board memberships, including being the President of the Nigerian Chamber of Shipping. He also served as the Chairman of Transcorp Hilton Hotel, Abuja.
He was appointed a Member of the Governing Council of the Nigerian Investment Promotion Council (NIPC) in 2004. He was also a Member of the National Economic Management Team, chaired by Former President Goodluck Jonathan and the Honorary International Investors Council, chaired by Baroness Lynda Chalker. He is currently a member of the revered National Peace Committee.
Mr. Otedola has received several awards and recognitions for his immense contributions to the growth of the Nigerian economy, including the conferment of the prestigious National Honour “Commander of the Order of the Niger (CON)” by former President Goodluck Jonathan in May 2010.
Shortly after its release on August 18, 2025, Mr. Otedola’s best-selling memoir, Making It Big, reached the number one spot on Amazon’s bestseller list in the business category. The book received high-profile global endorsements and became an inspirational piece among aspiring young entrepreneurs.
He is a philanthropist with deep involvement in educational causes at all levels via the Sir Michael Otedola Scholarship Awards Foundation and demonstrates his passion for his immediate and extended communities by committing significant financial resources to the sponsorship of promising but financially disadvantaged students. He is the current Chancellor of Augustine University in Ilara, Epe, Lagos State. Mr. Otedola is the Vice President of “Save the Children,” a UK-based charity group. He is an accomplished family man, happily married and blessed with children.
