Otedola Reacts as FBN Holding Announces New Group Managing Director
by by Zainab Iwayemi · Legit.ng News · Join- Adebowale Oyedeji has been named the new Group Managing Director of FBN Holdings Plc, with effect from November 13
- This is contingent upon shareholder ratification at the next Annual General Meeting and permission by the CBN
- Nnamdi Okonkwo will resign at the end of his tenure, and the new appointee takes his position
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.`
FBN Holdings Plc has announced the appointment of Adebowale Oyedeji as its new Group Managing Director (GMD), effective November 13, 2024.
This is subject to Central Bank of Nigeria approval and shareholder ratification at the upcoming Annual General Meeting.
A disclosure on the Nigerian Exchange revealed that the new appointee will replace Nnamdi Okonkwo, who will retire after completing his term.
The departing GMD, Okonkwo, has been crucial in helping FBN Holdings navigate these boardroom changes, regaining investor trust and guiding the company back to profitability.
The new GMD
Oyedeji offers a wealth of leadership experience to the position, having worked in corporate, treasury, and commercial banking for more than 30 years.
He most recently served as the managing director and chief executive officer of Nova Commercial Bank, where he was instrumental in the bank's reorganisation and entry into the retail banking market.
Speaking on his appointment, the Group Chairman of FBN Holdings, Femi Otedola, CON, said,
“The Board is pleased to welcome Wale Oyedeji to the Holdco and looks forward to him building on the solid foundation of our 130-year-old franchise and sustaining its undisputed leadership position.”
This leadership transition is expected to enhance FBN Holdings’ long-term strategy and continue its legacy as one of Nigeria’s premier financial institutions.
FBN Holdings gives reasons for selling subsidiary
Legit.ng reported that FBN Holdings Plc has given an explanation of the rationale behind the sale of its merchant banking subsidiary to EverQuest Acquisition LLP.
The Holding company disclosed the names of its other companies and ventures that were left out of the deal.
The Holdings' acting company secretary, Adewale Arogundade, provided the explanation in a notice delivered to Lagos' Nigerian Exchange Ltd. (NGX).