FBN Holdings appoints Nova Bank’s CEO as new group managing director

Mr Adebowale's appointment is subject to the approval of the Central Bank of Nigeria as well as the ratification of FBN Holdings’ shareholders at the annual general meeting of the company.

FBN Holdings has appointed a new group managing director to lead the financial services group effective from 13 November, the corporation announced on Friday.

Adebowale Oyedeji, the current chief executive officer of Nova Bank, will replace Nnamdi Okonkwo, who has held the top executive position at the banking group since January 2022.

Mr Adebowale’s appointment is subject to the approval of the Central Bank of Nigeria as well as the ratification of FBN Holdings’ shareholders at the annual general meeting of the company.

“Wale holds a Bachelor of Science in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London,” FBN Holdings said in a statement.

“He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the Advanced Management Program of Harvard Business School,” it added.

He started his professional career with the consultancy Ernst & Young, where he had early training as an accountant.

His banking career, spanning more than three decades, encompasses treasury, corporate banking, general management as well as commercial banking.

From 2008 to 2011, he held the role of managing director, Guaranty Trust Bank (GTB) UK. Mr Adebowale joined the board of directors of GTB in 2011.

He held the position of executive director, corporate banking group at the top-tier lender, playing a key role in the growth and transformation of the business.

He was a former independent non executive director of Stanbic IBTC Bank, the local subsidiary of South Africa’s Standard Bank.

The turning point of his role as the CEO of Nova Bank was the transformation of the lender from a merchant bank into a commercial bank this year including its foray into retail banking.

FBN Holdings said Mr Adebowale would lead the executive teams at the holding company and its operating companies toward the implementation of its five-year strategic plan.

“The board is pleased to welcome Wale Oyedeji to the Holdco and looking forward to him building on the solid foundation of 130-year-old franchise and sustaining its undisputed leadership position,” said Chairman Femi Otedola.