Otedola reacts as FBN Holding announces new group managing director

• Adebowale Oyedeji has been appointed as the new Group Managing Director of FBN Holdings Plc with effect from November 13
• This is subject to shareholder ratification at the next Annual General Meeting and permission from the CBN
• Nnamdi Okonkwo will step down at the end of his term and the new appointee takes over

Legit.ng reporter Zainab Iwayemi has over 3 years of experience covering the economy, technology and capital markets.

FBN Holdings Plc has announced the appointment of Adebowale Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024.

This is subject to the approval of the Central Bank of Nigeria and the ratification of the shareholders at the next Annual General Meeting.

A disclosure to the Nigerian Stock Exchange revealed that the new appointee will replace Nnamdi Okonkwo who will retire after completing his tenure.

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Outgoing GMD Okonkwo has been instrumental in helping FBN Holdings navigate these boardroom changes, regain investor confidence and guide the company to profitability.

The new GMD

Oyedeji brings a wealth of leadership experience to the position, having worked in corporate, treasury and commercial banking for over 30 years.

Most recently, he served as Managing Director and CEO of Nova Commercial Bank, where he was instrumental in the bank’s reorganization and entry into the retail banking market.

Speaking on his appointment, FBN Holdings Group Chairman, Femi Otedola, CON said:

“The Board is pleased to welcome Wale Oyedeji to Holdco and looks forward to him building on the strong foundations of our 130-year franchise and maintaining his undisputed leadership position.”

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This leadership transition is expected to enhance FBN Holdings’ long-term strategy and continue its legacy as one of Nigeria’s leading financial institutions.

FBN Holdings gives reasons to sell subsidiary

Legit.ng reported that FBN Holdings Plc has given an explanation of the reason for the sale of its commercial banking subsidiary to EverQuest Acquisition LLP.

The Holding company disclosed the names of its other companies and companies that were left out of the deal.

The Acting Company Secretary of Holdings, Adewale Arogundade, provided the explanation in a notice delivered to Lagos’s Nigerian Exchange Ltd. (NGX).

Source: Legit.ng