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 depends on shareholder ratification at the next Annual General Meeting and permission from the CBN.
• Nnamdi Okonkwo will resign at the end of his term and the new appointee will assume his position

Legit.ng journalist Zainab Iwayemi has over 3 years of experience covering economics, technology and capital markets.`

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 approval by the Central Bank of Nigeria and shareholder ratification at the next Annual General Meeting.

A release on the Nigerian Stock Exchange revealed that the new appointee will replace Nnamdi Okonkwo, who will retire after completing his term.

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Outgoing GMD Okonkwo was crucial in helping FBN Holdings navigate these boardroom changes, regaining investor confidence and guiding the company back to profitability.

The new GMD

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

Most recently, he served as managing director and executive director 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 foundation of our 130-year-old franchise and sustaining its 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 presents reasons for selling subsidiary

Legitimate.ng reported that FBN Holdings Plc has provided an explanation of the rationale behind the sale of its commercial banking subsidiary to EverQuest Acquisition LLP.

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

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

Source: Legit.ng