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FBNH announces key leadership appointments

…appoints Okonkwo new GMD lU.K. Eke retires voluntarily

…renews Adeduntan, Shobo’s contractsEl

The board of the FBN Holdings Plc has announced the retirement of Group Managing Director, Mr. U.K. Eke, and appointment of Mr. Nnamdi Okonkwo as the new Group Managing Director. It also approved the renewal of Dr. Adesola Adeduntan and Mr. Gbenga Shobo’s appointments as the Managing Director and Deputy Managing Director of FirstBank respectively, for another term.

Similarly, it sanctioned the renewal of the appointments of Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited, respectively, for another term. These were contained in a notice to the Nigerian Exchange Limited (NGX), signed by Seye Kosoko, Company Secretary. Specifically, the board said that it accepted the notice of voluntary retirement of Mr. Eke with effect from December 31, 2021, having served for two terms.

Consequently, it approved the appointment of Mr. Okonkwo as the new Group Managing Director of FBN Holdings Plc, with effect from January 1, 2022, subject to the approval of the Central Bank of Nigeria (CBN) and the shareholders at the next Annual General Meeting (AGM) of the Company.

Ekeh, who took over from the pioneer Group CEO, FBN Holdings, Mr. Bello Maccido, when the group announced major changes to its leadership team, effective January 1, 2016, has over 30 years post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.

Okonkwo, who was the immediate past CEO of Fidelity Bank Plc, was appointed to the Board of Fidelity Bank in April 2012 as an Executive Director and was subsequently appointed the MD/CEO on January 01, 2014. He implemented a Digital-led Strategy, which led to significant growth across key performance matrix and increased market share, with the Bank currently ranked 6th amongst Nigerian banks on most performance indices. Some of his key achievements include Profit before tax (PBT) growth of 236 per cent from N9.0billion to N30.4billion; return on equity (RoE) increase from 5.5 per cent to 13.3 per cent; customer deposits growth of 68 per cent from N806.3 billion to N1, 352.3 billion and savings deposit growth of 275 per cent from N83.3 billion to N312.1 billion.

Other notable achievements include net loans and advances growth of 174 per cent from N426.1 billion to N1,165.8 billion; customer base increase by 121 per cent from 2.4 million to 5.3 million and digital banking penetration improvement from 1.0 per cent to 50.1 per cent, accounting for 28.4 per cent of total fee income. In addition, the lender successfully accessed the local and international markets through the issuance of N30 billion corporate bonds in 2015 and $400 million Eurobonds in 2017 under his leadership. The statement noted that the board also ratified the appointment of Mrs. Tope Orhionsefe Omage as a Non-Executive Director of First Bank of Nigeria Limited, subject to the approval of the CBN. It added that the board approved the appointment of Meristem Registrars Limited as the new Registrars to take over the Register of Members of FBN Holdings Plc in replacement of First Registrars and Investors Services Limited, with effect from December 1, 2021.

 

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