October 28, (THEWILL) – The Board of FBN Holdings Plc has announced that Mr. U.K. Eke, MFR, is to retire as Group Managing Director, FBNHoldings following the successful completion of his two-term tenure and his Notice of Retirement which he tendered August 10, 2021.
The FBNHoldings Board has also announced that Eke will be succeeded by Mr Nnamdi Okonkwo, as Group Managing Director, FBN Holdings Plc effective January 1, 2022. Okonkwo, is the immediate past Chief Executive Officer of Fidelity Bank Plc.
His appointment is subject to the approval of regulatory authorities.
Mr Eke has been able to build sustainable synergies across the FBNHoldings Group, fostering collaborations to maximize business development opportunities with diverse stakeholders globally.
His tenure has witnessed an upsurge in value creation for shareholders and other stakeholders, with a diversified and healthier portfolio.
Remarkably, as at January 01, 2016, FBNHoldings share price was N5.13 and market capitalization of N175b trading at price to book of 0.29; whereas comparatively as at October 26, 2021, the price was N12.40, with market capitalization of nearly N445b and price to book of 0.58.
Mr Okonkwo brings to bear on the Board of FBNHoldings more than 30 years unbroken banking career spanning local and international experience.
He has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance and risk management. He has led the transformation of banks, with the most recent being Fidelity Bank, where he led the management team in seven years to achieve remarkable results culminating in tripling profit and shareholder value.
The Board of FBN Holdings Plc also approved the appointment of Mrs Tope Orhionsefe Omage as a Non- Executive Director of First Bank of Nigeria Limited by the Board of FirstBank, subject to the approval of the CBN.
The Board further announced the renewal of the appointments of Dr. Adesola Adeduntan and Mr. Gbenga Shobo as the Managing Director and Deputy Managing Director of FirstBank respectively, for another term.
In the same vein, the Board announced the renewal of 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.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
