By Kayode Tokede
The board of FBN Holdings Plc has approved the appointment of Mr Nnamdi Okonkwo, as its new Group Managing Director, with effect from Jan. 1, 2022.
Okonkwo was the immediate past Managing Director of Fidelity Bank Plc.
Company Secretary, FBN Holdings, Mr. Seye Kosoko in a statement on Thursday said the appointment followed notice of the retirement of the Group Managing Director, Mr U.K. Eke, with effect from Dec. 31, 2021, having served for two terms.
It noted that the notice was in accordance with Nigerian Exchange Group (NGX) Rule Book.
The statement explained that, “Eke’s retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process reengineering and capital market operations.
“He has spent almost 11 years in the FBN Holdings Group, serving meritoriously in the last six years as Group Managing Director. He has been able to build sustainable synergies across the FBN Holdings 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, FBN Holdings share price was N5.13 and market capitalization of N175billion 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 N445billion and price to book of 0.58.
“The FBN Holdings Board has also announced that Eke will be succeeded by Mr Nnamdi Okonkwo, a focused and result-oriented top banker, who will assume office as Group Managing Director, FBN Holdings Plc effective January 1, 2022.
“Okonkwo, the immediate past Chief Executive Officer of Fidelity Bank Plc, 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.
“Okonkwo previously served as the Executive Director for Southern Nigeria in Fidelity Bank. He has worked meritoriously on an international level in his capacity as the Managing Director of UBA Ghana; Director, UBA Liberia and a Director of the Ghana National Banking College.
“He has served in various leadership positions across other financial institutions including Broad Bank of Nigeria Ltd; Citizens International Bank, Nigeria; FSB International Bank Plc, Nigeria; Guaranty Trust Bank Plc, Nigeria; and Merchant Bank of Africa, Nigeria.
“Okonkwo made remarkable feats as a Director in various organizations including UBA Ghana, UBA Liberia, Nigeria e-government Strategy (Negst), Nigeria Interbank Settlement System Plc, Unified Payment System Ltd and as Chairman, Shareholders Audit Committee FMDQ, amongst others.
“His appointment is subject to the approval of regulatory authorities.”
It also approved the appointment of Mrs Tope Omage, as non-Executive Director in First Bank of Nigeria Ltd., subject to the approval of the CBN.
The board approved the renewal of the appointments of Dr Adesola Adeduntan and Mr Gbenga Shobo as the Managing Director and Deputy Managing Director of First Bank of Nigeria Ltd., for another term.
“The board approved 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 Ltd respectively, for another term,” said the statement.
The board, however, approved the appointment of Meristem Registrars Ltd as the new Registrars to take over the Register of Members of FBNH in replacement of First Registrars and Investors Ltd, with effect from Dec. 1, 2021.