First bank appoints five new directors

Alex Omenye
Alex Omenye

Nigeria’s foremost bank banking with a legacy spanning 130 years, FBN Holdings, is embarking on a journey under billionaire investor Femi Otedola.

This is marked by the appointment of five directors, signaling a strategic shift towards robust governance and enhanced operational effectiveness.

At the helm of this new era is Mr. Olufemi Otedola, assuming the role of Chairman of the Board of Directors in January, succeeding Alhaji Ahmad Abdullahi. With a vision fueled by decades of entrepreneurial acumen and strategic foresight, Otedola’s leadership sets the stage for a dynamic phase of growth and innovation within FBN Holdings.

Joining the ranks of the HoldCo and its subsidiary, the Bank, are three new Non-Executive Directors and two Independent Non-Executive Directors. Each appointee brings a formidable array of skills and experiences, reflecting a commitment to diversity and excellence in leadership.

Mr. Olusola Adeeyo, former Chairman of AXA Mansard Insurance Plc, brings a wealth of expertise in financial services, garnered from his tenure at renowned institutions such as Citibank and Stanbic IBTC Bank. His strategic insights and industry knowledge will undoubtedly enrich boardroom deliberations, guiding FBN Holdings toward sustainable growth and profitability.

Viswanathan Shankar, Co-founder and CEO of Gateway Partners stands as a beacon of innovation and entrepreneurship in the global investment landscape. With a distinguished career spanning leadership roles at Standard Chartered Plc and Bank of America, Shankar’s strategic guidance will fortify FBN Holdings’ position in dynamic growth markets across Africa and beyond.

Mrs. Remilekun Adetola Odunlami, a seasoned risk management expert, brings invaluable insights gleaned from her tenure at Citibank Nigeria Limited and FirstBank. As an advocate for prudent risk governance, Odunlami’s appointment underscores FBN Holdings’ commitment to maintaining the highest standards of integrity and accountability.

Mr. Anil Dua, with a rich background in banking and finance, has held directorial positions at Standard Chartered Bank Limited and various other prominent institutions. His astute leadership and strategic vision will bolster FBN Holdings’ efforts to navigate complex regulatory landscapes and seize emerging opportunities.

Mrs. Fatima Ibrahim Ali, a trailblazer in business development and strategic partnerships, brings a wealth of experience from her tenure at Santi Food and Beverage Limited and Adcity Limited. Her unwavering commitment to excellence and innovation will drive FBN Holdings towards new heights of success and sustainability.

As FBN Holdings charts a course towards operational excellence and strategic agility, these appointments signify a commitment to fostering a culture of innovation, integrity, and inclusivity. With a robust governance framework in place, underpinned by the collective expertise of its esteemed directors, FBN Holdings is poised to redefine its role as a leader in the Nigerian and international banking sectors.

The market response to these developments has been promising, with FBN Holding’s share price closing at N39.6/share, reflecting a 68% year-to-date increase. While the stock remains 10% below its year high of N43.95/share, investor confidence in the bank’s future prospects is palpable, positioning it as one of the best-performing banking stocks in the market.

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