Nnamdi Okonkwo Takes Over As FBN Holdings MD

…As FBN Holdings renews Adeduntan’s Appointment

NNAMDI Okonkwo, the immediate past Fidelity Bank head will take over as new group managing director of FBN Holdings Plc, the parent company of Nigeria’s oldest bank FirstBank, effective from January next year, the financial services group said Thursday. Mr Okonkwo takes over from U.K Eke, whose second term in office terminates on December 31, according to the holdco’s note to the Nigerian Exchange Limited.

The holdco renewed the appointments of FirstBank Managing Director Adesola Adeduntan and his deputy, Gbenga Shobo. It equally declared the renewal of the appointments of Kayode Akinkugbe and Taiwo Okeowo as the managing director and the deputy managing director of FBN Quest Merchant Bank Limited respectively.The board decision is coming five days after the chairman of Geregu Power Plc, Femi Otedola, declared his 5.07 per cent stake in the group, making him a substantial shareholder.

It also comes a day after Tunde Hassan-Odukale (FirstBank’s chairman) responded to a query from the exchange to FBN Holdings, seeking clarification on why the shareholding of Hassan-Odukale and related parties were classified into two parts of 4.16 and 1.20 per cent respectively, totalling 5.36 per cent. Mr Okonkwo will now be looking to the Central Bank of Nigeria (CBN) to give its nod and the shareholders at the next annual general meeting for the appointment to be consummated.

Mr Okonkwo has been facing charges from the Economic and Financial Crimes Commission for his part in a corruption allegation that involves his part in moving $153.3 million from the Nigerian National Petroleum Commission in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister. With a career in banking spanning over three decades, Okonkwo has firsthand experience in business strategy development and visioning, risk management and corporate governance.

He served as Fidelity Bank CEO for seven years and was a one-time managing director of UBA Ghana, director at UBA Liberia and a director of Ghana National Banking College.

FBN Holdings also disclosed in the statement the appointment of Tope Orhionsefe Omage as a non-executive director of FirstBank with approval expected from the CBN. The Holdco appointed Meristem Registrars Limited as its new registrars in replacement of First Registrars and Investors Services Limited, a subsidiary of FBN Holdings

Chimara Bygold

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