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FBN Holdings Appoints Nnamdi Okonkwo as GMD

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The board of FBN Holdings Plc has appointed Nnamdi Okonkwo, as its Group Managing Director (GMD). The appointment takes effect from January 1, 2022.

The board also approved the renewal of the appointment of Mr. Adesola Adeduntan as the Managing Director of First Bank for another term.

The board accepted the notice of voluntary retirement of Group Managing Director, U.K. Eke, with effect from December 31.

A statement by FBN Holdings Company Secretary Seye Kosoko said the decision aligns with the Nigerian Exchange Group (NGX) Rule Book.

Okonkwo is the immediate past Managing Director of Fidelity Bank Plc.

The statement said: “The board approved the appointment of Nnamdi 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 of the company.

“It also approved the appointment of Mrs. Tope Omage, as non-Executive Director in First Bank of Nigeria Limited., subject to the approval of the CBN.

“The board approved the renewal of the appointments of Kayode Akinkugbe and Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Ltd respectively, for another term,” the statement said.

“The board, equally, approved the appointment of Meristem Registrars Limited as the new Registrars to take over the Register of Members of FBNH in replacement of First Registrars and Investors Limited, with effect from December 1, 2021.

“Eke tendered his notice of retirement on August 10, 2021. His retirement takes effect at the end of the current Financial Year on December 31, 2021.

“Eke’s retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process re- engineering 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 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.

FBN Holdings described Okonkwo “as a focused and result-oriented top banker who brings to bear on the Board of FBN Holdings 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.”

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