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FBN Holdings Appoints Nnamdi Okonkwo as Holdco MD; UK Eke Retires; Renews Adeduntan's Appointment

Oct 28, 2021   •   by   •   Source: Proshare   •   eye-icon 5127 views

Thursday,October 28, 2021 / 03:10 PM / by NGX / Header Image Credit: EcoGraphics

 

The Board of FBN HoldingsPlc has announced that Mr. U.K. Eke, MFR, is poised to retire as Group ManagingDirector, FBNHoldings, Nigeria's foremost banking and financial services group,following the successful completion of his two-term tenure and his Notice ofRetirement which he tendered August 10, 2021. His retirement takes effect atthe end of the current Financial Year on December 31, 2021. Mr. Eke'sretirement follows from a 35 years' career in financial services, strategy,auditing, consulting, taxation, process reengineering and capital marketoperations. He has spent almost 11 years in the FBNHoldings Group, servingmeritoriously in the last six years as Group Managing Director.

 

He has been able to buildsustainable synergies across the FBNHoldings Group, fostering collaborations tomaximize business development opportunities with diverse stakeholders globally.His tenure has witnessed an upsurge in value creation for shareholders andother stakeholders, with a diversified and healthier portfolio. Remarkably, asat January 01, 2016, FBNHoldings share price was N5.13 and marketcapitalization of N175b trading at price to book of 0.29; whereas comparativelyas at October 26, 2021, the price was N12.40, with market capitalization ofnearly N445b and price to book of 0.58.


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The FBNHoldings Board hasalso announced that Eke will be succeeded by Mr Nnamdi Okonkwo, a focused andresult-oriented top banker, who will assume office as Group Managing Director,FBN Holdings Plc effective January 1, 2022. Okonkwo, the immediate past Chief ExecutiveOfficer of Fidelity Bank Plc, brings to bear on the Board of FBNHoldings morethan 30 years unbroken banking career spanning local and internationalexperience.

 

He has a wealth ofexperience in transformational leadership, business strategy development andvisioning, innovative corporate governance and risk management. He has led thetransformation of banks, with the most recent being Fidelity Bank, where he ledthe management team in seven years to achieve remarkable results culminating intripling profit and shareholder value.

 

Okonkwo previously servedas the Executive Director for Southern Nigeria in Fidelity Bank. He has workedmeritoriously on an international level in his capacity as the ManagingDirector of UBA Ghana; Director, UBA Liberia and a Director of the GhanaNational Banking College. He has served in various leadership positions acrossother financial institutions including Broad Bank of Nigeria Ltd; CitizensInternational Bank, Nigeria; FSB International Bank Plc, Nigeria; GuarantyTrust Bank Plc, Nigeria; and Merchant Bank of Africa, Nigeria. Mr Okonkwo maderemarkable feats as a Director in various organizations including UBA Ghana,UBA Liberia, Nigeria e-government Strategy (Negst), Nigeria InterbankSettlement System Plc, Unified Payment System Ltd and as Chairman, ShareholdersAudit Committee FMDQ, amongst others.

 

His appointment is subjectto the approval of regulatory authorities.

 

The Board of FBN HoldingsPlc. approved the appointment of Mrs Tope Orhionsefe Omage as a Non- ExecutiveDirector of First Bank of Nigeria Limited by the Board of FirstBank, subject tothe approval of the CBN.

 

The Board furtherannounced the renewal of the appointments of Dr. Adesola Adeduntan and Mr.Gbenga Shobo as the Managing Director and Deputy Managing Director of FirstBankrespectively, for another term.

 

In same vein, the Boardannounced the renewal of appointments of Mr. Kayode Akinkugbe and Mr. TaiwoOkeowo as the Managing Director and Deputy Managing Director of FBNQuestMerchant Bank Limited respectively, for another term. 


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PDF -100 Days After CBN's Board Removal: First Bank's Shaky House of Cards Report(PDF)

1.         Executive Summary: 100 Days After CBN's Board Removal: First Bank's ShakyHouse of Cards -  September 19, 2021

2.        Full Report: 100 Days After CBN's Board Removal: First Bank's Shaky House ofCards  -  September 19, 2021

 

 

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RelatedArticles/References

1.         The Phoenix:Matters Arising as Otedola Acquires 5% Interest in FBNH – Oct 25, 2021

2.        FBNHoldings Notifies of a New Investor With Over 5% Stake - Oct 24,2021

3.         FBNH Investors Chase Value - Understanding theHoldco's 34.78% Share Price Rise in 2 Weeks - Oct 17,2021

4.        100 Days After CBN's Board Removal: First Bank's ShakyHouse of Cards. -Sept. 19, 2021

5.         Of First Bank and Bad Debtors; A System's ThrobbingHeadache - Apr 30, 2021 - Proshare Editorial

6.        CBN Removes Boards of First Bank of Nigeria, FBNHoldings; Appoints New Chairmen - Apr 29, 2021 - ProshareNews

7.         Analyzing the H1 2017 Performance of FBNHoldings Plc- A Comprehensive Report/Review on the Company - Oct 23,2017, Proshare Research

8.        FBNHoldings Plc Q1' 2017 Performance AssessmentReport Updated - Sep 25, 2017, Proshare Research

9.        Bank NPLs (23) - The Case for a New Approach - Jun 07, 2020- Debtors Africa

10.      W. Chan Kimand Renee Mauborgne (2004) "Blue Ocean Strategy" 

11.       Board Governance: A Thin Line Between Oversight andOperations - Sep 28, 2020 - IoD Centre for CorporateGovernance

12.       Leadership, Change and Corporate Transformation - TheNigerian Experience  Nov 07, 2017, Olufemi AWOYEMI -Proshare

13.       CEO Remuneration 2021 Report: From COVID toCollaboration - Aug 01, 2021, Proshare Research

14.       Memo to the Market - The NSE, Oscar Onyema Foundationand Corporate Governance - Aug 20,2018, Olufemi Awoyemi, Proshare

15.       FBN Holdings Plc - IR Page on Proshare Markets - ProshareResearch

16.       Annual Accounts - IR Page in Proshare - Proshare Research

17.       Bernard Longe wins suit against First Bank Plc,Supreme Court decides today - Mar 05,2010, Proshare

 


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