The board of FBN Holdings Plc announced on Thursday the retirement of Mr U.K. Eke as the group managing director of the company, following the successful completion of his two-term tenure.
It also announced that Eke would be succeeded by Mr Nnamdi Okonkwo, the immediate past managing director/chief executive officer of Fidelity Bank Plc.
The board said in a statement that Eke tendered his notice of retirement was on August 10, 2021.
According to the statement, Okonkwo will assume office as the GMD of FBN Holdings Plc effective January 1, 2022 as Eke’s retirement will take effect on December 31, 2021.
It said Okonkwo would bring to bear on the board of FBN Holdings more than 30 years of banking career spanning local and international experience.
His appointment is subject to the approval of regulatory authorities, according to the statement.
The board of FBN Holdings also approved the appointment of Mrs Tope Omage as a non-executive director at First Bank of Nigeria Limited, subject to the approval of the Central Bank of Nigeria.
It announced the renewal of the appointments of Dr Adesola Adeduntan and Mr Gbenga Shobo as the MD and deputy managing director of FirstBank respectively, for another term.
The statement said, “Mr 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.”
The statement said Okonkwo has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance and risk management.
It said he had 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.
The board also announced the renewal of the appointments of Mr Kayode Akinkugbe and Mr Taiwo Okeowo as the MD and DMD of FBNQuest Merchant Bank Limited respectively, for another term.
Meristem Registrars Limited was appointed as the new registrars to take over the Register of Members of FBN Holdings Plc from First Registrars and Investors Services Limited, with effect from December 1, 2021.
Shareholders have expressed excitement over the appointment of Okonkwo as GMD of the holding company for First Bank of Nigeria Limited.
The President, Progressive Shareholders Association of Nigeria, Boniface Okezie, said, “UK did well as the GMD. During his tenure, he helped reposition the bank for progress. Okonkwo also is known in the industry from his time in the United Bank for Africa Plc to Fidelity, where he took the bank up to take its place among its peers in the banking sector before he left.
The President, Pragmatic Shareholders Association of Nigeria, Bisi Bakare, said, “Nnamdi Okonkwo’s appointment is an intelligent and excellent decision taken by the board of FBN Holdings. The performance of Fidelity Bank during his tenure was a good one without fault, and I believe he will also move FBN to a greater height.”