FBN Holdings, the parent company of First Bank of Nigeria Limited, has officially announced the appointment of Mr. Ebenezer Olufowose as the new Chairman of the bank’s board. This development comes as the tenure of the outgoing Chairman, Mr. Tunde Hassan-Odukale, has expired after 12 years on the board, in adherence to the Central Bank of Nigeria’s (CBN) tenure guidelines for Non-Executive Directors.
In an official filing published on the stock exchange website on Thursday, FBN Holdings stated, “Mr. Tunde Hassan-Odukale has stepped down as Chairman, First Bank of Nigeria Limited, following the expiration of his tenure.”
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Olufowose, who joined the FirstBank Board as a Non-Executive Director in April 2021, brings a robust wealth of experience spanning over three decades in the financial sector. Prior to his new role, he served as the Group Managing Director of First Ally Capital Limited, a notable investment banking firm in Lagos.
“Mr. Ebenezer Olufowose has been appointed as the new Chairman of FBN Limited,” the company announced.
Olufowose’s appointment comes at a time when First Bank is undergoing leadership changes. Earlier, the former Managing Director of First Bank Limited, Adesola Adeduntan, also resigned from his position.
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The appointment of Olufowose as the new Chairman is expected to bring fresh perspectives and strategic guidance to the bank’s operations. With his extensive experience in the financial sector, he is well-positioned to navigate the challenges and opportunities facing the banking industry.
First Bank, one of Nigeria’s leading financial institutions, has been at the forefront of the country’s banking sector for decades. The change in leadership marks a new chapter for the bank, as it seeks to strengthen its position and adapt to the evolving business landscape.