Olufowose Appointed as New Chairman of First Bank, Succeeding Hassan-Odukale

FBN Holdings Plc, one of the largest banking and financial holding companies in Africa, has declared the retirement of Tunde Hassan-Odukale as the chairman of its subsidiary, First Bank of Nigeria Limited. Additionally, Olufowose succeeds Hassan-Odukale in the company.

This development arose after twelve years of Mr Hassan-Odukale’s service to the financial institutions.

Olufowose succeeds Hassan-Odukale: Tunde Hassan’s Journey In FBN

According to a released statement, Mr Tunde’s retirement is in line with the number of years for a non-executive director to end their tenure. This is one of the rules stipulated in corporate governance guidelines of the Central Bank of Nigeria (CBN).

Before Mr Tunde’s retirement, Adesola Adeduntan, the former CEO of First Bank of Nigeria Limited, resigned after spending nine years in the position. Following his resignation, the group canceled the general meeting planned for April 30, 2024, to authorize plans for a capital raise.

Adeduntan and Odunkale were the only survivors of a 2021 CBN-led boardroom shake-up that swept away all the bank’s directors. With both gone, the bank will look forward to getting back on the road for recapitalization.

Olufowose succeeds Hassan-Odukale: The Board Appoints A New Chairman

With retirement comes a void that FBN Holdings has to fill to continue the proper functioning of the bank. The board of the bank selected a few options and appointed the best fit for the role. The board appointed Mr. Ebenezer Olufowose as the new Chairman of the FBN Board of Directors.

The statement read, “The board of FirstBank has appointed Ebenezer Olufowose, a non-executive director as the new chairman of the board of directors of First Bank of Nigeria Limited.”

Olufowose joined the board of directors of FBN Limited Plc on April 29, 2021. Additionally, he is the managing director for First Ally Capital Limited, an investment banking firm in Lagos.

Olufowose succeeds Hassan-Odukale: About Olufowose Ebenezer

The new chairman, a first-class honors degree holder, started his banking career in 1985 at NAL Merchant Bank Plc. He has 36 years of experience in the financial services industry. He’s experienced particularly in corporate finance, project finance, and investment banking to the board.

A first-class honours degree holder in Economics from the University of Lagos, Ebenezer holds an MA in International Economics from the University of Sussex, England. He has attended several management and leadership training programs at leading institutions.

These institutions include the Institute of Management Development, Switzerland, Harvard Business School, Boston, USA, and INSEAD Singapore.

He is an Alumnus of the Harvard Business School and the Lagos Business School. Also, he is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.

Moreover, he’s a Fellow of the Institute of Credit Administration and a Fellow of the Association of Investment Advisers and Portfolio Managers.

Conclusion

Before his role on the board, he was executive director at Access Bank Plc, and Citibank Nigeria. He led Citigroup’s origination, structuring, and evacuation of corporate finance and investment banking transactions in Nigeria. His impressive profile is articulated according to a filing on the Nigerian Exchange.

Ebenezer Olufowose has shown that he could fulfill his new role through his impressive experience. His appointment brings a new era to the company as it paves the road for recapitalization.

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