FBNHoldings Plc, one of Nigeria’s premier financial institutions, has announced the appointment of Adebowale (Wale) Oyedeji as its new Group Managing Director (GMD). The appointment, which will take effect on November 13, 2024, is pending approval from the Central Bank of Nigeria and ratification by shareholders at the next Annual General Meeting. This leadership transition marks a significant moment for the company as it continues to evolve in a dynamic and competitive banking landscape.
Adebowale Oyedeji steps into this role with over 30 years of experience in the banking sector, having held prominent positions across corporate banking, treasury, and commercial banking. His appointment comes at a pivotal time for FBNHoldings, as the company is undergoing strategic board changes and implementing a new five-year plan designed to solidify its leadership position in the market.
Prior to joining FBNHoldings, Oyedeji served as the Managing Director/CEO of Nova Commercial Bank, where he played a crucial role in transforming the institution into a commercial bank and expanding its operations into retail banking. His vast expertise in corporate banking was further developed during his time as Managing Director of Guaranty Trust Bank UK from 2008 to 2011. He was later appointed as an Executive Director for the Corporate Banking Group of Guaranty Trust Bank Plc, a role in which he significantly contributed to the bank’s growth. His leadership credentials are further bolstered by his position as an Independent Non-Executive Director at Stanbic IBTC Bank.
FBNHoldings Chairman, Femi Otedola, expressed confidence in Oyedeji’s ability to lead the organization into its next phase of growth. “The Board is pleased to welcome Wale Oyedeji to the Holdco and looks forward to him building on the solid foundation of our 130-year-old franchise while sustaining its undisputed leadership position,” Otedola remarked.
Wale Oyedeji holds a Bachelor of Science degree in Agricultural Economics from the University of Ibadan and a Master of Science degree in Financial Economics from the University of London. Additionally, he is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the Advanced Management Program at Harvard Business School, making him well-equipped to navigate the complex regulatory and economic environment of Nigeria’s banking sector.
This appointment is part of a broader strategic shift within FBNHoldings that has seen several leadership changes in recent years. Earlier in 2024, Femi Otedola, who became the largest individual shareholder in FBNHoldings in 2021, was appointed as the Chairman of the Board. Under his leadership, the company has sought to reinforce its corporate governance and strategic vision, culminating in the appointment of five elite directors earlier this year.
As Oyedeji takes over from Nnamdi Okonkwo, who has been credited with restoring investor confidence and guiding the institution back to profitability, all eyes will be on the incoming GMD to maintain the momentum. Oyedeji’s wealth of experience and strategic insight will be instrumental in steering FBNHoldings through its next chapter, ensuring it remains at the forefront of Nigeria’s financial services industry.
