FBN Holdings Plc announces Major Leadership Appointments

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FBN Holdings Plc, the leading and most diversified financial services group in Nigeria, today announced major changes to its leadership team, effective January 1 2016. Mr. Bello Maccido, pioneer Group CEO, FBN Holdings, is leaving his position to become pioneer Chairman of the newly-licenced FBN Merchant Bank Ltd, while Mr. UK Eke (MFR), currently Executive Director, South, First Bank of Nigeria Ltd replaces him as Group Managing Director-designate, FBN Holdings Plc.

UK Eke (MFR)
Mr. UK Eke (MFR)

Other changes at FirstBank will see the current Chairman, Prince Ajibola Afonja, retire and Mrs. Ibukun Awosika become the Chairman, First Bank of Nigeria Ltd.  Following a rigorous selection process driven by the Board and supported by Heidrick & Struggle, the internationally renowned executive search firm, Dr. Adesola Adeduntan, the current Executive Director/CFO emerged Managing Director-designate, First Bank of Nigeria Ltd, while Mr. Gbenga Shobo, the current Executive Director, Lagos & West, emerged Deputy Managing Director-designate. This comes on the heels of the Group’s earlier notice of Mr. Bisi Onasanya’s retirement as GMD/CEO of the Bank. These decisions have been ratified by the Board of Directors, subject to all necessary regulatory approvals and all take effect from January 1, 2016.



ibukun awosika
Mrs. Ibukun Awosika


 Adesola Adeduntan
Dr. Adesola Adeduntan

As pioneer Group CEO of the FBN Holdings Group in very critical times, Bello birthed the process to establish the multi-faceted group to comply with diverse regulatory requirements, navigating through uncharted territory. He will undoubtedly bring his wealth of experience, spanning over 30 years post call to Bar experience as an accomplishedRetail, Corporate and Investment banker, to bear in his new role chairing the Board of the emergent FBN Merchant Bank Ltd.

The incoming Group Managing Director, UK has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.

Sola, the Managing Director-designate, has garnered diverse expertise in Treasury & Financial Management, Risk Management, Accounting, Corporate Governance and Strategy Development, Advisory and Compliance.

The new DMD-designate, Gbenga has a banking career spanning over 25 years with experience in Corporate banking, Institutional banking, Commercial banking, Retail banking and Treasury.

In announcing the appointments, Dr. Oba Otudeko, (CFR), Group Chairman, FBN Holdings, explained: “Following an exhaustive and competitive process, we are proud to announce these appointments. In reaching these decisions we are mindful of the imperatives for a more efficient group structure that will benefit the Group’s need to deploy systems which deepen efficiency while expanding revenue and returns on investment. We are confident that we have made the right choices in these appointees. In selecting our MD and DMD we were particularly mindful to identify outstanding and topnotch professionals with complementary and mutually reinforcing skill set.”

“These appointments are a testament to the strength of our succession planning mechanisms and the caliber of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the Group, customers and employees, even as we strive to return greater value to shareholders,” he said.

With this leadership restructuring, the FBN Holdings Group is poised to continue the drive to deepen its foothold across Africa, whilst maintaining presence in various regions of the world.



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1 comment

  1. Going through the Profile of Dr. Adesola Adeduntan, also considering the background of the challenges faced by the outgoing administration of Mr. Bisi Onasanya, it is very clear the direction the board of the bank has decided to go. What is the direction? Cost Savings. – That this the job the new man has been called to do. Meanwhile, in an interesting way, A DMD with a sound industry marketing view was appointed to support him. So, in the leadership, we now have a man that is ready to cut all the cost plus a man that must advance real reasons to spend. Very good.

    Likely fallouts:
    1. Tougher promotion hurdles to cross. Promotion bar likely to be raised
    2. Some fringe benefits are likely to go.
    3. The usual top heavy recurrent expenditure likely to be whittle down,
    4. Marketing Spending to be more on courses that will yield reasonable millage and bring values only.

    Wishing the new leadership a wonderful flight. I pray that they will be able to surround themselves with good team players.


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