FBN Holdings appoints Wale Oyedeji, former GTBank director, as new GMD

FBN Holdings Plc has announced Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024. This appointment awaits approval from the Central Bank of Nigeria and shareholder ratification at the next Annual General Meeting.

Oyedeji succeeds Nnamdi Okonkwo, who is retiring after completing his term. With over 30 years of banking experience, Oyedeji brings expertise in corporate banking, treasury, and commercial banking.

He previously served as Managing Director/CEO of Nova Commercial Bank, where he led the institution’s transformation and retail banking expansion. Oyedeji holds a Bachelor of Science in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of Harvard Business School’s Advanced Management Program.

Oyedeji’s career includes roles as Managing Director of Guaranty Trust Bank UK from 2008 to 2011, Executive Director for Guaranty Trust Bank Plc’s Corporate Banking Group, and Independent Non-Executive Director at Stanbic IBTC Bank.

At FBN Holdings, Oyedeji will implement the company’s new 5-year strategic plan, overseeing operations at the Holdco and its subsidiaries.

FBN Holdings’ Group Chairman, Mr. Femi Otedola, CON, stated, “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 and sustaining its undisputed leadership position.”

This appointment is part of significant leadership changes at FBN Holdings this year. Femi Otedola, the largest individual shareholder since 2021, became Chairman earlier in the year. In March 2024, five elite directors were appointed to strengthen corporate governance.

Recently, Olusegun Alebiosu was confirmed as MD/CEO of First Bank, a subsidiary of FBN Holdings.

The outgoing GMD, Nnamdi Okonkwo, has been crucial in guiding FBN Holdings through these changes, restoring investor confidence and profitability. Wale Oyedeji is expected to continue this strategic evolution.