Breaking: FBN Holdings announces five new directors as Otedola era begins

FBN Holdings Nigeria oldest bank has appointed three new directors for the HoldCo and two more for the Bank marking the beginning of billionaire investor, Femi Otedola’s, tenure as chairman of the holding company.

The directors appointed by the bank all have intimidating resume’s suggesting a new direction for one of Nigeria’s largest financial institution.

• The holding company announced the appointment of Mr. Olusola Adeeyo, and Mr. Viswanathan Shankar as Non-Executive Director of FBN Holdings Plc.
• The bank (a subsidiary of the HoldCo) also appointed Mrs. Remilekun Adetola Odunlami as Non-Executive Director and Mr. Anil Dua and Mrs Fatima Ibrahim Ali as Independent Non-Executive Directors of FirstBank .

All the appointments are subject to the approval of Central Bank of Nigeria and the shareholders at the next Annual General Meeting of the Company.

Profile of the elite directors

Until February 2023, Mr. Adeeyo was the Chairman, AXA Mansard Insurance Plc and had previously served on the board of other reputable companies Including, Central Securities and Clearing Company Plc and Viathan Engineering Limited, among others.

• Mr. Adeeyo’s banking career started at the Corporate Banking Department of the Nigerian International Bank (Citibank) and was later moved to the reconstituted Treasury and Foreign Exchange Unlt of the same bank where he had a remarkable stint.
• He capped his banking career as part of the founding management team/owner group that built and nurtured Investment Banking & Trust Company Limited (IBTC), now Stanbic IBTC Bank Pic, as Director/Group Head, Treasury, and he was credited with significant contributions in formulating and Implementing the strategic direction of the bank.

Viswanathan Shankar, a vastly experienced personality is  Co-founder and Chief Executive Officer of Gateway Partners, a private equity and alternative investments manager focused on investing in the dynamic growth markets of Africa, Asia and the Middle East.

• He previously served as CEO – Europe, Middle East, Africa and Americas, and member of the global board of Standard Chartered Plc.
• Prior to that, he served as Head of Investment Banking for the Asia Pacific at Bank of America. Mr. Shankar is currently a Non-Executive Director on the board of the following companies; Dangote Industries Limited, Nigeria; Vision Blue Resources, Guernsey; Gateway Real Estate Africa, Mauritius; and, Fund for Export Development in AfrIca, Egypt.
• Hls past appointments in Non-Executive roles include the boards of the Inland Revenue Authority of Singapore; Enterprise Singapore; Majid Al Futtaim Holdings, and Vice-Chair of the Future of Banking Global Agenda Council of the World Economic Forum.

Remi Odunlami has served In various management and board leadership positions such as the Director/Country Risk Manager in CitiBank Nigeria Limited where she managed the credit portfolio and enterprise risk management processes within the bank, and she was the first female in Citibank across Africa to serve as an Independent Risk Senior Credit Officer.

• She also served as the Executive Director, Chief Risk Officer in FirstBank, managing a credit portfolio in excess of N1.5 trillion, and simultaneously, as a Non-Executive Director across other FirstBank affiliated entities and subsidiary such as FirstBank UK, FBN Capital and Kakawa Discount House.
• She currently sits on the Board of Access Pensions Limited as an Independent Non-Executive Director and on the Board of Rand Merchant Bank Limited as a Non-Executive Director.
• She Is a fellow of the Chartered Association of Certified Accountants (FCCA), honorary member of the Chartered Institute of Bankers in Nigeria (CIBN), and member of the Institute of Directors (loD).

Mr. Anil Dua has sat on the boards of Standard Chartered Bank Limited in Ghana, Nigeria, Cameroon, and Cote D’Ivoire.

• He also served on the Board of Dangote GSP Offshore FZE, Seychelles International Mercantile Banking Corporation, Heirs Holdings Oil and Gas Limited, Matador Investment Management Limited and Africa Property Development Managers.
• Anil currently sits on the Board of major institutions Including, African Export-Import Bank (Egypt), Network International Plc (United Kingdom), Geregu Power Plc (Nigeria), Gateway Holdings Limited and its several other operating partners.

Mrs Fatima Ibrahim All founded Santi Food and Beverage Limited In 2015, drove the company’s strategic direction and orchestrated business development efforts that yielded over 300% growth in consumer retail and supply channels within the first five years of establishment.

• Prior to that, she co-founded Adcity Limited, establishing strategic partnerships and spearheading operational processes that expanded the business footprint across multiple regions.
• She also co-founded magnet Limited where she brought to bear her skill in policy formulation to set standards for the company’s operations thus delivering strong performance in the financials.
• She currently sits on the Board of Reconnect Health Development Initiative International, a mental health charity organisation and she also partners with other government and non-government organisations to champion the course of education for less privileged children across Nigeria.

Otedola’s influence

FBN Holdings Plc announced the appointment of Mr. Olufemi Otedola as its new Chairman of the Board of Directors in January succeeding Alhaji Ahmad Abudullahi.

His appointment as sets off a new chapter in the 130 year history of the bank.

• Collectively, these appointments suggest that FBN Holdings is moving towards a governance model that values diverse, cross-sectoral experience.
• The caliber of these professionals points to a strategic thrust for better oversight, risk management, and corporate governance, aiming to enhance the bank’s operational resilience and strategic agility.
• This new era at FBN Holdings, steered by Mr. Otedola and supported by the expertise of the appointed directors, seems set to foster an environment of prudent management and strategic growth, bolstering the bank’s standing in the Nigerian and international banking sectors.

FBN Holding Share Price closed at N39.6/share 10% shy of its year high of N43.95/share. The stock is up 68% YTD and one of the best performing banking stocks.