Tunde Odukale exits as Chairman of FirstBank Ltd, to be replaced by Ebenezer Olufowose

FBN Holdings has announced that Mr. Tunde Hassan-Odukale has officially stepped down as Chairman of First Bank of Nigeria Limited, following the expiration of his tenure.

This was contained in an official filing of the company published on the stock exchange website.

His departure marks the end of a 12-year tenure on the board, adhering to the tenure guidelines set by the Central Bank of Nigeria for Non-Executive Directors.

Stepping into this key leadership role, Mr. Ebenezer Olufowose has been appointed as the new Chairman. Olufowose, who joined the FirstBank Board as a Non-Executive Director in April 2021, brings a robust portfolio of experience spanning over three decades in the financial sector.

Prior to his new role, he served as the Group Managing Director of First Ally Capital Limited, a notable investment banking firm in Lagos.

Odukale’s exit also follows that of the former Managing Director of First Bank Ltd Adesola Adeduntan who also resigned following attaining the maximum tenure limit for the bank.

Hassan Odukale exits after 12 years

Tunde Hassan-Odukale joined the Board of First Bank of Nigeria Limited as a Non-Executive Director in 2011. He is the Managing Director of Leadway Assurance Company Limited.

• His executive management experience spanning over 22 years includes asset management, finance, IT and life insurance operations.
• Mr. Tunde Hassan-Odukale has been a notable figure in Nigeria’s financial sector, prominently serving as the Chairman of First Bank of Nigeria Limited.
• His tenure as Chairman is characterized by strategic leadership and substantial contributions to the bank’s growth and stability.
• Prior to his role as Chairman, he held various key positions in the financial industry, showcasing a broad understanding of corporate governance and financial management.
• He is on the board of directors of various blue-chip companies, including First Bank of Nigeria Limited and Digital Jewels Limited.

As the Managing Director of Leadway Assurance Company Limited, he plays a significant role in the insurance industry.

About Ebenezer Olufowose

Before his involvement with FirstBank, Ebenezer Olufowose had significant roles at other prestigious institutions.

• He was an Executive Director at Access Bank Plc and Citibank Nigeria, where his responsibilities included leading the origination, structuring, and execution of significant corporate finance and investment banking transactions across Nigeria.
• Olufowose embarked on his banking career in 1985 at NAL Merchant Bank Plc, contributing to the Corporate Planning and Finance Departments.
• His academic credentials include a first-class honours degree in Economics from the University of Lagos and an MA in International Economics from the University of Sussex, England.
• Olufowose’s extensive training includes programs at globally recognized institutions such as the Institute of Management Development in Switzerland, Harvard Business School in the USA, and INSEAD in Singapore.
• He holds the distinction of being an alumnus of both the Harvard Business School and the Lagos Business School.

His professional memberships include honorary senior membership of the Chartered Institute of Bankers of Nigeria, and fellowships with the Institute of Credit Administration and the Association of Investment Advisers and Portfolio Managers.

Looking Forward

As Mr. Ebenezer Olufowose takes on his new role as Chairman, his extensive experience and strategic vision are expected to drive FirstBank towards continued growth and success in Nigeria’s dynamic banking landscape.

His leadership qualities and proven track record in investment banking are anticipated to bring fresh perspectives to FirstBank’s strategies and operations moving forward.