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FBN Holdings appoints Nnamdi Okonkwo as GMD

.Renews Dr. Adeduntan’s tenure in First Bank

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COMFORT EKELEME, Business Editor


The Board of FBN Holdings Plc has announced the appointment of Mr. Nnamdi Okonkwo, as its new Group Managing Director, with effect from Jan. 1, 2022.


His appointment is however, subject to the approval of the Central Bank of Nigeria (CBN) and the shareholders at the next Annual General Meeting of the company.


The appointment followed notice of the retirement of the Group Managing Director, Mr. U.K. Eke effective Dec. 31, 2021, having served for two terms.


Okonkwo is the immediate past Chief Executive Officer/ Managing Director of Fidelity Bank Plc, a position he was appointed to on January 2, 2014, from his former role as the Executive Director of South Directorate at Fidelity Bank Nigeria.


He also was the Executive Director of Commercial and Consumer Banking South Directorate. Before joining the bank, he occupied the Chief operating officer position in the United Bank for Africa, UBA subsidiary in Ghana.


Nnamdi holds a B.Sc in Agricultural Economics from the University of Benin and also MBA, Banking and Finance from Enugu State University of Science and Technology Nigeria. He is also a graduate of the Advanced Management Program (AMP) of INSEAD, the business school of the World of France.


He commenced his banking career in the financial services industry in 1990 at Merchant Bank of Africa, Nigeria.


In 1993, he moved to Guaranty Trust Bank (GTBank) and rose to become a branch manager before moving on to other banks.


Mr. Okonkwo then worked with other financial institutions before he joined United Bank for Africa (UBA) Plc, while at UBA, he held various managerial and leadership positions.


He was once Regional Bank Head in Lagos; Regional Director, Federal Capital, Nigeria; Project Director, and Head of Corporate Banking and Multinational Corporates Division; Managing Director/CEO of UBA Ghana; and finally, Regional CEO of the bank’s West Africa Monetary Zone covering Ghana, Liberia, and Sierra Leone.


In 2012, Nnamdi Okonkwo left UBA and joined Fidelity Bank Plc., Nigeria. He joined as the Executive Director in charge of the Bank’s businesses in Southern Nigeria.


He was tasked with the responsibility of overseeing the bank’s entire business across Southern Nigeria excluding Lagos and West.


Nnamdi Okonkwo held the Executive Director position until January 1, 2014, when he was appointed the Managing Director/CEO of Fidelity Bank. As the Managing Director, he oversaw the bank’s general activities. His tenure ended on December 31, 2019.


Interestingly, the board of FBN Holding also approved the appointment of Mrs. Tope Omage, as non-Executive Director in First Bank of Nigeria Ltd., subject to the approval of the CBN.


The board approved the renewal of the appointments of Dr. Adesola Adeduntan and Mr. Gbenga Shobo as the Managing Director and Deputy Managing Director of First Bank of Nigeria Ltd., for another term.


Also, the board approved the renewal of the appointments of Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Ltd respectively, for another term,” said the statement.


The board, however, approved the appointment of Meristem Registrars Ltd as the new Registrars to take over the Register of Members of FBNH in replacement of First Registrars and Investors Ltd, with effect from Dec. 1, 2021.


Mr. U.K. Eke, MFR, is poised to retire as Group Managing Director, FBNHoldings, following the successful completion of his two-term tenure and his Notice of Retirement which he tendered August 10, 2021. His retirement takes effect at the end of the current Financial Year on December 31, 2021.


Also, Mr. Eke’s retirement follows from a 35 years career in financial services, strategy, auditing, consulting, taxation, process reengineering, and capital market operations.


He has spent almost 11 years in the FBNHoldings Group, serving meritoriously in the last six years as Group Managing Director.


He has been able to build sustainable synergies across the FBNHoldings Group, fostering collaborations to maximize business development opportunities with diverse stakeholders globally. His tenure has witnessed an upsurge in value creation for shareholders and other stakeholders, with a diversified and healthier portfolio.


Remarkably, as at January 01, 2016, FBNHoldings share price was N5.13 and market capitalization of N175 billion trading at price to book of 0.29; whereas comparatively as at October 26, 2021, the price was N12.40, with a market capitalization of nearly N445 billion and price to book of 0.58.


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