FBN Holdings Taps Wale Oyedeji as New GMD

FBN Holdings Plc has officially announced the appointment of Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024.

This appointment, which is subject to the approval of the Central Bank of Nigeria and ratification by shareholders at the next Annual General Meeting, marks a new chapter for the financial institution.

Wale Oyedeji replaces Nnamdi Okonkwo, who will retire after completing his term.

With over 30 years of banking experience across corporate banking, treasury, and commercial banking, Oyedeji brings extensive leadership expertise to the role.

His most recent position was as Managing Director/CEO of Nova Commercial Bank, where he played a key role in the institution’s transformation and expansion into retail banking.

Oyedeji’s academic background includes a Bachelor of Science degree in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the prestigious Advanced Management Program at Harvard Business School.

Oyedeji’s career spans significant leadership roles, including serving as Managing Director of Guaranty Trust Bank UK between 2008 and 2011, and as an Executive Director for the Corporate Banking Group of Guaranty Trust Bank Plc.

He also held a position as an Independent Non-Executive Director at Stanbic IBTC Bank, further solidifying his expertise in the banking sector.

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

Speaking on his appointment, the Group Chairman of FBN Holdings, Mr. Femi Otedola, said, “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 leadership transition is expected to enhance FBN Holdings’ long-term strategy and continue its legacy as one of Nigeria’s premier financial institutions.

Oyedeji’s appointment comes amid a year of substantial leadership changes at FBN Holdings, as the company continues to reshape its governance and strategic direction.

Earlier in the year, it was reported that billionaire businessman Femi Otedola was appointed as the new Chairman of FBN Holdings, marking the beginning of a new era for the institution. Otedola, who became the largest individual shareholder in FBN Holdings in 2021, has played a key role in reshaping the company’s leadership.

In March 2024, FBN Holdings further expanded its leadership team with the appointment of five elite directors, reinforcing its corporate governance and strategic vision under Otedola’s leadership.

These changes were part of a broader effort to stabilize the institution following years of leadership turbulence.

More recently, reports revealed the appointment as acting and subsequent confirmation of Olusegun Alebiosu as MD/CEO of First Bank, a subsidiary of FBN Holdings.

Meanwhile, Nnamdi Okonkwo, the outgoing GMD, has been instrumental in guiding FBN Holdings through these boardroom shifts, playing a pivotal role in restoring investor confidence and steering the institution back to profitability.

As Okonkwo exits, Wale Oyedeji is expected to take the reins and build upon this momentum, continuing to lead FBN Holdings through its strategic evolution.

With this latest appointment, all eyes will be on Oyedeji as he leads FBN Holdings into its next chapter, navigating the competitive landscape and regulatory pressures of Nigeria’s banking sector.