TheNewsGuru

Tag: MD/CEO

  • BREAKING: Tinubu appoints Dekalu-Thomas as new NELMCO MD/CEO

    BREAKING: Tinubu appoints Dekalu-Thomas as new NELMCO MD/CEO

    President Bola Tinubu has approved the appointment of Mrs. Mojoyinoluwa Dekalu-Thomas as the new Managing Director and Chief Executive Officer of the Nigeria Electricity Liability Management Company (NELMCO) for a term of four years.

    Mrs. Mojoyinoluwa Dekalu-Thomas has served as the Acting MD/CEO of NELMCO since the tenure of pioneer NELMCO MD/CEO, Mr. Adebayo Fagbemi, ended on May 8th, 2023.

    Furthermore, her previous interim role and new substantive appointment has created a vacancy at her previous position: Executive Director, Liability Management.

    Accordingly, President Tinubu has approved of the appointment of Mr. Dimla Joel Nchinney to serve in NELMCO as the substantive Executive Director, Liability Management.

    By these directives of the President, these appointments take immediate effect.

  • FCMB appoints new MD/CEO as Adam Nuhu retires

    FCMB appoints new MD/CEO as Adam Nuhu retires

    The Board of Directors of FCMB Group Plc have announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited.

    This announcement is subsequent to the end of service of the bank’s former Managing Director, Adam Nuru.

    The Board had earlier reviewed media allegations made in late 2020 against the former MD and did not establish any contravention of its policies. The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours.

    Prior to this appointment, the new Managing Director, Yemisi Edun was the Executive Director/ Chief Financial Officer of the bank and previously served as the acting Managing Director.

    With a work experience spanning nearly 35 years, Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

    She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA®️ Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

  • Fidelity Bank clears air on alleged probe of immediate past MD/CEO, Nnamdi Okonkwo

    Fidelity Bank clears air on alleged probe of immediate past MD/CEO, Nnamdi Okonkwo

    The management of Fidelity Bank Plc has denied information making the rounds in some sections of the online media (TheNewsGuru, TNG not included) that it’s board has approved the probe of the bank’s immediate past Managing Director/Chief Executive Officer, Nnamdi Okonkwo.

    The bank in a statement on Tuesday by its Brand and Communications Manager, Ejike Ndiulo said the report is false while noting that Okonkwo served the financial institution to his best during his tenure as MD/CEO.

    Read full statement below:

     

    REBUTTAL OF FALSE INFORMATION

    Our attention has been drawn to false information posted on some online platforms alleging that the Board of Directors of Fidelity Bank Plc has approved a probe of our former Managing Director/CEO, Mr. Nnamdi Okonkwo.

    The story is entirely false, malicious and should be discountenanced

    Mr. Okonkwo served the bank meritoriously as Managing Director and Chief Executive Officer between 2014 and 2020 and led his team to achieve impressive results.

    For the avoidance of doubt, the Board of Directors continues to hold Mr. Okonkwo in high esteem and wish him well in his future endeavors.

     

    Ejike Ndiulo

    Brand and Communications

    For: Fidelity Bank Plc.

  • First Bank reinstates ‘ousted’ CEO after CBN’s intervention

    First Bank reinstates ‘ousted’ CEO after CBN’s intervention

    First Bank of Nigeria Limited (FBN) on Friday confirmed that Dr Adesola Adeduntan had resumed as the Chief Executive Officer in line with the directives of the Central Bank of Nigeria (CBN).

    TheNewsGuru.com, TNG reports that First Bank has been in the news since Wednesday after its purported removal of Dr. Adeduntan and subsequent appointment of Gbenga Shobo according to a statement released by the board of directors of the bank.

    However, the apex bank would have none of that. It queried and later sacked all the board members of the bank including those of First Bank Holdings for embarking on such decisions without its approval. The CBN also reinstated Adeduntan whom it said still has eight months to complete his tenure.

    Confirming heeding CBN’s directive on Friday, First Bank management Adeduntan has now resumed officially as MD/CEO.

    Read full statement below:

    CORPORATE STATEMENT ON THE NEW BOARD CONSTITUTION

    We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.

    Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

    The Board of Directors of First Bank of Nigeria Limited is now comprised as follows:
    1. Mr. Tunde Hassan-Odukale – Chairman
    2. Mrs. Tokunbo Martins
    3. Mr. Uche Nwokedi
    4. Mr. Adekunle Sonola
    5. Ms. Isioma Ogodazi
    6. Mr. Ebenezer Olufowose
    7. Mr. Ishaya Elijah B. Dodo
    8. Dr. Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer
    9. Mr. Gbenga Shobo – Deputy Managing Director
    10. Dr. Remi Oni – Executive Director
    11. Mr. Abdullahi Ibrahim – Executive Director

    Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.
    We can confirm that the Bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

    We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, “The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

    Signed
    Management

  • Airtel Africa appoints Segun Ogunsanya as MD/CEO

    Airtel Africa appoints Segun Ogunsanya as MD/CEO

    Airtel Africa has appointed Segun Ogunsanya as its Managing Director/Chief Executive Officer (CEO).

    TheNewsGuru.com, TNG reports that the development follows the retirement of Raghunath Mandava as the company’s MD and CEO.

    TNG reports that Ogunsanya is currently the MD/CEO of Airtel Nigeria.

    “Segun has more than 25 years business management experience in banking, consumer goods, and telecoms,” the telecom firm noted in a statement on Thursday.

    An electronics engineer, and a chartered account, Ogunsanya will join the board of Airtel Africa PLC with effect from 1 October 2021.

    “Arrangements have been made to ensure a smooth transition of responsibilities,” Airtel Africa added.

    While reacting to the development, President Muhammadu Buhari hailed Ogunsanya’s appointment, saying the flag of Nigeria has been hoisted proudly across the African skyline once again.

    The Nigerian leader is confident that with his vast experience, the new Airtel Africa MD/CEO will do creditably well in his new capacity, describing the development as a testament to the fact that Nigeria has an array of professionals who can hold their own in any part of the world.

    He called on younger Nigerians to be inspired by Ogunsanya’s strides, as he reiterated that focus, hard work, and resourcefulness, are key ingredients needed to get to the peak of their careers.

    “The reward for hard work is more work,” says President Buhari, as he wishes Ogunsanya greater successes ahead in a statement by his media aide, Femi Adesina on Thursday.

  • First Bank risks sanctions over ‘unjust’ removal, appointment of new MD/CEO without ‘CBN approval’

    First Bank risks sanctions over ‘unjust’ removal, appointment of new MD/CEO without ‘CBN approval’

    The board of First Bank Nigeria Limited may face sanctions from the Central Bank of Nigeria (CBN) over its removal of Dr. Adesola Adeduntan as Managing Director/Chief Executive Officer and subsequent appointment of Mr. Gbenga Shobo as replacement on Wednesday.

    TheNewsGuru.com, TNG reports that the apex bank in a letter after the news broke of the appointment on Wednesday queried the board of First Bank Nigeria Limited for embarking on such corporate decisions without its approval.

    The apex bank said the board’s move has “dire implications for the bank and also portends significant risks to the stability of the financial system.”

    The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking Supervision, Mr. Haruna Mustafa, and addressed to the bank’s Chairman, Mrs. Ibukun Awosika.

    CBN also demanded a comprehensive response on the matter from Awosika to be delivered to the banking sector regulator latest 5pm on Thursday (today).

    The CBN noted with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank as well as given that the tenure of Adeduntan was yet to expire.

    “The CBN was not made aware of any report from the board indicting the Managing Director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal.

    “We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

    “It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.”

    According to the central bank, the removal of a sitting MD/CEO of a systemically important bank, “that has been under regulatory forbearance for five to six years without prior consultation and justifiable basis,” has dire implications for the bank and also portends significant risks to the stability of the financial system.

    “In light of the foregoing, you are required to explain why disciplinary action should not be taken against the Board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.

    “In the meantime, you are directed to desist forthwith from making any further public/media comments on the matter. Your comprehensive response on the foregoing should reach the Director, Banking Supervision Department on or before 5pm on April 29, 2021,” it added.

    Meanwhile, the banking sector regulator in another letter also signed by Mustafa, titled: “Re: Audited FIRS Accounts for the Financial Year Ended December 31, 2020,” revealed that the bank was yet to divest its interest in HoneyWell Flour Mills, Barti Airtel and other non-permissible interest.
    The Chairman of FBN Holdings, the holding company of First Bank Nigeria Limited, Oba Otudeko is also the Chairman of Honey Well. He used to be the Chairman of Barti Airtel.

    However, the CBN in the letter stated: “We are concerned that the bank has not complied with regulatory directives to divest its interest in Honey Well Flour Mills despite several reminders. We further noted that after four years the bank is yet to perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdco, which collateralised the restructured credit facilities for Honey Well Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.

    “Given the bank’s failure to perfect the pledge and satisfy conditions for regulatory approval, the restructuring has thus been invalidated and the credit facilities now payable immediately.”

    Consequently, the central bank has requested that HoneyWell, “ fully repays its obligations to the bank within 48 hours failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.”

    It added: “Furthermore, the Bank notes the untenable delay in resolving the long outstanding divestment from Bharti Airtel Nigeria Ltd in line with extant regulations of the CBN.

    “Accordingly, you are required to divest the equity investments in all non-permissible entities such as HoneyWell Flour Mills and Bharti Airtel Nigeria Limited within 90 days. Please you are to forward evidence of compliance in accordance with the timelines above to the Director of Banking Supervision.”

  • JUST IN: First Bank appoints new MD/CEO as Adeduntan retires

    JUST IN: First Bank appoints new MD/CEO as Adeduntan retires

    The Board of Directors of First Bank of Nigeria Limited has approved the appointment of Mr. Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO), effective today (Wednesday).

    Until the appointment, Shobo was the bank’s Deputy Managing Director. Shobo succeeds Mr. Adesola Adeduntan, who will be leaving the financial institution in accordance with its term limits for Chief Executives, after leading the bank since January 2016.

    According to a statement, the appointment is subject to regulatory approval.

    Also appointed was Abdullahi Ibrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso and Mrs. Bashirat Odunewu, were also appointed as Executive Directors.

    Similarly, there appointments are also subject to regulatory approvals.

    Commenting on the appointment, the Chairman, First Bank, Mrs. Ibukun Awosika said: “We are proud to announce Gbenga Shobo as our new MD/CEO. His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpins the institution’s enduring sustainability and the 127-year legacy.

    “I would like to thank Sola for his dedication and efforts during his helm at the bank, and before as Chief Finance Officer. The board and I are grateful for his leadership of the bank over the last five years and a half and believe that the strong foundation created during his term would provide an excellent basis for our continued success. We wish him well in his future endeavours outside the FirstBank Group.”

    The statement explained that Shobo has had a successful career in the bank and elsewhere, culminating in his appointment as Deputy Managing Director. In 2016, prior to his appointment as Deputy Managing Director, he was the Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate and was hitherto the Executive Director overseeing the Retail Business in the South Directorate.

  • NDEP Plc appoints new MD/CEO

    NDEP Plc appoints new MD/CEO

    Niger Delta Exploration & Production Plc (NDEP), a foremost Independent, Integrated Energy Company in Nigeria, has announced the appointment of Mr. Adegbite (Gbite) Falade as its new Managing Director and Chief Executive Officer.

    Mr. Falade joins NDEP with 25 years of impactful and extensive experience across multiple sectors and continents in the energy sector. He succeeds the pioneer Managing Director, Dr. Layi Fatona, who in an interim position, had supported the running of the affairs of the company since October 2019.

    A First Class (B.S.c) graduate (1995) of Electrical & Electronics Engineering from the University of Ibadan, he also holds an MBA from Warwick Business School, Coventry, in the United Kingdom. Gbite has in the past 14 years served in various Senior Executive positions in the Oil & Gas, Power and Services sectors, with responsibilities for Engineering, Operations, Project Execution, Commercial, Client & Stakeholder Management, Strategy and Enterprise Development.

    He was previously the Managing Director and Group Chief Operating Officer at Oilserv Group of Companies based in Port Harcourt. Prior to that, he had served variously as General Manager, Portfolio Development and Chief Operating Officer (COO) at Oando Energy Resources as well as Executive Director, Oando Gas & Power. He was also the Petroleum Economics Discipline & Portfolio Lead for Shell EP, Africa.

    According to the Chairman of NDEP, Mr. Ladi Jadesimi, “With a nimble and proven Technical Management, a young but competent operating workforce and a mature Board of Directors, Gbite will be charged with leading the company in a well-charted and structured manner, to deliver the continuation and, indeed, enhancement of our historical steady growth.”

    He also expressed confidence that NDEP’s position as Nigeria’s No.1 fully integrated Energy Company will be sustained under Mr. Falade’s leadership.

  • NOVA Merchant Bank appoints Acting MD/CEO

    NOVA Merchant Bank appoints Acting MD/CEO

    Nova Merchant Bank on Monday announced the appointment of Mr. Nath Ude as its Acting Managing Director/Chief Executive Officer effective October 3, 2020, subject to approval by the Central Bank of Nigeria (CBN).

    The bank disclosed this in a statement.

    Nath is a seasoned banker whose experience cuts across three continents in world class financial institutions. He has held several senior banking positions internationally and in Nigeria including Executive Director First City Monument Bank (FCMB) and recently Executive Director, Union Bank, from where he joined Nova.

    He started his banking career over 28 years ago with Citibank. Ude has a BSc in Finance, Masters in Business Administration, numerous professional qualifications and attended various leadership programs at globally renowned institutions.

    In the same vein, the bank also announced the appointment of Mrs Funke Okoya as its Executive Director, Business Development, subject to approval by the CBN.

    Before her appointment, she worked as the bank’s Head of Corporate Bank. Her banking career, which commenced over 22 years ago with Ecobank Nigeria, cuts across customer services, banking operations, liability management, commercial banking, corporate and investment banking. She has held senior positions in United Bank for Africa Plc, Access Bank, Coronation Merchant Bank and Emerging Africa Capital Group.

    Commenting on the new appointments, the Chairman, Nova Merchant Bank, Mr. Phillips Oduoza, stated with the experience of the versatile bankers, the merchant bank remains well-positioned to fulfil its vision of being a major financial solutions provider as it enters the next stage of its growth phase.

    “These key appointments represent NOVA’s commitment to optimise its management structure and align it to continually serve our clients and leverage on our business successes. It further demonstrates the inclusive nature of the Bank by placing women in key leadership roles,” Oduoza noted.

    The Chairman further stated that the new appointments are crucial as the Bank grows capacity to drive its capital market subsidiaries.

    These appointments followed the exit of Mr. Anya Duroha, the former Managing Director/Chief Executive Officer and retirement of Mr. Ayodeji Adigun the previous Executive Director/Chief Operating Officer upon the attainment of the mandatory retirement age of 60 years.

    The bank expressed its gratitude to them for their service since its inception and wishes them all the best in their future endeavours.

  • Keystone Bank appoints Acting MD/CEO

    Keystone Bank appoints Acting MD/CEO

    A First-Class Bachelor’s Degree and a Master’s Degree holder in Economics from the prestigious University of Lagos, Mr Olaniran Olayinka, has been appointed as Acting MD/CEO of Keystone Bank Limited.

    A statement from the financial institution on Friday disclosed that the appointment of the former employee of PricewaterhouseCoopers was, however, subject to approval by the Central Bank of Nigeria (CBN).

    In the statement signed by the Company Secretary & General Counsel, Dr Michael Agamah, it was stated that the new appointment was in line with the lender’s strategic intent to constantly align its corporate structures and processes to support its sustained push for growth.

    With his appointment, Mr Olayinka will lead the Keystone Bank’s Executive Management to drive its strategic business and corporate goals leveraging on the robust banking experience garnered over several years across various sectors of the economy.

    Mr Olayinka, who is currently an Executive Director, has over 25 years banking experience covering Operations, Human Resources Management, Corporate Banking, Commercial Banking, Retail Banking and Institutional Banking.

    He has attended several executive courses and programmes in Banking Operations, Credit, Risk Management, Business Process Re-engineering, and Change Management, amongst others.

    Meanwhile, Chairman of Keystone Bank, Mr Umaru Modibbo, disclosed that the appointment of Mr Olayinka as Acting MD/CEO was based on the bank’s corporate philosophy and culture of optimising her human capital through sustained leadership development.

    He stated further that the bank will continue to proactively nurture and harness its existing talents to assume leadership roles in the financial institution.