FBN Holdings Plc Appoints Ebenezer Olufowose as Chairman

Yesterday, a statement from FBN Holdings Plc reported that Mr. Tunde Hassan-Odukale will step down as Chairman of First Bank of Nigeria Ltd.

First Bank's Board of Directors has named Mr. Ebenezer Olufowose, a Non-Executive Director, as its new Chairman.

Adewale Arogundade, the company secretary of FBN Holdings, made this statement in a notice sent on Thursday in Lagos to the Nigerian Exchange Ltd. (NGX).

Arogundade stated that Hassan-Odukale completed the necessary number of years, which is 12 years for a non-executive director, to satisfy the Central Bank of Nigeria's (CBN) corporate governance guidelines.

He said that Olufowose was appointed to the First Bank Board of Directors on April 29, 2021.

Olufowose is the GMD of First Ally Capital Ltd., an investment banking firm based in Lagos.

Olufowose has over 35 years of experience in the financial services sector and brings to the board expertise in investment banking, project finance, and corporate finance. 

He led Citigroup's origination, structuring, and execution of corporate finance and investment banking transactions in Nigeria while serving as Executive Director at Access Bank Plc and Citibank Nigeria before joining the First Bank Board.

In 1985, he began working in the corporate planning and finance departments of NAL Merchant Bank Plc (NAL).

Olufowose, who graduated from the University of Lagos with an honours degree in Economics, also has an MA in international economics from the University of Sussex in England.

He has participated in multiple management and leadership development programs at prestigious universities, such as INSEAD Singapore, Harvard Business School in Boston, Massachusetts, and the Institute of Management Development in Switzerland.

He has degrees from both the Lagos Business School and Harvard Business School and is a senior honorary member of the Chartered Institute of Bankers of Nigeria.

Olufowose is also a Fellow of the Association of Investment Advisers, Portfolio Managers, and the Institute of Credit Administration.