FBN Holdings Plc announces Major Leadership Appointments

… Leadership changes effective January 1, 2016

FBN Holdings Plc, the leading and most diversified financial services group in Nigeria, today announced major changes to its leadership team, effective January 1 2016. Mr. Bello Maccido, pioneer Group CEO, FBN Holdings, is leaving his position to become pioneer Chairman of the newly-licenced FBN Merchant Bank Ltd, while Mr. UK Eke (MFR), currently Executive Director, South, First Bank of Nigeria Ltd replaces him as Group Managing Director-designate, FBN Holdings Plc.

Other changes at FirstBank will see the current Chairman, Prince Ajibola Afonja, retire and Mrs. Ibukun Awosika become the Chairman, First Bank of Nigeria Ltd.  Following a rigorous selection process driven by the Board and supported by Heidrick & Struggle, the internationally renowned executive search firm, Dr. Adesola Adeduntan, the current Executive Director/CFO emerged Managing Director-designate, First Bank of Nigeria Ltd, while Mr. Gbenga Shobo, the current Executive Director, Lagos & West, emerged Deputy Managing Director-designate. This comes on the heels of the Group’s earlier notice of Mr. Bisi Onasanya’s retirement as GMD/CEO of the Bank. These decisions have been ratified by the Board of Directors, subject to all necessary regulatory approvals and all take effect from January 1, 2016.

As pioneer Group CEO of the FBN Holdings Group in very critical times, Bello birthed the process to establish the multi-faceted group to comply with diverse regulatory requirements, navigating through uncharted territory. He will undoubtedly bring his wealth of experience, spanning over 30 years post call to Bar experience as an accomplished Retail, Corporate and Investment banker, to bear in his new role chairing the Board of the emergent FBN Merchant Bank Ltd.


The incoming Group Managing Director, UK has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.

Sola, the Managing Director-designate, has garnered diverse expertise in Treasury & Financial Management, Risk Management, Accounting, Corporate Governance and Strategy Development, Advisory and Compliance.

The new DMD-designate, Gbenga has a banking career spanning over 25 years with experience in Corporate banking, Institutional banking, Commercial banking, Retail banking and Treasury.

In announcing the appointments, Dr. Oba Otudeko, (CFR), Group Chairman, FBN Holdings, explained: “Following an exhaustive and competitive process, we are proud to announce these appointments. In reaching these decisions we are mindful of the imperatives for a more efficient group structure that will benefit the Group’s need to deploy systems which deepen efficiency while expanding revenue and returns on investment. We are confident that we have made the right choices in these appointees. In selecting our MD and DMD we were particularly mindful to identify outstanding and topnotch professionals with complementary and mutually reinforcing skill set.”

“These appointments are a testament to the strength of our succession planning mechanisms and the caliber of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the Group, customers and employees, even as we strive to return greater value to shareholders,” he said.

With this leadership restructuring, the FBN Holdings Group is poised to continue the drive to deepen its foothold across Africa, whilst maintaining presence in various regions of the world.





Folake Ani-Mumuney

Global Head, Marketing & Corporate Communications



Note to Editors:

About FBN Holdings Plc

FBN Holdings Plc is the leading and most diversified financial services group in Nigeria. The holding company offers a broad range of products and services across commercial banking, investment banking, insurance and microfinance businesses in several countries (Lagos, Nigeria; London, United Kingdom; Paris, France; Johannesburg, South Africa; Beijing, China; Abu Dhabi, UAE; Brazzaville, Democratic Republic of Congo; Banjul, The Gambia; Freetown, Sierra-Leone; Accra, Ghana; and Conakry, Guinea; and Dakar, Senegal).

Incorporated in Nigeria on October 14, 2010, following the business reorganisation of the First Bank group into a holding company structure, FBN Holdings Plc has four subsidiaries which include First Bank of Nigeria Limited (FirstBank), FBN Capital Limited, FBN Life Assurance and FBN Microfinance Bank Limited. Its businesses are aligned across four major groups namely: Commercial Banking Group; Investment Banking and Asset Management; Insurance; and Other Financial Services. The company was listed on The Nigerian Stock Exchange under the ‘Other Financial Services’ sector on November 26, 2012 and has a rich history of good corporate governance structure underpinned by strong institutional processes, systems and controls.

FBN Holdings Plc is committed to global best practices, good corporate governance, sustainable corporate citizenship, and thought leadership interventions, whilst it continuously leverages strategic partnerships to sustain its position as the bastion of ethical leadership. The group maintains the drive to remain the undisputed leader in every business in which it participates; growing its franchise to become the financial services provider of first choice to all, including the next generation of Nigerians, and the broader Sub-Saharan African market. This ensures superior shareholder returns underpinned by solid near-term financial performance and strong long-term growth prospects. Through increased specialisation and consolidation on the strengths of each business line, FBN Holdings Plc enhances the entire group’s ability to drive growth into a future of passion and partnership distinguished by innovation and creativity.

About FirstBank

First Bank of Nigeria Limited (FirstBank), a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.

FirstBank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2,500 ATM’s and over 9 million customer accounts.  The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DR Congo, FBNBank in Ghana, Gambia, Guinea, Sierra-Leone and International Commercial Bank (ICB) Senegal, as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.

FirstBank is the recipient of many awards. The Bank has been named “The Best Bank Brand in Nigeria” four times in a row – 2011, 2012, 2013, and 2014 – by the globally renowned “The Banker Magazine” of the Financial Times Group. FirstBank’s brand purpose is to always put its stakeholders, customers and partners at the heart of its business, even as it is poised to standardize customer experience and excellence in financial solutions across Sub Saharan Africa, in consonance with its brand vision “To be the partner of first choice in building your future”. The brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on the FirstBank’s inherent values of passion, partnership and people, to position its customers first in every respect.

For four consecutive years, 2012, 2013, 2014, and 2015 FirstBank was named the “Best Retail Bank in Nigeria” by the Asian Banker International Excellence in Retail Financial Services Awards. Other recent awards include the “Best Bank in Nigeria” in the Euromoney Awards for Excellence, “Best Bank in West Africa” and “Most Innovative Bank in Africa” in the African Banker Awards, “Best Bank in Nigeria” in the EMEA Finance African Banking Awards for the fourth time, “Best Foreign Exchange Services in Africa” in the EMEA Finance Treasury Services Awards, “Best Banking Group in Nigeria” by World Finance Banking Awards, and “Best Financial Reporting Company” by Africa Investor.

March 24th, 2016

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