First Bank Announces New Chairman As Hassan-Odukale Steps Down After 12 Years

First Bank Announces New Chairman As Hassan-Odukale Steps Down After 12 Years

  • First Bank has announced the appointment of a new chairman, Ebenezer Olufowose, to lead the bank into its next growth phase
  • He will replace Tunde Hassan-Odukale, who stepped down after completing a 12-year tenure as a non-executive director
  • The executive changes are in line with the Central Bank of Nigeria's corporate governance guidelines

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

First Bank of Nigeria Limited has appointed Ebenezer Olufowose, a non-executive director, as the new chairman of its board of directors.

The appointment was announced in a notice published on the Nigerian Exchange on Thursday, May 9, 2024, and signed by Adewale Arogundade, the company's Secretary.

First Bank of Nigeria
Ebenezer Olufowose is the new chairman of FirstBank Photo credit: George Osodi
Source: Getty Images

First bank board room changes

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Olufowose will succeed Tunde Hassan-Odukale, who stepped down as a non-executive director and chairman.

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Hassan-Odukale's exit followed the completion of the prescribed tenure of 12 years for a non-executive director, as stipulated by the Central Bank of Nigeria's Corporate Governance Guidelines.

Odukale's departure mirrors that of Adesola Adeduntan, the former managing Director of First Bank Ltd., who stepped down upon reaching the bank's maximum tenure limit.

During his tenure as chairman, Odukale demonstrated strategic leadership and significantly contributed to the bank's stability.

Profile of Ebenezer Olufowose

Olufowose, the new chairman, joined the FirstBank Board as a non-executive director in April 2021, bringing a wealth of experience accumulated over three decades in the financial sector.

Before assuming this new position, he held the role of group managing director at First Ally Capital Limited, a prominent investment banking firm based in Lagos.

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Before his time at FirstBank, Olufowose held top positions at other financial institutions.

He has served as an executive director at Access Bank Plc and Citibank Nigeria, where he spearheaded the origination, structuring, and execution of significant corporate finance and investment banking transactions across Nigeria.

Olufowose commenced his banking career in 1985 at NAL Merchant Bank Plc, where he contributed to the Corporate Planning and Finance Departments.

His academic background includes a first-class honours degree in Economics from the University of Lagos and an MA in International Economics from the University of Sussex, England.

He has undergone extensive training programs at globally recognized institutions such as the Institute of Management Development in Switzerland, Harvard Business School in the USA, and INSEAD in Singapore.

Notably, he is an alumnus of the Harvard Business School and the Lagos Business School.

His professional affiliations include honorary senior membership in the Chartered Institute of Bankers of Nigeria and fellowships with the Institute of Credit Administration and the Association of Investment Advisers and Portfolio Managers.

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FBN Holdings declares N362bn profit

Legit.ng reported that FBN Holdings Plc has released its unaudited financial statement for 2023, showing an impressive performance.

The company reported N362 billion profit against N136 billion the previous year, representing a 129% rise year-on-year.

The company's results on shows that interest income rose to N917 billion in 2023. This shows a 66% rise from the N552 billion the previous year.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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