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

Wale Oyedeji replaces Nnamdi Okonkwo, who will retire after completing his term. He joins from Nova Commercial Bank, bringing over 30 years of banking experience across corporate banking, treasury, and commercial banking, along with extensive leadership expertise.

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

His 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 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 includes significant leadership roles, such as serving as Managing Director of Guaranty Trust Bank UK from 2008 to 2011 and as an Executive Director for the Corporate Banking Group of Guaranty Trust Bank Plc.

He also served 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 five-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, CON, stated, “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, Nairametrics 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, Nairametrics covered the appointment and subsequent confirmation of Olusegun Alebiosu as MD/CEO of First Bank, a subsidiary of FBN Holdings.

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.

The Executive Board of the International Monetary Fund (IMF) has completed the Review of Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF’s vehicle for providing concessional financing to low-income member countries.

In a statement on October 15, 2024, Kristalina Georgieva, Managing Director of the Fund announced: “Our membership today has adopted a comprehensive reform and financing package for the Poverty Reduction and Growth Trust (PRGT) to bolster the IMF’s support to low-income countries.”

“The package includes a framework to deploy IMF net income and/or reserves to generate about US$8 billion in additional subsidy resources for the PRGT over the next five years,” she noted.

She said: “Combined with other reform measures and last year’s successful bilateral fundraising, this would increase the PRGT’s long-term annual lending envelope to about US$3.6 billion, more than twice the pre-pandemic level, and help catalyse significant additional flows from public and private sources.”

This agreement, the IMF MD noted, “comes at a critical time as low-income countries have suffered a series of unprecedented shocks and face substantial financing needs.”

“With exceptionally high demand for PRGT financing, the approved package will generate the concessional resources necessary to ensure that the Fund can continue supporting low-income countries to implement sound policies and build strong institutions,” explained Ms Goeigieva.

These reforms, she highlighted, “will help tailor IMF support to country-specific needs, recognising the increasing economic heterogeneity of low-income countries.”

To ensure that scarce concessional resources are targeted to those most in need, she mentioned that, “A new interest rate mechanism will maintain interest-free lending for the poorest countries while ensuring that lending terms for others have a sufficient degree of concessionally.”

Access policies, she added, “Will allow for flexibility in calibrating Fund support, and safeguards will be strengthened and streamlined.”

“Our global membership has demonstrated once again its shared commitment to support our low-income members in challenging economic times,” she said.

Source: classfmonline.com

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said weak naira presents an opportunity for the country to boost its exports to other nations.

Cardoso spoke Wednesday in Abuja during the Nigerian Economic Summit (NES).

According to the CBN governor, there are opportunities for people to invest despite the weak currency.

He said: “In terms of persuasion, what we need now is to ensure that investments are here. Take, for example, now it may seem like a threat in the sense that the exchange rate has come down so low.

“But that also is an opportunity because what that means is that it can help to boost your exports. This will make Nigeria to become a lot more competitive in the export trade. I just want to encourage people to say that the opportunities are here. Things are recalibrating in a particular direction. It’s not perfect, but definitely there opportunities for people to single out and invest.

“By the time you are exporting out to other countries with the cost of import here and the relatively low naira, you will have a situation where you have to do things like that. And I see it happening. Others are doing it and the interest is growing in leaps and bounds.”

Cardoso emphasised the position of the Chief Economist of the World Bank Group, Indermit Gill, that the country must maintain its current reforms for the next 10 to 15 years to transform its economy.

He further disclosed that not only the World Bank but other financial institutions as well as rating agencies have commended the apex bank’s effort in transforming the economy.

Cardoso therefore stated that to fully reap the benefits of the policies set in motion, the bank needs to stay on course.

He said: “The issue of the World Bank Chief Economist. I wasn’t here. But I read the speech. To be honest, my interpretation wasn’t how others perceived it. I think he was basically misunderstood.

“My understanding of what he said is that the policies that the Central Bank is taking are putting Nigeria on the right track.

“Frankly, I did not mention the World Bank when I said earlier that if you look at the rating agencies and other international financial institutions, it’s all the same thing. And they are all saying the same thing. And I doubt that they might all be wrong.”

In its latest edition of Africa’s Pulse report, the World Bank listed naira among the worst-performing currencies in sub-Sahara Africa in 2024.

It showed that the naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.

The report said the continued increase in the demand for dollars and limited dollar inflow is responsible for naira depreciation in the last months.

According to the report, as of August, the naira lost about 43 percent.