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Okonkwo replaces Eke as FBN Holdings GMD

The Board of FBN Holdings Plc (FBNHoldings) has announced that Mr U.K. Eke will retire as group managing director of FBNHoldings, following the successful completion of his two-term tenure and his notice of retirement which he tendered August 10, 2021.

The organisation said in a statement that was issued by its company secretary, Seye Kosoko, on Thursday.

The FBNHoldings board has also announced that Eke will be succeeded by Mr Nnamdi Okonkwo. The statement described the latter as a focused and result-oriented top banker, who will assume office as group managing director, FBN Holdings Plc effective January 1, 2022.

Okonkwo, the immediate past chief executive officer of Fidelity Bank Plc, brings to bear on the board of FBNHoldings more than 30 years of unbroken banking career spanning local and international experience.

Eke’s retirement takes effect at the end of the current financial year on December 31, 2021. His retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process re-engineering and capital market operations. He has spent almost 11 years in the FBNHoldings Group, serving meritoriously in the last six years as Group Managing Director.

He has been able to build sustainable synergies across the FBNHoldings Group, fostering collaborations to maximize business development opportunities with diverse stakeholders globally.

The statement said Eke’s tenure has witnessed an upsurge in value creation for shareholders and other stakeholders, with a diversified and healthier portfolio.

As at January 01, 2016, FBNHoldings share price was N5.13 and market capitalization of N175b trading at price to book of 0.29; whereas comparatively as at October 26, 2021, the price was N12.40, with market capitalization of nearly N445b and price to book of 0.58.

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