FBN Announces Retirement Of MD, DMD At Merchant Banking Arm, Silent On Replacements

The board of FBN Holdings Plc, on Thursday gave notice of the retirement of Kayode Akinkugbe and Talwo Okeowo, Managing Director/Chief Executive and Deputy Managing Director respectively of its subsidiary- FBN Quest Merchant Bank Limited.

The statement, however, did not name a successor for both position, or when the retirement becomes effectively, beyond noting that the duo have successfully completed their cumulative tenures.

Instead, the notice by FBN Holdings through the Nigerian Exchange Limited portal signed by Adewale Arogundade, the Acting Company Secretary of the group, while announcing the appointment of Afolabi Olorode as Executive Director, Wholesale Banking, effective January 5, 2024, expressed the appreciation of the board for the retiring executives for “their meritorious service to the bank and wishes them success in their future endeavours.”

Olorode’s appointment, the statement added, has been approved by the Central Bank of Nlgeta (CBN).

Olorode, it continued, “would be responsible for overseeing the Client Coverage &. Corporate Banking, Investment Banking, Focused Income, Treasury and Uabllltles’ Solutions and Agency businesses of the Bank.”

Until his appointment, Olorode led the Coverage & Corporate Banking Group at FBNQuest Merchant Bank where he was responsible for the Bank’s coverage activltles, credit portfolio, trade services, and transaction banking operations. Afolabi is a versatile and accomplished banker, and a business leader with experience in Corporate & Investment Banking, private equity, treasury, project & trade ftnance. He has advised on and raised funding for several landmark transactions lnvolving leading Nigerian and international clients in restructuring, M&A advisory, and capital raising for over 20 years.

A Fellow of the Institute of Chartered Accountants of Nigeria, the new ED garnered experience across reputable institutions like Agusto &. Co., Frontier Capital, KPMG, and Renaissance Capital.

A graduate of the University of Lagos, he holds a post-graduate degree In Corporate &. International Finance from Durham Business School, United Kingdom, he has taken leadership and executive education courses at Columbia Business School, INSEAD, Harvard Business School, Wharton Business School, Lagos Business School, among others.