First Bank Nigeria Holdings Plc on Monday announced that its pioneer Group Chief Executive Office, Bello Maccido, would be stepping down from office.

In his place, the current Executive Director, South, First Bank of Nigeria Limited, U.K Eke, would step in as Group Managing Director-designate, FBN Holdings Plc.

The bank said Mr. Maccido has been named the pioneer Chairman of the newly-licensed FBN Merchant Bank Limited as part of major management changes announced in the leadership team, effective January 1, 2016.

Under the new arrangement, Ibukun Awosika would take over as the new Chairman of the First Bank of Nigeria Ltd following the retirement of Ajibola Afonja from the bank.

The retirement by the Group Managing Director/CEO of the Bank, Bisi Onasanya, announced recently, was ratified by the Board of Directors, subject to all necessary regulatory approvals.

Global Head, Marketing & Corporate Communications of the bank, Folake Ani-Mumuney, said Gbenga Shobo, the current Executive Director, Lagos & West, was named the Deputy Managing Director-designate in the new management.

Mr. Maccido is coming to office as Chairman of the Board of FBN Merchant Bank Ltd. with a wealth of experience spanning over 30 years post call to Bar experience as Retail, Corporate and Investment banker.

Mr. Eke, the incoming GMD-designate of the holding company, has over 30 years post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.

The Managing Director-designate, Mr. Adeduntan, has garnered diverse expertise in treasury and financial management, risk management, accounting, corporate governance and strategy development, advisory and compliance.

The new DMD-designate, Mr. Shobo, has a banking career spanning over 25 years with experience in corporate banking, institutional banking, commercial banking, retail banking and treasury.

Group Chairman, FBN Holdings, Oba Otudeko, said in taking the decision on the management changes, the bank was mindful of the imperatives for a more efficient group structure that would 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 top notch professionals with complementary and mutually reinforcing skill set,” he said.

He said the appointments were a testament to the strength of the bank’s succession planning mechanisms and the calibre of candidates it produces.

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