I broke this news in August and faced intense pressure from all quarters to retract my report.
The appointment of a Group Managing Director (GMD) for what is arguably Nigeria’s most important financial institution is a matter of great interest to all stakeholders.
It must be handled with care as it will impact the markets, and the economy, and, if mismanaged, could even affect political stability.
Of utmost importance is the selection of the individual to wear this coveted cap. This decision cannot be made without careful and intense deliberation due to its far-reaching effects on various sectors.
While the market held its breath, the Board and Shareholders of this critical institution took their time.
Finally, they confirmed the appointment of the exceptionally brilliant banker and gentleman, Wale Oyedeji, as the substantive Group Managing Director, subject to approval by the Central Bank of Nigeria (CBN).
Wale brings with him around 30 years of cognate experience, covering major critical areas of banking. He worked at GTBank and was, until recently, the MD/CEO of Nova Merchant Bank Limited.
Above all his credentials, Wale is a good man. I have known him nearly all my life. Our paths crossed from primary school through secondary school and even at the legendary University of Ibadan, making me wholeheartedly endorse this appointment.
Wale steps into office at a time when the industry is grappling with significant micro and macro challenges, pushing its leadership capacity to the limit.
His alma mater, GTB, is currently struggling with image issues due to unprecedented media attacks.
The industry itself faces public discontent over its massive profits amid a depressed economy, leading to growing concerns about its ethos and leadership.
The industry needs good men like Wale, who have built their careers on integrity, professionalism, and, most importantly, humanity.
He can help steer the sector away from hard-nosed capitalism and back to a people-driven approach, where banks serve as true partners to the real sector.
In a brief call with Wale this evening, I emphasized the need for him to maintain his credentials as a God-fearing professional who remains open to serious and sincere opportunities.
His job is cut out for him, as the market will expect a resurgence of FBN Holdings as a permanent leader in the space a position that has been lost to less robust leadership in recent times.
He must spearhead growth driven by principles of corporate governance, internationally recognized standards, and industry-wide leadership in these areas.
Wale’s task will be eased by the presence of an improved Board, led by Mr. Femi Otedola. Over the last five years, Mr. Otedola has waged a campaign to restore corporate governance, integrity, and shareholder respect to the banking industry, and he seems to be succeeding.
The renewed vigour with which FBN Holdings has pursued these goals is reflected in its results.
I suspect that headhunting Wale was a deliberate and perfect fit for the brilliant chess game Mr. Otedola is playing at FBN.
Wale is no stranger to this. He was part of the golden era dream team at GTB, where he started his career and rose to the enviable position of Executive Director. He later served as a Non-Executive Director at Stanbic IBTC before becoming MD/CEO at Nova Merchant Bank.
He learned banking under legends like Fola Adeola and Tayo Aderinokun and was also close to Cathy Echeozo, who capped a brilliant career at GTB as Deputy Managing Director before her retirement.
Through these exposures, Wale developed a super-brilliant and personable approach to banking, earning him recognition as one of the most talented bankers in the industry.
With this appointment, I am confident the industry will be better for it. I must thank the Board of FBN Holdings for their immense wisdom in identifying this talent, and the Shareholders for creating an environment where above-board decisions like this can be made.
Unlike some other institutions in the same space, where corporate governance is being trampled upon daily, FBN Holdings stands tall.
Well done to the Board of FBN Holdings, well done to its Shareholders, and well done for a job excellently done.
Thank you.
Duke of Shomolu
