FBNH the owners of First Bank Ltd has transferred Mr Seye Kosoko, the former company secretary of FBNH replacing him with Mr Adewale Arogundade who takes over in acting capacity.
This was disclosed in a press release from FBNH published on the website of the Nigerian Stock Exchange. The changes take effect on March 7, 2022.
Mr Kosoko has now been transferred to First Bank to support their public sector activities. See excerpt:
“In accordance with Nigerian Exchange Limited’s (NGX) Rule Book, the Board of Directors of FBN Holdings Plc wishes to notify the NGX and the investing public that Mr Adewale Arogundade, Assistant Company Secretary, FBN Holdings Plc, will assume the role of Acting Company Secretary effective March 7, 2022. This is following the transfer of the erstwhile Company Secretary, Mr Seye Kosoko to our Commercial Banking Subsidiary, First Bank of Nigeria Limited to support and further strengthen our Public-Sector Business in line with our Talent. Management Framework.”
Back Story
Readers will recall Mr Kosoko was behind the controversial press releases published last year during the fight over who is the majority shareholder of FBNH.
- One of the most controversial press releases signed by Mr Kosoko had alleged Mr Odukale of Leadway Assurance was the single largest shareholder of the bank.
- The letter triggered a query from the Nigerian Exchange requesting that the bank clarify the statement. Mr Kosoko signed the response to the query explaining how they arrived at the shareholdings of the bank.
- Sources inform Nairametrics his exit may be connected to his handling of the debacle between the powerful shareholders. According to a reliable source, “the action robbed off badly with one of the major shareholders who doubted his subsequent loyalty.”
Latest changes at FBNH
Mr Kosoko’s deployment is the latest in a string of changes at FBNH since Mr Femi Otedola declared he had majority shares in the bank through his holding company Calvados.
- Former chairman of the bank, Remi Babalola resigned as chairman of the bank while Alhaji Ahmad Abdulahi was appointed as Chairman.
- It also recently announced the appointment of three new executive directors of the banks while also appointing Mr. Julius Awotuga to the board as a non-executive director.
- Former MD of the holding company U.K Eke also retired and was replaced by former Fidelity Bank MD/CEO Nnamdi Okonkwo.
- The Central Bank still has significant control overboard and strategic appointments at the bank.
