The Board of Directors of FBN Holdings Plc, has announced the appointment of Dr. Adesola Adeduntan, the current Executive Director/CFO, as the Managing Director-designate.

Adeduntan replaces Bisi Onasanya, who retires from the bank effective December 2015.

Bello Maccido, pioneer Group CEO, FBN Holdings, is leaving his position to become pioneer Chairman of the newly-licenced FBN Merchant Bank Ltd, while UK Eke (MFR), currently Executive Director, South, First Bank of Nigeria Ltd replaces him as Group Managing Director-designate, FBN Holdings Plc.

Other changes at FirstBank will see the current Chairman, Prince Ajibola Afonja, retire and Ibukun Awosika become the Chairman, First Bank of Nigeria Ltd.

A statement signed by Folake Ani-Mumuney, Global Head, Marketing & Corporate Communications, said that Adeduntan’s appointment follows a rigorous selection process driven by the Board and supported by Heidrick & Struggle, the internationally renowned executive search firm.

The statement said that the decisions have been ratified by the Board of Directors, subject to all necessary regulatory approvals and all take effect from January 1, 2016.

As pioneer Group CEO of the FBN Holdings Group in very critical times, Bello birthed the process to establish the multi-faceted group to comply with diverse regulatory requirements, navigating through uncharted territory.

He will undoubtedly bring his wealth of experience, spanning over 30 years post call to Bar experience as an accomplished Retail, Corporate and Investment banker, to bear in his new role chairing the Board of the emergent FBN Merchant Bank Ltd.

The incoming Group Managing Director, UK has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.

Sola, the Managing Director-designate, has garnered diverse expertise in Treasury & Financial Management, Risk Management, Accounting, Corporate Governance and Strategy Development, Advisory and Compliance.

The new DMD-designate, Gbenga has a banking career spanning over 25 years with experience in Corporate banking, Institutional banking, Commercial banking, Retail banking and Treasury.

In announcing the appointments, Dr. Oba Otudeko, (CFR), Group Chairman, FBN Holdings, explained that the appointments followed an exhaustive and competitive process.

“In reaching these decisions, we are mindful of the imperatives for a more efficient group structure that will 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 topnotch professionals with complementary and mutually reinforcing skill set.

“These appointments are a testament to the strength of our succession planning mechanisms and the caliber of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the Group, customers and employees, even as we strive to return greater value to shareholders,” Otudeko said.

With this leadership restructuring, the FBN Holdings Group is poised to continue the drive to deepen its foothold across Africa, whilst maintaining presence in various regions of the world.