TUNDE Hassan-Odukale has stepped down as chairman of First Bank of Nigeria Limited, following the expiration of his tenure.
The company’s Secretary, Adewale Arogundade, disclosed this in a statement on Thursday, May 9, to update the Nigerian Exchange Group and the investing public on the recent developments within the bank.
He said Hassan-Odukale’s exit followed the completion of the cumulative number of 12 years for a non-executive director, in line with the Central Bank of Nigeria’s Corporate Governance Guidelines.
Hassan-Odukale joined the board of First Bank as a non-executive director in 2011.
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“Consequently, the Board of First Bank has appointed Mr Ebenezer Olufowose, a Non-Executive Director, as the new Chairman of the Board of Directors of First Bank of Nigeria Limited,” Arogundade stated.
Hassan-Odukale currently sits as the Managing Director of Leadway Assurance Company Limited.
The ICIR reports that the CBN corporate governance guidelines state that “NEDS (with the exception of INEDs) of a bank shall serve for a maximum of 12 years comprising three terms of four years each.”
The First Bank’s new chairman, Olufowose, also the Group Managing Director of First Ally Capital Limited, was appointed to the Board of Directors of First Bank on April 29, 2021.
Before joining First Bank Board, he was executive director at Access Bank Plc and Citibank Nigeria.
He is expected to bring his over 36 years of experience in the financial services industry to consolidate and improve upon the work done by his predecessors.
On April 22, The ICIR reported that Adesola Adeduntan resigned as the managing director/chief executive officer of First Bank, eight months before the expiration of his tenure.
His abrupt resignation elicited concerns among relevant stakeholders in the financial sector. It also violated the CBN corporate governance guidelines.
However, the apex has yet to officially comment on his decision or approve the new appointment of Olusegun Alebiosu as the bank’s acting CEO.