First Bank Limited appoints Ebenezer Olufowose as chairman

First Bank Holdings the parent company of First Bank Nigeria has appointed Ebenezer Olufowose as chairman of its banking subsidiary following the completion of Tunde Hassan-Odukale’s12-year tenure.

In April, Adesola Adeduntan, the CEO of First Bank of Nigeria Limited, resigned after spending nine years in the position. Following his resignation, the group canceled the extraordinary general meeting planned for April 30, 2024, to approve plans for a capital raise.

Adeduntan and Odunkale were the only survivors of a 2021 CBN-led boardroom shake-up that swept away all the bank’s directors. With both gone, the bank will look forward to getting back on the road for recapitalisation.

Ebenezer Olufowose, the group managing director of First Ally Capital Limited, was appointed to the board of directors of First Bank of Nigeria Limited on April 29, 2021

The new chairman who holds a first-class honours degree from the University of Lagos, started his banking career in 1985 at NAL Merchant Bank Plc. He has worked for 36 years in the financial services industry with specific experiences in corporate finance, project finance, and investment banking to the board.

Before joining the board, he was executive director at Access Bank Plc, and Citibank Nigeria, where he led Citigroup’s origination, structuring, and evacuation of corporate finance and investment banking transactions in Nigeria, according to a filing on the Nigerian Exchange.