By Eromosele Abiodun
Following the death of its former Managing Director/Chief Executive Officer, Mr. Osaze Osifo, FBN Capital Limited, the investment banking and asset management business of First Bank Group, has appointed Mr. Kayode Akinkugbe as Acting Managing Director/Chief Executive Officer.
THISDAY gathered that Akinkugbe’s appointment is another strategic move to further enhance the firm’s competitive edge and growing momentum towards providing best-in-class investment banking and asset management services to its clients.
He is expected to reposition the company, drive the process and plans that will take FBN Capital to new height and make it a reference point in the industry.
A consummate investment banker, Akinkugbe has over 18 years experience working in top tier global universal banks in the United Kingdom and Nigeria, where he focused on arranging finance and providing strategic advice to public and private sector organisations.
He joined FBN Capital from Deutsche Bank where he was Head of sub-Saharan Africa (ex-SA) coverage.
Over the course of his career, Akinkugbe has led senior teams originating and executing over $7.5 billion of structured debt, project finance, and equity financings syndicated across bank and capital markets, as well as advising on over $5 billion of mergers and acquisition (M & A) transactions.
Akinkugbe holds an MSc International Accounting & Finance from the London School of Economics, an MBA from Cranfield University in the United Kingdom and first degree in Economics from the University of Ibadan.
An official of the company told THISDAY that FBN Capital would continue to showcase prospects for growth in different sectors of the nation’s economy; a development he said represented opportunities for good return on investments for existing and prospective investors.
“Nigeria’s $200 billion economy has grown by an annual average of 6.6 per cent in the past five years, and this trend is upward. Over the past eight quarters the non-oil economy has posted average growth of 8.5 per cent (on a year-on-year basis), compared with 3.0 per cent for the oil and gas sector, clearly showing that the non-oil and gas sectors are driving the Nigerian economy, “said the official who did not want his name mentioned.
He added that the company would do what it could to help address the steps that were required to help deepen the Nigerian capital markets, improve access to unlisted companies as well as highlight capital-raising and growth opportunities which will boost Nigeria’s image as a foremost destination for investments in sub-Saharan Africa.
The late Osaze Osifo, aged 45, was on an official visit to Abuja, when he was said to have died in his sleep in February this year at the Transcorp Hilton Hotel.
A top class professional, Osifo joined First Bank of Nigeria Plc in 2010, to manage all the bank’s investment banking and asset management businesses across the different subsidiaries. These include FBN Capital, First Trustees, First Funds and its global custody business.
It will be recalled that in a bid to facilitate the development of innovative partnerships and strategies for maximising investment opportunities in Nigeria, FBN Capital held its maiden Investor Conference, themed, ‘From BRICS to BRINCS–A Real Conversation.
The conference showcased investment opportunities in the fast changing Nigerian economy and provided a forum for international investors to interact with policymakers, regulators and Nigerian business leaders.
The keynote speakers were the Coordinating Minister of the Economy Dr. Ngozi Okonjo-Iweala, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, Minister for Trade and Investment, Dr. Olusegun Aganga, Minister of Power Prof. Bart Nnaji, Minister of Agriculture, Dr. Akinwunmi Adesina, and the AMCON CEO, Mr. Mustafa Chike-Obi, with a dinner hosted by the CBN Governor Mallam Sanusi Lamido Sanusi.