FBN Holdings Plc at the weekend announced new board appointments into the FBN Holdings Group, effective July 19 2016.
The appointments have been approved by the Board of Directors, but are subject to all necessary regulatory approvals.
According to a statement, Ms. Cecilia Akintomide and Mrs. Oluwande Muoyo joined the board of FBN Holdings Plc, while Mrs. Titi Adebiyi and Alhaji Yusufu Modibbo joined the Board of FBN General Insurance Limited, all as Independent Non-executive Directors.
Other appointments in the group have Mr. Akin Osinbajo and Mr. Babatunde Odunayo joined the board of FBN Merchant Bank Limited while Mr. Folarin Alayande joined the board of FBN Insurance Brokers Limited respectively, all as Non-executive Directors.
The bank stated that the developments are consistent with the FBN Holdings Group’s corporate governance, risk management, efficiency, diversity and sustainability outlook that enables it to take advantage of the synergies from its globally experienced board members for the benefit of its wide array of customers and other stakeholders.
While announcing the appointments, the Group Chairman, FBN Holdings Plc, Dr. Oba Otudeko said: “These appointments are meant to deepen the corporate governance, insight and strategic decision making of the Boards in our Group, while extending value for our customers, shareholders, employees and other stakeholders in a sustainable manner.”
According to him, with these board appointments, the FBN Holdings Group was poised to continue the drive to deepen its foothold across Africa, whilst maintaining presence in various regions of the world.
The statement pointed out that Akintomide brings varied senior management experience with a legal background. She was until recently Vice President Secretary General of African Development Bank Group, a multilateral development bank, where she was responsible for managing shareholder relations involving 80 member states, providing final level policy and quality review, as well as negotiating project and policy approvals.
Also, Muoyo is a chartered accountant and professional banker with over 30 years’ post-qualification experience in the private and public sectors. She is the immediate past Honourable Commissioner for Budget and Planning in Ogun State and before then had been in banking for over 22 years. She is skilled in public finance management, budgeting, planning, financial control, treasury and financial services, private banking, foreign operations, corporate banking, transactional banking, auditing and taxation.
With over 30 years’ experience as a practicing attorney, Osinbajo was Attorney-General and Commissioner for Justice Ogun State for eight consecutive years. He is a highly experienced Advocate and Commercial Law Practitioner, Chartered Arbitrator and Notary Public, who has represented several multinational and local clients, and worked with some of the world’s reputed law firms in transactions with trans-national jurisdictions across many continents.
A highly experienced corporate executive, Odunayo, an agriculturist and chartered accountant, was Executive Vice Chairman/CEO of Honeywell Flour Mills Plc where he served for 17 years as pioneer CEO, part of a total 22 years in the service of the Honeywell Group.
Adebiyi, Managing Director, Avit Trust and Investment Limited is a passionate and focused business administrator, with 26 years’ all-round experience in commercial bank branch operations, relationship management, and corporate leadership. She sits on the Board of Sigma Pensions Ltd and will make invaluable contributions to the Board of FBN General Insurance Limited.
Similarly, it stated that Modibbo, an agriculturist and banker with over 30 years’ experience, is versed in investment banking, public sector, non-interest banking, corporate finance, international operations, credit and marketing as well as corporate development and stockbroking.
Alayande is Head of Strategy and Corporate Development of FBN Holdings Plc with responsibility for growth and innovation across the Group. He was previously pioneer Director of Public Service with global consulting firm Accenture in Nigeria, with responsibility for client account leadership and market development across Tax and Revenue Agencies, Public Sector Operations, and Defence and Public Safety.
Sterling Bank Wins Non-interest Banking Award
Sterling Bank Plc has been awarded the ‘Non-interest Bank of the Year – Africa 2016’, for its Non-interest banking window -Sterling Alternative Finance.
The award courtesy “The European,” is one of the major categories at the Global Banking & Finance Awards held in London recently.
Sterling Bank commenced non-interest banking in 2013 when the Central Bank of Nigeria (CBN) granted the bank the license to operate the window.
The bank in a statement at the weekend noted that the award was conferred on it based on its success story in the last three years coupled with its ability to use non interest banking contracts to structure transactions in the most unique manner.
With about 200 branches offering non interest banking services, the bank explained that its coverage which is considered the best in Africa, quality of staff, consultants and advisors such as Sheikh Abdulkader Thomas, who belongs to several advisory boards globally also gave it an edge over competitors.
“Since 2013, we have achieved major milestones which include a line of US$30 million from the Islamic Corporation for Development (ICD) and US$25 million from the International Islamic Finance Trade Corporation (ITFC). Both institutions are members of the Islamic Development Bank (IDB). In the same vein, the CBN has approved an array of innovative non-interest financial instruments for us in 2016 which will keep us ahead of industry performance.
“As we celebrate the international recognition that has come via this award, Sterling Bank will continue to intensify efforts to sell our Sterling Alternative Finance offerings to customers and prospects and remain a reference institution in the area of non-interest banking not only in Africa but globally,” it added.