The Chairman, Board of Directors of First Bank of Nigeria Plc., Dr. Ayoola Oba Otudeko has announced his intention to retire from the Board of the Bank with effect from Friday, December 31 2010 after a meritorious service spanning 12 years.

 

At a board meeting, which held on Wednesday, this week, Dr. Oba Otudeko premised his decision on his long-standing commitment to best-of-breed corporate governance practice, especially the need for continuity in the Bank’s strategic leadership and the requirement for constant renewal of the Bank’s Board of Directors. Dr. Otudeko’s decision also accords with the provisions of the relevant sections of the Central Bank of Nigeria’s (CBN) Code of Corporate Governance for Banks on the tenure of non-executive members of the boards of banks.

 

It would be recalled that in response to the CBN’s revocation of the universal banking business model earlier this year, FirstBank opted for the holding company structure model for coordinating the diverse subsidiaries that make up one of the country’s leading financial services institutions. Subject to the CBN’s authorisation, related regulatory approvals, and the consent of the Bank’s shareholders, Dr Otudeko’s voluntary retirement from the board of the Bank frees him to take on the difficult task of midwifing the new holding company structure.

 

In a related development, FirstBank has announced the voluntary retirement of three other non-executive directors, Alhaji Abdullahi Mahmood, General Garba Duba (rtd.), and Mr. Oye Hassan-Odukale. These retirements all take effect from December 31 2010.

 

Prince Ajibola Afonja, previously a Non-Executive Director of the Bank, will take over as Chairman of the Bank’s board with effect from January 1 2011, while Ibrahim Dahiru Waziri, Tunde Hassan-Odukale, Khadijah Alao Straub, and Obafemi Adedamola Otudeko were appointed non-executive directors by the Bank in place of the three who retire at the end of the year. The new appointments are subject to CBN ratification.

 

Meanwhile, the Bank’s Board has accepted the resignation of one of its executive directors, Dr. Yerima Ngama, with effect from December 31 2010. Dr. Ngama who resigned to pursue newer challenges, will be succeeded by Bello Mohammed Maccido, who has been appointed an Executive Director with FirstBank with effect from January 1 2011.

 

Folake Ani-Mumuney

Head, Marketing & Corporate Communications