First Bank Holdings GMD, U.K Eke, resigns amid leadership tussle between Otedola, Hassan-Odukale

The Group Managing Director of First Bank Nigeria Holdings, Urum Kalu (U.K) Eke, has resigned from his position before the end of his tenure amid a leadership tussle at the lender.

U.K Eke was appointed in 2016 as the GMD of FBN Holdings. He has however tendered his resignation to the company since August 10, 2021, but expected to exit his position by December 31, 2021.

First Bank claimed retirement led to Eke’s resignation, while also stating that he has served two terms which covers six years, but Ripples Nigeria understands his period is short of the ten years Central Bank of Nigeria (CBN) stipulated as the maximum timeframe for bank head tenure.

According to the Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004, “Chief Executive Officers, CEO of banks shall serve a maximum tenure of ten years.”

Nnamdi Okonkwo, former Fidelity Bank CEO, has been appointed as Eke’s replacement, with the former expected to take over FBN Holdings GMD effective from January 1, 2022, although his resumption is subject to CBN approval.

READ ALSO: Oba Otudeko, First Bank GMD, U.K Eke, lose N608.32 million in one day

Eke putting an end to his incomplete tenure as GMD comes at a period both Femi Otedola and Tunde Hassan-Odukale are battling for the takeover of First Bank Nigeria Holdings in the last one week.

First Bank has confirmed Tunde Hassan-Odukale has 5.36 percent stake, divided into 0.07 percent direct stake and 5.29 percent indirect stake through Leadway Holdings Limited subsidiaries.

This is more than the 5.07 percent stake of Otedola separated into 0.03 percent direct stake and 5.04 percent indirect stake through Calvados Global Services Limited.

FBN Holdings revelation confirms Hassan-Odukale is the majority shareholder, and also discloses that First Bank has a shareholder with 5 percent or more stake control [now it has two] – an information it failed to report in its 2020 FY and 2020 H1 financial statements.

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