The board of FBN Holdings Plc has announced the retirement of Kayode Akinkugbe as Managing Director and Taiwo Okeowo as Deputy Managing Director of its subsidiary-FBNQuest Merchant Bank Limited. 

According to the notice sent to the Nigerian Exchange Limited and the investing public, the company said the retirement follows the completion of successful accumulation of  tenures. 

The Board stated that it appreciates their meritorious service to the Bank and wishes them success in their future endeavours. 

The board also announced the appointment of Mr. Afolabi Olorode as Executive Director of wholesale Banking, effective from January 5, 2024. 

The statement signed by Adewale Arogundade, Acting Company Secretary, stated that his appointment had been duly approved by the Central Bank of Nigeria. Olorode would be responsible for overseeing the Client Coverage and Corporate Banking, Investment Banking, Fixed Income, Treasury and Liabilities Solutions, and Agency business of the Bank. 

According to the statement, prior to his appointment, Afolabi led the Coverage and Corporate Banking Group at FBNQuest Merchant Bank where he was responsible for the Bank’s coverage activities, and credit portfolio, Trade services and transaction banking operations. 

Afolabi is a versatile and accomplished banker, and a business leader with experience in corporate and investment banking, private equity, treasury, project and trade finance. He has advised on and raised funding for several landmark transactions involving leading Nigerian and international clients in restructuring, M&A advisory, and capital raising for over 29 years. 

His professional experience cuts across various sectors, having worked in a number of reputable institutions including Agusto &Co., Frontier Capital, KPMG, and Renaissance Capital. 

Afolabi is a Fellow of the Institute of Chartered Accountants of Nigeria and he has taken leadership and executive education courses at Columbia Business School, INSEAD, Harvard Business School, Wharton Business School, and Lagos Business School, among others. 

 He is a graduate of the University of Lagos and holds a post-graduate degree in Corporate and International Finance from Durham Business School, United Kingdom.