FBN Holdings appoints new CFO, as efforts to reposition intensifies

The Board of FBN Holdings Plc (FBNH) has appointed Mr. Oyewale Ariyibi as the Chief Financial Officer (CFO).

Mr. Ariyibi was until his appointment the Head, Finance for FBNH and Country Financial Controller at Standard Chartered Bank, Nigeria. He has also worked at Transcorp and Nationalbank of Nigeria Limited.

His appointment is coming at a time the company is working round the clock to boost equity following last year’s 82 percent slump in profit. FBNH has said it would cut jobs and focus less on providing loans to the oil industry in a bid to reverse its fortune.

Ariyibi has a combined twenty-six years’ experience in banking and allied financial services, business assurance, tax management, business process review and consulting across several institutions.

Mr. Ariyibi holds a Masters in Business Administration (MBA) from the University of Lagos and currently a fellow of the Chatered Institute of Chartered Accountants of Nigeria among others. His appointment is subject to Central Bank of Nigeria approval.

FBN Holdings’ Net profit fell to N15 billion from N84 billion naira in 2014, as impairments soared and Nigeria’s economy slowed amid a crash in the price of crude, the biggest source of government revenue and export earnings.

FBN Holdings is the parent company of First Bank, one of Nigeria’s biggest banks.


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