First Bank of Nigeria Limited has appointed Ebenezer Olufowose, a non-executive director, as the new chairman of its board of directors.

The appointment was announced in a notice published on the Nigerian Exchange on Thursday, May 9, 2024, and signed by Adewale Arogundade, the company's Secretary.

Olufowose will succeed Tunde Hassan-Odukale, who is stepping down from his role as a non-executive director and chairman.

Hassan-Odukale's departure follows the completion of the maximum tenure of 12 years for a non-executive director, in accordance with the Central Bank of Nigeria's Corporate Governance Guidelines.

Odukale's exit mirrors that of Adesola Adeduntan, the former Managing Director of First Bank Ltd., who also stepped down upon reaching the bank's tenure limit.

During his tenure as chairman, Odukale demonstrated strategic leadership and made significant contributions to the bank's stability.

Profile of Ebenezer Olufowose

Olufowose, the new chairman, joined the FirstBank Board as a Non-Executive Director in April 2021, bringing with him over three decades of experience in the financial sector.

Before taking on this new position, he served as the Group Managing Director at First Ally Capital Limited, a prominent investment banking firm based in Lagos.

Prior to his time at FirstBank, Olufowose held key positions at other financial institutions. He served as an executive director at Access Bank Plc and Citibank Nigeria, where he led the origination, structuring, and execution of significant corporate finance and investment banking transactions across Nigeria.

Olufowose began his banking career in 1985 at NAL Merchant Bank Plc, where he contributed to the Corporate Planning and Finance Departments.

His academic background includes a first-class honours degree in Economics from the University of Lagos and an MA in International Economics from the University of Sussex, England.

He has completed extensive training programs at globally recognized institutions such as the Institute of Management Development in Switzerland, Harvard Business School in the USA, and INSEAD in Singapore. Notably, he is an alumnus of both the Harvard Business School and the Lagos Business School.

His professional affiliations include honorary senior membership in the Chartered Institute of Bankers of Nigeria and fellowships with the Institute of Credit Administration and the Association of Investment Advisers and Portfolio Managers.