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FBN Holdings Taps Wale Oyedeji as New GMD

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FBN Holdings Plc has officially announced the appointment of Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024.

This appointment, which is subject to the approval of the Central Bank of Nigeria and ratification by shareholders at the next Annual General Meeting, marks a new chapter for the financial institution.

Wale Oyedeji replaces Nnamdi Okonkwo, who will retire after completing his term.

With over 30 years of banking experience across corporate banking, treasury, and commercial banking, Oyedeji brings extensive leadership expertise to the role.

His most recent position was as Managing Director/CEO of Nova Commercial Bank, where he played a key role in the institution’s transformation and expansion into retail banking.

Oyedeji’s academic background includes a Bachelor of Science degree in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the prestigious Advanced Management Program at Harvard Business School.

Oyedeji’s career spans significant leadership roles, including serving as Managing Director of Guaranty Trust Bank UK between 2008 and 2011, and as an Executive Director for the Corporate Banking Group of Guaranty Trust Bank Plc.

He also held a position as an Independent Non-Executive Director at Stanbic IBTC Bank, further solidifying his expertise in the banking sector.

At FBN Holdings, Oyedeji will lead the implementation of the company’s new 5-year strategic plan, overseeing operations at both the Holdco and its various subsidiaries.

Speaking on his appointment, the Group Chairman of FBN Holdings, Mr. Femi Otedola, said, “the Board is pleased to welcome Wale Oyedeji to the Holdco and looks forward to him building on the solid foundation of our 130-year-old franchise and sustaining its undisputed leadership position.”

This leadership transition is expected to enhance FBN Holdings’ long-term strategy and continue its legacy as one of Nigeria’s premier financial institutions.

Oyedeji’s appointment comes amid a year of substantial leadership changes at FBN Holdings, as the company continues to reshape its governance and strategic direction.

Earlier in the year, it was reported that billionaire businessman Femi Otedola was appointed as the new Chairman of FBN Holdings, marking the beginning of a new era for the institution. Otedola, who became the largest individual shareholder in FBN Holdings in 2021, has played a key role in reshaping the company’s leadership.

In March 2024, FBN Holdings further expanded its leadership team with the appointment of five elite directors, reinforcing its corporate governance and strategic vision under Otedola’s leadership.

These changes were part of a broader effort to stabilize the institution following years of leadership turbulence.

More recently, reports revealed the appointment as acting and subsequent confirmation of Olusegun Alebiosu as MD/CEO of First Bank, a subsidiary of FBN Holdings.

Meanwhile, Nnamdi Okonkwo, the outgoing GMD, has been instrumental in guiding FBN Holdings through these boardroom shifts, playing a pivotal role in restoring investor confidence and steering the institution back to profitability.

As Okonkwo exits, Wale Oyedeji is expected to take the reins and build upon this momentum, continuing to lead FBN Holdings through its strategic evolution.

With this latest appointment, all eyes will be on Oyedeji as he leads FBN Holdings into its next chapter, navigating the competitive landscape and regulatory pressures of Nigeria’s banking sector.


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E-Financial

NAICOM, NCRIB Commit to Drive Penetration

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Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance (CFI), has reaffirmed the National Insurance Commission’s (NAICOM) commitment to strengthening collaboration with the Nigerian Council of Registered Insurance Brokers (NCRIB) to enhance compliance, consumer protection, and broader insurance awareness across the country.

Mr. Omosehin, gave the assurance when he received a delegation from NCRIB, led by its President, Prince Babatunde Oguntade, alongside the incoming President and incumbent Vice President, Mrs. Ekeoma Ezeibe, at the Commission’s headquarters in Abuja, according to a statement.

Welcoming the delegation, the Commissioner commended the Council for its sustained partnership with NAICOM and applauded its role in advancing industry compliance and professionalism.

He congratulated Prince Aguntade, Mrs. Ezeibe, and Mr. Tope Adaramole, appreciating their contributions towards strengthening consumer protection and broker engagement.

The CFI further congratulated NCRIB on the successful passage of the Nigerian Insurance Reform Act (NIIRA) 2025, stressing that enforcement remains the real task ahead. He assured the Council that NAICOM would continue to rely on its collaboration to achieve effective implementation.

Highlighting industry priorities, Mr. Omosehin emphasized the need to expand insurance awareness, improve competence across the market, and ensure operators align with the Digitalization Regulation 2025.

 


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African Parliaments Move to Plug $587Bn Annual Revenue Leakages

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Lawmakers from several African countries converged in Abuja on Monday to collaborate on strategies to block the annual revenue leakages of $587 billion, as reported by the African Development Bank (AfDB) in May this year.

African Parliaments Move to Plug $587Bn Annual Revenue Leakages

This comes as Nigeria’s National Assembly reaffirmed its commitment to establishing the National Assembly Budget and Research Office (NABRO)—an independent, non-partisan budget office designed to support evidence-based budgeting, comparable to the United States Congressional Budget Office (CBO).

The urgency to curb the $587 billion (approximately ₦887 trillion) lost to capital flight across Africa was brought to the fore at the opening session of the 8th Conference of the African Network of Parliamentary Budget Offices (AN-PBO), held in Abuja.

In his keynote address, Tajudeen Abbas, speaker of the House of Representatives, stressed that there was no better time for African legislators to confront the continent’s fiscal and governance challenges through effective and efficient legislation.

According to him, revenue leakages—particularly those resulting from corruption, illicit financial flows, and systemic inefficiencies—must be addressed through enhanced budget scrutiny and oversight.

“According to the African Development Bank, Africa loses over $587 billion annually to capital flight—money that flees the continent through corruption, illicit trade, mispricing, and profit shifting by multinational corporations,” Abbas said.

“Corruption alone is estimated to drain about $148 billion annually, while other illicit financial flows—such as trade malpractices and smuggling—siphon away tens of billions more. This is money that should be building roads in Lagos, equipping hospitals in Nairobi, or improving schools in Accra. Instead, it vanishes.”

He noted that Nigeria presents a cautionary example of both the scale of the problem and the urgent need for reform.

“In our public procurement processes—which account for a significant portion of government spending—Nigeria loses an estimated $18 billion annually to financial crimes, roughly 3.8% of our GDP. These leaks could fund countless social programmes.”

Abbas emphasised that budget leakages undermined the effectiveness of government programmes and must be stopped to ensure better outcomes for citizens.

“That is why we are increasing oversight hearings, audit inquiries, and strengthening anti-corruption legislation. Oversight is essential to ensure that limited resources are deployed for the public good,” he stated.

He also highlighted the lack of institutional capacity in many African parliaments, which hampers their ability to effectively scrutinise budgets and monitor public expenditure.

“Without access to high-quality fiscal data and independent economic analysis, legislators cannot adequately hold the executive accountable on complex macroeconomic issues such as debt sustainability and investment efficiency.”

This, he explained, is precisely the gap that Parliamentary Budget Offices (PBOs) are intended to fill.

Abbas stated that Nigeria was responding to these challenges through reforms aimed at strengthening the legislative ‘power of the purse’ and ensuring greater accountability in public finance.

“One of the most significant advancements is our effort to establish the National Assembly Budget and Research Office (NABRO) as an independent, non-partisan body to support our legislature.

“Let me assure this audience that the National Assembly is fully committed to NABRO’s realisation, full funding, and independence,” he further said.

He added that beyond NABRO, the Nigerian legislature was pursuing a broader fiscal governance agenda: “We are revising our Fiscal Responsibility and Finance laws to enhance budgetary discipline and transparency. We are also empowering our Public Accounts Committees to take decisive action on audit findings.”

Earlier in his remarks, Barrister Kamoru Ogunlana, clerk to the National Assembly (CNA), described the conference as a critical platform for peer learning and capacity building, aimed at institutionalising evidence-based public finance management.

“I encourage us all to use this conference not only as a platform for exchange, but as a springboard for innovation and renewed commitment to fiscal responsibility,” he said.

Representatives from 16 African countries participated in the conference, including Nigeria, Ghana, Kenya, Uganda, South Africa, Tanzania, Namibia, Zimbabwe, Malawi, Mozambique, Liberia, The Gambia, Sierra Leone, Cape Verde, among others.


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E-Financial

JustMarkets Unveils Revamped IB Program with Flexible Commissions, Enhanced Partner Benefits

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JustMarkets, a global multi-asset broker, presented a new version of its Introducing Broker Program.

The upgraded IB structure is designed to give even higher returns, more partner transparency, commission flexibility, long-term growth, and clearer rules, adapted to the current macroeconomic environment.

Let’s see why this program is so groundbreaking and what benefits it offers to each partner.

Benefit #1. Income for 100% of client trading volume

The standout change is the shift from a fixed-per-lot payout to a percentage-based commission model, allowing partners to earn:

  • Up to 45% of the spread on Standard, Standard Cent accounts.

  • Up to 30% of the spread on Pro accounts.

Such a flexible system helps partners to get rewards for 100% of client trading volume, including scalping, intraday, and other short-term strategies often excluded under traditional fixed-lot programs.

Benefit #2. Higher spreads in times of market volatility

Under the percentage-based model, spreads can increase during periods of market volatility. As a result, commissions will increase, too. Regardless of what traders prefer: gold, oil, Forex, or digital assets, partners can benefit directly from market movement, which makes this program exceptionally profitable during active trading conditions.

Benefit #3. No longer bound by strict MTP rules

Perhaps the biggest frustrations for IBs have been the Minimum Trading Point requirement, which filters out a huge portion of eligible trades. JustMarkets has fully removed it, meaning every completed trade went straight to the partner earnings. This creates a better, more predictable revenue stream, especially valuable for high-frequency traders.

Benefit #4. More tools, transparency, and rewards

JustMarkets has also improved its Partner Area with real-time reporting tools, updated commission details, and full visibility into client spreads directly in the trading terminal. This change aimed to build more trustful broker-traders and broker-partners relationships by showing exactly how commissions are calculated.

To further support growth, the program offers loyalty rewards worth up to $500,000, including cash bonuses, luxury gadgets, and even cars. Nigerian partners also benefit from naira-friendly deposits and withdrawals, as well as access to marketing assets like banners, landing pages, and analytics.

A program built for long-term partnerships

JustMarkets is strengthening its commitment to partner success with a next-level IB program built for today’s market dynamics. This upgrade removes outdated requirements like the MTP, ensuring that every trade contributes to partner earnings. It also features a flexible, percentage-based commission system, offering up to 45% of the spread for all instruments, from gold and oil to Forex and digital assets.

According to Yasser Mansour, who is JustMarkets Senior Key Account Manager, all these changes were made with partners and traders in mind:

“We did everything to deliver a fairer, more adaptable, and more rewarding partnership model. Our team believes that traders and partners are the heart of every innovation and service we work on. The revamped IB program is a great tool for partners to get new opportunities, grow their businesses, and succeed in highly volatile markets. Our sincere aim is to provide the most transparent and rewarding partnership environment for partners and traders worldwide.”

To start using the JustMarkets Trading app, simply register and download it on your Android or iOS device.


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