The Board of FBN Holdings Plc (FBNHoldings) has announced that Mr. UK Eke, MFR, is set to retire its Group Managing Director.
His retirement, according to a statement from the company, follows successful completion of his two-term tenure and his Notice of Retirement which he tendered on August 10, 2021.
Eke’s retirement takes effect at the end of the current Financial Year on December 31, 2021, and follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process re-engineering and capital market operations. He has spent almost 11 years in the FBNHoldings Group, serving meritoriously in the last six years as Group Managing Director.
He has been able to build sustainable synergies across the FBNHoldings Group, fostering collaborations to maximize business development opportunities with diverse stakeholders globally. His tenure has witnessed an upsurge in value creation for shareholders and other stakeholders, with a diversified and healthier portfolio. Remarkably, as at January 01, 2016, FBNHoldings share price was N5.13 and market capitalization of N175b trading at price to book of 0.29; whereas comparatively as at October 26, 2021, the price was N12.40, with market capitalization of nearly N445b and price to book of 0.58.
Eke assumed office as Group Managing Director, FBN Holdings Plc on January 1, 2016. He joined the Board of FirstBank, an FBN Holdings Company, in 2011 as Executive Director, Public Sector South, with responsibility for all state and federal government relationships in addition to tertiary and health institutions in the South. He later became Executive Director, South, supervising all retail, commercial and Government accounts domiciled in the South-South and South-East regions of Nigeria, with concurrent responsibility for Private Banking and Wealth Management. His sound managerial and motivational skills, coupled with his vast experience, helped develop FirstBank’s businesses within the Public Sector, Retail and Private Banking Groups.
In 2017, he was appointed to the board of Nigeria Sovereign Investment Authority (Sovereign Wealth Fund), where he chaired the Externally Managed Investment Committee among other critical assignments including helping the Authority to drive capital raise and other capital market engagements.
In addition to his recent board roles at the NSIA, he has served on the boards of quality institutions including First Bank of Nigeria Limited, FBN Bank (UK) Limited, FBNQuest Merchant Bank Limited, First Pension Custodian Limited, Diamond Bank Du Benin, and Diamond Capital. He has chaired and served on various board committees over this period including human capital, governance, audit, risk management, credit, strategy and finance, compensations, and investment committee. He has also chaired several committees for the Chartered Institute of Bankers (CIBN) and the Institute of Directors (IoD).
Eke was Executive Director, Regional Business, Lagos & West, Diamond Bank Plc. His other work experience includes Deloitte Haskins & Sells International where he rose to the position of Audit Senior.
Eke, a Fellow of the Institute of Management Consultants, Fellow of the Institute of Directors, and Fellow of the Institute of Chartered Accountants of Nigeria, Fellow of the Chartered Institute of Bankers of Nigeria, holds a first degree in Political Science (University of Lagos) and an MBA in Project Management Technology (Federal University of Technology, Owerri).
A philanthropist and mentor to many, he is the Founder and Chairman, Elder K.U. Eke Memorial Foundation. He is a Patron, Lagos State Council, Boys’ Brigade Nigeria and a Paul Harris Fellow of The Rotary Club International. He is the Chairman Advisory Board, Lifeforte International High School, Ibadan.
Eke is a recipient of the Deloitte Distinguished Alumni Award and Nigeria’s National Honour of Member of the Order of the Federal Republic (MFR). He was recently named recipient of the prestigious Zik Prize in Professional Leadership.