Why CEO Oyedeji’s Move To FBN Holdings Is Indicator Of Oduoza’s Dream For NOVA Bank

One of the biggest buzzes in the banking industry is the appointment of Wale Oyedeji as the Group Managing Director of FBN Holdings – Nigeria’s oldest bank.

Oyedeji, with a robust 30 years of experience under his belt, joins FBN Holdings from his position as the Chief Executive Officer at NOVA Commercial Bank.

With the guidance of the formidable Chairman Phillips Oduoza, NOVA conquered the merchant banking space to become a commercial bank on the strength of back-to-back successes that required a broader customer base for greater impact.

Oyedeji, as CEO, led the management that unraveled Oduoza’s mission of building a strong and innovative financial institution, which announced itself with the provision of specialized services to high-net-worth individuals and corporate organizations.

Industry chatter claims Oyedeji’s “poaching” by FBN Holdings underscores the huge confidence in the leadership of NOVA Bank and the direction of its business.

“That FBN Holdings, with its robust pedigree, needs to pick from NOVA Bank in trying to achieve next-level development is a strong indicator of the high standards at NOVA Bank,” according to experts.

Oyedeji is expected to lead FBN Holdings’ new 5-year strategic plan, with stronger corporate governance and sustained focus as key points.

NOVA Bank kicked off its entry into the commercial and retail banking space in July 2024 with a talk-of-the-town Phygital model, which combines physical branches and digital platforms to cater to customers everywhere.

The bank started off well in this terrain, leveraging technology and innovation, before Oyedeji’s exit.

Industry watchers say the CEO’s departure from NOVA Bank is not expected to affect its growth trajectory.

“Without taking away from Oyedeji’s contribution to the success of NOVA Bank, it is safe to say the bank remains on course because the goose that is laying the golden eggs remains at NOVA. And that is Chairman Oduoza. He is the one with the vision, and it is his master plan that is unfolding at the place,” according to information at hand.

Added information has it that Oyedeji’s departure from NOVA Bank is rather seen as a sign of maturity and readiness to boost its operations with new leadership.

A Bachelor of Science degree holder in Agricultural Economics from the University of Ibadan, with a Master of Science in Financial Economics from the University of London, Oyedeji was Managing Director of Guaranty Trust Bank (GTBank) United Kingdom and Executive Director for the Corporate Banking Group of Guaranty Trust Bank (GTBank) Plc. He takes over from Nnamdi Okonkwo as the Group Managing Director of FBN Holdings.

NOVA Bank Chairman, Philip Oduoza, is a former Group Managing Director at pan-African financial powerhouse United Bank for Africa (UBA). An alumnus of Harvard Business School, Oduoza, who holds a first-class Master of Science in Civil Engineering and a Master of Business Administration in Finance, is credited with industry-defining roles in amassing relevant experience.