First Bank of Nigeria Plc (FirstBank), has announced the appointment of four (4) new Non-Executive Directors to its Board. The directors are : Mr. Ambrose Feese Mrs. Ibukun Abiodun Awosika, Mr. Ebenezer Adewale Jolaoso, and Alhaji Lawal Kankia Ibrahim.
The Bank said in statement that, ”The appointments are meant to further enhance the capacity of the Board to deliver on the bank’s corporate goals, as the new Board members are seasoned professionals with diverse experiences. According to the Chairman, Board of Directors, Dr. Oba Otudeko, the new directors were appointed on the basis of balance of skills, independence and varied knowledge.
“The appointments were determined by a clear need for individuals who meet the desired competencies/profile for the onerous tasks of the Board,” he said, stressing that FirstBank is keen on adhering to international best practice in the constitution of its Board.
Corporate governance best practises dictate that there should be a clear separation of duties between management (who take full ownership of business unit performance and oversee day to day operations) and the Board of Directors (whom amongst other things, have principal responsibility for executive selection, policy-shaping, top-level aspirations and strategy, credit approvals beyond certain limits and other key strategic decisions).
“We have therefore decided to maintain well considered diversity and appropriate ratio of Executive Directors to Non-Executive Directors on the Board. This informed the increase in the number of Non-Executive Directors from seven to eleven against the present five Executive Directors inclusive of the GMD,” Dr. Otudeko pointed out. The new constituted board also ensures an increased gender balance. The appointments of the new non-executive directors are subject to the approval of the Central Bank of Nigeria (CBN).”