FBNH boss buys N112m shares in lender 47 days after taking office
Bowarol Investment Limited, owned by Adebowale Oyedeji, the group managing director of FBN Holdings (FBNH), has bought shares worth N112.36 million in the parent company of First Bank of Nigeria.
The transactions, which were done on December 30 and 31, came less than two months after Oyedeji took the helm of FBNH.
Bawarol purchased 4 million ordinary shares at an average price of N28.09 apiece, according to a filing with the Nigerian Exchange Limited.
FBNH announced in October the appointment of Oyedeji as its new GMD, effective November 13, subject to the approval of the Central Bank of Nigeria and ratification of the shareholders at the Annual General Meeting of the company. He replaced Nnamdi Okonkwo who retired from the company.
Prior to his appointment, Oyedeji served as the MD/CEO of Nova Commercial Bank where he spearheaded the conversion of Nova from a merchant bank to a commercial bank.
He started his career journey with Ernst & Young as an accountant and later joined Guaranty Trust Bank in 1994 where he distinguished himself and rose through the ranks to become the managing director, Guaranty Trust Bank UK in 2008. He was thereafter appointed to the board of GTBank in October 2011, where he served as executive director for the Corporate Banking Group.
