Oba Otudeko set to lead the board of First Bank

First Bank Board of Directors on Tuesday elected Oba Otudeko as the bank’s new chairman, according to a corporate press release from the bank’s headquarters in Lagos.

Mr. Otudeko replaces Umaru Mutallab who is retiring from the bank’s board after a 13-year period where he had served as chairman in the last 10 years. Mr. Otudeko’s appointment is awaiting the approval of regulatory bodies, according to the release.

Addressing members of the board after he was appointed, the new chairman stated his resolve to “support the board and management in the ongoing transformation of First Bank to ensure that the institution achieves pre-eminence in each of its businesses.” He also promised to make the bank more appealing to “a new generation of Nigerians”.

While reiterating the bank’s leadership position in the financial industry, Mr. Otudeko said First Bank will continue to improve its services to customers by “deploying cutting-edge technology, and making First Bank a hub for the best talent that exists anywhere, equipping and developing our people and ensuring that, as individuals, we are truly first amongst our peers in the industry.”

Mr. Otudeko also spoke of the plans to expand the banks offshore business with an imposing presence on the African continent. He reassured shareholders that the bank will always strive to make good returns on their investments.

In an interview with NEXT, Celine Loader, the chief marketing officer of the bank, said Mr. Otudeko’s “leadership and multi-disciplinary wealth of experience will be of tremendous benefit in driving our growth and modernisation strategies.”

Mr. Otudeko, who is the immediate past president of The Nigerian Stock Exchange (NSE), was appointed to the board of First Bank in 1997, where he served in various capacities. Mr. Otudeko is an astute investor who has held top management position in various organisations. Some of the positions he has held in the past include the chairmanship of the Honeywell Group for three decades. He was the pioneer chairman of Econet Wireless Nigeria Limited, and he is also a director of Zain Nigeria Limited, Ecobank Transnational Incorporated (ETI), Khalil & Dibbo (Haulage) Limited and Lagos Sheraton Hotel. Mr. Otudeko says his “career has been greatly influenced by his absolute faith in God and his lifelong heroes.”