You spent at least 4 years in the university or polytechnic, did they ever teach you anything about your personal economy? Yes, did they prepare you for yourself? Most times, schools are designed to prepare us for WORK in companies, organizations or governments.

Simply, one of the greatest surprises when I started work was this: the university system prepared me on how to manage resources for companies, but did a very poor job on how I could manage my own personal resources.

In FUT Owerri, we studied great topics in Engineering Management like Engineer Turns Manager, Managerial Accounting, etc. In all those domains, everything was on how to optimize resources for the employer (yes, the company). But none for the village boy’s Personal Economy. That is why at Tekedia Institute, we developed a module on Personal Economy.

And with hardwork, grace and luck, that Personal Economy can work even when the National Economy or Global Economy is not firing. It is about strategy and planning. In the Igbo, they give titles like “Ome na unwu” [one who does great things even during famine and scarcity] which means that you can find abundance even when a national or global economy is challenged.

Today, I will be teaching on “Building Investment Portfolios And Personal Economy“. To register for the next edition of our program with early discounts, go here . More SMEs attend our program than any university in Africa. Come and learn how to thrive at Tekedia Mini-MBA.

FBN Holdings Plc is set to embark on a significant rebranding initiative, proposing a change of its legal and brand name to “First Holdco Plc.” The proposal will be presented to shareholders for approval during the 12th Annual General Meeting (AGM), slated for November 14, 2024.

This rebranding effort is designed to modernize the company’s identity and reflect its evolution into a diversified financial services group. It will involve amending the company’s Memorandum and Articles of Association to capture the new legal name and structure, subject to regulatory approvals from relevant authorities, including the Central Bank of Nigeria.

The decision to rebrand as First Holdco Plc marks a pivotal moment for FBN Holdings, which has been a cornerstone of Nigeria’s financial sector for over 130 years. Initially known for its banking services under First Bank of Nigeria, the company has expanded its operations into various financial services, including insurance, asset management, and capital markets. The new name aims to better encapsulate the group’s diversified portfolio and forward-looking approach while still honoring its rich legacy in Nigeria’s financial history.

By extending the rebranding to its subsidiaries, the company seeks to present a unified brand that strengthens its market presence and aligns with its strategic vision for growth. This approach aims to streamline the group’s corporate structure, enhancing operational efficiency and positioning the institution for future expansion, both within Nigeria and internationally.

The move also underlines a broader trend in the financial services industry, where holding companies are increasingly rebranding to better communicate their roles as diversified groups. As a financial conglomerate, FBN Holdings aims to capture opportunities in various market segments and respond more effectively to the evolving needs of customers and stakeholders.

The name change aligns with the company’s ongoing efforts to diversify revenue streams, reduce reliance on traditional banking income, and capitalize on growth opportunities in sectors such as digital payments, investment banking, and financial technology (fintech). The new identity will help the group reposition itself to attract partnerships, investors, and clients looking for a comprehensive range of financial services under one umbrella.

Moreover, the timing of this rebranding coincides with the launch of the company’s new five-year plan. This plan will guide FBN Holdings’ growth initiatives from 2025 through 2030, focusing on digital innovation, customer-centric services, and sustainable growth practices.

Wale Oyedeji Takes Over as Group Managing Director

In a parallel move, FBN Holdings has announced the appointment of Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024. His appointment is subject to approval by the Central Bank of Nigeria and ratification by shareholders at the AGM. Oyedeji will succeed Nnamdi Okonkwo, who will be stepping down after leading the institution through a critical period of stabilization and growth.

Oyedeji brings a wealth of experience to the role, with over 30 years in the banking sector. His previous positions include MD/CEO of Nova Commercial Bank, where he was instrumental in transforming the bank’s operations and expanding its services into retail banking.

His career also spans significant leadership roles at Guaranty Trust Bank UK, where he was Managing Director between 2008 and 2011, and Guaranty Trust Bank Plc, where he served as an Executive Director in the Corporate Banking Group. Additionally, Oyedeji has held a Non-Executive Director position at Stanbic IBTC Bank, further deepening his expertise in corporate banking and financial governance.

Oyedeji’s academic qualifications include a Bachelor of Science degree in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the prestigious Advanced Management Program at Harvard Business School.

Upon assuming the role of GMD, Oyedeji will be tasked with leading the implementation of FBN Holdings’ new strategic plan, driving growth across the group, and overseeing operations at the holding company and its subsidiaries. His leadership is expected to build on the momentum established under Nnamdi Okonkwo, focusing on navigating regulatory challenges, fostering innovation, and sustaining the group’s market leadership.

Oyedeji’s appointment comes amid a year of substantial leadership changes at FBN Holdings, signifying a period of restructuring and governance reform aimed at positioning the institution for long-term success.

Earlier in the year, billionaire businessman Femi Otedola took over as the new Group Chairman, following his rise to become the largest individual shareholder in 2021. Otedola’s appointment marked the beginning of a new era for FBN Holdings, characterized by a series of moves aimed at stabilizing the institution after years of leadership turbulence and restoring investor confidence.

Under Otedola’s chairmanship, FBN Holdings expanded its board by appointing five elite directors in March 2024, strengthening corporate governance and reinforcing its strategic vision. These appointments were part of a broader effort to bolster the institution’s leadership and drive its new business strategy, addressing legacy challenges that had previously hindered its growth.

The leadership changes have extended to FBN Holdings’ flagship subsidiary, First Bank, where Olusegun Alebiosu was appointed as the Managing Director/CEO earlier in 2024. The reshaped leadership team, now including Oyedeji, is expected to chart a path that addresses operational challenges while capitalizing on new growth opportunities.

As Nnamdi Okonkwo prepares to retire, his tenure is credited with guiding FBN Holdings through a period marked by corporate restructuring and governance reforms. He played a significant role in revitalizing the group’s financial performance, enhancing profitability, and restoring market confidence after years of internal challenges.

Okonkwo’s leadership saw the institution improve its risk management framework, strengthen compliance practices, and realign its strategic priorities. His efforts are believed to have laid a solid foundation for Oyedeji to build upon.