Tunde Hassan-Odukale has stepped down as the Chairman of First Bank of Nigeria Limited.

Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, in a notice on Thursday, said Hassan-Odukale’s exit followed the completion of the cumulative number of years, which is 12 years for a non-executive director, in line with the Central Bank of Nigeria’s Corporate Governance Guidelines.

“Consequently, the Board of FirstBank has appointed Mr Ebenezer Olufowose, a Non-Executive Director, as the new Chairman of the Board of Directors of First Bank of Nigeria Limited,” the notice partly read.

Hassan-Odukale, who joined the Board of First Bank of Nigeria Limited as a Non-Executive Director in 2011, is the Managing Director of Leadway Assurance Company Limited.

Olufowose, the Group Managing Director of First Ally Capital Limited, was appointed to the Board of Directors of First Bank on April 29, 2021.

Before joining First Bank Board, he was Executive Director at Access Bank Plc and Citibank Nigeria.

He is expected to bring his over 36 years experience in the financial services industry to consolidate and improve upon the works done by his predecessors.