The Board of Directors of Stanbic IBTC Holdings Plc has appointed the company’s Chief Financial Officer (CFO), Adekunle Adedeji, as an Executive Director.
Adedeji, whose appointment took effect from Friday, Feb. 22, took over from Victor Yeboah-Manu as the company’s CFO in April 2018. This was after Yeboah-Manu resigned to assume a similar role at Stanbic Bank Ghana.
In a notice filed at the Nigerian Stock Exchange (NSE) Monday, the Board assured that with the new appointment, the new Director would continue in his role as the Group’s CFO.
“The Board is pleased to welcome Adedeji as an Executive Director on the Board, and looks forward to benefiting immensely from his wealth of knowledge and experience,” the company said.
Adedeji has over 24 year’s post-graduation experience with over twenty years in the banking sector. He holds a Bachelor’s Degree in Accounting, an MBA in Finance and has attended several executive development programmes.
He previously served as CFO for Stanbic Ghana from May 2013 to April 2018; and prior to that, he had served as Financial Controller for Stanbic IBTC Bank PLC, the company’s largest subsidiary.
Before joining Stanbic IBTC, Adedeji had also previously served as Financial Controller and Regional Financial Controller for Ecobank Liberia and Nigeria, respectively. Prior to entering the banking industry, Adedeji worked with Ernst & Young for three years with his experience covering audit, taxation and other consultancy services.
The new Stanbic Director is a Fellow of the Institute of Chartered Accountants of Nigeria; Chartered Institute of Bankers of Nigeria; Chartered Institute of Stockbrokers of Nigeria, a Charter holder of the Chartered Financial Analyst Institute; an Associate of the Nigeria Institute of Management; as well as the Chartered Institute of Taxation of Nigeria.
With 1.15 percent year-to-date return, Stanbic currently underperforms the market and NSE Banking, but trading at a year-high of N48.50 per share.
Stanbic grew gross earnings marginally by 9.8 percent to N168.80 billion between January and September 2018, while profit surged by more than half in the period to N59.76 billion. Operating expenses stood at N72.17 billion, representing 17.8 percent more than the N61.24 billion expended a year earlier.
Stanbic IBTC Holdings provides investment banking, wholesale banking and brokerage services in Nigeria. The company was incorporated on March 14, 2012, and listed on the NSE on November 23 in the same year.
