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Bismarck Rewane retires from FCMB’s Board as non-executive director

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Bismarck Rewane, managing director of Lagos-based risk and financial advisory firm Financial Derivatives Company Limited, has retired from the Board of First City Monument Bank Plc (FCMB) as an independent non-executive director.

The retirement announcement of the renowned economist came after the acceptance of the bank’s Board at its meeting on Friday, the tier-two lender said in a notice filed at the Nigerian Stock Exchange (NSE), Tuesday.

Rewane holds a Bachelor’s degree from the University of Ibadan and is an Associate of The Institute of Bankers, England and Wales. He worked with the First National Bank of Chicago (later became the International Merchant Bank Nigeria Limited) as a general manager and treasurer of the bank. He has also served as a director of both Lion Bank of Nigeria and Intercity Bank Limited.

With over 40 years’ experience in the financial services industry, Rewane served on the Board of the First City Group Ltd., FCMB (UK) Ltd, Top Feeds Nigeria Ltd., Delta Packaging Nigeria Ltd., Seepec Nigeria Ltd., Nigerian Economic Summit Group, Modant Marine Ltd., Virgin Nigeria Airways Ltd, Nigeria LNG Foundation, UBA Custodian Ltd., UNIC Insurance Plc, Navgas (a Vitol subsidiary), and Guinness Nigeria Plc.

Early this year, he was appointed by President Muhammadu Buhari to lead the minimum wage technical advisory committee that will advise the government on smooth implementation of the new minimum wage.

“The Board and Management of FCMB Group Plc appreciate his valuable contributions and for always being available whenever called upon,” the mid-tier bank said.

FCMB shares extended its bearish performance to the second trading day after the close of trading on the floor of the NSE, Tuesday. The stock dipped 3.85 percent to settle at N2, bringing its return since the start of the year to 5.82 percent.

The bank provides financial services including micro-lending, asset management, stock-broking services, among others. It was incorporated on November 20, 2012, and listed on the NSE on June 21, 2013.

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