Olufemi Bakre gets tenure extension as Parallex Bank CEO

In recognition of his outstanding performance in steering the bank’s affairs since its inception as a commercial bank, the Board of Parallex Bank Limited has approved the tenure renewal of Olufemi Bakre as the managing director of the bank for the next five years effective from May 1, 2025.

The Board, in a statement released recently, expressed great satisfaction at the rapid growth Parallex Bank has experienced, under the leadership of Bakre, since it got licensed as a commercial bank by the CBN in 2021.

This decision by the bank’s board of directors underscores Bakre’s pivotal role in driving the institution’s growth and reputation as a customer-centric financial institution.

According to the Board, Bakre has been instrumental in transforming Parallex Bank into a forward-thinking institution that prioritises innovation and exceptional customer experience. His commitment to excellence, coupled with his wealth of experience and strategic vision, has set the bank on a path of sustainable growth, and the board is thrilled to have him continue leading the charge for another five years as it approaches the concluding stage of capitalisation in line with CBN directive.

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Bakre, a professional banker with over three decades of banking experience, has, according to the Board, showcased exceptional expertise across multilateral business, financial institutions (both local and international), the public sector, corporate, commercial, SME and retail banking. He was appointed the managing director of Parallex Bank in May 2021.

Renowned in banking circles for his relentless pursuit of excellence and execution prowess, Bakre has introduced groundbreaking solutions that have positioned Parallex Bank as one of the most technology-driven and customer-focused financial institutions in the country. Under his leadership, the bank became profitable In less than three years of operation as a commercial bank against expert projections. The bank has won many recognitions and continues to demonstrate a sustainable and upward growth trajectory.

In his reaction to the development, Bakre said he is deeply honoured by the confidence reposed in him by the board. According to him, the renewal is not just a personal milestone but a reflection of the Parallex Bank family’s collective achievements. He further stated that the bank will continue to redefine banking in Nigeria and deliver unparalleled value to our stakeholders.

An accomplished professional who has won several professional awards, including The Sun Banker of the Year 2024, Bakre holds a master’s degree in banking and finance from the University of Lagos and has earned over 36 professional certifications both locally and abroad.

In recognition of his contributions to the banking industry and exemplary leadership, Olufemi Bakre has been conferred multiple honorary degrees, including a Professional Doctorate from the City University of Paris and a Doctor of Philosophy in Business Administration from Prowess University, Delaware, USA.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.