It is a double win for the Odukale brothers who play big in the country’s insurance sector. These 2 big men have been making the news in the last 2 weeks. Why? They just added another feather to their cap as they clinched big positions in First Bank Nigeria and the United Kingdom. The management shake-up in First Bank of Nigeria by the Central Bank of Nigeria has made these 2 brothers, Oyekanmi Hassan-Odukale and Tunde Hassan-Odukale, the Chairmen of the bank’s United Kingdom subsidiary and parent company in Nigeria, respectively which is a laudable feat.
The brothers are sons of the foremost founder of Leadway Assurance, Sir Olusola Hassan Odukale who was very popular in the 70s.
Their father founded Leadway Assurance in 1970 to boost local participation in an industrial sector dominated by foreign firms. He sat on the board of several Blue-chip companies and was Leadway’s Chairman from 1993 till 1999 when he died.
The most popular of the brothers, Oyekanmi Hassan-Odukale led the management of the company for three decades after taking over from his late father, then his younger brother,
Tunde took over the organisation as the new Managing Director, effective January 1, 2020, after his brother stepped down.
Oyekanmi is the current Chairman of FBN Bank Ltd (UK), a wholly-owned subsidiary of First Bank in the city of London, according to First Bank. He also sits on the board of several blue-chip companies, including being the Director of Adswitch Plc and Globe Reinsurance Company Limited.
“He was a Non-Executive Director on the Board of First Bank of Nigeria Plc. between 1999 and 2010. His brother Tunde, who is 56-year-old, was named the new Chairman of First Bank by the CBN on Thursday.
He has replaced the former Chairman, Board of Directors, Ibukun Awosika, who was named First Bank of Nigeria’s Chair in 2015. The development came after the CBN sacked all the Board of Directors of First Bank.
The action by the CBN was not unconnected to the removal of Adesola Adeduntan as the Managing Director/Chief Executive Officer of the bank. The bank appointment Gbenga Shobo as MD/CEO designate without necessary regulatory approval. This makes the two brothers chair First Bank UK and First Bank Nigeria.
The new First Bank of Nigeria Chair, Tunde, has been in Leadway Assurance for 29 years and a few months.
In January, the banker was appointed the company’s Managing Director before the Central Bank of Nigeria dissolved First Bank directors. His executive management experience spans over 21 years and includes Asset Management, Finance, IT and Life Insurance Operations.
He has a keen disposition to evaluate proposals as well as form IT strategies and directions which are beneficial to the Bank’s Board. The banker also sits on the board of Total Health Trust Limited and other Leadway Assurance Subsidiaries. A look at his education history revealed he got his A-Levels certification in Hurtwood House College in the United Kingdom between 1981 to 1984. He holds a BSC in Metamathematics at the University of London between 1984 to 1987 and a Post Graduate Diploma in Actuarial Science at City University London between 1987 to 1988. His hobbies are playing tennis, reading and seeing new places, according to his Linkedin profile.
Oye Hassan-Odukale holds Bachelor and Master’s Degrees in Business Administration from the University of Houston and has since 1994 held the position of Managing Director/ CEO of Leadway Assurance Company Limited, a foremost underwriting firm in Nigeria. His appointment was preceded by over 15 years of experience in insurance brokerage, underwriting, investments and general management.
He is a recipient of the national honour, a Member of the Order of the Federal Republic (MFR) and sits on the board of several blue-chip companies in Nigeria. He was a Non-Executive Director on the Board of First Bank of Nigeria Plc. between 1999 and 2010 and he is the current Chairman of FBN Bank (UK) Ltd, a wholly-owned subsidiary of First Bank in the city of London. Mr Hassan-Odukale is a Munich Re scholar, Securities and Exchange Commission accredited Investment Manager and Portfolio Advisor. He is married with children and enjoys listening to music, reading and travelling.
– TAYO OYEDIJI
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