The Board of Directors of Stanbic IBTC Holdings has announced the appointment of Dr. Kunle Adedeji as Acting Chief Executive Officer, following regulatory approval.
This announcement was made in a press release issued to the Nigerian Exchange (NGX) on October 2, 2024, and signed by the company secretary, Chidi Okezie.
Dr. Adedeji’s appointment comes in the wake of Dr. Demola Sogunle’s upcoming retirement as Chief Executive, effective October 31, 2024, after 35 years of dedicated service.
The company acknowledged Dr. Sogunle’s significant contributions in the press release, stating, “The Board of Directors expresses its heartfelt gratitude for his unwavering commitment, visionary leadership, and pivotal role in steering Stanbic IBTC through various challenges and milestones.”
Dr. Kunle Adedeji is set to officially take on the role of Chief Executive on November 1, 2024.
The press release emphasized his extensive experience and proven leadership track record within the organization.
Profile of the appointee
Dr. Kunle Adedeji is a highly accomplished financial professional with an impressive track record spanning over 25 years in the banking sector.
His extensive experience encompasses a wide array of roles that have equipped him with a profound understanding of financial management and institutional operations.
In terms of academic credentials, Dr. Adedeji holds a bachelor’s degree in accounting, which laid the foundation for his career in finance. He furthered his education by obtaining a Master of Business Administration (MBA) with a specialization in finance from University of Lagos.
Additionally, he achieved a Doctorate in Business Administration from the SBS Swiss Business School in Switzerland.
Professionally, Dr. Adedeji is recognized as a Fellow of the Institute of Chartered Accountants of Nigeria, as well as the Chartered Institute of Bankers of Nigeria.
His professional affiliations extend to several esteemed organizations, including the Chartered Institute of Stockbrokers of Nigeria, the Chartered Financial Analyst Institute, the Nigeria Institute of Management, and the Chartered Institute of Taxation of Nigeria.
Prior to his current role at Stanbic IBTC, Dr. Adedeji gained significant experience in leadership positions at Ecobank, where he served as Financial Controller and later as Regional Financial Controller for the organization’s operations in Liberia and Nigeria, respectively.
In addition, he held the position of Chief Financial Officer at Stanbic Ghana from May 2013 to March 2018, where he played a critical role in shaping the financial strategies and performance of the institution.
Company Performance:
- Stanbic IBTC Plc recently reported a remarkable 80.4% increase in pre-tax profits, reaching N84.2 billion for the three months ending June 2024.
- The company also saw a 168.3% year-over-year rise in interest income, totaling N97.3 billion, with earnings per share jumping to N6.4 compared to N3.5 the previous year.
- While Stanbic IBTC is experiencing a general upward trend in the stock market, it faced retracement in 2024, dipping to a low of N49.50 in April amid uncertainty surrounding recapitalization news.
- However, the stock has been recovering, surging by 15% since April and closing September at N57.95 per share.