FairMoney Microfinance Bank on Monday appointed Gbenga Shobo, former deputy managing director of First Bank of Nigeria Ltd, as chairman of its board.

The bank also announced the appointment of Debo Aderoju as executive director and chief risk officer to strengthen leadership and corporate governance.

FairMoney said the appointments were aimed at strengthening governance frameworks and executive capacity as it expands operations in Nigeria’s growing digital financial services sector.

Commenting, managing director, Henry Obiekea, said the bank had reached a critical stage where strong governance had become essential.

“The bank is at a critical inflection point where strong corporate governance is essential to sustain the growth achieved over the past few years.

“Welcoming Shobo and Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution,” Mr Obiekea said.

He said Mr Shobo’s experience managing complex banking operations and technology-driven retail services would support the bank’s expansion strategy.

According to him, Mr Aderoju’s expertise in governance, inclusive finance and risk management will strengthen operational efficiency and regulatory compliance.

Mr Obiekea said Mr Shobo brings more than 35 years of banking experience to the role.

During his tenure at First Bank, Mr Shobo played a key role in driving digital banking growth and supervised business units generating significant revenue.

An alumnus of Obafemi Awolowo University, formerly the University of Ife, Shobo also attended Harvard Business School, Stanford University and INSEAD.

According to Mr Obiekea, Mr Shobo has more than a decade of board-level experience across microfinance, insurance and fintech institutions.

“His appointment will strengthen our governance structure and provide strategic oversight as we expand our footprint in Nigeria’s financial services landscape,” he said.

Mr Obiekea described Mr Aderoju as a banking professional with more than two decades’ experience in credit management, enterprise risk management and inclusive finance.

Before the appointment, Mr Aderoju served as managing director and chief executive officer of Letshego Microfinance Bank Nigeria.

He earlier worked at United Bank for Africa before joining First Bank, where he oversaw risk management across several Sub-Saharan African markets.

Mr Obiekea said Mr Aderoju’s appointment remained subject to regulatory approval.

Mr Aderoju also attended leadership programmes at the Gordon Institute of Business Science, University of Pretoria, and the Massachusetts Institute of Technology.

FairMoney Microfinance Bank is a technology-driven institution focused on expanding financial inclusion through digital banking services.

The bank provides loans, savings accounts and payment solutions aimed at improving access to financial services for individuals and businesses across the country. 

(NAN)