FairMoney Microfinance Bank has appointed Gbenga Shobo, former Deputy Managing Director of First Bank of Nigeria Ltd., as Chairman of its Board of Directors.
The bank also named Debo Aderoju as Executive Director and Chief Risk Officer to bolster leadership and corporate governance.
FairMoney stated that the appointments aim to strengthen governance frameworks and executive capacity as it expands in Nigeria’s rapidly growing digital financial services sector.
Managing Director Henry Obiekea described the moves as timely for the bank’s next growth phase.
“The bank is at a critical inflection point where strong corporate governance is essential to sustain the growth achieved over the past few years,” Obiekea said.
“Welcoming Shobo and Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution.”
He highlighted Shobo’s more than 35 years of banking experience, particularly in managing complex operations and technology-driven retail services, as key to supporting FairMoney’s expansion strategy.
“Shobo brings more than a decade of board-level experience across microfinance, insurance, and fintech institutions,” Obiekea added.
“His appointment will strengthen our governance structure and provide strategic oversight as we expand our footprint in Nigeria’s financial services landscape.”
An alumnus of Obafemi Awolowo University (formerly University of Ife), Shobo also attended executive programmes at Harvard Business School, Stanford University, and INSEAD. During his tenure at First Bank, he drove digital banking growth and oversaw high-revenue business units.
Obiekea described Aderoju as a seasoned professional with over two decades of experience in credit management, enterprise risk management, and inclusive finance.
Before this appointment, Aderoju served as Managing Director and CEO of Letshego Microfinance Bank Nigeria. He previously worked at United Bank for Africa and First Bank, where he managed risk across several Sub-Saharan African markets.
Aderoju has also attended leadership programmes at the Gordon Institute of Business Science (University of Pretoria) and the Massachusetts Institute of Technology. His appointment remains subject to regulatory approval.
Obiekea said Aderoju’s expertise in governance, inclusive finance, and risk management will enhance operational efficiency and regulatory compliance.
FairMoney Microfinance Bank is a technology-driven institution focused on expanding financial inclusion through digital banking services, offering loans, savings accounts, and payment solutions to individuals and businesses nationwide.
