LAGOS, Nigeria — FairMoney Microfinance Bank has appointed veteran banking executive Gbenga Shobo as Chairman of its Board and Debo Aderoju as Executive Director and Chief Risk Officer, as the institution strengthens its leadership and governance framework amid expansion in Nigeria’s fast-growing digital financial services sector.
The appointments form part of the bank’s strategy to reinforce corporate governance and deepen its executive leadership capacity as it evolves from a fintech credit platform into a fully operational microfinance bank offering a wider range of financial services.
Okay News reports that the move signals a new phase in the company’s institutional development as it seeks to scale operations while maintaining regulatory compliance and operational discipline.
Shobo, who will serve as Chairman, brings more than 35 years of banking experience to the role. He previously served as Deputy Managing Director of First Bank of Nigeria Limited, where he played a key role in driving the bank’s digital banking expansion and overseeing major business units responsible for a significant share of the institution’s revenue.
Widely regarded as a leading figure in African banking, Shobo also brings extensive boardroom experience, having served on several financial services boards spanning banking, microfinance, insurance, and fintech. His academic background includes studies at Obafemi Awolowo University, Harvard Business School, Stanford University, and INSEAD.
The bank also announced the appointment of Aderoju as Executive Director and Chief Risk Officer, subject to regulatory approval. Aderoju has more than two decades of experience in banking, particularly in credit administration, enterprise risk management, and inclusive finance.
Before joining FairMoney, he served as Managing Director and Chief Executive Officer of Letshego Microfinance Bank Nigeria. Earlier in his career, he held roles at United Bank for Africa and First Bank of Nigeria, where he managed risk operations across several Sub-Saharan African markets.
Aderoju is also an alumnus of the Leadership Development Programme at the Gordon Institute of Business Science in South Africa and the Massachusetts Institute of Technology.
Commenting on the appointments, Henry Obiekea said the bank is entering a critical stage of growth that requires stronger governance and experienced leadership.
“The bank is at a critical inflection point; wherein strong corporate governance is essential to sustain the impressive growth that we have achieved over the past few years. Welcoming Gbenga Shobo and Debo Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution,” Obiekea said.
“Mr. Shobo joins our board with extensive experience in managing complex operations and a deep understanding of the retail and tech-enabled sectors, which will be invaluable as we continue to expand our services and deliver even greater value to our customers. In addition, Mr. Aderoju’s strong expertise in governance and inclusive finance will serve as a key driver for enhancing operational efficiency, risk management and regulatory compliance”.
Founded as a digital lending platform, FairMoney has expanded its operations significantly since receiving a microfinance banking licence in 2021. The institution now provides a range of digital financial products, including loans, savings accounts, and payment services aimed at expanding financial inclusion across Nigeria.
