Business
FairMoney Appoints Shobo Chairman in Strong Leadership Boost
FairMoney leadership appointment sees Gbenga Shobo named Chairman and Debo Aderoju as Executive Director and CRO to strengthen governance and growth
FairMoney Microfinance Bank, a leading technology-driven financial institution in Nigeria, has announced key leadership changes with the appointment of Gbenga Shobo as Chairman of the Board and Debo Aderoju as Executive Director and Chief Risk Officer.
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The FairMoney leadership appointment forms part of the bank’s broader strategy to reinforce corporate governance, enhance executive capacity, and accelerate its expansion within Nigeria’s rapidly evolving digital financial services sector.
According to the bank, the appointments signal a strategic milestone in its transition from a high-growth fintech company into a fully-fledged microfinance bank with strengthened regulatory compliance and long-term sustainability goals.
Gbenga Shobo, a former Deputy Managing Director at First Bank of Nigeria Limited, brings more than 35 years of banking experience to the role.
Widely regarded as a veteran in African banking, he is credited with driving significant growth in digital banking operations during his tenure at FirstBank and overseeing key revenue-generating business divisions.
Debo Aderoju, appointed as Executive Director and Chief Risk Officer, is expected to play a central role in strengthening the bank’s risk management framework as FairMoney scales its operations across Nigeria’s competitive financial landscape.
The bank said the FairMoney leadership appointment underscores its commitment to world-class governance structures, operational resilience, and sustainable growth as it expands its customer base in the digital finance ecosystem.
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Industry observers note that the move reflects a broader trend among fintech institutions transitioning towards stronger regulatory alignment and traditional banking structures while maintaining their technology-driven innovation edge
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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