First City Monument Bank (FCMB) has announced the appointment of Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors following regulatory approval from the Central Bank of Nigeria.

The appointment brings one of Nigeria’s most recognized economists and financial analysts into a key leadership position at the bank as it seeks to strengthen its governance framework and strategic direction.

Rewane has over 40 years of experience spanning macroeconomic research, investment banking, financial advisory services, and corporate strategy. He currently serves as the Managing Director of Financial Derivatives Company Limited, a leading economic research and financial consulting firm.

Throughout his career, he has held senior leadership positions within the financial services industry, including roles at International Merchant Bank Nigeria Limited and First National Bank of Chicago. His expertise has made him a respected voice in economic policy discussions and financial market analysis.

A graduate of Economics from the University of Ibadan, Rewane is a Fellow of the Nigerian Economic Society and the Chartered Institute of Bankers of Nigeria. He is also an Associate of the Institute of Bankers in England and Wales.

His boardroom experience extends across several major corporations and multinational organizations. Over the years, he has served on the boards of companies including Guinness Nigeria Plc, British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited, and Africa Infrastructure Plus Partners.

Rewane also served as a member of the Presidential Steering Committee established to address the global economic crisis. In addition, he has completed executive management programmes at internationally recognized institutions, including Oxford International Capital Markets Programme, the Euromoney Institute of Finance, and IMD Lausanne in Switzerland.

FCMB stated that the appointment reflects its commitment to strong corporate governance and sustainable growth. The bank expressed confidence that Rewane’s experience in macroeconomics, strategic management, and corporate governance will support its long-term objectives and enhance value creation for shareholders and other stakeholders.

According to the bank, his appointment comes at a significant period in its growth journey and is expected to strengthen leadership oversight while supporting future expansion plans.

First City Monument Bank Limited operates as a member of FCMB Group Plc, a diversified financial services group with interests in banking, consumer finance, investment management, pensions, and financial technology services.

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In the July 2025 edition of the Lagos Business School Executive Breakfast Series, Rewane explained that Dangote Refinery’s decision to invest over ₦1.7 trillion annually in fuel logistics is a game-changing development. The distribution strategy includes 4,000 compressed natural gas (CNG) trucks to supply petrol and diesel directly to end-users.

Rewane noted that this approach will reduce pump prices, support small businesses, and ultimately curb inflation. As of May 2025, Nigeria’s headline inflation stood at 22.97 percent.

“With 4,000 CNG-powered trucks delivering fuel to the doorsteps of Nigerians, pump prices will drop, inflation will ease, and businesses will gain better access to energy,” Rewane stated in the FDC report.

Despite the positive economic outlook, the move has sparked concerns among fuel marketers and retailers. They argue that the direct-to-consumer model could lead to widespread job losses in the traditional fuel distribution chain.

Fuel prices in Nigeria have decreased over the past week. This trend is due to a global drop in crude oil prices and Dangote Refinery’s decision to reduce the ex-depot price of petrol from ₦880 to ₦840 per litre.

In response, the Nigerian National Petroleum Company Limited (NNPC) also reduced prices at its Abuja stations, adjusting pump prices from ₦945 to ₦910 per litre.

Dangote Refinery’s fuel distribution plan may signal a turning point for Nigeria’s energy sector. By lowering logistics costs, supporting small businesses, and reducing fuel prices, the strategy could help stabilize inflation and improve access to energy across the country.

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