Olufemi Bakre, Parallex Bank MD
The Board of Parallex Bank Limited has approved tenure renewal of Dr. Olufemi Bakre as the Managing Director of the bank for the next five years, effective from 1st May, 2025.
Great Achiever Magazine reports that the tenure extension is in recognition of his outstanding performance in steering the bank’s affairs since its inception as a commercial bank.
In a statement released recently, the Board expressed great satisfaction at the rapid growth Parallex Bank has experienced under the leadership of Dr. Bakre, since it got licensed as a commercial bank by the CBN in 2021.
This decision by the Bank’s Board of Directors underscores Bakre’s pivotal role in driving the institution’s growth and reputation as a customer-centric financial institution.
According to the Board, Bakre has been instrumental in transforming Parallex Bank into a forward-thinking institution that prioritises innovation and exceptional customer experience. His commitment to excellence, coupled with his wealth of experience and strategic vision, has set the bank on a path of sustainable growth, and the board is thrilled to have him continue leading the charge for another five years as it approaches the concluding stage of capitalisation in line with CBN directive.
Bakre, a professional banker with over three decades of banking experience, has, according to the Board, showcased exceptional expertise across multilateral business, financial institutions (both local and international), the public sector, corporate, commercial, SME and retail banking. He was appointed the Managing Director of Parallex Bank in May 2021.
Renowned in banking circles for his relentless pursuit of excellence and execution prowess, Bakre has introduced groundbreaking solutions that have positioned Parallex Bank as one of the most technology-driven and customer-focused financial institutions in the country. Under his leadership, the bank became profitable In less than three years of operation as a commercial bank against expert projections. The bank has won many recognitions and continues to demonstrate a sustainable and upward growth trajectory.
In his reaction to the development, Dr. Bakre said he is deeply honoured by the confidence reposed in him by the board. According to him, the renewal is not just a personal milestone but a reflection of the Parallex Bank family’s collective achievements. He further stated that the bank will continue to redefine banking in Nigeria and deliver unparalleled value to our stakeholders.
An accomplished professional who has won several professional awards, including The Sun Banker of the Year 2024, Bakre holds a master’s degree in banking and finance from the University of Lagos and has earned over 36 professional certifications both locally and abroad.
In recognition of his contributions to the banking industry and exemplary leadership, Olufemi Bakre has been conferred multiple honorary degrees, including a Professional Doctorate from the City University of Paris and a Doctor of Philosophy in Business Administration from Prowess University, Delaware, USA.
