Concerns have emerged regarding the recent appointment of Filimone Waqabaca as the chief executive officer of the Fiji Development Bank (FDB). The bank made the announcement yesterday, stating that he would officially start in his new role on January 15, 2025, nearly six months after the respected previous CEO, Saud Minam, was placed on garden leave.
Waqabaca’s appointment was somewhat expected, as he received public congratulations on social media that hinted at his selection well ahead of the formal announcement. However, the delay in confirming his position raised eyebrows, particularly among industry insiders who question whether someone with no experience in the private sector or development finance can effectively lead the bank after Minam, who had a distinguished career.
Critics have expressed doubt about Waqabaca’s ability to elevate the FDB to new heights, given his recent diplomatic roles and a perceived lack of relevant banking experience. Commentators have also noted that acting CEO Titilia Kamil had garnered support in local business circles, raising the question of why she was not selected.
The FDB’s recruitment process was handled by KPMG, which the bank described as “comprehensive.” Nevertheless, skepticism remains regarding the integrity of the recruitment process, as details about other candidates were not disclosed. The bank touted Waqabaca’s extensive career, which includes significant roles in various financial and regulatory institutions, as well as his education in economics and international banking.
Waqabaca has a diverse professional background dating back to 1989, including key positions at the Reserve Bank of Fiji, the IMF, and the Ministry of Finance. His previous roles showcase a depth of experience in finance and governance, which could, potentially, be beneficial in his new position.
In his statement, Waqabaca expressed enthusiasm about working with the FDB board and staff to advance the bank’s objectives and contribute to Fiji’s socioeconomic development. The board has also expressed confidence in his capabilities, noting that his qualifications and experiences equip him to lead the organization effectively.
In summary, while some question the decision to appoint Waqabaca, his extensive background in finance, governance, and diplomacy might just provide the fresh perspective FDB needs to tackle future challenges. His commitment to the bank’s vision could indeed be an asset, fostering hope for a sustainable and competitive future for the institution.
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