Concerns have arisen following the announcement of Filimone Waqabaca as the new chief executive officer of the Fiji Development Bank (FDB). The bank revealed that Waqabaca will officially assume his new position on January 15, 2025, which is notably later than his predecessor, Saud Minam, who is regarded as one of Fiji’s most qualified bankers, and has been placed on garden leave until Waqabaca’s start date.
While his appointment was expected after congratulations circulated widely on social media, the delay in the official announcement from FDB’s board chairman, Darnen Goundar, sparked speculation. There are concerns about whether Waqabaca, who lacks private sector experience, is equipped to guide the bank effectively in a role many believe requires a nuanced understanding of development finance. Industry insiders have suggested that his previous roles, primarily diplomatic, might not align with the challenges faced by a development bank.
Despite this skepticism, FDB maintained that Waqabaca was selected following a thorough recruitment process, facilitated by KPMG. The bank praised his extensive experience in finance and banking regulatory sectors, which spans over 35 years in various roles, including significant positions at the Reserve Bank of Fiji and the International Monetary Fund.
Waqabaca holds degrees in Economics and Management from the University of the South Pacific and in International Banking and Financial Studies from the University of Southampton. His career has included a series of important roles such as Fiji’s High Commissioner to New Zealand and currently as the ambassador to Japan.
In his message following the announcement, Waqabaca expressed eagerness to collaborate with the FDB team to fulfill the institution’s mission and contribute to Fiji’s socioeconomic growth. The FDB board has voiced confidence in Waqabaca’s qualifications, underscoring the value of his expertise and commitment to lead the organization.
As Waqabaca prepares to step into this role, there is hope that his diverse background and diplomatic experience will bring fresh perspectives to the bank, ultimately benefiting Fiji’s economy and development initiatives.
In summary, while skepticism looms over Waqabaca’s qualifications for the role of CEO at FDB, his extensive career in finance and diplomacy presents a unique opportunity for the bank to innovate and address the socioeconomic needs of Fiji. The situation encourages a dialogue about the importance of diverse backgrounds and experiences in leadership positions, highlighting the potential for growth and development in the future.
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