Concerns have emerged regarding the recent appointment of Filimone Waqabaca as the chief executive officer of the Fiji Development Bank (FDB). The announcement, made public yesterday, revealed that he will officially assume his role on January 15, 2025. This date falls nearly six months after Saud Minam, who is regarded as one of Fiji’s most qualified bankers, was put on garden leave.
The decision to appoint Mr. Waqabaca did not come as a surprise, as his impending appointment had been the subject of much discussion and congratulations on social media for some time, making it one of the industry’s worst-kept secrets. However, FDB board chairman Darnen Goundar delayed the official announcement, possibly due to growing apprehension about Mr. Waqabaca’s qualifications for the position. Industry insiders have expressed doubts about whether someone with limited private sector experience, and who has spent several years abroad in diplomatic roles, can effectively lead the FDB forward.
Commentators have raised questions about his ability to succeed Mr. Minam, emphasizing the significant expectations surrounding the position. Meanwhile, acting CEO Titilia Kamil has emerged as a local favorite, garnering respect in business circles and being viewed as a strong candidate for the CEO role.
The Fiji Development Bank has stated that KPMG was engaged as a recruitment service provider to ensure a thorough selection process, although the specifics on the number of applicants have not been disclosed. The bank’s assertion that Mr. Waqabaca brings a “wealth of experience and knowledge” has been met with skepticism by some in the industry.
Mr. Waqabaca’s career credentials include significant diplomatic roles and extensive experience in various financial sectors. He currently serves as Fiji’s ambassador to Japan, having previously been Fiji’s high commissioner to New Zealand. His educational background includes a Bachelor of Arts in Economics and Management and a Master of Science in International Banking and Financial Studies. Over his 35-year career, he has held multiple senior positions in the Reserve Bank of Fiji, the International Monetary Fund, and various ministries.
In his statements, Mr. Waqabaca has expressed enthusiasm about working alongside FDB’s board and staff to advance the bank’s objectives and contribute to Fiji’s socioeconomic development. The FDB board has praised his qualifications and experience, expressing confidence in his ability to lead the organization toward sustainability and competitiveness.
While there are valid concerns within the industry regarding the appointment, there is also hope that Mr. Waqabaca’s extensive background and diplomatic skills could offer fresh perspectives and foster important collaborations that benefit the bank and Fiji’s broader economic landscape.
Summary: Filimone Waqabaca has been appointed CEO of the Fiji Development Bank, effective January 15, 2025, following the controversial departure of his predecessor, Saud Minam. The decision has sparked debate regarding his qualifications, with mixed reactions from industry insiders. Despite concerns, Mr. Waqabaca’s extensive experience in finance and diplomacy may enable him to guide the bank towards future opportunities for growth and socioeconomic contributions in Fiji.
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