Eyebrows Raised at FDB's Choice of New CEO

Questions have been raised over the appointment of Filimone Waqabaca as chief executive officer for Fiji Development Bank.

The bank announced his appointment yesterday but said he would take up his new role from January 15, 2025, almost half a year after his predecessor Saud Minam - who is widely respected as Fiji's most qualified banker - was sent on garden leave.

Naming Mr Waqabaca was no surprise after he was earlier openly and widely congratulated on social media for his new job, in what was clearly the worst kept industry secret of the year.

All the while, board chairman Darnen Goundar continued to defer announcement of the new appointee. Perhaps it had something to do with the growing angst against the obvious choice, who industry insiders believe have big shoes to fill in Mr Minam's wake.

"We wonder if someone who has zero private sector experience let alone in development finance, and someone who has been overseas for several years building diplomatic relationships is the man to take Fiji

Development Bank to the next level," one commentator said.

Another industry heavyweight said Mr Waqabaca was remembered for his aspirations to become Governor of the Reserve Bank of Fiji.

In certain business circles of late, acting chief executive officer and general manager relationship and sales, Titilia Kamil, had recently proven herself a local favourite and a possible fit for the top job.

Comprehensive recruitment

According to the bank, KPMG was hired as the recruitment service provider.

"Following a comprehensive recruitment process, Mr Waqabaca was offered the role," the bank said.

But while the number of applicants was not made public, the bank's reference to the "comprehensive recruitment" would keep eyebrows raised for a while longer, with some quarters sneering at FDB's statement that Mr Waqabaca brought "a wealth of experience and knowledge to FDB, having had a very successful career in the Fiji finance and banking regulatory sectors".

Last night, Mr Goundar said Mr Waqabaca's decorated career trajectory spoke for itself.

Career trajectory

Prior to taking up his diplomatic posts, he was employed in the finance and banking regulatory sectors at national level, regional level and the international level, FDB said.

Mr Waqabaca is Fiji's ambassador extraordinary and plenipotentiary to Japan.

He was Fiji's High Commissioner to New Zealand.

He holds a Bachelor of Arts degree in Economics and Management from the University of the South Pacific (1989), and a Master of Science in International Banking and Financial Studies from the University of Southampton, United Kingdom (1997). Spanning a 35-year career, Mr Waqabaca's professional experience includes executive roles at the Reserve Bank of Fiji (RBF), Pacific

Islands Forum Secretariat (PIFS), International Monetary Fund (IMF), Ministry of Finance and Ministry of Foreign Affairs.

Mr Waqabaca began his career at the RBF as a graduate technical assistant in the research department.

Over a period of eight years at the central bank, he worked his way up to:

■ senior analyst,

■ manager banking and registry,

■ manager liquidity management, and

■ manager monetary and exchange.

Mr Waqabaca joined the Pacific Islands Forum Secretariat in 1999 as its economic and policy analyst, before he returned to RBF in 2003 as senior adviser - economics department.

He was promoted to chief manager - Economics Group in 2005.

In April 2007, Mr Waqabaca joined the International Monetary Fund in Washington DC as advisor to the executive director - South-East Asia Constituency Office.

He returned to the RBF in June 2009 as chief manager, financial systems development and compliance.

Mr Waqabaca was appointed to the role of permanent secretary of the Ministry of Finance in February 2011, a role he held until December 2015.

He also held the role of permanent secretary for Strategic Planning, National Development and Statistics in 2015.

Mr Waqabaca was appointed Fiji high commissioner to New Zealand on November 2015, and took up the role in January 2016.

He was then appointed ambassador extraordinary and plenipotentiary of Fiji to Japan in August 2022.

Mr Waqabaca has also chaired several boards and held various board roles in Fiji, including:

■ Fiji Rugby Union,

■ Higher Salaries Commission,

■ Reserve Bank of Fiji,

■ Fiji Revenue and Customs Service,

■ Fiji National Council for Disabled Persons,

■ Energy Fiji Limited and,

■ Unit Trust of Fiji.

"I look forward to working with the FDB board and staff to achieve the mandate of the institution and contribute to the socioeconomic development of our nation," Mr Waqabaca said.

FDB's board said the bank was "fortunate to have an incoming chief executive officer of Mr Waqabaca's calibre, with his qualifications and experience, and the added skills, passion, and determination to lead the organisation."

FDB said Mr Waqabaca would be instrumental in ensuring that bank achieved its objectives to become sustainable and competitive.

Feedback: frederica.elbourne@fijisun.com.fj