Dipo Olowookere
By Dipo Olowookere
The management of First City Monument Bank (FCMB) Group Plc has announced the appointment of Mr Adam Nuru as the new Managing Director of FCMB Limited with effective from March 2017.
It was also announced that the present occupier of the seat, Mr Ladi Balogun, will be leaving the position from March 20, 2017, having served as Group Managing Director of the commercial banking arm, FCMB Limited for 10 years.
A policy by the Central Bank of Nigeria (CBN) stipulated a maximum period of 10 years for MDs of financial institutions in the country.
However, FCMB Group, in a statement issued on Monday, disclosed that Mr Ladi Balogun will quit to “assume the role of Group Chief Executive of the holding company, FCMB Group Plc.”
FCMB Group comprises FCMB Limited, FCMB Capital Markets, CSL Stockbrokers and CSL Trustees.
It was revealed that Mr Balogun’s successor, Mr Adam Nuru, is currently the Executive Director in charge of Business Development for the bank.
He previously served as Regional Director, in charge of Abuja and Northern Nigeria, where he was responsible for growing the bank’s Northern franchise to become the largest and most profitable region of the bank.
Mr Nuru has 28 years of banking experience, with seven years spent with FCMB.
He is a graduate of Ahmadu Bello University, Zaria, where he studied Business Administration, and has attended management programmes at leading international educational institutions.
In would be recalled that under Mr Balogun’s leadership, FCMB Limited has undergone a successful transformation from a merchant bank to a top 10 commercial bank in Nigeria across key metrics.
During this period, the bank has emerged as a leader in consumer finance, agricultural banking and electronic banking.
The bank’s franchise has grown to 4 million customers, 220 branches and a successful banking subsidiary in the United Kingdom.
