By Modupe Gbadeyanka
The Executive Director in charge of Finance and Administration at Abbey Mortgage Bank Plc, Mr Mobolaji Adewumi, has been appointed as the acting Managing Director of the company.
He was chosen to fill the vacancy created by the MD/CEO of the lender, Mr Madu Hamman, who was selected by President Muhammadu Buhari as the new MD of the Federal Mortgage Bank, the apex mortgage bank in Nigeria.
Mr Adewumi is an experienced professional with a deep knowledge of the financial services industry, possessing extensive working knowledge of sub-Saharan Africa.
He obtained his MBA (specializing in Finance) from Judge Business School, University of Cambridge, UK, and his BSc in Management and Accounting from the Obafemi Awolowo University, Ile-Ife.
The acting MD became a Chartered Accountant (ACCA) in 2007. He worked for KPMG as Audit Senior between 2006 and 2009 before joining UBA Plc from 2009 to 2011 where he worked in various capacities.
Mr Adewumi also worked for Africa Finance Corporation, Egon Zehnder International London Office, and Fairtrade International before joining Aso Savings and Loan Plc as Special Adviser to the MD/CEO and Head, Strategy between 2012 and 2015.
He later moved to First Bank of Nigeria Limited, where he was Special Assistant to the MD/CEO between 2016 and 2019 and later joined VFD as the Group Executive Director, Finance from April 2019 to March 2020.
On his part, Mr Hamman, while at Abbey Mortgage Bank, anchored and directed the planning, integration, and implementation of critical projects for the firm.
In the past two years under his leadership, the bank has moved into profitability with a balance sheet size of N34.46 billion.
In addition, the Central Bank of Nigeria (CBN) recently approved the bank’s rights issue of 3.692 billion ordinary shares of 50 kobo each at N0.82 per share.
