The board of FCMB Group Plc, on Monday announced the appointment of Adam Nuru, formerly Executive Director, Business Development of its flagship First City Monument Bank Limited, as new chief executive.
He replaces Ladi Balogun who steps down after a decade in the saddle in line with the directive of the Central Bank of Nigeria (CBN), who takes on a new role as Group Chief Executive of the holding company, with effect from March 20, 2017.
Although, the statement was not explicit about this, Balogun, who holds a bachelor’s degree in Economics from the University of East Anglia, United Kingdom and an MBA from Harvard Business School, USA, takes over from Peter Obaseki, MD of the group.
A statement by Mrs. Olufunmilayo Adedibu, the Company Secretary, to the Nigerian Stock Exchange (NSE), said in the new role, Balogun would oversee members of the group, comprising FCMB Limited, FCMB Capital Markets, CSL Stockbrokers and CSL Trustees.
“Under Ladi 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 statement said, adding that the bank’s franchise has grown to four million customers serviced from 220 branches and a successful banking subsidiary in the united Kingdom.
The statement added that Nuru, a graduate of Business Administration, from the Ahmadu Bello University, Zaria. Served previously as Regional Director, Abuja and Northern Nigeria, with responsibility for growing the bank’s franchise in his operational area, comes on the saddle with 28 years of banking experience, seven of which has been with FCMB.