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Market Digest Nigeria

Business

FCMB gets new Managing Director as Adam Nuru succeeds Ladi Balogun

The First City Monument Bank (FCMB) Group Plc has announced the appointment of Mr. Adam Nuru as the new Managing Director of FCMB Limited effective from March 2017.

Adam Nuru will be succeeding Ladi Balogun who has been Group Managing Director/ Chief Executive Officer of the commercial banking arm of the group, FCMB Limited for 10years.

This will be in line with a policy by the Central Bank of Nigeria (CBN) stipulating a maximum period of 10 years for MDs of financial institutions in the country.

Mr. Ladi Balogun will however assume the position of  Group Chief Executive of the holding company, FCMB Group Plc.

FCMB Group Plc comprises of FCMB Limited, FCMB Capital Markets, CSL Stockbrokers and CSL Trustees.

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.

 

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