Ladi Balogun Steps Down As Bank CEO, heads FCMB Group
FCMB Group Plc said the current managing director/ chief executive officer of FCMB Limited, Ladi Balogun has been appointed as the group CEO of FCMB Group, effective from March 20, 2017.
In a statement to the Nigerian Stock Exchange (NSE), yesterday, FCMB Group notified of the re-organisation of its leadership at the group level, as well as its flagship company First City Monument Bank Limited (FCMB Limited), saying Ladi Balogun, will be stepping down after being at the helm for 10 years.
Ladi is stepping down as a result of the Central Bank of Nigeria (CBN) policy which limits bank managing directors to tenure of 10 years. The board of management has also appointed Adam Nuru as the managing director of FCMB Limited, currently the executive director in charge of Business Development for the bank.
The group said, “Ladi Balogun, having served as group managing director of the commercial banking arm, FCMB Limited for 10 years, will be stepping down in this capacity. He will assume the role of group chief executive of the holding company, FCMB Group. The holding company comprises 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 bank’s franchise has grown to four million customers, 220 branches and a successful banking subsidiary in the United Kingdom.”
Speaking on the newly appointed managing director of FCMB Limited, the holding company said, “Nuru 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.
“Adam 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.”
