Monday, February 20, 2017 12:10 PM / NSE
FCMB Group Plc has announced the re-organisation of its leadership at the Group level, as well as its flagship company First City Monument Bank Limited (FCMB Limited). Effective March 20th, 2017, 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 Plc. 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 4 million customers, 220 branches and a successful banking subsidiary in the United Kingdom.
Mr. Balogun will be succeeded as Managing Director of FCMB Limited by Adam Nuru, who 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.
Adam Nuru has 28 years of banking experience, with 7 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.
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3. FCMB Group Loan Loss Provisions Spike by 506 YoY to N10bn in Q2 16
4. FCMB Declares N15.67bn Profit in Q2 16 Result SP N1.41k
5. FCMB Plc - Elevated Provisioning Underpins a Difficult Start to 2016
6. FCMB Funding Income Grows by 13 QoQ in Q1 16 Results
7. FCMB Declares N1.65bn Profit in Q1’16 Result, (SP:1.02k)
8. FCMB is Upgraded to Neutral after Marked Sell-off
9. FCMB Q4'15 Conference Call & Earnings Presentation: The key takeaways
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11. FCMB Declares N4.76bn Profit; Proposes 10kobo Dividend in 2015 Audited Result, (SP:N0.80k)
12. FCMB is Maintaining Underperform Rating on Weak Outlook
13. FCMB Records N7bn Pre-tax Loss in Q3 15 on the back of Significant Loan Loss Provisions
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