Ladi Balogun steps down as GMD FCMB


FCMB Group Plc has announced that with effect from 20th March 2017, the Group Managing director of FCMB Limited, Mr. Ladi Balogun will step down from that position and hand over to Adam Nuru, who is currently the Executive Director in charge of Business Development for the bank.

FCMB Group said in a statement made available to The Authority in Lagos that the re-organisation of its leadership at the Group level, as well as its flagship company First City Monument Bank Limited (FCMB Limited) became necessary because Balogun has served as Group Managing Director of the commercial banking arm, FCMB Limited for 10 years.

It however said the GMD will upon stepping down 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 four million customers, 220 branches and a successful banking subsidiary in the United Kingdom.

The new GMD, Nuru has 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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