FCMB appoints Adamu Nuru as new MD

First City Monument Bank Group Plc has announced the appointment of Adam Nuru as the new Managing Director of the financial institution.In a statement made available to The Guardian yesterday disclosed that Nuru will succeed Ladi Balogun, effective March 20th, 2017 who served as Group Managing Director of the commercial banking arm for 10 years.

The appointment is in line with the new Central Bank of Nigeria (CBN) rule that Chief Executive Officers cannot exceed 10 years in the course of service

Before the appointment, Nuru, 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.

He 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.

Meanwhile, Balogun 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.