Nuru takes over from Balogun as FCMB MD

MR Ladi Balogun, Managing Director/Chief Executive Officer of the First City Monument Bank (FCMB) Limited, will step down on March 20 and will be replaced by Mr Adam Nuru.

This was contained in a statement issued by the FCMB Group on Monday to announce the reorganisation of its leadership at the group level.

According to the statement, “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.”

Nuru, who will take over from Balogun, is currently the Executive Director in charge of Business Development for the bank.

Before his appointment as Executive Director, he had 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.

The MD designate, who joined FCMB seven years ago, is a graduate of Ahmadu Bello University, Zaria, where he studied Business Administration. He has attended several management programmes at leading international educational institutions.

Under Balogun’s leadership, FCMB Limited underwent a successful transformation from a merchant bank to a top 10 commercial bank in Nigeria across key metrics.  During this period the bank 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.