FCMB Group appoints new MD, GMD

First City Monument Bank (FCMB) Group this morning announced the appointment of Adam Nuru as the Managing Director of the commercial banking arm First City Monument Bank Limited.

Nuru will from March 20, replace the current Group Managing Director, Ladi Balogun.

Balogun, having served as Group Managing Director of the 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.

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.