Adam Nuru, who is currently the executive director in charge of business development, is to succeed Ladi Balogun as the new managing director of FCMB Limited, effective March 20, 2017.
This was contained in a press statement sent to BusinessDay yesterday. According to the statement, the re-organisation follows Ladi Balogun stepping down, having served as group managing director of the commercial banking arm, FCMB Limited for 10 years.
However, Ladi 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 and e-banking. The bank’s franchise has grown to 4 million customers, 220 branches and a successful banking subsidiary in the UK.
Meanwhile, Adam 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. With 28 years of banking experience, Nuhu has spent seven years 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.