FCMB Group has said in a statement to the Nigerian Stock Exchange (NSE), that it is reorganizing its management.
On March 20th, Ladi Balogun, the current MD/CEO of the flagship company, First City Monument Bank Limited (FCMB Limited), will be stepping down after being at the helm for ten years.
A CBN regulation limits the number of years which a bank CEO can serve to a tenure of ten years.
He will be replaced by Adam Nuru, Executive Director (ED) in charge of Business Development for the bank. Nuru has 28 years of banking experience and has spent seven years with FCMB.
Balogun will now assume the role of Group Chief Executive of the holding company, FCMB Group Plc. The holding company comprises of FCMB Limited, FCMB Capital Markets, CSL Stockbrokers and CSL Trustees.