Nigerian banker Ladi Balogun-led FCMB Group strengthens banking unit board with new appointments

Oluwatosin Racheal Alabi -

Key Points

  • Ademola Adebise and Olufunmilayo Adedibu join FCMB’s board, bolstering leadership and governance.
  • The Central Bank of Nigeria has sanctioned the appointments to strengthen FCMB’s strategic growth and oversight.
  • The new directors bring extensive experience, enhancing FCMB’s ability to navigate the competitive banking landscape and achieve growth targets.

First City Monument Bank Limited (FCMB), a subsidiary of FCMB Group, a Lagos-based financial services holding company led by Nigerian banking executive Ladi Balogun, has appointed Ademola Adebise and Olufunmilayo Adedibu to its board of directors. This move aligns with the group’s expansion strategy and improved financial performance.

The appointments, which have received approval from the Central Bank of Nigeria (CBN), are aimed at strengthening the bank’s leadership and enhancing its commitment to corporate governance. Adebise and Adedibu, both seasoned professionals in the Nigerian financial sector, are expected to play key roles in guiding FCMB’s strategic growth plans.

Ademola Adebise: A veteran in banking

Ademola Adebise, with over 30 years of banking experience, joins FCMB’s board as a Non-Executive Director. He previously served as the Managing Director of Wema Bank Plc, where he was instrumental in driving the bank’s growth. 

Adebise’s extensive experience in finance and leadership positions him as a valuable asset to FCMB’s leadership team. His educational background includes a bachelor’s degree in computer science from the University of Lagos and an MBA from Lagos Business School, complemented by executive programs at the University of Cambridge and Harvard Business School.

Olufunmilayo Adedibu: Legal expertise meets banking

Olufunmilayo Adedibu, a distinguished lawyer with 32 years of experience in law and banking, also joins the board. She is currently the Group General Counsel and Company Secretary for FCMB Group.

Adedibu’s expertise in corporate law and regulatory compliance will be crucial as FCMB navigates the complexities of today’s financial landscape. She holds a Bachelor of Law degree from Obafemi Awolowo University and a Master of Law from the University of Lagos, as well as a Barrister-at-Law degree from the Nigerian Law School.

FCMB boosts leadership for growth

FCMB Group, led by Ladi Balogun, and known for its diversified financial services, operates across three business segments: commercial and retail banking, investment banking, and asset & wealth management.

Along with a banking operation in the United Kingdom, the group is leveraging its strengths to capitalize on emerging opportunities, its flagship banking subsidiary, FCMB, serves over 7.1 million customers through more than 200 branches in Nigeria.

FCMB’s board now includes Ademola Adebise and Olufunmilayo Adedibu, reflecting its focus on strong governance and leadership. Their expertise in finance, digital transformation, and regulatory compliance will support the group’s strategic goals, including enhancing non-interest income and lowering loan impairment.

As FCMB Group moves forward with plans to raise N150 billion ($95 million) to support its growth objectives, the leadership provided by Adebise and Adedibu will be crucial in navigating the challenges and opportunities in Nigeria’s competitive banking industry.