Business mogul, Oladipupo Jadesimi, has been appointed the new chairman of First City Monument Bank (FCMB). Mr. Jadesimi’s appointment followed the approval by the Central Bank of Nigeria (CBN).
Profile of the new chairman
He has an Oxford M.A. (Honours) in Law and was a jurisprudence scholar at the University of Oxford from 1963-1966.
He was a senior partner with Coopers and Lybrand Lagos from 1966-1970, before moving to Nigerian Acceptances (later NAL Plc) as General Manager, Corporate Finance and Investment Banking, a role he occupied from 1971-72, with responsibility for most of the initial IPOs that were listed on the nascent Nigerian Stock Exchange.
Over the years, Mr. Jadesimi has run several businesses in the Energy, Finance and Real Estate sectors.
He is the Founder and Chairman of Ladol Group, the largest indigenous Free Zone Industrial Park, which hosts a variety of high value industrial free zone enterprises.
He also currently serves as the Chairman of the Board of Directors of Niger Delta Exploration and Production Plc, one of the largest indigenous integrated oil and gas producing companies.
Jadesimi was first appointed a non-executive director of the bank before being nominated as chairman of the board of directors at its meeting which held on March 8.
First City Merchant Bank was licensed in 1982, its name change from First City Merchant Bank to First City Monument Bank in 2001, following its transformation to a universal bank. Listed on the stock exchange in 2004 and its share price has continued to slump over the last few days it currently trades at ₦2.32 as at today.
FCMB Group Plc is a holding company with subsidiaries including First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, and FCMB Microfinance Limited.
The group recently completed the acquisition of an additional 60 percent equity stake in Legacy Pension Managers Limited (Legacy). The acquisition, which increases the holding company’s interest in the company from 28.2 percent to 88.2 percent.
