Aftermath Sex scandal, FCMB confirms Yemisi Edun as Substantive Managing Director

FCMB Yemisi Edun

The Board and Management of First City Monument Bank (FCMB) Plc, has confirmed the appointment of Yemisi Edun as its substantive Managing Director and Chief Executive Officer, thereby bringing to an inglorious end, the tenure of its former Managing Director, Mr Adam Nuru.

This is according to a disclosure signed by the firm’s secretary, Olufunmilayo Adedibu, made available on the website of the Nigerian Exchange Group Limited (NGX).

Recall that Mrs Edun was appointed as the acting Managing Director of the Bank on January 6. The decision to appoint her as acting MD was taken in a bid to fill the void left by the former Managing Director, Adam Nuru, who proceeded on a voluntary leave over accusations bothering on sexual misconduct.

Mr Nuru was accused of serially sleeping with a former married employee of the bank, Mrs Moyo Thomas. According to various online sources, the alleged extra marital affairs led to the untimely death of the latter’s husband, Tunde Thomas.

In a bid to clear its name and restore the prestige of the bank, the Board of FCMB set up a committee to investigate the alleged affairs and pressurized the top bank chief to voluntarily resign from his position. In a bid to fill the lacuna that arose from his uncelebrated departure, the Bank initially appointed Mrs Edun to fill the void, albeit in an acting capacity.

The University of Liverpool-trained financial expert gave a good account of herself during the short stint, as she stamped her authority and played a key role in dousing the tension that arose from the sex scandal, a major factor that helped to restore investors and stakeholders’ confidence in the banking giant.

READ: FCMB declares dividend pay-out of N2.97 billion to shareholders

Impressed by her performance and optimistic that she will do more, the Board announced the confirmation of her appointment which became effective from May 1, 2021 following the approval of the Central Bank of Nigeria.

The confirmation of her appointment bashes any hope of reinstating Mr. Nuru as M.D of the Bank. This was affirmed by the Bank when it stated that: ‘’This appointment is subsequent to the end of service of the Bank’s former Managing Director, Mr Adam Nuru.

‘’The Board had earlier reviewed media allegations made in late 2020 against the former MD and did not establish any contravention of its policies. The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours.’’

What you should know about Yemisi Edun.

  • Prior to her appointment as acting MD, Edun served in various capacities in the bank with the last being the Chief Financial Officer of the bank.
  • Yemisi Edun is the 4th female CEO of a commercial bank in Nigeria. Others are; Nneka Onyeali-Ikpe (Fidelity Bank), Oluwatomi Somefun (Unity Bank), Ireti Samuel-Ogbu (Citibank Nigeria Limited).

Yemisi Edun is an accomplished banker with over three decades of experience. She is an alumna of OAU and University of Liverpool where she bagged a Bachelor’s and Master’s degrees in Chemistry and Accounting respectively.