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Abbey Mortgage Bank Plc Appoints Mobolaji Adewumi as Acting Managing Director, Madu Hamman Becomes MD of FMBN

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In the wake of her 30th Anniversary, Abbey Mortgage Bank Plc announces the appointment of her MD/CEO Mr. Madu Hamman by President Muhammed Buhari, as the new MD of Federal Mortgage Bank, the apex Mortgage Bank in Nigeria.

Mr. Madu Hamman has over 34 years of banking experience in Mortgage and Credit Analysis, Banking Operations, Business Development, Business Support Services, and Human Resource Management. He has anchored and directed the planning, integration, and implementation of critical projects for the Bank. In the past 2 years under his leadership, the Bank has moved into profitability with a balance sheet size of N34.46bn. In addition, the CBN recently approved the Bank’s Rights Issue of 3.692bn ordinary shares of 50keach at N0.82 per share. This appointment is indeed an endorsement of the Abbey brand.

Consequently, at an emergency meeting held on the 14th of April 2022, the Board named Mr. Mobolaji Adewumi, the current ED Finance & Admin as the Acting Managing Director of the Bank. Mobolaji Adewumi is an experienced professional with a deep knowledge of the financial services industry. He possesses an extensive working knowledge of sub-Saharan Africa. He obtained his MBA (specializing in Finance) from Judge Business School, University of Cambridge, UK, and his BSc in Management and Accounting from the Obafemi Awolowo University, Ile-Ife. Bolaji became a Chartered Accountant (ACCA) in 2007. He worked for KPMG as Audit Senior between 2006 to 2009 before joining UBA from 2009 to 2011 where he worked in various capacities.

Mr. Adewumi also worked for Africa Finance Corporation, Egon Zehnder International London Office, and Fairtrade International before joining Aso Savings and Loan Plc as Special Adviser to the MD/CEO & Head, Strategy between 2012 to 2015. Bolaji Adewumi later moved to First Bank of Nigeria Limited, where he was Special Assistant to the MD/CEO between 2016 to 2019 and later joined VFD as the Group Executive Director, Finance from April 2019 to March 2020.

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Appointments

Ahmad, Lametek Get Presidential Nod as Deputy Governors, CBN for Second Term

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Mrs. Aishah Ndanusa Ahmad

President Muhammadu Buhari has reappointed Mrs. Aishah Ndanusa Ahmad, Deputy Governor, Financial System Stability, Central Bank of Nigeria and Edward Lametek Adamu, Deputy Governor, Corporate Services, Central Bank of Nigeria to serve second terms at the apex bank.

In a letter read by Senate President Ahmad Lawan on the floor of the Senate during Tuesday’s plenary, Buhari requested that the Senate screen and confirm the nominees to serve for a second and final term as deputy governors at the apex bank.

Ahmad, a Chartered Financial Analyst (CFA) charter-holder was first nominated deputy governor in October 2017. She was confirmed as the first female DG in charge of the Financial System Stability directorate which is responsible for ensuring a safe and sound financial system in Nigeria, a core mandate of the CBN.

With over 25 years of policy and financial industry experience, she holds an MSc in Finance & Management from Cranfield University UK, an MBA (Finance) from the University of Lagos and a second-class upper bachelor’s degree in Accounting from the University of Abuja. Ahmad has been credited with bringing dynamism and a strong combination of academic qualifications and private-sector experience to her role as deputy governor of FSS.

Adamu, a quantity surveyor by training was nominated to the role of the deputy governor, in February 2018. He was later confirmed as DG in charge of the Corporate Services directorate following a 25-year career culminating in his role as HR Director at the CBN.

He is a graduate of Ahmadu Bello University, Zaria Kaduna and a fellow of the Nigerian Institute of Quantity Surveyors and the Institute of Credit Administration. He began his career with the Unified Public Service in 1983.

Both nominees are expected to be screened for confirmation by the relevant Senate committee.

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Stanbic IBTC Picks Babatunde Omotowa as an Independent Non-Executive Director

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Stanbic IBTC - investorsking.com

Stanbic IBTC Holdings has appointed Mr. Babatunde (Babs) Omotowa as an independent non-executive director, following the receipt of all required regulatory approvals.

The bank disclosed this in a statement signed by Chidi Okezie, Company Secretary.

Mr Omotowa is an international leader in the Energy industry across Europe, Africa, the United States of America, Asia, and the Middle East, in organization leadership, commercial, strategy and operational roles spanning over 26 years.

Mr. Omotowa was the Managing Director/CEO of Nigeria LNG Limited (“Nigeria LNG”) for almost 5 years from December 2011 to September 2016. Prior to joining Nigeria LNG, he served in different capacities including Special Adviser to Shell Global Upstream, Vice President of Shell Global Upstream E&P, Vice-President Shell Sub-Saharan Africa, Director and General Manager at Shell Petroleum Development Company, amongst others.

He is the Chairman of the Advisory Board of Montserrado Oil and Gas B.V, and an Independent Director on the Board of Pearlhill Technology USA.

He holds a B.Sc. in Industrial Chemistry, two Masters in Business Administration in Operations Research and Strategic Supply, and an Honorary Doctor of Science.

He is currently undertaking a DBA at Herriot Watts University, Edinburgh, and has attended several Leadership programs, at Harvard, INSEAD and IMD.

His professional leadership includes being the Global President for the Chartered Institute of Procurement and Supply, based in London, UK, and with over 100,000 members globally.

The Board is pleased to welcome Mr. Omotowa as a member of the Board of the Company and will undoubtedly benefit immensely from his wealth of experience.

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Polaris Bank Appoints New Board Members Following Acquisition

Strategic Capital Investment Limited (‘SCIL’) is pleased to announce that as part of the change in ownership, SCIL has appointed a new independent Board of Directors to lead the bank’s growth strategy.

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Polaris Bank

Following the acquisition of a 100% stake in Polaris Bank, Strategic Capital Investment Limited (‘SCIL’) is pleased to announce that as part of the change in ownership, SCIL has appointed a new independent Board of Directors to lead the bank’s growth strategy.

The new Board will be led by the existing Chairman M K Ahmad. He will be joined on the board by 6 non-executive directors and 3 executive directors, bringing extensive experience in the banking and wider financial services sector in Nigeria and internationally, and expertise in corporate governance, human resource management, law and regulation. The incoming board are:

Alhaji MK Ahmad (Chairman)
Mr Abubakar Danlami Suleiman (Non-Executive Director)
Ms Salma Mohammed (Non-Executive Director)
Mr Adeleke Alex Adedipe (Non-Executive Director)
Mr Ahmed Almustapha (Non-Executive Director)
Mr Francesco Cuzzocrea (Non-Executive Director)
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Abdullahi S Mohammed (Executive Director)
Mr Segun Opeke (Executive Director)

Commenting on the acquisition and board transition, Chairman of Polaris Bank Alhaji M K Ahmad said: “I would like to thank the outgoing board members profusely for their hard work and dedication over the last four years as we have established a strong governance structure and stabilised the bank. I am very pleased with the progress we have been able to make, and that we have delivered on our mandate to prepare the bank for a return to private ownership. I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new board and our core investors to build on the platform we have created.”

Speaking on behalf of SCIL, the new core investor, Adekunle Sonola, the incoming MD/CEO said: “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse Board of Directors we are confident can lead Polaris Bank into a new era of sustainable growth. This is an exciting time for the Nigerian financial services industry and we are committed to building on the strong foundations that have been established by the departing board. We would like to express our thanks for their service and wish them well.

We have mandated the incoming management to develop an innovative, but sustainable growth strategy that prioritises the needs and aspirations of our current customers.”

Polaris Bank Board profiles

Alhaji M K Ahmad OON (Chairman)
With more than 37 years experience leading and working across the private and public sectors MK has extensive knowledge of the financial services, telecoms and FMCG sectors. He has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best practice corporate governance. MK currently serves as the Chairman of the Interim Management Board of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatisation. He is also a Board Director of Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc and FBN Holdco. Prior to this MK served as the pioneer Director General of PENCOM.

Mr Abubakar Danlami Suleiman (Non-Executive)
Mr Suleiman has more than 30 years of experience in the banking sector, having worked at the Central Bank of Nigeria, GT Bank, Continental Trust Bank, UBA Plc, NAL Bank Plc, Intercontinental Bank Plc (Executive Director), Sterling Bank Plc (Executive Director), Standard Chartered Bank (Managing Principal) and most recently as Deputy Managing Director/Acting Group Managing Director of Keystone Bank between 2017 and 2019. He has vast technical experience in the Financial Service sector, and very strong management and leadership qualities.

He is an alumnus of the Wharton Business School (Pennsylvania, USA) and the INSEAD (France).

Ms Salma Mohammed (Non-Executive)
Ms. Mohammed has over 25 years experience as a banker and a Human Resource Management professional having worked in operational and strategic human resource leadership positions across a range of financial institutions. She is Co – Founder/Chief Operating Officer of New Frontier Development Limited, an investment company focused on financial advisory, hospitality, real estate and proprietary investments in start-ups and challenged companies in the SME space.

She was previously the MD/CEO of Centrum Finance Company Limited, a CBN-licensed finance company and brings a strong combination of sector expertise and human capital management experience to the Polaris Bank board.

Mr Adeleke Alex Adedipe (Non-Executive)
Mr Adedipe is the Managing Partner at Duale, Ovia and Alex-Adedipe, where he leads the technology, media and communications practice as well as the M&A and Banking and Finance practice areas. His combination of expertise brings an important perspective to the board as a new strategy focused on innovation is developed and implemented.

Mr Ahmed Almustapha OFR (Non-Executive)
Mr Almustapha is a lawyer and experienced technocrat who served as the Registrar General of the Corporate Affairs Commission (CAC) from 2001 to 2009 during which he is widely acknowledged to have transformed the CAC into a modern IT driven organisation. He has also served on the board of the Federal Inland Revenue Service (FIRS) and is respected as one of Nigeria’s leading authorities on corporate governance.

Mr Francesco Cuzzocrea (Non-Executive)
Mr Cuzzocrea is a banker with more than 35 years experience in the international financial services sector. He has extensive board level  , including in Nigeria where he served on the boards of Heritage Bank (until August 2016) and Oando Plc (until February 2016).

Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mrs Odunowo has more than 25 years experience in the Nigerian banking sector having held operations leadership positions across a range of financial institutions including Coronation Merchant Bank, Stanbic IBTC Bank and Guaranty Trust Bank. She currently applies her extensive operational and customer service experience by advising and capacitating small and medium sized businesses across a range of industries.

Mr Adekunle Sonola (Executive – MD/CEO)
Mr Sonola has more than 33 years of experience in the African financial services sector, most recently as Executive Director Commercial Banking at Union Bank Plc, prior to which he was the pioneer Regional Managing Director of Guaranty Trust Bank East Africa and the Director of Investment Banking at Standard Bank in South Africa. Adekunle has also served on the boards of First Bank of Nigeria Plc where he chaired the Board’s Risk Management Committee, and Airtel Nigeria Plc.

Mr Abdullahi S Mohammed (Executive Director)
Mr Mohammed has worked in the Nigerian Financial Services and public sectors for more than 20 years, having begun his financial services career with Century Merchant Bank and Kakawa Discount House before being appointed as the Commissioner for Works, Housing and Transport in Kano State. He returned to Kakawa Discount House in 2003, before joining First Bank and ultimately moving to his current position at Polaris Bank.

Mr Segun Opeke (Executive Director)
Mr Opeke has more than 26 years of experience in the Nigerian financial services sector with more than 15 years spent in Senior and Executive Management positions. Segun began his career with Chartered Bank before joining FSB Merchant Bank and then Prudent Bank before joining the then Skye Bank in 2006, rising to become Executive Director of the now Polaris Bank, with more than 15 years experience in the institution.

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