Lagos-headquartered FCMB Group PLC says Adam Nuru, the immediate past managing director of the bank who became enmeshed in an alleged paternity scandal month ago, did not breach its policies.

“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 financial services group said in a statement Tuesday.

Mr Nuru exited the bank this week four years into a term that ordinarily should last five. The board says Mr Nuru left at the “end of service”, but did not give details of its findings or why he left ahead of time.

The FCMB Group hierarchy announced its first female Managing Director Yemisi Edun, who has been in acting capacity for months.

Mrs Edun, a former executive director and chief financial officer of the bank, took over tentatively in January to allow a formal inquiry into the allegations against Mr Nuru.

The probe was launched following allegations that Mr Nuru had been involved in a romantic affair with a married employee of the bank, Moyo Thomas, who later left the bank.

Nearly 10,000 people petitioned the bank and the Central Bank of Nigeria demanding Mr Nuru’s removal after reports said the woman’s estranged husband died in December 2020 after realising their two children were not his.

Mrs Moyo denied informing her husband the children were not his, describing the allegation as “malicious”. She did not comment on the alleged affair.

‘Dedicated service’

In its statement, the FCMB board thanked Mr Nuru for his “years of dedicated service”.

A source at the FCMB told PREMIUM TIMES it was clear the bank had taken steps to manage a controversial case as the bank normally would allow an MD to serve out a term of five years or even twice that.

“Ideally, if his tenure has expired, there is usually room for extension. The maximum you can spend there is 10 years. He just spent four,” the source said, asking not to be named as he was not authorised to speak to the media.

Mr Nuru took over FCMB’s helms in March 2017 after the retirement of Ladi Balogun, who spent 10 years as the lender’s head.


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