FBN Holdings Plc., the leading and most diversified financial services group in Nigeria has announced the appointment of Mr. Muhammad K. Ahmad to its Board as a Non-Executive Director.
This appointment, apart from deepening the already rich cumulative experience of the board, is also in strict compliance with the Central Bank of Nigeria’s (CBN) Guidelines for Licensing and Regulations of Holding Companies in Nigeria which inter alia require that the aggregate number of directors from the subsidiaries and associates at any point in time shall not exceed 30 per cent of the membership of the Board of Directors of the financial holding company.
The appointment, subject to CBN approval, brings the total number of Board Members of the Holding Company to 10.
Mr. M. K. Ahmad is a seasoned public sector executive with over 35 years of distinguished experience spanning the public sector and the financial services industry. He served as the pioneer Director General and Chief Executive Officer of the National Pension Commission (“PENCOM”) and oversaw the growth of the pension industry in Nigeria from ground zero to a N4.7 trillion Asset Under Management industry. He was also a pioneer staff of the Nigeria Deposit Insurance Company (“NDIC”) where he rose to become a Director. M. K. Ahmad has served on the Board of various companies and committees including banks and not for profit organizations.
About FBN Holdings Plc
FBN Holdings Plc. is the leading and most diversified financial services group in Nigeria. The holding company offers a broad range of products and services across commercial banking, investment banking, Merchant Banking and insurance in a number of countries; Nigeria, United Kingdom, France, South Africa, China, the UAE, Democratic Republic of Congo, Gambia, Sierra-Leone, Ghana and Senegal.
Incorporated in Nigeria on October 14, 2010, following the business reorganisation of the First Bank group into a holding company structure, FBN Holdings’ businesses are aligned across four major groups namely: Commercial Banking Group; Investment Banking and Asset Management; Insurance; and Other Financial Services. The company was listed on The Nigerian Stock Exchange under the ‘Other Financial Services’ sector on November 26, 2012 and has a rich history of good corporate governance structure underpinned by strong institutional processes, systems and controls.
FBN Holdings Plc is committed to global best practices in corporate governance, sustainable corporate citizenship, and thought leadership interventions, whilst it continuously leverages strategic partnerships to sustain its position as the bastion of ethical leadership. The group maintains the drive to remain the undisputed leader in every business in which it participates; growing its franchise to become the foremost financial services group in Sub-Saharan Africa. This ensures superior shareholder returns underpinned by solid near-term financial performance and strong long-term growth prospects. Through increased specialisation and consolidation on the strengths of each business line, FBN Holdings Plc enhances the entire group’s ability to drive growth into a future of passion and partnership distinguished by innovation and creativity.