FCMB appoints first female CEO to replace MD enmeshed in alleged paternity scandal

Yemisi Edun has been appointed as as the new Managing Director of First City Monument Bank (FCMB).

Edun had been serving as MD in an acting capacity since January after the immediate past Managing Director, Adam Nuru proceeded on a leave following allegations of paternity fraud involving one of the bank’s former female staff.

She becomes the first female CEO of Subomi Balogun-backed FCMB, the appointment having received the blessing of the industry regulator, the Central Bank of Nigeria, the financial services group said in a note to the Nigerian Exchange Limited.

In January, the bank’s board appointed Ms Edun, who was the bank’s executive director/chief financial officer at the time, to hold the fort for Mr Nuru, to allow for an investigation into a paternity scandal involving the former CEO, Moyo Thomas, a one-time FCMB employee and Tunde Thomas, her late husband.