Paternity Scandal involving FCMB CEO Adam Nuru
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Companies - January 7, 2021

FCMB Group finally Issues Official Statements in reaction to Scandal Involving its Subsidiary

FCMB Group Plc, the parent company of First City Monument Bank Ltd, finally issued two official statements to the Nigerian Stock Exchange, yesterday, in reaction to the scandal involving one of its top executives, Adam Nuru.

In one of the statements, the financial services group acknowledged that the various media reportage about the alleged affair between Nuru and Moyo Thomas (a former FCMB employee). The statement also mentioned the paternity scandal that resulted from the alleged affair, and the unfortunate demise of Moyo’s former husband.  The Group then said that the matter was being investigated.

In the meantime, Adam Nuru had volunteered to embark on a leave in order to pave the way for a transparent probe. All stakeholders of the company were enjoined to be patient and await the findings of the investigations which is expected to be made public.

“While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of this code of ethics. This is already under way. During the period of the review, the Managing Director has volunteered to proceed on leave. This will guarantee the sanctity of the review process,” the statement said.

Meanwhile, in a second corporate disclosure that was seen by Business Elites Africa, FCMB Group Plc announced that Yemisi Edun had been appointed to serve in the capacity of Acting Chief Executive Officer for First City Monument Bank Ltd. She would be act in this capacity while Adam Nuru is on leave. The statement also noted that this is in line with common corporate practices.

Note that Yemisi Edun was never appointed as a Substantive Managing Director for First City Monument Bank Ltd, contrary to reports by some media outlets.

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