Nigerian Tier-2 bank, First City Monument Bank (FCMB) has announced the appointment of Oladipupo Jadesimi as the Banks new chairman.

The Lender in a statement issued by the Company's Secretary, Olufunmilayo Adedibu, and released on Tuesday, March 20, 2018, said Jadesimi's appointment followed the approval of his appointment as a Non - Executive Director by the Central Bank of Nigeria and subsequent approval of his nomination as Chairman by the Board of Directors at its meeting held on March 8, 2018.

Jadesimi who holds an Oxford M.A. (Honours) in Law and was a jurisprudence scholar at the University of Oxford, has run several businesses in the Energy, Finance and Real Estate sectors, and brings on board high-level competencies and varied experience.

He is the Founder and Chairman of Ladol Group, the largest indigenous Free Zone Industrial Park, which hosts a variety of high value industrial free zone enterprises. He also currently serves as the Chairman of the Board of Directors of Niger Delta Exploration and Production PIG one of the largest indigenous integrated oil and gas producing companies.

His leadership on the FCMB Group Plc Board will undoubtedly have a positive impact on the Board and the FCMB Group as a whole.

In its latest financial report, FCMB Group Plc posted a profit before tax (PBT) of N6.8billion for the nine months ended 30 September 2017 with 64 percent increase compared to the second quarter ended June 30, 2017.

FCMB Group Plc is a holding company with subsidiaries including First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, and FCMB Microfinance Limited.

Recently, the Group acquired Legacy Pension Managers Limited, a leading Pension Fund Administrator (PFA) in Nigeria, by increasing its interest in the company from 28.2 percent to 88.2 percent following the approval of the regulatory authorities, shareholders and directors of both companies.

The company is also among the nine commercial banks projected in Nigeria to be able to pay dividends this year despite the recent adjustment to the dividend payout policy issued by theCentral Bank of Nigeria (CBN).