That Ladi Balogun has stepped down as the Managing Director, First City Monument Bank (FCMB) is an established fact. But millions of Nigerians do not know why the son of Otunba Subomi Balogun had to go.

We can tell you for free that, he stepped down after 10years in the saddle in line with the directive of the Central Bank of Nigeria (CBN). He has taken a new role as Group Chief Executive of the holding company, with effect from March 20, 2017.

Ladi Balogun, who holds a bachelor’s degree in Economics from the University of East Anglia, United Kingdom and an MBA from Harvard Business School, USA, takes over from Peter Obaseki, MD of the group.