Paternity Scandal: FCMB Replaces Embattled MD With Edun

First City Monument Bank Ltd has replaced its Managing Director, Adam Nuru, with Yemisi Edun as its acting Chief Executive Officer.

The bank revealed the change in management on Wednesday.

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The development follows Nuru’s voluntary leave after the tier- two bank initiated investigation into a paternity scandal.

The new acting MD holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

Edun who was the Executive Director of Business Developments of the bank is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA Charter holder. 

The new acting MD joined Fidelity Bank in 2000, becoming Divisional Head of Treasury and Institutional Banking in 2004.

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In 2006, she then joined FCMB and has worked in various capacities as Divisional Head, Group Internal Audit; Divisional Head, Investment Banking an Financial Markets; Group Head, Treasury and Financial Institution and Regional Head, Lagos

The former MD of the Lagos based bank has been in the news over an alleged affair with a married woman, Moyo Thomas, who was an employee of the bank.

Moyo had reportedly left Tunde, her husband, and travelled to the United States, from where she allegedly informed him that their two kids belong to her boss, Nuru.

Tunde was reported to have come down with cardiac arrest following the news and died on December 16.

Tunde’s death led to a trend on micro blogging site, Twitter over the weekend.

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The Bank’s board consequently initiated a review of what transpired to find out if there were any violations of the bank’s code of ethics by the embattled MD.

FCMB said, “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 these code of conduct ethics.”

The scandal had led to a plunge in the share price of the bank to N3.02 from N3.1 on Tuesday and N3.33 as of December 2020.

Following the allegation, FCMB has been under pressure to fire the MD.

A petition was filed on Change.org asking the Central Bank of Nigeria and 3 others to sanction Nuru.

THE WHISTLER can report that the petition has so far been signed by 2,869 people.

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