Sunday, 2 August 2015

MUHAMMAD AHMAD BECOMES A DIRECTOR IN FBN HOLDINGS PLC

Muhammad K. Ahmad
The best-selling and most sought after online business news publishers, Tectono Business Review, gathered that, FBN Holdings Plc, the holding company of First Bank of Nigeria Limited and FBN Capital Limited, has appointed Mr. Muhammad K. Ahmad to its Board as a Non-Executive Director.

A statement from the holding company stated that Mr. Ahmad’s appointment, apart from deepening the already rich cumulative experience of the board, is also in strict compliance with the Central Bank of Nigeria’s.

We learnt that the CBN guidelines for Licensing and Regulations of Holding Companies in Nigeria require that the aggregate number of directors from the subsidiaries and associates at any point in time shall not exceed 30 per cent of the membership of the Board of Directors of the financial holding company.

The statement stated: “The appointment, subject to CBN approval, brings the total number of Board Members of the Holding Company to 10. Mr. M. K. Ahmad is a seasoned public sector executive with over 35 years of distinguished experience spanning the public sector and the financial services industry. He served as the pioneer Director General and Chief Executive Officer of the National Pension Commission, PENCOM and oversaw the growth of the pension industry in Nigeria from ground zero to a N4.7trn Asset Under Management industry. He was also a pioneer staff of the Nigeria Deposit Insurance Company, NDIC, where he rose to become a Director. He has served on the Board of various companies and committees including banks and not for profit organisations.”