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.”
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