FBN Holdings appoints former PENCOM boss Ahmad, as director

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FBN Holdings Plc., the leading and most diversified financial services group in Nigeria has announced the appointment of Muhammad Ahmad to its Board as a Non-Executive Director.

This appointment, according to a statement by the bank, apart from deepening the already rich cumulative experience of the board, is also in strict compliance with the Central Bank of Nigeria’s (CBN) Guidelines for Licensing and Regulations of Holding Companies in Nigeria.

The guidelines require that the aggregate number of directors from the subsidiaries and associates at any point in time shall not exceed 30 percent of the membership of the Board of Directors of the financial holding company.

The appointment, subject to CBN approval, brings the total number of Board Members of the Holding Company to 10.

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 N4.7 trillion Asset Under Management industry.

He was also a pioneer staff of the Nigeria Deposit Insurance Corporation (NDIC) where he rose to become a Director.

Ahmad has served on the Board of various companies and committees including banks and not for profit organizations.

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