Home News Legacy Pension Restructures Amidst FCMB Takeover

Legacy Pension Restructures Amidst FCMB Takeover


By Nse Anthony-Uko
(Sundiata Finance) – Following the recent acquisition of 60 per cent stake in Legacy Pension Managers by First City Monument Bank (FCMB) Group, bringing its interest in the company to 88 per cent, the Pension Fund Administration (PFA) is now restructuring its management to reflect the interest of the new investor.
To this end, the management appointed Mr Ladi Balogun as Chairman and Board and James Ilori as Non-Executive Director of Legacy Pension Managers.
Mr. Balogun was, until March 2017, the Chief Executive Officer of FCMB, the retail and commercial banking subsidiary of FCMB Group. He has over 23 years’ experience in the financial services industries in Europe, the United States of America and Africa. He also holds a Bachelor’s degree in Economics from the University of East Anglia, United Kingdom and a Masters in Business Administration (MBA) from Harvard Business School, United States of America.
His appointment in 2007 as the Managing Director of First City Monument Bank Limited saw the transformation of FCMB from an investment bank to a prominent mid-tier Nigerian commercial bank and financial services group.
Mr James Ilori, on the other hand, has vast experience in Research, Business Development, Risk Management, and all areas of the investment decision-making process acquired from leading organisations in Nigeria and the United Kingdom.
Before his appointment as the Chief Executive Officer of First City Asset Management (FCAM) in 2014, he worked as a fixed income fund manager with Crown Agents Investment Management in the United Kingdom.
The appointments signal Legacy Pension’s intent of tapping into the investment and distribution synergies that FCMB Group brings to Legacy Pensions.

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