FCMB Scandal: Adam Nuru May be Jailed for Contravening CBN Code of Conduct

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First City Monument Bank (FCMB) Managing Director Adam Nuru may have contravened the Central Bank of Nigeria (CBN) revised code of corporate governance for Banks and Discount Houses in Nigeria, if allegations of an affair with a female staff of the bank is proven to be true.

The spotlight had beamed on Nuru after friends of Tunde Thomas, who died on December 16, alleged that his demise was caused by the FCMB’s managing director in a petition.

The petition (signed by over 2,000 people) had claimed that Thomas died of depression after discovering that his two children with Moyo, his ex-wife and former employee of the bank, belong to Nuru.

FCMB Group in its 2019 annual report said its employees are bound by the code of business conduct and ethics signed at the time of employment while the Directors are bound by the CBN Code of Conduct attested to annually by the individual Directors.

“The Board is also committed to the principle of sound Corporate Governance and behaviour as enunciated in the CBN Code of Corporate Governance for banks and other financial institutions in Nigeria,” FCMB said.

The Ethics & Professionalism section 7.1.1 of the CBN Code of Corporate Governance for banks states that to make ethical and responsible decisions, banks shall comply with their legal obligations and have regard to the reasonable expectations of their stakeholders.

“The Code commits the bank, its Board and management (and employees) to the highest standards of professional behaviour, business conduct and sustainable business practices,” the CBN said.

Nuru would have obviously contravened this section of Code with his alleged unprofessional behavior that is bringing disrepute to the bank.

Compliance with the code is mandatory for all banks and discount houses.

Section 8.1.3, states that failure to comply with the code will attract appropriate sanctions in accordance with Section 60 of BOFIA 1991 as amended or may be specified in any applicable legislation or regulation.

In a statement on its Twitter page, FCMB however said the bank is currently reviewing the allegations against its MD, adding that its findings would be made available in due course.

“We are aware of several stories circulating across several media platforms about our bank’s Managing Director Adam Nuru, a former employee Moyo Thomas and her deceased ex-husband, Tunde Thomas,” it read.

“While this is a personal matter the tragedy of the death of Tunde Thomas and the allegations of unethical conduct, require the banks board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of these code of conduct ethics. This will be done immediately.

“We enjoin all our stakeholders to bear with us as we conduct this review and to please respect the various families involved.”

FCMB is obviously suffering reputational damage from this scandal and needs to get the truth out with appropriate sanctions if needed to regain trust. Else the Bank whose slogan is My Bank and I, will be forever tarred with the unbecoming label…My Wife and I.

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