A businessman, Oladipupo Jadesimi, has been appointed the new chairman of First City Monument Bank (FCMB).

The bank in a statement on Tuesday said Mr. Jadesimi’s appointment followed the approval of the Central Bank of Nigeria (CBN).

The statement, signed by Olufunmilayo Adedibu, the company’s secretary, said Mr. Jadesimi was first appointed a non-executive director of the bank before being nominated as chairman of the board of directors at its meeting which held on March 8.

The new appointee is the founder of Ladol Group, a variety of high value industrial free zone enterprises.

The statement read in part: “Jadesimi who holds an Oxford M.A. (Honours) in Law and was a jurisprudence scholar at the University of Oxford, has run several businesses in the energy, finance and real estate sectors, and brings on board high-level competencies and varied experience.

“He also currently serves as the chairman of the board of directors of Niger Delta Exploration and Production PIG one of the largest indigenous integrated oil and gas producing companies.”

FCMB said Mr. Jadesimi’s leadership on the FCMB Group Plc board will undoubtedly have a positive impact on the Board and the FCMB Group as a whole.