Abbey Mortgage gets acting MD

Agency Report
Agency Report

Abbey Mortgage Bank Plc says its Managing Director/Chief Executive Officer, Mr. Madu Hamman,  has been appointed as the new Managing Director of Federal Mortgage Bank of Nigeria, the apex mortgage bank in the country, by the President, Major General Muhammadu Buhari.

As a result, the company said its board had also named Mr Mobolaji Adewumi, the current Executive Director of Finance and Administration, as the acting Managing Director of the bank.

According to a statement by Abbey Mortgage, Hamman has over 34 years of banking experience in mortgage and credit analysis, banking operations, business development, business support services, and human resource management.

He has anchored and directed the planning, integration, and implementation of critical projects for the bank.

In the past two years under his leadership, the bank has moved into profitability with a balance sheet size of N34.46bn. In addition, the CBN recently approved the bank’s rights issue of 3.692bn ordinary shares of 50keach at N0.82 per share.

Consequently, the bank said at an emergency meeting, the board named Adewumi as its acting MD.

Adewumi, who is an experienced professional with a deep knowledge of the financial services industry, possesses extensive working knowledge of sub-Saharan Africa, according to the statement.

He obtained his MBA (specialising in Finance) from Judge Business School, University of Cambridge, United Kingdom, and his BSc in Management and Accounting from the Obafemi Awolowo University, Ile-Ife.

Bolaji became a Chartered Accountant (ACCA) in 2007. He had worked for KPMG as Audit Senior between 2006 and 2009 before joining United Bank for Africa from 2009 to 2011 where he worked in various capacities.

Adewumi also worked for Africa Finance Corporation, Egon Zehnder International London Office, and Fairtrade International, before joining Aso Savings and Loan Plc as Special Adviser to the MD/CEO & Head, Strategy between 2012 and 2015.

Adewumi later moved to First Bank of Nigeria Limited, where he was Special Assistant to the MD/CEO between 2016 and 2019. He later joined VFD as the Group Executive Director, Finance from April 2019 to March 2020.

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