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Legacy Pension Managers gets new chairman, others


In a move to deliver seamless service to its customers in the nation’s pension industry, Legacy Pension Managers Limited (PFAs) has reshuffled the management structure in order to move the firm to a great height.

According to the firm, the appointments of Ladi Balogun, and James Ilori, to the Board of Legacy Pension Managers come in the wake of the acquisition by FCMB Group of 60 percent of the company, thereby raising its interest to 88 per cent.

The Central Bank of Nigeria, the National Pension Commission, and the Securities and Exchange Commission, approved the transaction in November 2017, with the approval of the National Pension Commission.


Legacy Pensions assets are worth over N230 billion under management, which grew by 22 per cent in 2017. It has over 350,000 pension contributors, whom it serves from 48 locations across the country.

The new Chairman of Legacy Pensions, Balogun, was until March last year, the Chief Executive Officer of First City Monument Bank (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.

The chairman 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 FCMB saw its transformation from an investment bank to a prominent mid-tier Nigerian commercial bank, and financial services group.

By 2017, the banking group had 10,000 employees and contract workers, 4.3 million customers, 200 branches and a banking subsidiary in the United Kingdom.

During this period, FCMB also birthed what became the country’s leading micro-lending institution, Credit Direct Limited. Balogun now runs FCMB’s holding company: FCMB Group Plc.

Balogun serves on the board of several FCMB Group companies, and chairs the board of Credit Direct Limited. Balogun also serves as Chairman of Tenet Investment Company, a private equity investment firm, focused on the food and agri-business value chain in West Africa.

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