FCMB groans under weight of huge debts by its A-list customers + MD,Ladi Balogun loses sleep over fiscal tsunami’s dangerous currents
With the sharp scrutiny and spotlight into the books of many Nigerian banks, Ladi Balogun, Group MD/CEO of First City Monument Bank, FCMB, fights an exhaustive battle, to keep his head out of the rubble and afloat the looming fiscal tsunami’s dangerous currents.
Yes, FCMB currently groans under the weight of huge debts portfolio by its A-list customers. The bank’s debtors, comprising Nigeria’s superrich, have failed to refund loans taken from the bank to the extent that some of the loans would have to be written off as bad debt.
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