Abbey Mortgage Bank Appoints Mobolaji Adewumi As Acting Managing Director

In the wake of her 30th Anniversary, Abbey Mortgage Bank Plc announces the appointment of her MD/CEO Mr. Madu Hamman by President Muhammed Buhari, as the new MD of Federal Mortgage Bank, the apex Mortgage Bank in Nigeria.

Mr. Madu 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 2 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. This appointment is indeed an endorsement of the Abbey brand.

Consequently, at an emergency meeting held on the 14th of April 2022, the Board named Mr. Mobolaji Adewumi, the current ED Finance & Admin as the Acting Managing Director of the Bank.

Mobolaji Adewumi is an experienced professional with a deep knowledge of the financial services industry. He possesses extensive working knowledge of sub-Saharan Africa. He obtained his MBA (specializing in Finance) from Judge Business School, University of Cambridge, UK, and his BSc in Management and Accounting from the Obafemi Awolowo University, Ile-Ife. Bolaji became a Chartered Accountant (ACCA) in 2007. He worked for KPMG as Audit Senior between 2006 to 2009 before joining UBA from 2009 to 2011 where he worked in various capacities.

 Mr 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 to 2015. Bolaji Adewumi later moved to First Bank of Nigeria Limited, where he was Special Assistant to the MD/CEO between 2016 to 2019 and later joined VFD as the Group Executive Director, Finance from April 2019 to March 2020.