Mallam Bello Maccido

Mallam Bello Maccido, a Prince of the Sokoto Caliphate is a brilliant and accomplished investment banker with over three decades of experience at the top echelon of the profession in Nigeria. Appointed in 2015 as the pioneer Chairman of the FBNQuest Merchant Bank Limited—a subsidiary investment and asset management arm of the FBN Holdings Plc—he has helped to define the industry’s landscape in significant ways. A good part of his career has been devoted to the development and growth of the First Bank Group, and lately to the FBN Merchant Bank Limited. In just over four years of his tenure, the bank experienced changes of revolutionary proportions in terms of earnings, quality of leadership, and the mapping and implementation of strategies.

Under his leadership, businesses were diversified and a synergy between the FBNQuest Asset Management and FBNQuest Securities was actualized. This initiative marked a significant achievement in the bank’s history, contributing to the expansion of asset for the group from N37.2 billion in 2016 to N140.701 billion in early 2018.

With an academic background in Law, Maccido started his banking career at Ecobank Nigeria Plc, as an officer. Through hard work and diligence, he earned himself the position of manager when in 1992 he moved to the New Africa Merchant Bank Limited. Four years later, he was appointed Senior Manager and Group Head of Corporate Finance at FSB International Bank.

By 2004, Maccido had risen steadily through the ranks to become Acting Managing Director at FSB International Bank. However, he soon took a break from banking to establish Legacy Pension Managers Limited, a pension administration company where he was pioneer Chief Executive Officer. He built the company that later became FCMB Pension from scratch to outstanding profitability, with assets estimated at over N75 billion and over 182,000 registered Retired Savings Accounts (RSA) holders.

Having sufficiently weaned the company by breaking even within the first three years, and taking it through another two consecutive years of profitability, he returned to the banking industry in 2011 as an Executive Director at First Bank of Nigeria Plc. In his new role, he directed and oversaw all retail banking services in the north to meet the growing daily demands of customers. So impressive was his performance that within two years in this position, he was charged with the task of restructuring First Bank of Nigeria Plc into a financial holding company. He subsequently assumed the role of the pioneer Group Managing Director/Chief Executive Officer of the new FBN Holdings Plc.

Mallam Maccido embarked on a re-branding process of the bank that lasted three years, effecting a systemic change that completely overhauled the old order. He organized and coordinated the development of a new framework that currently defines the modus operandi of all the Group’s subsidiaries. He remained in the saddle until 2015 when he assumed his current role at the FBN Merchant Bank Limited.

The depth, relevance, and diversity of Maccido’s experience in financial management is evident in the varied nature of the assignments that he has had to undertake across the broad spectrum of private and public enterprise. He has been Chairman of Pension Funds Operators Association in Nigeria, a Non- Executive Director of First Bank of Nigeria Ltd, and a Council Member of the Nigerian Stock Exchange.

His other roles include membership of the Finance Committee, National Council on Privatization; the Implementation Committee, Financial System Strategy (FSS) 2020; and the Presidential Monitoring Committee on Niger Delta Development Commission. Currently, he serves as a member of the Board of Directors for the Nigeria Sovereign Investment Authority, and as an Independent Director of Development Bank of Nigeria Plc. He is also a director of Babban Gona, a leading agriculture solutions enterprise in Nigeria.

Mallam Maccido is a Fellow of both the Chartered Institute of Stockbrokers and the Chartered Institute of Bankers of Nigeria. He was called to the Nigerian Bar in 1985, having completed his Bachelor of Law degree at the Ahmadu Bello University in 1984, and Barrister at Law at the Nigerian Law School, Lagos in 1985. He bagged a Master’s degree in Managerial Finance from the Wayne State University, Detroit, USA, in 1988, and has attended many executive development programmes at reputable institutions like the Harvard Business School, the Wharton School of the University of Pennsylvania, INSEAD Business School in France, and the International Institute for Management Development (IMD), Lausanne, Switzerland.

A devoted family man and community leader, Mallam Maccido holds the traditional title of Wakilin Sokoto.

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