ppointed in 2015 as the pioneer Chairman of the FBN Merchant Bank Limited—a subsidiary investment and asset management arm of the FBN Holdings Plc.—Mallam Bello Maccido has earned a spot for himself in the league of accomplished professionals in banking and finance and investment in Nigeria, for his impactful contributions to the industry. With over three decades of experience in corporate and investment banking, he has helped to define the industry’s landscape, and a good part of that span of service has been devoted to the development and growth of FBN Merchant Bank Limited. In just four years of his tenure as CEO, the bank experienced changes of revolutionary proportions in terms of earnings, quality of leadership, 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, Mr. 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, and a mere four years later, in 1996, had become Senior Manager/ Group Head of Corporate Finance at FSB International Bank. By 2004, he had risen steadily through the ranks to become Acting Managing Director at FSB International Bank. However, Bello in 2004 took a break from banking to establish Legacy Pension Managers Limited, a pension administration company, and became the pioneer Chief Executive Officer. He built the company that later became FCMB Pension, from scratch to outstanding profitability in terms of assets estimated to be over seventy-five billion naira (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 on the board of First Bank of Nigeria Plc., as an Executive Director. As an Executive Director, he directed and oversaw all retail banking services in the north to meet the growing daily demands of customers. So good was Bello at his job that within two years in this position, he was charged with the task of restructuring First Bank of Nigeria Plc., as a financial holding company, by assuming the role of the Pioneer Group Managing Director/Chief Executive Officer of the holding company, designated First Bank Holdings Plc.
Mr. Bello Maccido embarked on a re-branding process of the bank that lasted 3 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 can be seen 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 Nigeria Plc., between 2012 and 2015; and a Council Member of the Nigerian Stock Exchange between 2009 and 2012. Other roles include, member of the Finance Committee, National Council on Privatization, the Implementation Committee, Financial System Strategy (FSS) 2020, and 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.
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 (LL.B) at Ahmadu Bello University in 1984, and Barrister at Law at Nigerian Law School, Victoria Island, 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 Programme at reputable institutions like the Harvard Business School, University of Pennsylvania (the Wharton school), INSEAD Business School in France, and International Institute for Management Development (IMD), Lausanne, Switzerland.