FCMB Board Split Over Proposal to Appoint Foreign-Based CTO as CEO

Questions have arisen among FCMB board members over the push to promote Hima Mandali, an Indian-American consultant and Group CTO based in Dallas, to the bank’s CEO role. Critics highlight his limited in-country presence and lack of a Nigerian residence permit. Some directors insist an indigenous executive would better navigate Central Bank appointment guidelines. Local content advocates argue that strategic positions in national institutions should go to qualified Nigerians, citing the spirit of the 2010 Local Content Act. Financial experts warn that remote leadership of critical banking technology may expose FCMB to cybersecurity and data sovereignty risks. The debate has tapped into wider public frustrations about corporate elitism and foreign influence in key sectors. FCMB has not confirmed any regulatory breach, and neither the bank nor Mandali has issued a statement. The controversy is expected to intensify as stakeholders weigh international expertise against homegrown talent.

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