Questions are beginning to emerge between titans of the First City Monument Bank, FCMB, over the appointment of FCMB Group’s Group Chief Technology Officer, Hima Mandali (an Indian American national), amid growing conversations around localisation, indigenous participation and executive leadership within Nigeria’s financial sector.
Mandali, who is identified in corporate directories as consultant and Group CTO of FCMB Group, is said to be a resident of Dallas, Texas, in the United States, and occasionally visits Nigeria for consulting services for the bank. An investigation on online executive profiles revealed that he joined the banking group recently in 2024 after previous technology leadership positions in Europe.
While some highly placed board members of the bank are positioning Mandali for a takeover of the bank as the new Chief Executive officer, CEO, a few among the directors and other critics have queried the move as a bridge to the usual protocol for a consultant to take over the bank as the CEO while other directors watch on the sidelines.
Although, a source who is privy to the information revealed that Mandali does not even have a residence permit in Nigeria because he hardly stays in the country for more than four days whenever he visits for his consultancy role quarterly.
It was learned that the development is threatening to tear the board members apart. Some are of the opinion that one of the indigenous directors of the bank should be made the CEO instead of rooting for a foreigner who is yet to understand the nitty-gritty of the Nigerian Central bank policies guiding the appointment of such a highly placed office. Although a call placed to Mr Adebayo, who is an insider at the bank, was not picked to verify the claim.
Some professional and nationalist circles, particularly among advocates of Nigeria’s local content and indigenous employment policies, argue that strategic positions in major Nigerian institutions should primarily be occupied by qualified Nigerians residing and working within the country or be advertised to select the best among the prospective candidates that will apply.
Nigeria’s Local Content framework, though largely designed for the oil and gas sector, was established to prioritise indigenous participation, local expertise and domestic capacity development.
The Nigerian Oil and Gas Industry Content Development Act of 2010 emphasises “first consideration” for Nigerians in employment and leadership opportunities tied to critical sectors of the economy, especially those owned largely by Nigerian investors.
Critics argue that while the banking sector is not directly governed by the Local Content Act, the broader spirit of “Nigerianisation” and indigenous participation should remain sacrosanct considering the investors of the FCMB are Nigerians.. This is especially at a time of rising inflation, unemployment and increasing calls for local talent development in technology and financial services by the current administration.
Some financial experts are of the belief that the optics of a major Nigerian financial institution relying on a foreign-based executive for a sensitive technology leadership role could fuel perceptions that local professionals are being overlooked despite the country’s expanding pool of tech talent, and that was why there was resistance when president Bola Tinubu contracted a French company to partner with the Nigerian Revenue service to streamline Nigerian revenue collection. The experts believe that placing our financial records in the hands of foreigners increases our economic vulnerability.
“This is not just about one executive,” a Lagos-based fintech consultant said. “It raises questions about whether Nigerian banks truly believe local professionals can lead digital transformation at the highest level.”
Others have questioned the practicality of remotely overseeing critical banking technology infrastructure from outside Nigeria, particularly in an era where cybersecurity, data sovereignty and real-time digital banking operations are becoming increasingly sensitive for Nigerian economic prosperity.
FCMB Group is yet to publicly announce any breach of regulation regarding Mandali’s appointment, and there is no evidence that the bank violated Nigerian banking laws. However, critiques are of the opinion that the organisation remains one of Nigeria’s leading financial services groups with operations spanning banking, pensions, investment management and consumer finance, which makes it risky to be trusted with a foreigner.
However, the controversy is beginning to feed wider public frustrations about corporate elitism and foreign influence within strategic sectors of the Nigerian economy. Discussions on Nigerian online forums and social platforms increasingly reflect concerns about indigenous inclusion, economic nationalism and whether multinational hiring practices are sidelining qualified locals.
Analysts say the backlash could intensify if FCMB fails to clarify the scope of Mandali’s role, his physical engagement within Nigeria and how the bank intends to balance international expertise with local talent development. Questions are also being raised over whether executive leadership positions tied to national financial infrastructure should require stronger in-country presence or can be superintended by any so-called expat.
As of this week, Mandali is understood to be in Lagos to intensify his political move to secure the CEO position before departing the country shortly afterwards, according to sources familiar with the matter. Neither Mandali nor FCMB Group had issued an official response at the time of filing this report.