₦airaland Forum

A Festival, A City, A Continuum



Culture in southwest Nigeria is shifting from memory and ceremony into something more active, organised, shared, and increasingly tied to economic value. In Ibadan, that shift is taking shape in ways that are both grounded and forward-looking. The city, long defined by its seven iconic hills and layered histories, is drawing on its traditions and scale to rework how culture is lived, shared, and extended.

The 2026 edition of the Ibadan Cultural Festival, also known as the Oke Ibadan Festival, sits at the centre of this movement. Organised by the Central Council of Ibadan Indigenes, it unfolded over three weeks, not as a loose sequence of events but as a structured gathering where heritage meets enterprise, and where culture is both preserved and put to work.

Across the city, the effects were visible. From hilltop neighbourhoods to older quarters below, there was a steady rise in activity. Hotels received more guests, transport operators saw increased demand, and local markets, artisans, and small businesses recorded stronger patronage. Diasporans returned, drawn by memory and participation. The city moved across spaces, across communities, creating circulation that carried both meaning and value.

The festival’s design reflects this intent. Its programme covered culture, community, and enterprise: the Ibadan Conference and vocational programmes; community visits and historical tours tracing parts of the city’s geography; youth-focused events, stage plays, and sports competitions; education programmes and a business dinner. Alongside these, charity visits and medical outreach extended their social reach, while the grand finale anchored the experience in tradition.

Taken together, the festival created pathways, bringing people into the city, moving them through it, and opening spaces for interaction, exchange, and renewal.

Chief Kola Karim, Chairman of Shoreline Group and Agbaoye of Ibadanland, frames the festival as both a cultural expression and economic platform. “The festival is a celebration of the deep roots of our culture and a platform for driving economic activity in Ibadanland,” he said. “It reminds us of who we are and reinforces our responsibility to preserve our heritage, while also adding economic value.”

He points to partnerships as part of that effort. Speaking as Chairman of the grand finale, Chief Karim added, “Our partnership with First City Monument Bank (FCMB) is an opportunity to build together, weaving culture and tradition to benefit Ibadan and Nigeria. The next edition will broaden inclusion and deepen engagement.”

Ajeniyi Ajewole, President-General of the Central Council of Ibadan Indigenes, draws attention to the wider ripple effects. “The festival drives tourism, supports local businesses, and creates an opportunity for Ibadan indigenes in the diaspora to return, reconnect, and contribute to the city’s growth,” he said.

For Chief Bayo Oyero, the festival’s longevity speaks to its deeper role within the city. “Ibadan Cultural Festival is far more than a celebration. It is the heartbeat of our heritage, a bridge connecting our past to our present and future,” he said.

At the policy level, Governor Seyi Makinde, represented by Musibau Babatunde, Secretary to the Oyo State Government, signalled continued support. “Ibadan has remained a beacon of culture and tradition because of the unity among its people. We will continue to create opportunities that will elevate the festival to greater heights,” he said.

Ibadan’s strength lies in its authenticity. Its cultural assets—lineage systems, traditional institutions, and indigenous communities—are lived realities, shaped over time across its hills and settlements. The homage paid to the 44th Olubadan of Ibadanland, His Imperial Majesty, Oba Rashidi Ladoja, Arusa I, during the festival reflects that continuity.

This foundation opens into wider possibilities. The city’s landscape and heritage base position it for cultural tourism, from heritage trails to community-based experiences and local craft economies. What is emerging is not a departure from tradition, but a reorganisation of it—one that connects memory with movement, and identity with participation.

The 2026 festival stands as a marker of this shift. In Ibadan, culture is not held in place; it moves across its hills, through its people, and into new forms of expression and value.

FastCash When It Matters Most

……How Instant Digital Loans Help You Handle Emergencies

Tunde’s daughter was sent home from school because of unpaid fees. His salary was due in a week, but he couldn’t wait that long and simply couldn’t let his daughter miss classes. Like many of us, he reached out to friends and considered a traditional bank loan, but the endless paperwork, long waits, and uncertainty only made things more stressful. In moments like these, what truly matters is finding a fast, reliable solution, one that brings peace of mind.

Stories like this hit home. Urgent medical bills, overdue rent, or a critical business need, these financial emergencies can turn your life upside down in an instant. Yet, finding quick, hassle-free support can feel impossible, especially when you have no collateral and need help immediately. That’s when you need a solution you can trust: one that gets you back on your feet, fast.

That’s why instant digital loans are a game-changer. They’re designed for people who need immediate results. With just a few simple details on your mobile phone, you can apply and get an answer within minutes, no longer waiting in line or drowning in paperwork. It’s fast, easy, and puts you back in control when every second counts.

Digital loans don’t just offer speed; they offer real flexibility. Whether you need a little to cover an immediate gap or to bounce back from setbacks, digital loans let you address your needs without extra pressure. Plus, your responsible use now can strengthen your credit and open new doors. Why wait and worry when you can act and succeed?

If you need quick support, take action now: open the FCMB mobile app or visit digital channels to access FastCash funds instantly for school fees, rent, or unexpected expenses. Experience a simple process that puts you in control.

To make the most of digital loans, review your repayment terms, borrow only what you need, and plan your repayments. Take these steps to ensure you borrow responsibly and stay on track.

Emergencies can catch anyone off guard, but how you respond makes the difference. With a little planning and the right digital lending tools, those unexpected moments won’t keep you from moving forward. Take control, fast digital loans give you the speed, flexibility, and confidence you need, right when you need them most.

₦5m, ₦10m Zero-interest Loans: SheVentures Opens Applications for Women Entrepreneurs



First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure. Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers. This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB). “By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.

Why Nigerian Publishers Must Rethink Revenue Models



For many Nigerian publishers, the model that once sustained journalism is no longer working. Advertising, long the backbone of print, radio, and television, has been declining. At the same time, the wider entertainment and digital media market is growing and is projected to reach $4.9 billion by 2026.

This creates a clear gap. The old revenue streams are shrinking, but new ones are emerging—driven largely by digital platforms and changing audience behaviour.

Today, revenue is no longer just about traditional ads. It includes earnings from platforms like Google through ad networks, creator payouts on X (formerly Twitter), and content monetisation on YouTube and Spotify. These channels reward reach, engagement, and consistency, but they also require a different way of thinking about content.

For publishers, this means shifting from a single-format approach to a multi-platform strategy—taking one piece of content and adapting it across video, audio, and text formats to reach audiences wherever they are.

This shift was the focus of The Monetised Content Masterclass, hosted by FCMB in partnership with BHM. The session brought together publishers across the ecosystem, including reporters, editors, bloggers, and content creators, to examine how to move beyond traditional revenue models.

One message came through clearly: financial sustainability now sits at the heart of editorial independence.

Discussions focused on how publishers can create real value, not just traffic or impressions, but content that travels well across platforms and can be monetised in different ways. This includes building direct audience relationships, forming the right brand partnerships, and using data to guide both content and commercial decisions.

Participants explored practical options such as paid memberships and subscriptions, branded content collaborations, and platform-based earnings. The emphasis was on execution, how to take what already exists and make it work harder across multiple channels.

Speaking at the session, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, pointed to the need for a shift in mindset: “We are at a point where publishers must move from content production to platform thinking, building systems that can sustain value over time.”

For BHM’s CEO, Ayeni Adekunle, the issue is urgency: “The model has changed. The question now is whether the industry will adapt quickly enough to secure its future.”

Moderated by Fatu Ogwuche, the masterclass featured Fisayo Soyombo, Chris Ihidero, Jennifer Mairo, and Peter Oluka. Speakers shared practical insights, from repurposing content across formats to building audience loyalty and unlocking new revenue streams.

The takeaway was simple. Publishers can no longer rely on a single source of income. Growth will come from combining platform earnings, partnerships, and direct audience support, while making content work across multiple formats and channels.

For FCMB, the initiative reflects a clear commitment to supporting the growth and long-term sustainability of the media sector, given its role in informing the public, shaping opinion, and supporting national development.

Olukare of Ikare, Oba Akadri Momoh, and Council Endorse Balogun ATM for Senate 2027


His Royal Majesty, Oba Akadri Momoh, The Olukare of Ikare Land, alongside his Oba-in-Council of chiefs and elders, has endorsed Chief Abdul Tunji Mohammed (ATM), the Balogun of Ikare, for the Ondo North Senatorial seat in 2027.

The endorsement was announced on Monday at the Olukare’s Palace during Chief ATM’s courtesy visit. Oba Akadri Momoh described ATM as “a true son of Ikare” with the character and competence to represent Ondo North. “He respects tradition and has never turned his back on our people. He has our royal blessing,” the Olukare said.

Chiefs present echoed the monarch, citing ATM’s consistent support for education, healthcare, and empowerment in Akoko land as proof of his readiness.

Chief ATM thanked the Olukare and Council for the “sacred mandate,” pledging to make the welfare of Ikare and Ondo North his priority in the Senate. “In Abuja, the voice of Ikare will be loud, clear, and respected,” he said.

Our Approach to AI Adoption is Deliberate and Responsible – FCMB




Key players from across Nigeria’s financial services and technology landscape gathered at the recently concluded Business Day Fintech Summit 2026, held under the theme “The Next Financial Frontier: Intelligence, Infrastructure & Inclusion in Africa’s Digital Money Economy”. The summit served as a strategy for examining how innovation, data, and emerging technologies are reshaping the continent’s financial ecosystem.

Bringing together fintech leaders, financial institutions, and ecosystem partners, the conversations focused on advancing digital infrastructure, unlocking new opportunities through artificial intelligence, and driving broader financial inclusion across Africa’s evolving digital economy.

Speaking during a panel session titled “Intelligent Finance: How AI, Data and Automation are Rewriting Financial Services,” Blessing Ehize, Chief Technology Officer, FCMB, highlighted the transformative role of artificial intelligence in driving efficiency, personalisation, and smarter decision-making in banking.

“Artificial Intelligence is no longer a future concept; it is actively redefining how financial institutions operate. From improving risk assessment and fraud detection to enabling hyper-personalised customer experience, AI allows us to anticipate customer needs and respond in real time. The real value lies in how effectively we harness data to deliver smarter, faster, and more inclusive financial services.”

He also reaffirmed the Bank’s commitment to responsible innovation:

“At FCMB, our approach to AI adoption is deliberate and responsible. We are integrating AI in ways that enhance efficiency without compromising trust, customer privacy, or regulatory compliance. This is why FCMB is ISO42001 certified. Technology must work for the customer, not against them, and must always align with ethical standards and human oversight.”

Speaking further, he emphasised FCMB’s alignment with global best practices:

“The intersection between what we do at FCMB, and global financial best practices lies in our ability to balance innovation with resilience. Globally, AI is taking centre stage, whether you are a bank or not. It is coming to enable businesses and change lifestyles. We are building systems that are not only intelligent but also secure, scalable, and inclusive, ensuring that as we advance technologically, we bring more people into the financial ecosystem.”

As digital transformation accelerates across Africa, FCMB continues to invest in cutting-edge technologies and data-driven insights to enhance service delivery and expand access to financial services in an ethical and responsible manner.

Sam Pharmaceuticals Opens WHO-Standard Factory in Nigeria with FCMB, BoI Support



Sam Pharmaceutical Limited has opened a new manufacturing facility in southwestern Nigeria, expanding local drug production capacity as the country pushes to reduce reliance on imported medicines.

The plant, located in Ota, Ogun State, meets World Health Organisation (WHO) Good Manufacturing Practice (GMP) standards and was financed with support from First City Monument Bank (FCMB) and the Bank of Industry (BoI).

The facility has the capacity to produce more than 400 million tablets, 50 million capsules, two million bottles of syrup, and one million pouches each month, according to the company.

Nigeria has been seeking to boost domestic pharmaceutical manufacturing following supply chain disruptions during the COVID-19 pandemic that exposed vulnerabilities in its import-dependent supply chain.

Minister of State for Health, Adekunle Salako, said at the commissioning on April 8 that the project aligns with the government’s drive to expand local pharmaceutical production and reduce reliance on imports.

Ogun State Deputy Governor Noimot Salako-Oyedele said the factory would support job creation and economic activity in the state, while improving access to essential medicines.

Director General of the National Agency for Food, Drug Administration and Control (NAFDAC), Mojisola Adeyeye, described the facility as a reflection of growing compliance with global standards in Nigeria’s pharmaceutical sector.

Managing Director and Chief Executive Officer, First City Monument Bank, Yemisi Edun, said the bank supported the project through a ₦3 billion term loan in partnership with the Bank of Industry, alongside more than ₦3.2 billion in working capital. She said the financing reflects the bank’s focus on supporting local manufacturing and strengthening critical sectors of the economy.

Sam Pharmaceuticals Chairman and Chief Executive Officer Amit Bhojwani said the new plant would scale production and position the company more strongly in Nigeria’s branded generics market.

Founded in 1971, Sam Pharmaceutical Limited produces more than 120 NAFDAC-approved medicines and operates in Ilorin, Kwara State, and Ogun State.

Ginger, FCMB SheVentures Unveil “Built to Last” Programme for Women Beauty Entrepreneurs


Ginger is teaming up with FCMB SheVentures to launch Built to Last, a year-long programme to help women-led beauty businesses across Nigeria grow stronger, learn new skills, and prepare to advance to the next stage, such as scaling, formalising operations, or accessing funding opportunities.

If you run a beauty or personal care business, this programme is for you. We’ll help you build a business that lasts, with practical training, support to formalise your business, financial know-how, and better access to digital tools.

Ginger connects beauty businesses with trusted suppliers and provides access to tools such as financing, logistics, and inventory management. Thousands of beauty entrepreneurs already use Ginger to find the right products and keep their businesses running smoothly.

By working together, Ginger and SheVentures are making it easier for women-led beauty businesses to get the support, funding, and guidance they need to grow.

Speaking on the collaboration, Founder & CEO of Ginger, Ejiro Enaohwo, said, “The women powering the beauty economy already have the demand, the discipline, and the customer trust. What they have not always had are the systems that recognise their businesses as investable and scalable. This partnership is about building those systems."

This partnership is part of our ongoing commitment to help women entrepreneurs succeed and drive inclusive growth.

“At SheVentures, we believe empowering women entrepreneurs is one of the fastest ways to drive sustainable economic development. Through our initiatives, we have provided funding, training and mentorship to thousands of women-owned businesses across Nigeria. Built to Last represents another step forward in equipping female entrepreneurs—particularly in the beauty sector—with the knowledge, capital readiness and networks they need to scale their businesses successfully.”

Women are at the heart of Africa’s beauty industry, but many still lack access to the training, support, and funding they need. Built to Last is here to help change that.

By bringing together Ginger’s experience in the beauty trade and our financial know-how, we’re building real support for beauty entrepreneurs to grow their businesses for the long term.

Applications now open

If you run a beauty business in Nigeria - whether you own a retail store, run a salon, work as an aesthetician, or are just getting started - you can now apply to join Built to Last.

Participants will receive hands-on training, practical support, and the opportunity to prepare their businesses for future funding opportunities.

To apply, visit: http://www.gingerme.io/builttolast

Applications close: 10th May,2026

FCMB Taps Cultural Economy to Drive Inclusion at 2026 Ibadan Festival


First City Monument Bank (FCMB) is positioning culture as an economic engine, leveraging platforms such as the Ibadan Cultural Festival to support small businesses, deepen inclusion, and connect local enterprises to broader markets.

As a lead partner in the festival organised by the Central Council of Ibadan Indigenes (CCII), the Bank said cultural gatherings are fast becoming viable commercial ecosystems, bringing together thousands of vendors, creatives, and service providers to drive real economic activity.

Speaking at a press conference in Ibadan, FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, said the Bank’s approach is to enable participation, support business growth, and capture transaction flows within these ecosystems.

“We see culture as a functioning marketplace. Events like this concentrate demand, talent, and enterprise in one place. Our role is to help businesses plug into that, through access to finance, visibility, and the systems that support transactions and growth,” he said.

He noted that the festival stimulates activity across hospitality, retail, transport, and the creative sector, while also attracting diaspora engagement that strengthens remittance flows and local investment.

The Ibadan Cultural Festival, also known as Okebadan, attracts residents, indigenes, and visitors, driving a surge in commercial activity across the city.

President-General of the CCII, Barrister Ajeniyi Ajewole, said the festival has become both a cultural and economic platform.

“It drives tourism, supports local businesses, and creates an opportunity for Ibadan indigenes in the diaspora to return, reconnect, and contribute to the city’s growth,” he said. He added that FCMB’s involvement reflects growing private sector interest in culture-led development.

Chairman of the Planning Committee, Mogaji Gbolagade Akere, said the 2026 edition is structured to strengthen Ibadan’s profile as a tourism and investment destination, with activities that combine cultural expression and economic engagement.

FCMB said its involvement reflects a broader strategy to build ecosystems that connect informal and small-scale businesses to finance, markets, and opportunities for scale.

Meet Chief Abdul Tunji Mohammed (ATM): A Proven Leader for Ondo North

Chief Abdul Tunji Mohammed (ATM) is a dynamic leader who has imparted Ondo North Senatorial District with his expertise in Banking, Finance, Real Estate, and Infrastructure. He's created jobs, stimulated economic growth, and inspired entrepreneurship, laying a solid foundation for continued development.

As the Balogun of Ikare Land and a respected APC Chieftain, ATM blends tradition with a forward-thinking vision. His achievements include:

- *Infrastructure Development*: Improved roads, water access, and energy; plans to expand these services to rural areas and boost connectivity

- *Education*: Free JAMB forms, scholarships, skill acquisition programs; renovating schools and equipping them with modern facilities

- *Healthcare Access*: Facility support and medical outreach initiatives; plans to establish more healthcare centers and improve emergency services

- *Youth Empowerment*: Job creation and entrepreneurial support; mentorship programs to guide young entrepreneurs

- *Economic Growth*: Attracted investments and supported local industries; promoting agribusiness and tourism

- *Palliative Support*: Food items and cash for stomach infrastructure; ongoing support for vulnerable communities

- *Agricultural Development*: Supported farmers and promoted food security initiatives; introducing modern farming techniques

- *Women Empowerment*: Advanced economic opportunities and social inclusion; training programs for women entrepreneurs

ATM's leadership is inclusive, transparent, and results-driven. His track record of service and accountability sets him apart. With Chief ATM, Ondo North is on the path to sustainable growth, economic prosperity, and improved quality of life.

Let's continue supporting Chief ATM's mission to elevate Ondo North and build a brighter future for all.

Signed:
ATM Campaign Council

Lagos, World Bank, FCMB Advance $500m Drive for Inclusive Education and Healthcare



In classrooms and primary health centres across Lagos, a quiet shift is underway, one that is beginning to change how public services are delivered and experienced. The Lagos State Government, the World Bank and First City Monument Bank (FCMB) are advancing the Human Capital Opportunities for Prosperity and Equity–Governance (HOPE-GOV) programme. This $500 million initiative is designed to strengthen the systems behind basic education and primary healthcare in Nigeria.

Backed by the Federal Government and operating across all 36 states and the Federal Capital Territory, the programme focuses on improving resource management and outcome measurement. Funding is tied not to plans, but to verified progress. For Lagos, the shift is already taking shape.

At a public presentation on the state’s progress in implementation, Governor Babajide Sanwo-Olu pointed to early gains. He highlighted improvements in education and healthcare delivery, driven by a shift from input-based spending to performance-led outcomes.

“For us in Lagos, this is about people,” he said. “It is about ensuring that a child has access to the right learning materials, that a mother receives quality care at a primary health centre, and that public resources are managed transparently for all to see.”

The changes are rooted in systems that are less visible but more decisive procurement processes that work, funding that follows results, and institutions that are held to clear standards.

According to Akin Onimole, Senior Procurement Specialist at the World Bank, the programme addresses long-standing structural gaps in service delivery. He noted that Lagos has shown a strong commitment to strengthening its procurement and institutional frameworks. These efforts help translate reform into practical outcomes.

FCMB supports the programme’s fund flows. The bank says its role reflects a broader commitment to expanding access and opportunity.

“We are working with our partners to open up more opportunities for children and communities,” said Yemisi Edun, Managing Director/Chief Executive Officer of FCMB. “By supporting education and primary healthcare, we are contributing to a system where more people can participate and progress.”

Since 2025, HOPE-GOV has united government and private sector capacity around one goal: improving human capital to make public systems work better. The key results will take time to fully materialise, but the direction is clear—stronger systems, deeper accountability and services that deliver consistent value to people.

FCMB Links Value-chain Coordination to Improved Food Security

Stakeholders across Nigeria’s agriculture sector called for stronger coordination across the value chain to improve productivity and food security at the BusinessDay Future of Agriculture Conference held in Lagos.

The conference, themed "From Seed to Feed: Strengthening Agricultural Inputs for Food Security," brought together policymakers, agribusiness operators, financial institutions, and development partners. They discussed constraints in input systems, financing, and infrastructure.

Participants included Lagos State Commissioner for Agriculture and Food Systems, Abisola Olusanya, who represented Governor Babajide Sanwo-Olu; Special Adviser on Agriculture and Food Systems, Oluwarotimi Fashola; Chief Executive Officer of Babban Gona, Kola Masha; and Group Chief Executive Officer of AFEX, Ayodeji Balogun, who delivered a keynote on improving farmers’ access to quality inputs to boost food production.

During a panel session at the conference, Kudzai Gumunyu, Divisional Head, Agribusiness and Non-Oil Export at First City Monument Bank (FCMB), said financial institutions have a central role in supporting Nigeria’s largely smallholder-driven agricultural sector.

“With smallholder farmers accounting for nearly 90% of Nigeria’s agricultural production, the focus must be on building inclusive financing models that address their unique realities. This means strengthening risk mitigation frameworks through structured guarantees and partnerships that de-risk lending while ensuring farmers have access to the capital they need to grow.”

He said a structured, value-chain-led approach would improve outcomes. This would benefit production, aggregation, and market access.

“Sustainable agricultural growth requires coordinated value chain mobilisation, where financial institutions effectively channel funds from depositors into well-structured agricultural value chains. By aligning financing with production, aggregation, and market access, we can unlock productivity, improve yields, and ultimately strengthen food security outcomes.”

Discussions at the conference also focused on improving access to quality inputs, expanding infrastructure, and strengthening collaboration between public- and private-sector participants.

FCMB said it will continue to support agribusiness and non-oil exports through partnerships aimed at improving access to finance and building more resilient agricultural systems.

Oyo State, FCMB, Mastercard Foundation Disburse ₦1.5 billion to Youth Farmers



Oyo State Government and First City Monument Bank (FCMB) have supported 1,000 young agripreneurs to boost food production and support youth-led businesses by disbursing ₦1.5 billion in collateral-free loans. This impact was made possible through the Easylift programme, in partnership with the Mastercard Foundation.

The funding combines ₦500 million from the state government with ₦1 billion (one billion naira) deployed through the Easylift programme. The agripreneurs initiative falls under the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) programme.

Governor Seyi Makinde said the programme is designed to build long-term economic capacity rather than provide one-off financial support.

“This is about reinforcing a system,” Makinde said at the disbursement event held at the Fasola Agribusiness Industrial Hub. “Sustainable development depends on deliberate structures that connect training with enterprise and access to finance.”

The programme connects agribusiness training to funding and ongoing support, establishing a clear link between developing skills and progressing to commercial activity.

Debo Akande, Director-General of the Oyo State Agribusiness Development Agency, said more than 5,000 young people have been trained so far. Beneficiaries of the current phase received initial funding of about ₦1.5 million each, with the potential to access up to ₦50 million based on business performance.

“This is structured to move participants from learning into a scalable enterprise,” Akande said.

Yemisi Edun, Chief Executive Officer and Managing Director of FCMB, said the partnership reflects the bank’s focus on agriculture as a growth driver.

“Agribusiness remains a key pathway to economic growth,” Edun said. “Working with public and development partners allows us to combine financing with the support needed for businesses to grow.”

The YEAP and SAfER programmes form part of Oyo State’s broader development plan to reduce unemployment and strengthen food systems through youth participation.

The partners expect the initiative to support job creation, improve livelihoods, and advance inclusive economic growth.

Irele Tower Opens, Adds EDGE-Certified Green Offices in Lekki



Irele Tower has opened at Lagos Free Trade Zone, adding office capacity as the Lekki corridor expands and Nigeria attracts new investment, with a focus on resource-efficient design.

The nine-storey development delivers about 12,000 square metres of office and retail space within the zone, positioning Lagos Free Trade Zone to meet rising demand from local and international firms seeking proximity to port, logistics and industrial infrastructure.

Designed as an EDGE-certified building by the International Finance Corporation (IFC), Irele Tower incorporates measures to reduce operating impact and costs. The building is engineered to use about 26% less energy and 46% less water than conventional structures, alongside features aimed at improving indoor environmental quality for occupiers.

Lagos State Governor Babajide Sanwo-Olu said the project reflects the state’s infrastructure-led growth strategy and its drive to strengthen Lagos as an investment destination, adding that the Lagos Free Trade Zone continues to support industrialisation, job creation and economic diversification.

Adesuwa Ladoja, Managing Director of Lagos Free Zone Company, said the tower aligns with the zone’s focus on building an integrated business environment anchored on infrastructure, location, and logistics. She added that demand for high-quality, efficient workspaces has increased alongside investor interest in the Lekki axis.

Yemisi Edun, Managing Director and Chief Executive Officer of First City Monument Bank (FCMB), said the bank’s early backing of the project reflects confidence in the long-term potential of the zone. She added that Irele Tower demonstrates coordinated financing and development, and that FCMB remains positioned to support growth following its recapitalisation.

The Lagos Free Trade Zone continues to evolve as a hub linking industry, trade, and services. The addition of Irele Tower expands its commercial footprint while advancing the adoption of sustainable building standards in the corridor.

FCMB Capital Markets tops FMDQ Sponsors’ League Table in 2025 with ₦1.53 trillion in Debt Capital Market Transactions



FCMB Capital Markets Limited, the investment banking arm of FCMB Group Plc, raised ₦1.53 trillion in corporate debt capital through bond listings and commercial paper quotations on FMDQ Securities Exchange Limited in 2025, and ranked first on the exchange’s Fixed Income Primary Markets Sponsors’ League Table for the year ended December 31, 2025.

The exchange’s report shows FCMB Capital Markets led overall sponsor contributions across the bond listings and commercial paper quotation markets during the year.

In the bond market, the firm accounted for 11.66% of total listings, for the top spot. In the commercial paper market, FCMB Capital Markets achieved the highest share of quotations at 7.68%, outpacing other registration members in that segment.

The exchange reported that 58 registration members participated in listings and 77 in quotations. During the period under review, 47 institutions actively sponsored fixed-income securities listings or quotations, excluding Federal Government securities.

“Our ranking reflects the confidence issuers place in our ability to structure and execute capital market transactions,” said Femi Badeji, Executive Director, Coverage and Investment Banking at FCMB Group Plc.“Mobilising more than ₦1 trillion in a single year demonstrates the depth of demand for capital market funding and the role we play in connecting issuers with long-term investors.”

Ikechukwu Omeruah, Chief Executive Officer of FCMB Capital Markets Limited, said the firm remains focused on helping corporates access both long-term and short-term funding through the capital markets.

“Achieving this position reflects the work of our team and the trust of our clients. We remain committed to structuring financing solutions that enable businesses to raise capital efficiently while contributing to the continued development of Nigeria’s fixed-income market,” he said.

Over the past five years, FCMB Capital Markets has participated in several debt and equity transactions across sectors, including oil and gas, power, real estate, financial services, consumer goods and telecommunications. The firm was named Corporate Bond House of the Year by the Association of Issuing Houses of Nigeria at the 2025 Investment Banking Awards.

FCMB Capital Markets advises on debt, equity, project finance, Mergers & Acquisitions, and restructuring.

FCMB Limits Exposure in Fraud Attempt


More than ₦3 billion was targeted, but about ₦677 million reached the culprits, with recovery and prosecutions underway, reflecting how banks are responding to more sophisticated fraud risks.

Nigeria’s expanding digital banking sector is facing increasingly sophisticated fraud attempts, as financial institutions adapt to faster transactions and broader online services.

A recent case involving First City Monument Bank (FCMB), linked to fraudulent activity detected in December 2025, has drawn attention to how banks are responding to such incidents, with a focus on limiting exposure, recovering funds and working with law enforcement.

According to findings referenced in proceedings before the Lagos State Special Offences Court, the incident involved unauthorised transactions tied to a digital product. Early reports erroneously suggested more than ₦3 billion was lost. Subsequent clarification shows that over ₦3 billion was targeted, ₦2.4 billion was blocked and recovered, while ₦677 million got into the possession of the culprits. This outcome reflects the bank’s cyber security and monitoring capabilities, as well as improved collaboration among regulated financial institutions and with law enforcement agencies. Several suspects and beneficiaries have been apprehended, while recovery and prosecution efforts are ongoing, led by the Economic and Financial Crimes Commission (EFCC).

Proceedings at the Lagos State Special Offences Court have resulted in convictions, including that of a repeat offender, with restitution orders issued. Related matters are also being handled at the Federal High Court in Lagos, where additional suspects are being tried in connection with the scheme. This process is aimed at ensuring that bad actors are identified and permanently blacklisted from the financial system.

Authorities say recovery efforts are continuing as additional funds are traced.

Analysts note that the pace of legal action reflects closer coordination between financial institutions and enforcement agencies in addressing cyber-related financial crime.

The case comes as banks contend with more complex fraud methods, including social engineering and automated exploitation of system processes.

As digital products and platforms expand, so too does the risk associated with cyber-crime and related fraud.

“The scale of digital banking means risks are evolving alongside the systems,” said a Lagos-based financial analyst. “Institutions are now judged by how they manage these events.”

Observers say the sector is moving toward a stronger focus on response and recovery, rather than prevention alone.

This includes improving monitoring capabilities, strengthening transaction controls and enhancing collaboration with regulators and law enforcement. The FCMB case, with limited exposure relative to the amount targeted and ongoing recovery, reflects that shift.

For customers, the primary concern is the safety of their funds. In this case, there has been no indication of losses affecting customer deposits. Maintaining that level of protection remains central to sustaining trust in the financial system.

Nigeria’s financial sector continues to grow, supported by digital innovation and expanding access to banking services.

However, analysts say fraud attempts are likely to persist as systems become more complex and interconnected.

They say institutions will increasingly be judged not only on their ability to prevent incidents, but on how effectively they respond and recover when they occur.

FCMB Completes ₦500 Billion Recapitalisation, Retains International Banking Licence



FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and has secured its international banking licence after obtaining all required regulatory approvals.

The Group raised more than ₦400 billion through a series of transactions, including public equity offerings, a convertible instrument, and a minority divestment in one of its subsidiaries.

The Nigerian financial services group raised ₦144.6 billion through a public offer in July 2024. The offer was oversubscribed by 33% and drew about 42,800 investors. About 92% of the subscriptions were completed through digital channels, including the FCMB mobile banking application.

FCMB also raised ₦22.7 billion through a mandatory convertible note and realised ₦11 billion from a minority divestment in FCMB Pensions Limited.

A second public offer launched in October 2025 raised ₦231.8 billion and was oversubscribed by 50.5%. It attracted more than 25,800 investors, with the capital raised almost entirely in Nigeria, reflecting the depth of the domestic capital markets.

Following the completion of these transactions and receipt of regulatory approvals, First City Monument Bank Limited has fully met the ₦500 billion minimum capital requirement for an international banking licence.

Group Chief Executive Ladi Balogun said the recapitalisation strengthens the institution’s capital base and positions the group for its next stage of expansion.

"The recapitalisation programme positions the Bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities, and continue to build our ecosystem," Balogun said.

"We remain committed to fostering inclusive, sustainable growth in the communities we serve, from Nigeria to the rest of Africa and increasingly, to the wider global community. We thank our shareholders, investors, the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and the National Pension Commission for their support in achieving this milestone."

The capital raise forms part of FCMB’s strategy to strengthen capital adequacy and support expansion across its banking and financial services operations. The strengthened capital base and improving earnings momentum position the group to expand its regional footprint and pursue new growth opportunities across its markets.

FCMB shares gain momentum on NGX as investor interest builds


FCMB Group Plc has been enjoying strong momentum on the Nigerian Exchange (NGX), drawing growing attention from retail and institutional investors alike. FCMB shares currently trade at ₦12.35/share (as of 23 February 2026)—up from its 52-week low of ₦8.35/share, reflecting steady market confidence in the Group’s strategy and earnings outlook.

The positive sentiment is not happening in isolation. Nigeria’s banking sector is undergoing recapitalisation and strategic repositioning, prompting investors to gravitate toward banks with clear growth plans and diversified income streams. FCMB’s multi-subsidiary model — spanning Banking, consumer finance, asset management, and investment banking — continues to position it as a resilient mid-tier player.

What makes FCMB particularly attractive to some savvy investors is its valuation upside potential. FCMB currently trades a Price-to-Book Value (P/BV) ratio of 0.6x, a significant discount to peers such as Fidelity Bank (1.0x), Sterling Bank (1.0x), and Wema Bank (1.7x).

While some peers have already seen sharp price rallies, FCMB still trades at a relatively accessible price point, leaving room for appreciation as earnings and capital plans continue to strengthen. The Group’s focus on SME banking, digital innovation, renewable energy financing and women-focused initiatives such as SheVentures also aligns with high-growth segments of the Nigerian economy.

Of course, every equity investment carries risk, and market conditions can change quickly. But for investors seeking exposure to Nigeria’s evolving banking story — especially within the mid-tier segment — FCMB stock is increasingly being viewed as one to watch closely.

Smart investors do their homework. The market is moving — and FCMB is firmly in the conversation

Bank recapitalisation activity remained relatively sober this week as banks continue preparations ahead of the March 31, 2026, regulatory deadline. Market attention is currently focused on institutions progressing through validation and capital confirmation processes with the Central Bank of Nigeria (CBN).

FCMB Group is reportedly undergoing CBN validation to confirm whether it has met its recapitalisation target. Should the verified capital fall short of regulatory requirements, the Group may consider a private placement to a strategic investor(s). Conversely, a successful validation outcome would likely prompt a formal announcement confirming compliance with the minimum capital requirement threshold.

Meanwhile, analysts are awaiting further clarity from Sterling Bank regarding its recapitalisation plans. Market expectations suggest the bank could pursue a rights issue or a private placement to meet the N200bn minimum capital requirement, given its current capital of N167bn.

Last week, GTCO Plc proceeded with a N10.0 billion private placement, issuing 125.0 million ordinary shares at N80.00 per share, which a single investor fully subscribed. Analysts interpret the transaction as a proactive capital optimisation strategy rather than a regulatory necessity, designed to enhance balance-sheet flexibility, reinforce capital buffers, and support medium-term growth initiatives. The successful placement underscores sustained investor confidence and suggests that GTCO is positioning itself ahead of evolving regulatory, macroeconomic, and competitive pressures in the banking sector.

First HoldCo Plc’s FY 2025 unaudited results, released over the weekend, highlight the strain that asset quality challenges can impose on the bottom line. The reporting period was marked by significant balance-sheet pressure, driven by an impairment charge that weighed on earnings. While the move reflects a deliberate effort to reset the loan book and address underlying credit risks, it came at the cost of near-term profitability. The results reinforce the sensitivity of capital buffers to abrupt risk crystallisation and underline the importance of early capital planning, strong governance, and timely balance-sheet remediation as regulatory expectations tighten.

Beyond individual balance-sheet actions, market intelligence during the week pointed to unconfirmed speculation about a potential strategic merger between two tier-1 banks and possible bank-led investments in Nigeria’s refinery and broader energy infrastructure. While these developments remain speculative, they signal growing interest among banks in diversification strategies.

The recapitalisation momentum was further broadened by the CBN’s latest Fintech Report, which highlights the expanding role of digital finance in Nigeria’s financial system. The report underscores the fintech sector’s contribution to financial inclusion, payment efficiency, and innovation, while also identifying funding constraints and the need for regulatory alignment to support sustainable growth. For banks, the findings reinforce the strategic importance of balancing competitive pressures from fintechs with partnership opportunities that can enhance operational efficiency and product reach.

Progress and Challenges Across the Banking Spectrum from Previous Weeks

Union Bank: Prospective foreign investment interest, particularly from the United Arab Emirates (UAE), has been reported. A lingering legal dispute involving a former core investor, the TGI Group, is expected to be resolved soon, leaving a tight window to complete capital restructuring.

Keystone Bank: Competing investor interest includes a local consortium seeking preferred-bidder status. While local investors' capacity to raise capital independently remains questionable, market awareness of foreign investors' interest suggests a possible joint acquisition, though the move appears less likely.

Polaris Bank: Expected to pursue investor-led recapitalisation or merge with another Tier-2 bank, which market intelligence suggests is Wema Bank, a move analysts view as supportive of broader industry consolidation and institutional strengthening.

Proshare’s Economic & Market Intelligence Unit (EMIU) notes that the CBN appears receptive to mergers and acquisitions involving banks with marginal or negative shareholder funds as a strategic pathway to build larger, more resilient institutions. While domestic investors continue to express interest in distressed banks, capacity constraints for meeting unencumbered capital requirements independently suggest that strategic foreign partnerships may be necessary.

For banks listed on the Nigerian Exchange Limited (NGX), capital-raising outcomes have varied. With less than two months to the deadline, most Tier-1 and Tier-2 banks have met revised capital buffers. However, Tier-3 banks are in a race to avoid forced combinations and remain relevant in the post-recapitalisation landscape.

Other Updates Include:

FirstHoldco announced that its commercial banking subsidiary, FirstBank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500bn. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

Access Holdings Plc has successfully raised N594.90bn in its ongoing recapitalisation exercise.

Sterling Financial Holdings Company successfully raised a total of N88.07bn in the Public Offer as of September 30, 2025. Proceeds from the offer are expected to bolster Sterling Bank Limited's capital adequacy, provide capital for SterlingFi Wealth Management, and fund the Group’s broader strategic expansion plans.

UBA recently raised about N157.84bn in additional capital, pending approval from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

The Rights Issue will strengthen UBA’s capital position ahead of the CBN’s recapitalisation deadline.

Meanwhile, Standard Chartered Bank Nigeria Limited and other unlisted banks have similarly announced compliance with the N200bn minimum capital requirement for national commercial banks, ahead of the March 31, 2026, deadline.

We maintain that investors evaluating banking-sector stocks consider each bank's new equity capital, earnings growth potential, and the likely twelve-month forward earnings per share (EPS) and price-to-earnings ratio (P/E). Proshare’s EMIU expects earnings per share (EPS) of several banks to fall in the short term. It is also likely that price-to-earnings (P/E) ratios may rise significantly as EPS takes a soft or hard tumble, depending on future earnings growth (Proshare)

FCMB Champions AgriTech Innovation with FMO, HeaveVentures



First City Monument Bank (FCMB), in partnership with the Dutch entrepreneurial development bank (FMO) and HeaveVentures, has successfully concluded the FCMB AgriTech Hackathon 2025.

This initiative accelerates innovation, sustainability, and digital transformation in Nigeria’s agricultural value chain.

The event brought together seven startups from across the agricultural ecosystem to present tech-driven solutions to sector challenges. After multiple rounds of pitching and mentorship, Qiqi Farms was named the overall winner, while Farm Monitor and Tuplant placed second and third, respectively. Llyon Farms, AgriX, Freshfare, and PalmShops each received a N1 million consolation grant for their contributions.

Speaking at the event, Kudzai Gumunyu, Divisional Head, Agribusiness and Non-Oil Exports, FCMB, said: “This hackathon reflects FCMB’s commitment to nurturing innovation and supporting the next generation of agritech entrepreneurs. By connecting startups to funding, mentorship, and markets, we are helping transform Nigeria’s agricultural sector into a digitally driven, globally competitive industry".

Also commenting, Abiodun Lawal, CEO, HeaveVentures, stated: “This hackathon demonstrates the power of collaboration between financial institutions and the tech ecosystem. We are proud to see startups developing solutions that can redefine productivity, sustainability, and food security across Africa”.

The FCMB AgriTech Hackathon reinforces the institution's dedication to advancing Nigeria’s food security and digital economy through innovation, partnerships, and access to sustainable finance.

FCMB named Nigeria’s Best SME-Focused Bank


First City Monument Bank (FCMB) has been named Nigeria’s Best SME Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria (CIBN). This recognition comes as FCMB holds a leading 24% share of the banking industry’s ₦1.8 trillion total SME disbursement for 2024. The award was presented at the 60th Annual Bankers Dinner in Lagos on November 28, 2025, highlighting First City Monument Bank’s strong role in supporting small and medium-sized businesses.

FCMB’s financing targets the true engines of the Nigerian economy. According to the November 2024Nigerian Gross Domestic Product Report Q3 2024, these investments align with the nation's highest-performing sectors, including Crop Production (26.51%), Trade (14.78%), and Telecommunications (13.94%), alongside Real Estate (5.43%) and Food, Beverage and Tobacco (4.06%). The award selection was based on industry-wide lending data provided by the Central Bank of Nigeria (CBN), which monitors financial sector contributions to the enterprise ecosystem.

FCMB also supports entrepreneurs through training programs, advisory services, and partnerships that help them navigate business challenges and grow sustainably.

Yemisi Edun, First City Monument Bank’s Managing Director and CEO, was represented by Obaro Odeghe, Executive Director of Wholesale Banking at the Annual Banker’s Dinner. She said:

"We are truly honoured to be recognised by the CIBN, based on data from the Central Bank of Nigeria. This recognition affirms our purpose as an institution committed to making a meaningful difference in the lives of Nigerian entrepreneurs, who are the backbone of our economy. We will continue to support SMEs with the accessible finance, technology, and expert advice they need to grow. By strengthening these businesses, we drive productivity and contribute directly to national development."

Chartered Institute of Bankers of Nigeria, the main professional body for bankers in Nigeria, organised the awards to showcase progress and resilience in the country’s financial sector. FCMB’s achievement was also highlighted by Tooritsemoshe Ojei, a staff member, receiving the Next Generation Class of 2025 Award for outstanding performance and leadership potential in the banking industry.

FCMB, part of FCMB Group Plc, is committed to supporting inclusive growth by connecting people, capital, and markets in Nigeria and among Nigerians abroad. This new award adds to previous honours, such as the Excellence Award for Promoting Financial Inclusion for Grassroots Entrepreneurs in Nigeria (The Mastercard Foundation), SME Financier of the Year (Africa) from the Global SME Finance Forum/IFC, and Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria from the Development Bank of Nigeria.

FCMB Launches Mutual Funds Access on Mobile App


First City Monument Bank (FCMB), a subsidiary of FCMB Group Plc, has launched a new feature on its Mobile App that allows customers to open investment accounts and invest directly in mutual funds managed by FCMB Asset Management, the Group's wealth creation arm.

This development marks another significant step in FCMB Group's ongoing digital transformation, a strategy focused on integrating all its business verticals into a single, full-service financial ecosystem that empowers customers to bank, invest, and grow wealth seamlessly.

With the new in-app investment feature, customers can now access FCMB Asset Management's range of mutual funds — including the low-risk Legacy Money Market Fund, the growth-oriented Legacy Equity Fund, the predominantly local-currency bond-holding Legacy Debt Fund, and the Legacy USD Bond Fund for dollar-denominated investments. These options cater to different risk appetites and financial goals, from short-term liquidity to long-term capital appreciation or steady income generation.

Yemisi Edun, Managing Director, First City Monument Bank, said:

"What we are building goes beyond digital convenience. It is about creating a connected ecosystem where banking, payments, and investments work together to serve customers' broader financial needs. By integrating mutual funds into the FCMB Mobile App, we extend that ecosystem, enabling customers to move seamlessly from saving to investing within one trusted platform."

Commenting, James Ilori, Chief Executive Officer, FCMB Asset Management Limited, said:

"Our mission is to democratise access to investment opportunities and make wealth creation simple and inclusive. By bringing mutual funds to the FCMB Mobile App, we enable anyone, anywhere, to start investing confidently and build sustainable financial futures."

The integration of mutual fund services into the FCMB Mobile App aligns with FCMB Group's broader goal of creating a digitally inclusive financial ecosystem that connects banking, investment, and asset management under one trusted platform to drive long-term value for individuals and communities.

Customers can download or update the FCMB Mobile App from the Google Play Store or Apple App Store today to begin investing.

About FCMB Group

FCMB Group Plc is a leading financial services holding company with subsidiaries in banking, consumer finance, asset management, and other financial services.

About FCMB Asset Management

FCMB Asset Management Limited (FCMBAM), a subsidiary of FCMB Group, is licensed by the Securities and Exchange Commission (SEC) of Nigeria. It offers portfolio management and investment advisory services to individual and institutional clients.

FCMB Partners NCDMB, BoI to Disburse ₦15 Billion Loan to Local Contractors in the Oil and Gas Sector


First City Monument Bank (FCMB) has been selected as one of the Participating Financial Institutions (PFIs) for the implementation of the Community Contractors Finance Scheme, an initiative of the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with the Bank of Industry Limited (BoI).

The scheme is designed to bridge the funding and skills gaps hindering the capacity and growth of local contractors in the oil and gas industry. It offers loans of up to ₦100 million at a favourable interest rate of 8% per annum, enabling contractors to execute impactful projects within their host communities.

The Community Contractors Finance Scheme is one of five products under the Nigerian Content Intervention Fund, created by the NCDMB to empower local oil and gas contractors, grow the Nigerian oil and gas industry, and increase the sector’s contribution to the national economy. Remodelled in 2025 under the leadership of Engr. Felix Omatsola Ogbe, Executive Secretary of the NCDMB, the scheme reflects his broader goal of deepening the impact of local content implementation at the community level.

As a participating financial institution, FCMB is responsible for identifying, prequalifying, verifying contract performance, and disbursing loans to qualified indigenous contractors in the communities. The Bank will leverage its industry expertise, efficient credit processes, and strong relationships with International Oil Companies (IOCs) and National Oil Companies (NOCs) to deliver effectively. The loans are supported by innovative financing options such as invoice discounting and local purchase orders, offering flexible tenors ranging from 90 to 365 days to suit the diverse needs of contractors.

Managing Director and Chief Executive Officer of FCMB, Yemisi Edun, highlighted the significance of the initiative, describing it as a strategic commitment to unlocking the vast potential of the oil and gas sector.

“We appreciate the confidence placed in us by the Nigerian Content Development and Monitoring Board, the Bank of Industry, and all stakeholders. The Community Contractors Finance Scheme aligns with our mission to promote inclusive and sustainable growth by fostering a collaborative ecosystem that connects people, capital, and markets. Through this partnership, we expect to see significant benefits for communities, enhanced local content development, empowerment of community-based contractors, job creation, skills acquisition, improved security, and overall sustainable national development,” she stated.

A hallmark of the Community Contractors Finance Scheme is its accessibility, as it does not require traditional collateral. Instead, repayments are structured through domiciliation of contract proceeds, milestone-based disbursements, and diligent monitoring. This approach ensures that funds are effectively utilised to support critical oil and gas projects while focusing on the contractors’ unique needs.

About First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is a member of FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa (primarily Nigeria) that connects people and markets.

About NCDMB
The Nigerian Content Development and Monitoring Board (NCDMB) was established by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010. It is mandated to develop human and material capacities, implement the provisions of the NOGICD Act, deepen Nigerian participation, and ensure compliance by players in the oil and gas industry. As of December 2024, NCDMB had grown the level of Nigerian content in the industry to 56%.

FCMB Group Presents Facts Behind ₦160bn Public Offer

FCMB Group Plc, one of Nigeria's leading financial institutions, on Monday, October 13, 2025, presented the Facts Behind the Offer at the Nigerian Exchange (NGX) in Lagos. The session, attended by capital market operators, fund managers, analysts, and other stakeholders, provided insights into the Group's fundamentals, growth strategy, and rationale for its ongoing public share offer.

The event followed the Analyst and Investor Session held on Thursday, October 9, 2025, where the Group's leadership discussed performance trends, strategic direction, and progress in delivering long-term value.

FCMB Group launched a ₦160 billion public share offer on October 2, 2025, to enable First City Monument Bank Limited, which has already secured its national banking licence, to meet the Central Bank of Nigeria's new ₦500 billion capital requirement for international banks. The offer, comprising 16 billion shares at ₦10 each, will close on November 6, 2025.

This capital raise follows a ₦147.5 billion share sale in 2024, the first in 16 years, which was oversubscribed by 33% and attracted over 42,800 investors, 92% of whom participated through digital channels. Analysts expect this strong investor confidence to continue into the second phase of FCMB's three-stage recapitalisation plan.

After the current share offer, the Group plans to conclude the sale of minority stakes in two subsidiaries, with proceeds to be injected into the bank. This will position the Group's qualifying core capital well above ₦500 billion, effectively completing its recapitalisation programme and securing its international banking licence.

Subscriptions can be made through:
Digital Platforms: FCMB Mobile App and Retail/Business Banking Platforms
Websites: publicoffer.fcmb.com and invest.ngxgroup.com
In-Branch: FCMB branches nationwide
Stockbrokers: Licensed stockbrokers nationwide or CSL Stockbrokers (for inquiries, contact 02012777628 or email cslservice@fcmb.com / cslcsu@fcmb.com)

FCMB Group Presents Facts Behind ₦160bn Public Offer

FCMB Group Plc, one of Nigeria's leading financial institutions, on Monday, October 13, 2025, presented the Facts Behind the Offer at the Nigerian Exchange (NGX) in Lagos. The session, attended by capital market operators, fund managers, analysts, and other stakeholders, provided insights into the Group's fundamentals, growth strategy, and rationale for its ongoing public share offer.

The event followed the Analyst and Investor Session held on Thursday, October 9, 2025, where the Group's leadership discussed performance trends, strategic direction, and progress in delivering long-term value.

FCMB Group launched a ₦160 billion public share offer on October 2, 2025, to enable First City Monument Bank Limited, which has already secured its national banking licence, to meet the Central Bank of Nigeria's new ₦500 billion capital requirement for international banks. The offer, comprising 16 billion shares at ₦10 each, will close on November 6, 2025.

This capital raise follows a ₦147.5 billion share sale in 2024, the first in 16 years, which was oversubscribed by 33% and attracted over 42,800 investors, 92% of whom participated through digital channels. Analysts expect this strong investor confidence to continue into the second phase of FCMB's three-stage recapitalisation plan.

After the current share offer, the Group plans to conclude the sale of minority stakes in two subsidiaries, with proceeds to be injected into the bank. This will position the Group's qualifying core capital well above ₦500 billion, effectively completing its recapitalisation programme and securing its international banking licence.

Subscriptions can be made through:
Digital Platforms: FCMB Mobile App and Retail/Business Banking Platforms
Websites: publicoffer.fcmb.com and invest.ngxgroup.com
In-Branch: FCMB branches nationwide
Stockbrokers: Licensed stockbrokers nationwide or CSL Stockbrokers (for inquiries, contact 02012777628 or email cslservice@fcmb.com / cslcsu@fcmb.com)

Four New Millionaires Emerge In Season 10 Of FCMB Millionaire Promo


A mechanic in Lagos, a computer technician in Osun, a retired civil servant in Abuja, and a wood merchant in Imo are the latest everyday Nigerians to become millionaires through First City Monument Bank's (FCMB) ongoing Millionaire Promo Season 10.

Yusuf Abdulrasak, an automobile mechanic; Taiwo Adeagbo, a computer technician; Victor Ifeachor, a retired civil servant; and Kingsley Nnadi, a wood merchant, each received ₦1 million at the sixth draw of the promo, held nationwide on August 13, 2025. The promo rewarded an additional 1,000 customers who received up to ₦50,000 in cash prizes.

For Taiwo, the prize is an opportunity to grow his business and empower others.
"With the ₦1 million, I hope to expand my computer repair services and offer training to young people interested in technology. This will sustain my business and empower the youth in my community," he said.

Yusuf, the Lagos mechanic, sees it as a turning point:
"This ₦1 million is a blessing and a stepping stone. I look forward to upgrading my workshop and acquiring new tools to serve my customers better," he explained.

Kingsley called his ₦1 million prize "a dream come true", adding that the money will help him stock more wood and expand his reach.

Victor, the retired civil servant, described it as "timely relief during challenging times" and urged more Nigerians to bank with FCMB.

Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, said:
"The Millionaire Promo is about people. It is about supporting our customers' dreams, helping them grow their businesses, and creating opportunities to thrive. Seeing loyal customers like Yusuf, Taiwo, Kingsley, and Victor plan to use their prizes to expand their businesses and improve their lives reflects the true purpose of this promo."

The FCMB Millionaire Promo Season 10, which runs until September 2025, is open to new and existing savings account holders. Dormant accounts can also be reactivated for participation. Customers qualify by increasing their savings balance by at least ₦10,000 and maintaining it for 30 days. Every additional ₦10,000 increases their chances of becoming millionaires or receiving cash prizes in the monthly draws.

Since the promo kicked off in December 2024, 16 customers have become millionaires, while thousands of others have received different cash rewards. The grand finale draw holds in October.

FCMB and FMO Unveil ₦20 Million AgriTech Investment Readiness Programme for Nigerian Startups



In a bid to foster innovation and sustainability in agriculture, First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have announced the launch of the FCMB–FMO AgriTech Investment Readiness Programme 2025. This initiative aspires to identify, support, and finance Nigeria's most promising agritech startups and Small- to Medium-sized Enterprises (SMEs).

In collaboration with Heave Ventures, the programme is designed to enhance access to capital while fostering the scalability of innovative agritech businesses. It will feature a competitive grant prize pool of ₦20 million, awarded to ventures recognised as best positioned for investment. The programme will also include digital learning and fundability scoring through Zimara. This proprietary platform leverages alternative data and established readiness benchmarks to identify bankable ventures.

Applications for the programme are now open at on.fcmb.com/AgricTech-Hackathon and will remain accessible from August 8 to September 12, 2025. Following this period, the top twenty startups will participate in an intensive 6-week investment readiness programme, culminating in a pitch presentation to a panel of esteemed funders in October 2025.

Mr. Kudzai Gumunyu, Divisional Head of Agribusiness & Non-Oil Exports at First City Monument Bank, said:

“This programme is more than providing traditional funding; it is a commitment to nurturing and empowering agritech startups to contribute to the agribusiness landscape and unlock its full potential. It reflects our mission to drive inclusive and sustainable growth through an African-rooted ecosystem that connects people, capital and markets. This initiative will help nurture and prepare these startups for investment opportunities, enhancing their potential to contribute to the agritech landscape in Nigeria’’.

The CEO of Heave Ventures, Abiodun Lawal, expressed his thoughts on the programme's impact, stating:

"Scaling agribusiness innovation has the potential to revitalise entire value chains — from production to processing to export — creating millions of decent jobs, boosting foreign exchange earnings, and positioning Africa not merely as a consumer but as a vital global food and agricultural technology supplier. Agriculture is a powerful lever in the fight against poverty and unemployment and in achieving food sovereignty. Investing in agribusiness is an investment in the continent's economic independence, resilience against global challenges, and the dignity of its people. We are delighted by the commitment shown by FCMB and FMO in supporting agritech startups and assisting them in their developmental journey."

About First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is a member of FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth, FCMB builds a supportive ecosystem rooted in Africa (primarily Nigeria) that connects people, capital, and markets.

About Dutch Entrepreneurial Development Bank (FMO)
FMO is the Dutch entrepreneurial development bank. Its mission is to enable entrepreneurs to increase inclusive and sustainable prosperity.

Heave Ventures

Heave Ventures works with individuals and organisations to apply problem-solving methodologies and technology innovation for growth. It provides advisory services that range from facilitating ideation, design thinking, and managing ideas backlog to product development cycles and ecosystem development.

IFC Partners with FCMB to Empower Nigerian Women Entrepreneurs



First City Monument Bank Ltd. (FCMB) has partnered with the International Finance Corporation (IFC) to roll out the Goldman Sachs 10,000 Women course to promote entrepreneurship.

Goldman Sachs 10,000 Women is a global initiative that helps foster economic growth by providing entrepreneurs around the world with practical education, interactive activities, and instruction by educators from top business schools reaching over 200,000 entrepreneurs.

Built by Goldman Sachs and delivered through the University of Leeds, 10,000 Women Online education program is open to all SMEs, granting access to all ten courses and eligibility to join the 10,000 Women alumni community.

Building on a legacy of empowering women entrepreneurs, FCMB, through its SheVentures initiative has significantly contributed to the empowerment of female entrepreneurs in Nigeria over the last five years. The program has provided zero-interest loans totaling up to N800 million and offered training and mentorship to thousands of women-led SMEs.

Yemisi Edun, Managing Director, First City Monument Bank, said: “Empowering women entrepreneurs is essential to driving innovation, job creation, and economic growth. This program will enhance their skills and also unlock new opportunities for their businesses, aligning with our purpose of fostering inclusive and sustainable growth."

George Ogbonnaya, FCMB’s Divisional Head of Business Banking, emphasized the bank's commitment to SMEs, stating that, “the partnership promotes gender equality within the entrepreneurial landscape and will foster sustainable growth for all."

Applications for the 10,000 Women Online program opened on August 1, 2025, and will close on August 31,2025 for both start-ups and existing female entrepreneurs across Nigeria. Further details and application information are available at https://on.fcmb.com/10000Women-training

About IFC
The International Finance Corporation is an international financial institution headquartered in Washington, D.C. and a member of the World Bank Group that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries.

About Goldman Sachs Foundation
Founded in 1999, the Goldman Sachs Foundation is a global philanthropic organization focused on driving local economic growth and opportunity through investing in entrepreneurship globally.

About the University of Leeds
The University of Leeds is one of the largest higher education institutions in the UK, with more than 40,000 students from about 140 different countries. We are renowned globally for the quality of our teaching and research.
We are a values-driven university, and we harness our expertise in research and education to help shape a better future for humanity, working through collaboration to tackle inequalities, achieve societal impact and drive change.
The University is a member of the Russell Group of research-intensive universities, and is a major partner in the Alan Turing, Rosalind Franklin and Royce Institutes.

Pension Fund Performance Review: FCMB Pensions Limited Leads with 5.68% Return i



Nigeria’s pension industry maintained its steady performance in July 2025, delivering positive returns across all Retirement Savings Account (RSA) fund categories, despite macroeconomic headwinds and tighter financial conditions.

According to data compiled by Nairametrics Research, all 18 Pension Fund Administrators (PFAs) recorded gains, with FCMB Pensions Limited emerging as the top performer, posting a monthly average return of 5.68%, driven by strong returns across all RSA fund types. The pension system’s average fund growth stood at 4.20% for the month, reinforcing investor confidence in the resilience and stability of Nigeria’s contributory pension scheme.

RSA Funds Category Performance – July 2025

The month of July witnessed significant gains across the four RSA categories, with RSA Fund I (the high-risk, high-return category) which delivered the highest average return of 6.30%, driven by higher exposure to variable income instruments.

RSA Fund II, the default fund for active contributors under 50 years, posted a 5.33% on average return.

RSA Fund III, targeted at pre-retirees (50+), returned 2.06% gain, while RSA Fund IV, the most conservative fund for retirees, returned 1.47%, in line with its low-risk investment structure.

Top Performing PFAs in July 2025

Based on the average percentage change across all RSA fund categories, the following Pension Fund Administrators emerged as the best performers in July 2025:

FCMB Pensions Limited dominated the chart with an average monthly return of 5.68%, and a standout performance of 7.29% in RSA Fund II, and 4.23% in RSA II.
Pensions Alliance Limited having an average return of 5.62%. with a strong and consistent performer across all funds, notably 8.89% in RSA Fund I and 7.28% in RSA Fund II.
Trustfund Pensions Plc, with an average return of 5.48%, posted a remarkable 9.37% gain in RSA Fund I — the highest return among all PFAs in any fund category.

Other PFAs with solid performances include:

Crusader Sterling Pensions Limited: 5.32% average return, led by 6.89% in RSA Fund II and 5.32% in RSA Fund III, the highest in that category.
Tangerine Apt Pensions: 5.07% average return, with significant gains of 9.10% in RSA I and 6.23% in RSA II.
AccessARM: 4.99% average return, notable for 8.01% and 5.78% gains in RSA I and RSA II, respectively.
Leadway Pensure PFA Limited: 4.68% average return, notable for 6.80% and 6.45% in RSA Fund I and II, respectively.
Fidelity Pension Managers Limited: 4.56% average return, posting consistent returns across all RSA fund types

Fund category chart leaders – July 2025

RSA Fund I Performance

RSA Fund I, designed for aggressive investors, led the charge with an average return of 6.30%. This fund’s performance was driven by strategic allocations to variable income instruments.

Top 3 Performers:

Trustfund Pensions Plc – 9.37%
Tangerine Apt Pensions – 9.10%
FCMB Pensions Limited – 8.90%

All 18 participating Pension Fund Administrators (PFAs) recorded positive returns, with NLPC Pension Fund Administrators Limited posting the lowest return at 1.18%.

RSA Fund II Performance

RSA Fund II, tailored for contributors under 50 with a medium-risk appetite, posted an average return of 5.33% in July 2025, reflecting steady performance across the category.

Top 3 Performers:

FCMB Pensions Limited – 7.29%
Pensions Alliance Limited – 7.28%
Crusader Sterling Pensions – 6.89%
All 18 participating PFAs recorded positive returns.

RSA Fund III Performance

RSA Fund III, designed for contributors aged 50 and above, with a 3.18% average return in July 2025, RSA Fund III remained resilient amidst a volatile fixed-income market, securing its position as the third-best performing fund among the four RSA categories.

Top 3 Performers:

Crusader Sterling Pensions – 5.32%
FCMB Pensions Limited – 4.23%
Pensions Alliance Limited – 3.95%

RSA Fund IV Performance

As the most conservative fund for retirees, RSA Fund IV posted a modest 1.99% return in July 2025, making it the lowest-performing category among the four RSA funds.

Top 3 Performers:

Crusader Sterling Pensions – 2.88%
Trustfund Pensions Plc – 2.58%
AccessARM – 2.48%

Pension Assets and Portfolio Allocation Review

As of June 2025, Nigeria’s total pension fund assets stood at N24.63 trillion, according to the National Pension Commission (PenCom) — a 2.17% increase from N24.11 trillion in May.

A breakdown of the portfolio shows that Federal Government of Nigeria (FGN) securities remain the dominant asset class, accounting for 61.65% of total assets, amounting to N15.19 trillion.

Corporate debt securities and money market instruments represent 9.19% and 9.08%, respectively.

Meanwhile, investments in domestic equities rose to N3.08 trillion, or 12.51% of total assets, while mutual funds contributed 0.75%, totaling N183.82 billion.

RSA Registrations and Fund Distribution

Total RSA registrations reached 10.79 million as of June 2025, reflecting a 4.01%year-on-year growth.

The default fund for active contributors, RSA Fund II, remains the largest by NAV with N10.29 trillion, accounting for 41.81% of total assets. RSA Fund III, designed for contributors aged 50 and above, expanded to N6.39 trillion, while RSA Fund IV, catering exclusively to retirees, recorded a moderate 2.14% month-on-month growth, reaching N1.83 trillion.

(Nairametrics)

FCMB Group Reports ₦79.3 Billion Profit Before Tax for H1 2025



FCMB Group Plc ("FCMB Group") has announced its unaudited financial results for the six months ended June 30, 2025. The Group reported a ₦79.3 billion profit before tax (PBT), representing a 23% year-on-year increase, driven primarily by improved net interest income and asset yields.

Gross revenue for the period rose to ₦529.2 billion, reflecting a 41.3 per cent year-on-year increase from ₦374.5 billion recorded in the first half of 2024, supported mainly by a 70.3 per cent growth in interest income. However, non-interest income declined by 35.1 per cent due to a ₦36.6 billion drop in currency revaluation gains compared to last year.

Net interest income almost doubled, rising from ₦106.2 billion in the previous year to ₦207.4 billion by June 2025. The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3per cent in the 2024 financial year.

The Group's digital business—payments, lending, and wealth services—grew strongly. Digital revenues increased by 60 per cent year-on-year, rising from ₦46 billion in June 2024 to ₦73.6 billion in June 2025. Digital services now account for 13.9% per cent of total earnings.
Operating expenses rose by 46.1 per cent to ₦153.2 billion. The increase was due to higher personnel costs, regulatory expenses, technology costs, and general inflationary pressures. Despite this, cost-to-income ratio improved to 57 per cent at the end of June 2025, compared to 59.9 per cent recorded at the end of 2024.
Net impairment losses on financial assets grew significantly to ₦36.2 billion on a quarterly basis, following FCMB Group's banking subsidiary exit from the Central Bank of Nigeria's loan forbearance programme. This led to a rise in the cost of risk to 2.8 per cent, up from 1.8 per cent in the 2024 financial year.

After tax, profit increased by 23 per cent year-on-year, closing at ₦73.4 billion.

Each business division contributed to overall performance. Consumer Finance reported a profit before tax growth of 54.5 per cent, Banking Group reported a profit before tax growth of 41.3 per cent, and Investment Management recorded a 10 per cent growth. Investment Banking recorded a 48.9 per cent decline due to an exceptional one-time gain from a divestment in the previous year. In terms of contribution to Group’s PBT, the Banking Group accounted for 82 per cent, Consumer Finance for 11.6 per cent, Investment Management for 4.8 per cent, and Investment Banking for 1.4 per cent.

The Group's balance sheet also showed improvement. Total assets increased by 6.9 per cent to ₦7.54 trillion, up from ₦7.05 trillion as of December 2024. Loans and advances grew modestly by 1.1 per cent to ₦2.38 trillion, impacted by currency revaluation, loan write-offs and concentrated paydowns, while customer deposits rose by 5.6 per cent to ₦4.55 trillion. This growth was supported by a stronger mix of low-cost deposits, which now account for 69.3 per cent of total deposits, up from 57.5 per cent at year-end 2024.

Assets under management increased by 15.5 per cent, reaching ₦1.58 trillion, compared to ₦1.37 trillion in December 2024. FCMB's investment banking business, which includes advisory services and capital market transactions, recorded a significant increase in capital raised for its clients —growing by over 600 per cent year-on-year to ₦2.97 trillion.

The Group also reported improved balance sheet efficiency. A more favourable deposit mix and better deployment of recently raised capital helped reduce funding costs for the second consecutive quarter. As a result, the net interest margin rose from 7.9 per cent in the first quarter to 10.1 per cent in the second quarter of 2025, contributing to the 9.1 per cent margin for the half-year. Management expressed confidence in sustaining this trend and exceeding its full-year NIM guidance.

Following its ₦144.6 billion public capital raise in 2024, FCMB confirmed that the Central Bank of Nigeria has completed verification of the second phase of the programme—a ₦22.5 billion mandatory convertible note expected to increase the number of issued shares to approximately 42.8 billion. Subsequent phases of the capital programme are ongoing and aim to ensure First City Monument Bank meets the new minimum capital requirement to retain its international banking license.

FCMB Group remains focused on improving operational efficiency, expanding its digital and retail business, and continuing its strong earnings momentum through the second half of the year.

FCMB Backs TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) Flagship Project (Louisville Phase 1) with $40m Loan Facility in Eko Atlantic



First City Monument Bank (FCMB) and TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) have partnered to finance and deliver Louisville Phase 1, a tower that will comprise 157 residential apartments, including two and three-bedroom apartments, four-bedroom maisonettes, and five-bedroom penthouses, in Eko Atlantic City, Lagos.

This residential tower is phase 1 of the larger Louisville project, a $150 million mixed-used development that will include a world-class hotel complex, a world-class commercial center with retail shops, multipurpose halls, high-quality cinemas and a games arcade, state-of-the-art sporting facilities with a gym, swimming pool, and wellness center, and a car park facility to accommodate over 1,400 cars.

As West Africa's first integrated urban ecosystem, Louisville Mixed-Use Development proudly holds two prestigious Excellence in Design for Greater Efficiencies (EDGE) certifications from the International Finance Corporation (IFC). These accolades, recognised during the Future Cities – Africa Green Building Summit co-hosted by the Green Building Council Nigeria (GBCN), reflect Louisville's bold commitment to sustainability and best-in-class green building practices.

The development will distinguish itself not only by its ambitious scale and innovative mixed-use structure, but also by its forward-thinking design that embraces smart and eco-conscious living. The entire structure will be built to eco-friendly standards, integrating green technologies, smart home systems, and sustainable construction practices aimed at reducing environmental impact while maximising energy efficiency, comfort, and modern luxury.

TEHC has engaged reputable technical experts with the necessary experience for the project, using a robust selection process to ensure the most qualified and competent contractors were appointed. ITB Nigeria Limited, with a proven track record of successful projects, is leading the technical team as the piling and turnkey EPC contractor for the development.

FCMB, the sole financier for the development of phase 1, is providing a $40 million facility for residential development. The piling work has been completed, with construction scheduled to be completed in phases over the next 36 months. The project is the bank's first major international infrastructure collaboration involving a housing cooperative. It reflects FCMB's strategy to expand investment in mixed-use real estate that bridges housing deficits, supports free zone enterprises, and strengthens the urban economy.

Yemisi Edun, Managing Director and CEO, FCMB, said:

“This partnership with Total Energies Housing Cooperative Multipurpose Society Ltd is our commitment to finance a project that supports Nigeria's urban growth. The Louisville Mixed-Use Development supports integrated living and the development of a live, work and play environment that meets global standards in facilities and hospitality. This collaboration reflects FCMB's strategic focus on real estate to enable job creation and community development."

Oluwakemi Balogun, Chief Commercial Officer, TEHC, stated that:

"This partnership marks a bold step in global collaboration for urban renewal. We're proud to work with FCMB to bring to life the first phase of the elite urban ecosystem in Africa."

Ramzi Chidiac, Managing Director of ITB Limited, said:

“Louisville will be a revolution in the developments within Eko Atlantic, Lagos, and Nigeria at large”.

About First City Monument Bank (FCMB)

First City Monument Bank (FCMB) is part of FCMB Group Plc, a financial services group headquartered in Lagos, Nigeria. Guided by its purpose of fostering inclusive and sustainable growth, First City Monument Bank is committed to empowering individuals, communities, and businesses by connecting people, capital, and markets. FCMB supports Nigeria's economic transformation by promoting innovation, backing entrepreneurs, fostering gender and youth inclusion, and providing credit access to underserved groups.

About TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC)

TEHC is a member-owned cooperative established in 2020 by employees of TotalEnergies EP Nigeria Limited. The cooperative is committed to redefining African urban living by developing sustainable, smart, and energy-efficient communities. TEHC leverages cooperative principles and innovation to drive inclusive, long-term wealth creation for its members.

FCMB Rewards 3,016 Customers in Millionaire Promo



First City Monument Bank (FCMB) has rewarded 3,016 customers in Season 10 of its ongoing Millionaire Promo. So far, 12 customers have won the top prize of ₦1 million each, while 3,004 others have received different cash rewards.

The winners were selected through electronic draws held between January and June, ensuring broad participation. The promo is open to new and existing savings account holders and ends in September.

During the fifth draw held on June 17, four additional customers won the star prize of ₦1 million each, with 112 others also receiving cash prizes. The latest millionaires include Ranti Badmos from Lagos, Wilson Onoezikome in Kaduna, Esther Obafemi in Ijebu-Ode, Ogun State, and Israel Oruma in Asaba, Delta State.

Israel Oruma, a timber merchant, expressed his delight at winning, saying the prize would significantly support his business.

"This is a pleasant surprise. I have been facing financial challenges recently. The ₦1 million will go a long way in assisting me. I'm investing it in my business and will encourage all my staff, family, and friends to open an account with the Bank. Thank you, FCMB."

Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, said the Millionaire Promo reflects the bank's broader mission to enable financial security and opportunity for everyday Nigerians.

"At a time when many are facing economic pressure, savings-driven initiatives like this shift the focus from getting by to making progress. It gives people a reason to save, rewards loyalty, and shows that banking helps create real-life impact."

Speaking on the integrity of the selection process, Oyinkan Kusamotu, Principal Legal Officer at the Lagos State Lottery and Gaming Authority, stated: "It's great to witness FCMB's commitment to compliance, fairness, and transparency throughout the draw process, which builds trust with customers and stakeholders."

To qualify for Season 10 of the FCMB Millionaire Promo, customers must increase their account balance by at least ₦10,000 and maintain it for 30 days to enter the monthly and seasonal draws. Each additional ₦10,000 saved increases the customer's chances of winning. Dormant or inactive account holders can also participate by reactivating their accounts. Draws are held nationwide, giving everyone a fair opportunity to win.