₦airaland Forum

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.

Enactus Honours FCMB for Youth-Led Social Impact



First City Monument Bank (FCMB) has been honoured with the Changemaker Collaboration Award by Enactus Nigeria for its support in helping young Nigerians grow as leaders, entrepreneurs, and change-makers.

The award was presented in Lagos on July 3, 2025, at the 25th Anniversary Gala and Awards ceremony of Enactus Nigeria. The body empowers young leaders to drive social and economic change through innovative projects and is in over 30 tertiary institutions nationwide.

Michael Ajayi, Country Manager of Enactus Nigeria, commended FCMB's consistent support and corporate vision, saying:

"FCMB's unwavering commitment to the Enactus movement has gone beyond sponsorship—it is a true collaboration rooted in shared values of innovation, inclusion, and youth empowerment. The bank's belief in the potential of Nigerian students has helped us deliver measurable impact in dozens of communities. FCMB has shown what it means to be a changemaker, not just in word, but in action."

At the event, FCMB reaffirmed its commitment to capacity building, innovation, and sustainable development. Omoniyi Iyanda, Head of CSR and Sustainability, who represented the bank, said:

"We are honoured to receive this recognition from Enactus Nigeria, an organisation whose work aligns with FCMB's purpose of fostering inclusive and sustainable growth. Our partnership with Enactus reflects our belief in young Nigerians as catalysts for economic transformation. By equipping them with skills, resources, and a platform to lead social change, we are building a future where innovation drives prosperity for all."

Over the years, FCMB has played a key role in helping Enactus Nigeria expand its impact across tertiary institutions by providing students with the tools, training, and support they need to develop innovative solutions to real community challenges. Through the annual Enactus Challenge, the Bank has supported students in discovering their potential and turning their ideas into practical, visible projects that drive sustainable development. These projects span clean energy, agribusiness, financial literacy, and gender equality.

This recognition highlights FCMB's role as one of Nigeria's most socially responsible banks. Beyond CSR, the Bank drives entrepreneurship and community development by promoting economic inclusion, giving individuals and small businesses better access to financial tools, training, and growth opportunities.

Oyo Gov’t partners FCMB to empower 1,000 youths with N1.5bn


The Oyo State Government has announced plans to support 1,000 young agropreneurs with a ₦1.5 billion fund in a renewed push to expand its agribusiness sector.

The Director-General of the Oyo State Agribusiness Development Agency (OYSADA) and Executive Adviser to Governor Seyi Makinde on Agribusiness and International Cooperation, Dr Debo Akande, made the disclosure on Monday during the Omituntun 2.0 Inter-Ministerial Briefing held at the Governor’s Office in Ibadan.

Dr Akande revealed that the state has so far trained 5,020 youths in various aspects of agribusiness, noting that 1,000 of those with active enterprises are to benefit from a government-backed financing initiative in collaboration with First City Monument Bank (FCMB).

He also stated that the Makinde-led administration has attracted over ₦46.6 billion in agribusiness investments and accessed nearly $170 million in international development and agribusiness funds. These efforts, he said, have brought in 14 major processing companies and triggered large-scale agricultural transformation.

“We are seeing the impact of these investments. The Fasola Agribusiness Hub alone has attracted ₦17 billion from 14 agribusiness companies, cultivating over 950 hectares and processing crops such as cashew, cassava and tomato, alongside dairy production from close to 1,000 lactating cows,” he said.

Dr Akande highlighted Fasola as Nigeria’s first designated Agricultural Transformation Centre, which has integrated approximately 8,200 smallholder farmers with investors to build a reliable supply chain.

“Fourteen agribusinesses are currently operational at Fasola. Some are focused on crop cultivation, others on processing, and one is engaged in equipment leasing. These investors have already cultivated 950 hectares without any government input in inputs or labour. This is the essence of agribusiness,” he added.

He cited the success of commercial greenhouse tomato farming at Fasola, explaining that the produce is already supplying local markets, with the model proving viable year-round, regardless of rainfall.

“This is the standard seen globally. Agriculture should not be seasonal. If we replicate this with 1,000 greenhouses, imagine the quantity of tomatoes we’ll produce and process all year long,” he said.

Looking ahead, Akande disclosed that the state, with support from the African Development Bank (AfDB), has awarded the contract for the construction of the Ijaiye Agribusiness Industrial Hub. Unlike Fasola, Ijaiye will host more than 40 medium to large-scale agribusiness firms, and construction is set to commence once contracts are finalised.

He also noted that similar developments are planned for Eruwa, Oke-Ogun 1, Oke-Ogun 2, and Ogbomoso, each tailored to the comparative agricultural advantage of their regions.

“There are already seven companies signed up for Ijaiye. This will become the central hub to which others feed. In Eruwa, we have a model similar to Fasola underway, and we’re already oversubscribed with investor interest,” Akande said.

The state, he added, is also supporting 46,000 smallholder farmers through OYSADA, the Ministry of Agriculture and Rural Development, and the Agric-Credit Corporation of Oyo State. Improved infrastructure, including key roads and feeder routes, has played a major role in enhancing agribusiness logistics and growth.

He announced that the state has signed a partnership with France-based international food wholesaler Rungis-Semmaris to construct a wholesale produce market in Ijaiye. The facility, when completed, will serve as a central aggregation point for farm produce, reducing capital flight and ensuring that produce value remains within the state.

“This development will stabilise food prices and ensure Oyo benefits directly from the infrastructure it has invested in. We are also focusing on a balanced approach, producing for both export and local consumption,” he explained.

Dr Akande was joined at the briefing by Mr Badmus Kolawole, OYSADA Permanent Secretary, and Mr Kola Kazeem, State Coordinator of the Livestock Productivity and Resilience Support Project (L-PRES).

FCMB Opens New Branch at Sangotedo in Lagos


First City Monument Bank (FCMB) officially commissioned a new branch in Sangotedo, Lagos, on June 26, 2025. Local leaders expressed strong support and high hopes for the new branch's impact on the community's economic growth.

Oba Abiodun Ogunbo, the Ogudu Oshadi I of Ogombo Kingdom, represented by Chief Lukman Lawal, the Aro of Ogombo Kingdom, warmly welcomed FCMB. He stressed the critical need for banking services for residents and businesses, commending the Bank's track record of supporting individuals and enterprises.

He was optimistic that the new branch would create new opportunities and boost economic activity.

The Olu of Sangotedo Kingdom, Oba Mohammed Olufunmi, represented by Otunba Tunde Johnson, also expressed appreciation for the new branch. He encouraged FCMB to deepen its presence in the community, citing the rapid development in the area as a compelling reason for the Bank to expand its presence further.

The Chairman of Eti-Osa East Local Council Development Area, Honourable John Ogundare, stressed the importance of FCMB's new branch, stating, "today marks a significant milestone for Sangotedo and the entire Eti-Osa."

He described the branch's opening as a "testament to the growth and potential of our community," expressing an eagerness for it to become a "pillar of support by impacting our economy and the daily lives of our people."

Ogundare urged the Bank to actively support small and medium-scale enterprises (SMEs), recognising them as economic development catalysts crucial to local prosperity.

Mrs. Yemisi Edun, Managing Director/CEO of First City Monument Bank, represented by Mr. Emmanuel Comla, the Bank's National Head of Sales, reaffirmed FCMB's commitment to inclusive and sustainable banking. She stated that the Bank is there to grow with the community, promising flexible financing for businesses and committing to bringing more people into the formal economy.

Mr. Comla also highlighted Sangotedo's strategic location, noting its proximity to major infrastructure, including the Lekki–Epe corridor, Dangote Refinery, and Deep-Sea Port. He affirmed FCMB's commitment to the community's inclusive growth and sustainable development by connecting people, capital and markets.

Mr Ademola Idowu, Group Head of Operations and International Trade Services at FCMB highlighted the Bank's commitment to delivering excellent and sustainable services. He noted that the new branch operates on renewable energy and is fully integrated into FCMB's digital ecosystem. This includes offering mobile and internet banking, reliable ATMs, and an efficient queue management system. Furthermore, a solar-powered backup ensures uninterrupted operations and consistent service for customers.

REA PARTNERS WITH FCMB TO LAUNCH ₦100 BILLION FINANCING FACILITY TO ACCELERATE ELECTRICITY ACCESS FOR TWO MILLION HOUSEHOLDS


In a landmark move to bolster electricity access for millions of Nigerians, the Rural Electrification Agency (REA) and First City Monument Bank (FCMB) have on Thursday 19th June, 2025, at the bank’s head-quarters in Marina, Lagos, entered into a strategic collaboration to provide a ₦100 billion loan facility targeted at accelerating private sector-led deployment of renewable energy solutions across the country.

The agreement supports the implementation of the Distributed Access through Renewable Energy Scale-Up (DARES) initiative. It will enable the deployment of decentralised renewable energy projects aimed at delivering reliable power to approximately 2,000,000 households in unserved and underserved areas across the country.

The signing of these agreements between REA and FCMB signifies the commencement of private sector investment in the Rural Electrification Agency’s renewable energy space, which was catalysed by the $750 million DARES World Bank funding.

The approval of DARES funding by President Bola Ahmed Tinubu, its commencement, and the guidance of the Federal Ministry of Power will undoubtedly lead to increased private sector funding, accelerating the intended impact of supplying electricity to 17.5 million Nigerians in unserved and underserved communities.

Under this partnership, FCMB will provide a revolving loan facility of ₦1 billion per eligible mini-grid developer for a period of two years, with potential for scale-up. The facility will serve as a critical financial instrument for developers engaged under REA’s DARES programme, which is an initiative designed to expand inclusive energy access and stimulate economic growth through the deployment of interconnected and isolated mini-grids, as well as productive-use applications.

Speaking at the event, Abba Abubakar Aliyu, Managing Director and CEO of REA, emphasised the strategic importance of the collaboration. He stated, “This partnership signifies a significant milestone in addressing one of the biggest challenges in decentralised renewable energy deployment—access to finance. Through this facility, developers will have better access to funding that will enable them to scale and meet electrification targets, thus improving the quality of life in rural and peri-urban communities.”

Yemisi Edun, Managing Director and CEO of FCMB, stated,” Our partnership with the Rural Electrification Agency represents a pivotal step in our commitment to powering inclusive growth and economic resilience across Nigeria. Access to reliable energy is a catalyst for enterprise, education, and improved livelihoods, making it a critical development goal. Through this collaboration, we are combining financial innovation with infrastructure delivery to ensure underserved communities are not left behind. Together, we are building pathways for people to thrive by unlocking the power of energy to transform homes, businesses, and entire communities.”

A key highlight of the launch was the introduction of a “Deal Room”. This is a dedicated platform for project developers to engage with REA and FCMB on project financing, structure, and disbursement processes. This will enable developers to better understand the eligibility criteria and project evaluation mechanisms.

The partnership structure provides that FCMB will finance up to 70% of approved project costs, while REA will domicile performance-based grant payments into a reserve account within FCMB to further de-risk the transactions.

Through this collaborative approach, REA and FCMB reaffirm their commitment to bridging Nigeria’s energy access gap, promoting private sector participation, and unlocking investment opportunities within the renewable energy sector.

Tompolo To Face EFCC Over Alleged Naira Abuse



The Economic and Financial Crimes Commission (EFCC) has announced that it intends to question former Niger Delta militant commander Government Ekpemupolo, widely known as Tompolo, regarding an incident of alleged naira desecration.

In a post on Monday on its official X (formerly Twitter) account, the anti-corruption body emphasised that “Nobody is above the law,” adding, “Tompolo will have questions to answer!”

This declaration was accompanied by an image purportedly depicting the misuse of currency.

The uproar was sparked by a video that went viral on Sunday, originally posted on X.com by the user Harrison A (whose handle is #harreceipts).

The clip, said to have been recorded during Tompolo’s 54th birthday celebration in April, captures him dancing as an associate showers him with ₦1,000 notes.

Social-media commentators swiftly condemned the display and demanded EFCC intervention, accusing the agency of applying its rules inconsistently.

One X user, Ugochukwu_96, commented: “EFCC no dey see these kind people them. He dey invisible.”

This is not the EFCC’s first crackdown on high-profile figures over similar misconduct. Lately, Lagos socialite Emeka Okonkwo (a.k.a. E-Money) was apprehended for allegedly ruining naira notes and spraying US dollars.

Last week, the commission also summoned Nollywood star Iyabo Ojo and comedian Ayo Makun for questioning related to alleged currency-spraying incidents.

FCMB Names Four New Millionaires in Ongoing Savings Promo


Four First City Monument Bank (FCMB) customers won ₦1 million each in the latest draw of the bank's ongoing Millionaire Promo, now in its 10th season. The promo rewards loyal bank customers while encouraging a culture of savings that offers a path toward financial security, long-term planning, and investment readiness.

The draw, held in April, produced winners from across Nigeria. In addition to the four million-naira winners, 112 customers received cash prizes of up to ₦100,000 through a live computerised raffle process.

Among the winners is Lagos-based fashion designer Anita Yesufu, who said the prize money would help her expand her tailoring business. "I cannot express how happy I am for winning ₦1 million because it coincided with my birthday. This win means so much to me. I will use the money to buy a compressor for one of my industrial sewing machines. Thank you, FCMB."

Another winner of ₦1 million, Abdulsalam Ibrahim, an entrepreneur based in Kaduna State, expressed his heartfelt appreciation: "It warms my heart to witness the joy this brings, especially during this period. I thank FCMB for brightening my life. I am motivated to continue my journey with the bank and encourage my family, friends, and community to join me."

Abolarin Oluwagbemi, a businessman in Ibadan, Oyo State, who also won ₦1 million, expressed his delight: "I am very excited. It was beyond my expectations. I have been banking with FCMB for eight years and have never regretted banking with the bank. To be one of the winners of the FCMB promo has made me happier. This is real, and I commend the Bank for making customers happy. This money will be invested in my renewable energy business."

During the draws, a valued customer of the Bank, Mrs. Olusola Olaiya, reminisced about her previous wins courtesy of the promo. "I was not a winner today but got my first Plasma TV through the FCMB Millionaire Promo. I genuinely appreciate FCMB empowering its customers and investing in their dreams."

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. "In a country where many are navigating economic uncertainty, savings-led initiatives like this help shift the narrative - from survival to progress. This is beyond cash rewards. It is about reinforcing positive financial habits, recognising customer loyalty, and showing that banking can be a platform for real-life impact."

Omowunmi Kalejaiye, FCMB's Regional Head for Lagos, emphasised the long-term value of inclusive engagement. "The promo has become more than an incentive; it's a channel through which we activate trust and shared growth. Our customers see us as a partner that supports their aspirations. We urge participants to see their winnings as seed capital - something to grow, not just spend."

Launched in December 2024, Season 10 has produced eight millionaires and over 1,000 other winners of cash prizes up to ₦100,000.

Customers must increase their account balance by at least ₦10,000 to qualify and maintain it for 30 days. Every additional ₦10,000 saved improves their odds of winning.

The promo, which runs until September 2025, is open to new and existing savings account holders. Dormant or inactive account holders can also participate by reactivating their accounts. Draws are held nationwide, giving everyone a fair opportunity to win.

FCMB Group Plc’s 12th AGM Affirms Dividend, Closes FY 2024 With ₦7.1 Trillion In Total Assets



FCMB Group Plc convened its 12th Annual General Meeting (AGM) in Lagos on April 29, 2025, where shareholders endorsed the Group’s 2024 financial results and approved key resolutions to drive future growth and strengthen governance.

FCMB Group closed 2024 with total assets of ₦7.1 trillion and deposits of ₦4.3 trillion. The Group’s digital transformation gathered pace as digital revenues reached ₦101.9 billion, accounting for 13% of gross earnings, while loans grew 28% to ₦2.4 trillion.

The company’s non-banking divisions also achieved impressive growth, accounting for over 30% of the Group’s total profits. Investment Management’s Assets Under Management grew by 35% YoY to N1.4 trillion. The Capital Markets business sustained its performance, with gross earnings and PBT growing YoY by 57% and 62%, respectively.

Lending to SMEs, agriculture, and women-owned businesses exceeded N425 billion, N271 billion and N30 billion, growing year on year by 31%, 33% and 68% respectively, demonstrating FCMB’s commitment to its purpose of fostering inclusive growth.

Speaking at the AGM, Mr. Oladipupo Jadesimi, Chairman of FCMB Group, commended the Group’s diversified business model and the resilience of its workforce. “As we navigate an evolving economic landscape, we remain resolute in our mission, leveraging our Group structure and collective strengths to build a future where excellence is not only measured by our achievements but by the positive and sustainable impact we create. This commitment is grounded on the deliberate consideration of facilitating sustainable business growth and capital requirements, with the overarching goal of optimising long-term value for our shareholders.”

Ladi Balogun, the Group Chief Executive, stated: “Despite the challenging business landscape, our performance in 2024 was sustained by the commitment and professionalism of our talented staff, as well as the resilience demonstrated by each of our operating companies.”

He emphasised that: “Going into 2025 and beyond, we expect more significant and diversified contributions from digitisation with a focus on digital onboarding, payments, and artificial intelligence. We will also reinforce our culture of excellence and extend the power of the Group in building a supportive ecosystem in fulfilment of our purpose.

With the collective support of our ecosystem, including our people, investors, regulators, customers and partners, we will remain committed to carrying forward the vision of our Founder, building an institution, nation and continent in which future generations can take pride.”

Resolutions passed at the AGM included the election of Ms. Muibat Ijaiya by rotation, ensuring Board continuity and expertise and authorisation for the Directors to determine Deloitte & Touche’s remuneration as external auditors. Other matters that were approved pertained to the disclosure of senior management remuneration within the Annual Report; the election of the Audit Committee members to oversee financial reporting and risk management; and the approval of a final dividend of ₦0.55 kobo per share, payable to shareholders on the register as at April 8, 2025.

Analysts are of the opinion that FCMB’s recapitalisation plan, along with the Group’s pivotal role in driving growth and stability, gives cause for optimism.

FCMB Group expects to conclude the second part of the Public Offer in H1 2025 via a convertible note of ₦22.5 billion, which is currently undergoing the CBN’s capital verification. Subsequent phases, which include the sale of a minority stake in two of its subsidiaries as well as an additional Equity Offer, are currently ongoing in line with the Group’s objective to ensure that the banking arm, First City Monument Bank Limited, meets the regulatory capital threshold required for maintaining its International Banking License before March 2026.

FCMB's Training Programme Is Transforming Our Business - Entrepreneurs


Dozens of entrepreneurs across Nigeria's southwest are crediting a recent business training programme for helping them improve how they run their businesses and pursue growth. It is the Business Empowerment, Sustainability and Training (BEST) Masterclass organised by First City Monument Bank (FCMB), which concluded its latest phase last month, delivering practical training to participants in Ogun, Oyo, Osun, Ondo, and Kwara States.

From 12 to 21 March 2025, the initiative focused on financial management, digital marketing, business planning, and sustainable growth practices. Some participants also received free business registration through the Corporate Affairs Commission (CAC), supported by the bank.

For many, the training proved more useful than expected. Jide Olaniyi, a small business owner from Kwara State, said he was initially unsure what to expect. "But I left with a deeper understanding of how to structure my business and apply digital tools. I'm already seeing the difference in how I operate," he said.

In Ogun State, Patricia Simisola said she gained new business skills and benefited from the free business registration support. "That was a real bonus. It gave me the push I needed to formalise my business," she added.

Participants also spoke about the value of engaging with other entrepreneurs. Dolapo Olayiwola, who attended the Oyo State session, said the experience gave her a new perspective. "It changed how I approach decision-making in my business," she said. "I now have a clearer idea of how to grow without losing focus."

George Ogbonnaya, FCMB's Divisional Head of Business Banking, said the programme aligns with the bank's commitment to inclusive growth. "Our goal is not just to support entrepreneurs financially but to help them build sustainable, scalable businesses," he said.

Since its launch in 2018, the BEST programme has trained hundreds of thousands of entrepreneurs nationwide. FCMB plans to expand the initiative to reach more entrepreneurs nationwide and provide tools beyond funding by offering education, mentorship, and access to vital business infrastructure.

Ifeoma Ozoemena, who joined the Ondo State session, is already feeling the impact. "I now feel more confident about growing my business," she said. I'm glad I gave it a chance."

The Business Empowerment, Sustainability and Training Masterclass sessions focused on practical knowledge. They covered essential topics: financial literacy, digital marketing, financial management, marketing strategies, operational optimisation, sustainable business practices, and strategic planning. Participants were part of workshops and networking sessions led by industry experts and successful entrepreneurs, encouraging them to develop actionable plans aligned with sound business principles.

FCMB Group Reports N111.9 billion in Profit Before Tax for 2024

FCMB Group Plc (NGX: FCMB) has announced its audited financial results for the full year ended December 31, 2024, reporting a profit before tax (PBT) of N111.9 billion, a 7.1% year-on-year increase.

The Group recorded a 53.9% increase in gross revenue at the end of December 2024, reaching N794.4 billion, driven by a 75.2% growth in interest income and an 8.7% increase in non-interest income. Net interest income grew by 27.6% to N225.3 billion, supported by improved yields on earning assets, despite a decline in net interest margin due to higher funding costs.

FCMB Group's digital business continued to record strong growth, with digital revenues growing by 69.2% from N60.3 billion to N101.9 billion as at December 2024. Over 1.6 million retail loans worth N148.8 billion and more than 18,000 SME loans totalling N208.2 billion were disbursed through digital channels. Assets Under Management (AUM) in digital wealth management rose to N22.4 billion as at December 2024, up from N15.1 billion in the prior year.

Customer confidence in FCMB remained strong as deposits grew by 39.4% Year-on-Year to N4.30 trillion at the end of December 2024, compared to N3.08 trillion the preceding year.

FCMB Group's total assets grew by 59.5% year-on-year to N7.05 trillion from N4.42 trillion in the prior year. Additionally, the Group's loans and advances increased by 28% to N2.36 trillion, while Assets Under Management (AUM) across the Investment Management division grew by 35% to N1.37 trillion at the end of December 2024.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Ladi Balogun, said:

"Overall, we anticipate significant earnings per share (EPS) growth in full-year 2025, underpinned by a continued momentum in our non-banking businesses, a stronger balance sheet, digital transformation, and strategic market positioning."

As part of its recapitalisation strategy, FCMB Group successfully raised N144.6 billion through a public offer, securing the National Banking License of its banking subsidiary. Further capital-raising plans are underway to meet the Central Bank of Nigeria's minimum capital requirement for an International banking license.

The Banking Group, which contributed 69.5% of the Group's PBT, recorded a 7.7% year-on-year decline due to lower net interest margins and a decline in other gains, whilst Investment Banking declined by 35%, reflecting the impact of a one-time divestment gain recorded in 2023.

However, the Group's Consumer Finance division recorded an 83.5% increase in PBT, while Investment Management delivered a 27.9% growth.

The bank plans to drive earnings growth in 2025 by optimising net interest margins through a stronger capital position, expanding digitally enabled payments and collections solutions to achieve low-cost deposit funding, and deeper engagement in premium retail and institutional banking. Consumer finance is expected to maintain its strong momentum, supported by digital innovation and new product offerings, while Investment Banking aims to capitalise on increased capital market activities. Investment Management is expected to continue its steady growth.

FCMB Opens Branch in Ogbomosho to Boost Local Economy



First City Monument Bank (FCMB) has expanded its footprint by launching a new branch in Ogbomosho. Officials say the move will boost financial inclusion and economic development. The branch, located along the Ogbomosho-Ilorin road, was inaugurated on March 12 in a ceremony attended by local leaders.

During the inauguration, Oba Ghandi Olaoye, the Soun of Ogbomosho, described the new bank branch as a welcome development, saying First City Monument Bank's presence would help local businesses grow.

"This marks a pivotal moment for our town. We anticipate that FCMB's innovative approach will give our citizens and businesses access to vital financial services and support, enabling us to successfully realise our 25-year development plan. We are eager to collaborate with FCMB and look forward to the possibility of more branches in Ogbomosho, creating a mutually beneficial partnership," he stated.

The Honourable Seun Ojo, Chairman of Ogo-Oluwa Local Government, echoed similar sentiments. He recognised FCMB's presence as a valuable addition to enhancing financial inclusion across Ogbomosho land and urged the Bank to extend its reach to more communities to strengthen local economies.

The Managing Director of First City Monument Bank, Mrs Yemisi Edun, represented by the Bank's National Head of Sales, Mr Emmanuel Comla, said the bank remains committed to inclusive growth.

She said, "We're excited to invest in Ogbomoso's future. It is a city known for its industrious spirit. Under Kabiyesi Olaoye's leadership, Ogbomoso has a clear 25-year growth plan, and we are proud to be part of that vision. While digital banking is transforming the industry, physical branches remain essential for reaching everyone and directly supporting the community. This new branch will drive growth by creating opportunities and fostering partnerships. We are here to grow with you."

The bank's Group Head of Operations and International Trade Services, Mr Ademola Idowu, disclosed that the branch is equipped with modern banking technology and runs on renewable energy. He highlighted how it will support business and trade growth in Ogbomoso and its environs.

First City Monument Bank, a subsidiary of FCMB Group, continues to invest in financial services that promote economic inclusion and development.

FCMB Group Launches 'The Power of the Group' Campaign


FCMB Group Plc, a leading financial services holding company, has launched a new thematic campaign, The Power of the Group. At the heart of this campaign is a simple yet powerful truth: Success is not a solitary pursuit; it thrives on shared purpose and collaboration.

The campaign's 90-second TV commercial vividly illustrates this, contrasting individual strides with the power of collective effort. It asks: What defines true strength? One bounce, a dribble, two passes, or a team's win? A lone step or the synchronized precision of a choreographed dance? A beat or the depth of a full symphony? Through these striking contrasts, the commercial shows that real impact is achieved through unity. True success is built on collaboration, not silos. Collaboration builds resilience, drives innovation, and helps individuals, businesses, and institutions achieve lasting impact.

Celebrating collaboration, innovation, and impact, 'The Power of the Group' TVC affirms the power of collective action. This message mirrors FCMB Group's success as a diversified holding company, where banking, consumer finance, investment management, and investment banking subsidiaries work together to serve nearly 14 million customers. These subsidiaries deliver comprehensive solutions and drive inclusive growth and sustainable development through their collective strength.

The campaign promotes a sense of community by emphasizing the importance of collaboration and shared goals. It encourages viewers to recognize their role in a more extensive network and to contribute to the collective good. This is especially important in the Nigerian market, where community and social bonds are highly valued.

The Power of the Group campaign will run across television, digital platforms, out-of-home media, and experiential activations throughout 2025, inviting customers, investors, and stakeholders to experience the strength and collective impact of the FCMB Group.


https://www.youtube.com/watch?v=fDPjbYiha30

To Scale, Sustain, and Succeed, Join FCMB's Business Transformation Masterclass


First City Monument Bank (FCMB) is excited to introduce the Business Empowerment and Sustainability Training (BEST) Masterclass. This program is designed to provide business owners with the necessary skills and insights to successfully navigate the complexities of the modern economic environment.

The BEST Masterclass features a thorough curriculum that addresses essential aspects of business management, such as financial planning, digital transformation, and sustainable business practices. Participants will have the opportunity to engage with industry experts, gain valuable insights into effective strategies, and connect with fellow entrepreneurs.

Benefits of Attendance:
The BEST Masterclass presents a unique opportunity to learn from leading industry professionals and acquire practical strategies while networking with peers.
Attendees will explore how integrating sustainability into their business models is not only an ethical consideration but also a strategic advantage that can enhance efficiency, attract investment, and improve brand reputation.

Key Learning Outcomes:
Sustainable Profitability: Understand how implementing eco-friendly and ethical practices can lead to cost reductions and revenue increases.
Financial Resilience: Acquire knowledge on effective budgeting, investment strategies, and options for accessing financing.
Digital Transformation: Discover how to utilize technology to streamline operations, widen market presence, and enhance customer engagement.

Now is a crucial moment for businesses to adopt forward-thinking strategies. Participate in the FCMB BEST Masterclass by clicking on this link to register: www.fcmb.com/BEST/ and unlock the advantages of sustainability for profitability.

FNSB Praises FCMB's Continued Support for the Blind


The Federal Nigeria Society for the Blind (FNSB) has commended First City Monument Bank (FCMB) for supporting the visually impaired community in Nigeria. Through financial donations and essential supplies, FCMB has strengthened programmes at FNSB, Pacelli School for the Blind, Bethesda Home for the Blind, and Farmcraft Centre for the Blind, making a tangible difference in the lives of those it serves.

Arit Tunde-Imoyo, Chairman of the FNSB Executive Council, expressed profound gratitude for FCMB's sustained partnership. "FCMB has been more than a supporter; it has been a true partner. Its generosity has helped sustain our mission of empowering visually impaired individuals to lead independent lives," she said.

Diran Olojo, Divisional Head of Corporate Affairs at FCMB, reaffirmed the bank's commitment to fostering inclusivity. "Everyone deserves the opportunity to reach their full potential, regardless of ability. Our increased support this year reflects our dedication to empowering the visually impaired community," he stated.

Olojo also emphasized the need to challenge societal stereotypes about disabilities. "The visually impaired are just as capable of success as anyone else. The real barriers are not their limitations but the misconceptions and lack of support they face. At FCMB, we are committed to breaking these barriers by providing resources that enable them to pursue their ambitions and lead fulfilling lives."

Oluwamayowa Oke, Executive Secretary of the FNSB Vocational Training Centre, acknowledged FCMB's consistency in supporting the centre and its students. "FCMB's generosity ensures the welfare of our students and enhances teaching and learning," he said.

Hameed Kareem, an assistant teacher at Bethesda Home for the Blind, also lauded FCMB for its commitment and offered prayers for the bank's continued success.



FCMB's dedication to the visually impaired community extends beyond donations. Since 2009, its Priceless Gift of Sight initiative, in partnership with the Tulsi Chanrai Foundation, has provided free eye care services to over 400,000 Nigerians. These services include eye tests, optical treatments, surgeries, and disease management—critical interventions in a country where over 4 million people are blind or visually impaired.

With its continued investment in sustainable initiatives, FCMB offers assistance and fosters a future where visually impaired Nigerians have the opportunities and resources to thrive.

Just In: CP Withdraws Police Escorts from Lagos Speaker and Assembly Complex

If the reports emerging from the Lagos State Assembly Complex are accurate, then this may be a critical security risk for the Speaker and other lawmakers. The Commissioner of Police has allegedly ordered the immediate withdrawal of all police personnel assigned to Rt. Hon. Mojisola Meranda, Speaker of the Lagos State House of Assembly, as well as those securing the Assembly complex and the Oniru of Iruland’s palace.

This sudden decision has raised serious concerns among lawmakers, political observers, and political stakeholders, as it leaves the Speaker and the Assembly vulnerable to potential security threats.

Members of the Lagos State House of Assembly and other stakeholders have expressed shock and concern over the decision, questioning the rationale behind the CP’s directive. Some have described the move as a direct attack on the security and stability of the legislative arm of government in Lagos State.
Lagos stakeholders are in shock that, despite reaching an agreement for Mudashiru Obasa, the former speaker to resign, Meranda to step down, and Lagos West to produce the new Speaker, the sudden withdrawal of police security has now taken place.

A source within the Assembly, who spoke on condition of anonymity, described the withdrawal as unprecedented and worrisome.

"Why would the CP take such a drastic step without explanation? The Speaker, being the head of a key arm of government, requires adequate security. The withdrawal of police personnel from the Assembly complex itself raises even bigger concerns," the source stated.

The withdrawal of security from the Lagos Assembly complex comes at a time when security concerns in the country remain a major issue. The decision has left both the Speaker and the Assembly unprotected, raising fears of possible security breaches.

It is yet to be established why the CP ordered the withdrawal or whether alternative security arrangements have been made. Attempts to reach police authorities for clarification have been unsuccessful at the time of filing this report.

With lawmakers and political stakeholders demanding answers, all eyes are now on the Lagos State Government and the Nigeria Police Force to address the security concerns and ensure that governance in the state is not disrupted.

Tension in Lagos Assembly as Police Barricade Lawmakers Over Alleged Bomb Scare



There is heightened tension at the Lagos State House of Assembly as security operatives reportedly locked lawmakers inside their offices on Monday, February 17, 2025.

The development comes amid the ongoing crisis in the Assembly following the recent removal of former Speaker, Mudashiru Obasa and the appointment of a new speaker. Reports indicate that the Assembly complex, including the chamber and the speaker’s office, has been barricaded by police officers.

According to security sources, the lockdown is due to an alleged bomb scare within the premises. However, insiders suggest that the unfolding events may be linked to efforts to pressure the newly appointed speaker into resigning.

The unexpected security clampdown occurred just hours before the scheduled plenary session at 12 noon, raising further concerns about the stability of the legislative body.

Lawmakers and staff trapped inside the complex have reportedly been left in confusion, with many questioning the true motive behind the police action.

As of the time of filing this report, official statements from the Assembly leadership and security agencies are yet to be released. However, the situation remains tense as concerned observers await further developments.

Secure Your Future with FCMB's Millionaire Promo




Are you ready to transform your savings routine into a ticket for special rewards? Look no further than FCMB's Millionaire Promo Season 10! This opportunity encourages you to save while allowing you to win exciting prizes.

The first draw of the Promo has already made dreams come true for four lucky winners, each walking away with 1 million naira! Meet our incredible winners: Issa Aliyu, a dedicated farmer from Ilorin, Kwara State; Anthony Ngiah, an enterprising businessman from Owerri, Imo State; Aisha Muhammad, a passionate entrepreneur from Kaduna State; and Prosper Chigbu, a thriving businessman from Lagos. Their selection, witnessed by officials from the Federal Competition and Consumer Protection Commission (FCCPC), the National Lottery Regulatory Commission (NLRC), and excited customers, was done electronically, adding to the thrill!

Anthony Ngiah couldn't contain his excitement, stating, "I am happy to be one of the winners. My relationship with the bank has been beneficial, and I look forward to gaining more from this." Prosper Chigbu echoed similar sentiments and called his win a wonderful New Year gift: “I am excited to be a winner of the FCMB promo. With this, I hope this year will be prosperous for me, my family, and my business."

But the fun isn't over yet! The Promo will continue until September 2025, with 20 customers set to receive 1 million naira each, alongside plenty of cash prizes ranging from ₦20,000 to ₦50,000.

Boost your chances of becoming the next millionaire BY opening an FCMB account, deposit at least ₦10,000, and maintain that balance for 30 days to qualify for the draws. Plus, for every additional ₦10,000 you save, you increase your chances even more!

Download the FCMB mobile app or visit your nearest branch today to kickstart your savings journey. Your commitment to saving could make you the next millionaire!

Obasa’s Removal: Group Demands Release Of Lagos Lawmakers Detained By DSS

A socio-political group, United Action for Democracy has called for the immediate release of several lawmakers detained by the Department of State Services (DSS) in Lagos following the removal of former Speaker of the Lagos State House of Assembly, Hon. Mudashiru Obasa.

In a statement issued on Thursday, the group demanded the release of Hon. Abiodun Tobun (Epe 1), Hon. Gbolahan Yishawu (Eti-Osa 2), Hon. Femi Saheed (Kosofe 2), Hon. Kehinde Joseph, and others, insisting that their detention was unwarranted.

The development follows a press conference by Obasa, in which he argued that his removal was unconstitutional. Meanwhile, on Monday, the lawmakers reaffirmed Rt. Hon. Mojisola Meranda as the Speaker of the Assembly.

The group urged relevant authorities to act swiftly and ensure the detained lawmakers regain their freedom without further delay.

Critics Slam Obasa’s Defiance as Legal Experts Validate His Removal


The removal of Mudashiru Obasa as Speaker of the Lagos State House of Assembly has ignited a wave of reactions, with critics highlighting his controversial tenure and alleged misconduct.

Obasa, who addressed his supporters at the Speaker's Lodge in Ikeja on Saturday, dismissed the process of his removal as unconstitutional, insisting that he remains the Speaker until "the right thing is done." However, legal experts, political analysts, and concerned Lagosians have refuted his claims, asserting that his removal was both valid and inevitable.

Obasa argued that the lawmakers did not follow due process, citing his absence from the House on the day of his removal. However, legal experts have debunked this claims, emphasizing that the Nigerian Constitution does not require a Speaker to be present during their removal.

A legal practitioner stated, "According to Section 92(2)(c) of the 1999 Constitution, the Speaker can be removed by a resolution supported by the votes of not less that two-thirds majority of the members of the House. Obasa’s removal followed this process, and his argument is baseless.”

The expert further clarified that past removal of a former Speaker of the Lagos Assembly leaders, Rt. Hon. Jokotola Pelumi who was succeeded by Rt. Hon. Adeyemi Ikuforiji, also occurred in his absence, making Obasa's claims of irregularity unfounded.

Regarding Obasa’s claim that the House erred as a Speaker cannot be impeached but only removed, the expert, after reviewing the motion for Obasa's removal, disputed the former Speaker's claim that he was impeached. According to him, Obasa was "removed," not impeached, as clearly stated in the house resolution.

Furthermore, the expert emphasized that the law supports his removal, regardless of whether he was present or absent during the proceedings. That the House has the liberty to change its leadership as it so desires at anytime as long as the conditions stated by the constitution are adhered to, reminding everyone that the constitution of the Federal Republic of Nigeria is the grundnorm.

Political analysts and commentators have described Obasa’s removal as a turning point for the Lagos Assembly. Joseph Edgar, a prominent public affairs analyst, stated that Obasa’s defiant remarks undermine the integrity of the legislative arm of government.

"Obasa’s braggadocious response shows a lack of accountability. For someone with such serious allegations against him, his focus should be on clearing his name, not stirring unnecessary controversy,” Edgar said.

Political observers have highlighted the irony of Obasa’s situation. Many recall his role in the removal of previous leaders, describing his current predicament as “karma.”

Obasa’s removal is the inevitable consequence of his actions. His stance against local government autonomy and his insubordination towards leadership in the state made his position untenable.

Banire also pointed out that Obasa’s removal marks the end of his political influence, as his power was tied to his position as Speaker. “In politics, people worship power and money. Once he lost the office, his influence crumbled,” he added.

As the dust settles, the focus has shifted to holding Obasa accountable for the allegations against him. Legal experts and concerned citizens have called for thorough investigations into his tenure to restore public trust in the Lagos Assembly.

While Obasa ‘strongly believes’ he remains Speaker and hints at a possible legal battle, analysts believe his removal signals a need for the APC-led government to prioritize competence and accountability in electing legislative representatives to prevent similar controversies in the future.

For now, Lagosians await Obasa’s next move, but his valid removal is a reminder that power is transcient.

Caution Obasa Against Inciting Comments, Political Activist Tells APC

A Nigerian civil and political rights activist, Dr. Wale Ajewunmi, has warned former Speaker of the Lagos State House of Assembly, Mudashiru Obasa, to abstain from making comments and actions that can cause unrest in the State.

He also advised the All Progressives Congress (APC) in Lagos State to caution the former Speaker against making inciting utterances that could harm the peace enjoyed in the state.

Dr. Ajewunmi made the remarks on Saturday in reaction to Obasa's declaration that he remains the Speaker of Lagos despite his removal by 32 of his colleagues.

Obasa, who earlier received his supporters upon his arrival from Abuja, claimed that his removal did not follow due process. He also said Nigerians would know his next line of action in the coming days.

However, Ajewunmi warned that Obasa should not allow himself to be used by those urging him to self-destruction.

According to the activist, the removal of a Speaker is not the same as the removal of a governor.

"If he wants to compare himself with the position of the governor, then he has not been advised well," he said.

Quoting the constitution, he added: According to section 92(2)(c) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), the Speaker or Deputy Speaker of the House of Assembly shall vacate his office if he is removed from office by a resolution of House of Assembly by the votes of not less than two-third majority of the members of the House.

"The former Speaker claimed that the House/members did not follow due process in his removal as he was not in the House at the time of his removal like Hon. Jokotola Pelumi and Adefunmilayo Tejuisho. This claim is baseless as it is not a constitutional requirement for any officer to be in his office, on the floor or within the premises of the House at the time of his removal.

"For further clarification, the Deputy Speaker, Hon. Farouk Oshodi, presided at the sitting at the time Hon. Pelumi was removed as Speaker, and Hon. Pelumi was not in the chamber. In fact, the Speaker does not have to be in the House at all to be properly removed.

"The House has the liberty to change its leadership as it so desires anytime with the only precondition that it meets the two-thirds majority of members present voting for the removal of the Speaker," he said.

He added that in the video that circulated after the removal of Obasa, the word 'impeachment' was not used by the lawmaker who moved the motion or the one that seconded it.

"Obasa should know that his removal is constitutional and absolutely valid. What I expected him to have done was to appreciate everyone including his colleagues, not grandstanding or positioning for a fight," he added.