₦airaland Forum

Women-Led Businesses, Agriculture to Benefit from $35m FCMB Deal


Proparco has deepened its partnership with First City Monument Bank (FCMB) by signing three key agreements to support the Nigerian bank's financing activities for high-impact small and medium-scale enterprises (SMEs) and women-led businesses. The agreements, signed on January 20, 2025, include a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—facilitated by the European Union under its EFSD programme.

These transactions aim to strengthen First City Monument Bank's position as a leading bank for SMEs while expanding its footprint in impact-driven financing. The funding will focus on sectors with significant growth potential, particularly agriculture (90%) and women-led businesses (10%), aligning with initiatives such as the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA.

This latest collaboration builds on a partnership that began in 2014. Proparco has consistently supported FCMB's efforts to empower SMEs and advance Nigeria's economic development. FCMB focuses on SMEs and women-led businesses operating in high-impact sectors, including agriculture and renewable energy.

The financing will significantly contribute to achieving the Sustainable Development Goals (SDGs), including SDG 2 (Zero Hunger), by facilitating access to finance for companies producing essential food products like rice and cooking oil. It will also enhance the capacity of SMEs to create jobs and drive economic progress, contributing to SDG 8 (Decent Work and Economic Growth).

The partnership also emphasises gender equality by channelling funds into women-led enterprises, reflecting FCMB and Proparco's shared vision of fostering inclusive growth.

Proparco's commitment aligns with its 2023–2027 strategy, prioritising investments in sustainable and resilient economies. Through its partnership with FCMB, Proparco reaffirms its mandate to support financial institutions driving inclusive economic growth in emerging markets.

Djalal Khimdjee, Deputy Chief Executive Officer of Proparco, highlighted the partnership's significance. "This partnership with FCMB demonstrates our commitment to supporting impactful financial institutions in emerging markets. Together with FCMB, we are enabling the growth of SMEs, advancing gender equality, and strengthening food security in Nigeria. This is a vital step in building a sustainable and resilient economy."

With Nigeria aiming for accelerated economic growth, partnerships like this one between Proparco and FCMB are pivotal. These efforts drive transformative growth and reinforce the foundation for a sustainable and inclusive economy by scaling access to finance for SMEs and women-led businesses.

First City Monument Bank Announces Appointment of Executive Director



First City Monument Bank (FCMB) is pleased to announce the appointment of Felicia Obozuwa as Executive Director, Corporate Services and Service Management, following approval from the Central Bank of Nigeria (CBN).

Felicia brings nearly three decades of experience and a proven track record of excellence to her new position. Her expertise and leadership will be invaluable assets to FCMB as it continues to drive strategic growth and innovation.

Felicia is a seasoned banking professional with deep consumer, corporate, and commercial banking expertise. In her current role, she oversees the Bank's Operations, Service Management, Human Resources, Training, Administration, Property Development, and Project Management.

She holds a law degree from Obafemi Awolowo University, Ile-Ife, Nigeria, and an MBA from the University of Exeter in the United Kingdom.

We are thrilled to welcome Felicia to our Board. Her passion, expertise, and commitment to excellence make her an ideal fit for this position.

About FCMB

First City Monument Bank, a member of FCMB Group Plc, is committed to fostering inclusive and sustainable growth in the communities it serves. It does this by building a supportive ecosystem rooted in Africa that connects people, capital, and markets.

Scandal-Plagued Lagos Assembly: Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement


Lagos State House of Assembly Speaker Mudashiru Obasa remains at the center of a storm of corruption allegations that have plagued his tenure. Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.

Recent reports by People’s Gazette revealed that the Lagos State House of Assembly, under Obasa’s leadership, spent over ₦43 billion on "back-up vehicles for honourable members" between January 2023 and the third quarter of 2024. This expenditure, part of a larger ₦90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.

Budget documents shows the Assembly spent ₦30.1 billion on vehicles in 2023 and ₦13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly ₦1.1 billion per lawmaker, were frivolous.

Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that Obasa conducted suspicious foreign exchange transactions totaling $2.4 million (₦1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.

In October 2020, the Economic and Financial Crimes Commission (EFCC) invited Obasa for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.

Obasa has consistently denied the allegations. Speaking at a recent plenary, he dismissed claims of spending ₦17 billion on constructing a gate as "spurious and funny." He also refuted allegations of spending ₦200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.

However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Obasa's allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.

Prominent anti-corruption campaigner Olanrewaju Suraju has urged the EFCC to act on the mounting evidence against Obasa, warning that his actions undermine legislative independence and public trust. “These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Suraju said.

Despite the scandals, Obasa appears untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity. As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.

Observers now await further developments as pressure mounts on anti-graft agencies to act decisively. For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.

FCMB Group Plc Announces Successful Completion of its Public Offer, raises ₦147.5 billion with 33% oversubscription



FCMB Group Plc (“FCMB Group” or the “Group”), a leading financial services group, is pleased to announce the successful completion of its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).The offer was oversubscribed by 33%, attracting 42,800 investors with 92% subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the FCMB Group.

The total amount raised and verified by the regulatory authorities is ₦147,508,464,568.60 and ₦144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares.

Regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary. This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over ₦240 billion, which exceeds the minimum requirement for a national banking license.

Subsequent phases (2 & 3) of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.

Commenting on the successful completion of the public offer, the Group Chief Executive, Mr. Ladi Balogun, said:

“We are grateful to our existing shareholders and new investors for coming out strongly to support this offer. The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership and our people to fulfill our commitments and realize this potential. We also extend our profound appreciation to the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigerian Exchange Limited (NGX) for their continued foresight, innovation, guidance and support which has been instrumental in achieving this significant milestone. This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa. We remain committed to executing the subsequent phases of our capital-raising program in 2025.”

FCMB Group Shareholders Approve N340 Billion Capital Raise


FCMB Group Plc has secured shareholder approval for a 340 billion naira capital raise. The approval, granted during an extraordinary general meeting held in Lagos and virtually, is crucial for its banking subsidiary, First City Monument Bank Limited, to comply with the Central Bank of Nigeria's international license requirements.

The approved measures include increasing the authorized additional capital raise from N150 billion to N340 billion, which empowers the Group to explore a diverse mix of financial instruments, such as ordinary and preference shares, convertible and non-convertible securities, bonds, and loans.

Shareholders also endorsed the divestment of stakes in one or more subsidiaries, with proceeds earmarked for reinvestment in the banking subsidiary, and the acceptance of surplus funds arising from oversubscription of the public offer launched in July 2024, subject to regulatory approvals.

Additionally, the meeting approved an increase in the company's issued share capital from N19.8 billion divided in 39.6 billion ordinary shares of 50k (Fifty Kobo) each while authorizing the raise of up to $15 million (or its Naira equivalent) via a mandatory convertible loan targeted at select qualified investors.

"This is a critical milestone," said Group Chief Executive Ladi Balogun, emphasizing shareholder confidence in FCMB Group's strategic direction.

FCMB Group reported a 67% growth in nine-month profit before tax to 91.8 billion naira. An earlier capital raise in September was oversubscribed, showing investor confidence in the company's growth prospects.

Shareholders expressed confidence in the company's trajectory, applauding its ability to generate robust returns and exceed expectations.

FCMB Hackathon: Startups Work on Solutions for Livestock Mortality and Financial Inclusion


For conceptualising and developing actionable solutions to bridge gaps in Nigeria's agribusiness ecosystem, winners of this year's First City Monument Bank (FCMB) Agritech Hackathon and venture-building programme have been rewarded with N23 million. The ten finalists in the venture-building program received N16 million at the demo day event held in November, while three agritech startups that topped the hackathon challenge in October received N7 million.

At the end of the keenly contested three-month competition, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), Agrocist emerged as the winner of the venture-building programme and received N6 million. The agritech startup stood out for developing a solution that uses artificial intelligence to detect livestock diseases and provide veterinary extension services and inputs to farmers to address high animal mortality.

FarmSlate secured the second prize of N4 million for creating a tool that uses smart contracts, artificial intelligence, the Internet of Things, and geospatial analytics to connect smallholder farmers with financiers. Coconoto focused on creating sustainable value from coconut waste using an environmentally friendly shredding machine, and it emerged as the third-prize winner of N2 million. At the same time, PayGo, a solution that allows firms to digitise their sales operations fully, came fourth and received N1 million. The remaining six finalists received N500,000 each. Over 450 teams competed in the 48-hour hackathon and a four-week venture-building exercise. The range of solutions showcased at the FCMB Agritech Hackathon shows the depth of innovation in the agritech sector.

Commenting on the 2024 agritech hackathon and venture-building programme, the Divisional Head of Agribusiness and Non-Oil Exports at FCMB, Kudzai Gumunyu, said:

"Young Nigerians have the talent and drive to revolutionise agriculture. We provided a platform for them to showcase their skills and contribute to a more prosperous future. By championing initiatives that provide farmers and agribusinesses access to funding and resources, we aim to empower them to modernise their operations and achieve prosperity. We urge the winners of this Hackathon to scale their solutions and contribute to the growth of the agricultural sector and the broader Nigerian economy."

Stephen Obe of Agrocist expressed gratitude to FCMB, FMO, and Heave Ventures, saying:

"Agrocist ensures quick, convenient, and affordable veterinary services using digital technology to address poor livestock health care and farm productivity. Winning the FCMB agritech hackathon validates our work. We will use the prize to optimise our technology and supply chain to serve our customers better."

In her comment, the Technical Assistance Manager of the Dutch Entrepreneurial Development Bank (FMO), Martine Sanders, said:

"FMO is pleased with the outcomes of this hackathon and venture-building programme. The young entrepreneurs who presented their investment opportunities at the Demo Day are a testament to the wide range of opportunities Nigeria's agritech space offers to increase productivity and add value to the agricultural sector, building on local knowledge. From crop disease detection and coconut deshelling to a livestock farmer-veterinary marketplace and microinsurance for animals, these disruptive ideation stage companies supported by FCMB and Heave Ventures demonstrate the immense talent that exists in the local ecosystem and the pivotal role that business development supporting organisations like Heave Ventures play in helping them scale up and bridge the financial gap".

Also speaking, Executive Partner at Heave Ventures, Abiodun Lawal, stated that:

"Supporting valuable businesses that end up having a trans-generational impact and creating reverberating effects on people who will not be able to say thank you in person is the core value that drove us throughout this project. We are proud of our team's work in supporting these startups and helping them achieve product-market fit. The return on investment for our partners FCMB and FMO will exceed their expectations.

The FCMB Agritech Hackathon and venture-building programme received over 1,000 applications from Nigeria and other African countries. A panel of judges evaluated the deliverables of over 450 teams, selecting the top 10 winners based on their solutions' innovativeness, scalability, and potential impact.

About First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is a member of FCMB Group Plc. The Bank fosters inclusive and sustainable growth by building 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, from facilitating ideation, design thinking, and managing ideas backlog to product and ecosystem development cycles.

FCMB Group Plc Reports 67% Profit Before Tax Growth to ₦91.8 Billion



FCMB Group Plc has announced a 67% growth in Profit Before Tax (PBT) to ₦91.8 billion for the nine months ended September 30, 2024, reflecting robust financial and operational performance across its business divisions.

The Group recorded a 67.2% increase in gross revenue to ₦587.8 billion, compared to ₦351.5 billion in the same period in 2023. This was driven by an 86.5% growth in interest income and a 26.2% increase in non-interest income. Net interest income rose by 44.3% year-on-year, from ₦120.5 billion to ₦173.8 billion, bolstered by an improvement in the yield on earning assets from 14.9% to 17.4%.

Commenting on the results, Ladi Balogun, Group Chief Executive, FCMB Group, said, "The Group has maintained its double-digit growth trajectory across all four business divisions and expects to sustain this momentum for the rest of the year. As we continue our transformative capital raising programme, we expect the performance to be bolstered through improved interest margins, material balance sheet growth, and consequently improved efficiency ratios. We will also see liquidity and capital adequacy rising sharply. Most importantly, we look forward to accelerating our support for the Nigerian and broader African economies with our purpose-led strategy."

Operating expenses increased by 51.7% year-on-year to ₦169.1 billion, impacted by rising personnel, regulatory costs, and inflationary pressures. Despite this, the cost-to-income ratio remained efficient at 55.4%. Additionally, net impairment losses on financial assets declined by 22% to ₦44.4 billion, resulting in a lower cost of risk of 2.7%, compared to 3.9% in the prior year.

PBT growth was well-distributed across the Group's operating divisions. The Nigerian Banking operations accounted for 68% of the total PBT, while 32% came from other operating companies. Each of the Group's divisions posted impressive year-on-year earnings growth: Consumer Finance (108.5%), Investment Banking (63.3%), Banking Group (49.8%), and Investment Management (31.4%).

The Group's financial position also strengthened significantly. Total assets grew by 75.9% to ₦6.82 trillion, up from ₦3.88 trillion, while loans and advances increased by 58.9% to ₦2.53 trillion. Customer deposits rose by 71.1% to ₦4.33 trillion, and assets under management grew by 36% to ₦1.30 trillion.

FCMB Group also reported a 15.2% increase in its customer base to 13.9 million, gaining over 1.3 million new customers. The Group's agency banking network expanded to over 362,000 agents, adding more than 700,000 customers.

Despite significant slowdown in debt capital markets due to the high interest rate environment, the Investment Banking Division mobilized ₦876 billion in capital for clients, compared to ₦691 billion in the prior year. The Group also successfully launched and closed the first phase of its capital raising programme. The next phase of the Group’s capital raising programme, for which an Extraordinary General Meeting (EGM) has been convened, will be integral to its aspiration to retain its international banking license in compliance with the CBN’s recapitalization directive.

20 New Millionaires to Emerge in FCMB Promo


First City Monument Bank (FCMB) has kicked off the 10th season of its popular "Millionaire Promo," a campaign designed to reward and empower customers across Nigeria. During the nationwide promotion, 20 customers will win N1 million each, while hundreds more will receive cash prizes ranging from ₦20,000 to ₦100,000. The promotion runs until September 2025, with thousands of customers expected to benefit.

In the last season, FCMB awarded 2,310 customers cash prizes and 14,780 consolation prizes, totalling 17,080 winners. The Promo remains inclusive. It is open to new and existing savings account holders, with scheduled draws nationwide to ensure widespread participation.

Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, highlighted Millionaire Promo's role in deepening customer engagement and reinforcing the bank's commitment to financial security. He stated that the promotion rewards and empowers customers to achieve their financial goals. "The FCMB Millionaire Promo has become a meaningful way to reward customer loyalty and encourage savings. We are excited to see winners emerge this season from cities and towns across Nigeria."

To qualify, customers must increase their account balance by at least N10,000 and maintain it for 30 days to enter the monthly and seasonal draws. Additional increments of N10,000 will boost a customer's chances of winning.

Several past winners shared their experiences. Thompson Akinnodi, from Ondo State, said, "The FCMB Millionaire Promo shows the bank keeps its promises." Akinnodi used his cash prize to support his children's education and holiday celebrations.

Port Harcourt-based businessman Onuoha Harol described his win last year as a "fantastic Christmas gift." He invested his prize in his block and real estate business. Similarly, Lagos resident Omoye Oyakhire used her prize money to expand her poultry farm.

Another past winner, Tanimu Suleiman, expressed his surprise at winning the FCMB Millionaire Promo. I never believed in this until FCMB called me about winning ₦1 million. The money will be invested in my business," he said, encouraging others to bank with FCMB and adding that "the bank attends to customers' needs very well."

FCMB Partners with EStars to Bring Esports Education to Nigerian Schools


First City Monument Bank (FCMB) is working with EStars to bring esports education to Nigerian schools. They want to introduce Nigerians aged 7 to 14 across primary and secondary schools to essential skills for thriving in a digital world early in life.

EStars launched its educational esports platform in Nigeria on July 16. The platform provides a fun and structured way for students to learn teamwork, communication, and problem-solving through gaming. These skills are essential for success in today's world but are often not a focus in traditional classrooms.

The EStars platform is safe and helps students to immerse themselves in skill-building activities. It includes tournament management tools, team collaboration functionalities, and resources for integrating esports into school curricula. It also offers coaching and training materials to help students develop their esports skills and explore potential career pathways in the growing esports industry.

Many schools embrace esports as a formal extracurricular activity or incorporate it into their curriculum. Esports can help students learn about science, technology, engineering, and mathematics (STEM). Some schools use games like Minecraft to teach students how to code.

Mrs. Yemisi Edun, Managing Director of FCMB, commented on the partnership: "EStars has brought a fun and innovative way to advance students' knowledge and life skills. This platform allows schools to harness the power of play to cultivate a love for learning."

This initiative aligns with FCMB's commitment to fostering education and youth development in Nigeria. Mrs. Edun added, "At FCMB, we believe in equipping the next generation with the skills they need to thrive in the age of AI and automation. We are not just preparing them for the future but empowering them to shape it."

EStars' founder, Mags Byrne, echoed this sentiment: "Our mission is to empower young minds with the knowledge and skills they need to thrive in the esports industry and beyond."

The partnership aims to bridge the gap between traditional education and the burgeoning esports industry, providing students with valuable skills and potential career pathways. As Jonny Baxter, British Deputy High Commissioner, noted during the platform's official launch event in July, "Esports is now fully professional and is expected to contribute significantly to the UK economy. We are happy to support EStars in partnering with Nigerian schools."

FCMB Offers ₦30 Million Clean Energy Loans for Homes and SMEs



First City Monument Bank (FCMB) has boosted itsenergy finance loan, offering up to ₦30 million to help Nigerian households and small businesses buy solar panels, batteries, inverters, and other clean energy equipment. With up to three years of repayment, this loan aims to ease financial pressures, allowing businesses to allocate more funds to growth and operations.

This loan enhancement is part of FCMB's mission to promote sustainable energy solutions in Nigeria, supporting the country's net-zero goals for 2060. The offering also helps offset the increased energy costs following the removal of the fuel subsidy, reinforcing FCMB's commitment to climate action and reliable power access.

Yemisi Edun, Managing Director of First City Monument Bank, said upgrading their energy finance loan will boost Nigeria's renewable energy sector. "This loan gives households and businesses easy access to affordable funding for clean energy solutions, supporting sustainable growth. It also helps offset the rising fuel prices caused by the removal of the fuel subsidy. At FCMB, we're committed to helping people and businesses succeed while backing the government's push for a stable and sustainable power supply."

George Ogbonnaya, Group Head of Business Banking at FCMB, said, "at FCMB, we are dedicated to helping businesses thrive. Our new energy finance loan helps businesses and homes access clean energy. It is affordable, accessible through a simple digital process, and designed to support job creation, boost our economy, and promote environmental sustainability."

FCMB has led the way in advancing renewable energy through funding, capacity-building programmes, and linking clean energy providers with consumers. Over the last three years, FCMB has financed numerous projects, from solar and mini-grids to energy-efficient plants. The bank has also provided free training to support development in the sector.

The Development Bank of Nigeria recently recognized FCMB as the "Best Bank for Impact on MSMEs Accessing Credit for the First Time in Nigeria" and "Highest Disbursement to Sustainability Projects." A member of FCMB Group Plc, FCMB continues to build a sustainable ecosystem that connects people, capital, and markets across Africa.

FCMB and FMO Seek Agricultural Solutions in Nigeria with Agritech Hackathon




First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are joining forces to ignite innovation in Nigeria's agricultural sector through an Agritech Hackathon and Venture Building programme. The initiative, delivered by Heave Ventures, invites startups, entrepreneurs, and innovators to develop solutions for challenges like credit access, infrastructure, and food security.

The programme includes a 48-hour hackathon, a 4-week venture-building residency, and a stakeholder conference. Winners will receive up to ₦23 million in prizes and further exposure to growth opportunities. Applications for the programme are now open at on.fcmb.com/AgricTech-Hackathon and will run from August 5 to September 5.

Commenting on the programme, FCMB's Divisional Head, Agribusiness & Non-Oil Exports, Mr Kudzai Gumunyu, said:

‘’This initiative aims to address the perennial pain points in Nigeria and Africa’s agribusiness ecosystems, transforming them into monetised opportunities for innovators. We are indeed excited to partner with FMO and Heave Ventures to organise the Agritech Hackathon and Venture Building programme. It is an opportunity for innovators to conceptualise and develop solutions that will bridge some of the identified gaps in the agribusiness ecosystem to herald a new era of efficient agricultural practices for all stakeholders. We will continue to champion initiatives that foster inclusive and sustainable growth within communities by building a supportive ecosystem rooted in Africa, connecting people, capital, and markets".

The agritech hackathon and venture-building programme will end with demo days where winners will be rewarded with cash grants and other benefits.

Martine Sanders, Technical Assistance Manager at FMO, added: FMO is thrilled to partner with FCMB on this Agritech Hackathon and Venture Building programme. By empowering early-stage companies through business development services and funding, we aim to foster innovative ideas that address key challenges in the agriculture space, a strategic sector in Nigeria. This initiative is vital for unlocking finance for MSMEs, promoting sustainable growth, and strengthening the ecosystem. This perfectly aligns with the objectives of NASIRA, the portfolio guarantee and technical assistance programme under which FMO and FCMB have partnered, which is funded by the European Commission. Together with FCMB, we look forward to jointly supporting sustainable development in Nigeria and creating a lasting impact across Nigeria's agribusiness landscape.

In addition, the programme will feature a conference that will bring together stakeholders in the agribusiness sector to discuss current and emerging challenges to create solutions that drive productivity in the agribusiness value chain. The conference will have keynote presentations, panel discussions, workshops, and masterclasses.

Nigeria's agricultural sector contributes 21.09% to the nation's Gross Domestic Product and employs around 70% of the population. Despite its critical importance, the sector faces numerous challenges, such as limited access to land, over-reliance on rain-fed irrigation, inadequate storage facilities, poor market access, and low adoption of modern agricultural technologies. These have resulted in low yields and post-harvest losses, hindering the sector from reaching its full potential.

FCMB and FMO recently signed a $25 million NASIRA guarantee agreement to checkmate these challenges. Funded by the European Commission, the guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks. The FCMB and FMO organised a Hackathon, which is one of the benefits of the partnership between both institutions.

About First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is a member of FCMB Group Plc. 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.

At N7.30k, There's A Share For you in FCMB Group


FCMB Group has commenced a N110 billion public offer to bolster its capital base - the first phase - to meet the Central Bank of Nigeria's (CBN) regulatory requirements for international banks. The offer, which involves issuing 15,197,282,219 ordinary shares at N7.30 kobo each, was officially launched at the Nigerian Exchange Limited (NGX) on Tuesday, July 30, 2024.

Ladi Balogun, Group Chief Executive Officer of FCMB, outlined the bank's capital-raising strategy, emphasising a phased approach. The initial phase, targeting N150 billion through public and private placements, is expected to conclude by in 2024. The bank ultimately seeks to raise N397 billion to maintain its international license.

The proceeds from the public offer will be allocated to strategic areas, including human capital development, business expansion, lending to key sectors (agriculture, SMEs, and non-oil exports), technological advancements, and enhanced cybersecurity. These investments are expected to drive growth, improve efficiency, and strengthen FCMB's market position.

Jude Chiemeka, CEO of the Nigerian Exchange Limited, expressed optimism about FCMB's capital-raising endeavour, highlighting the exchange's commitment to facilitating a smooth process.

Where to Buy FCMB Group Plc Public Offer Shares:

Website: www.fcmbgroup.com and www.fcmb.com (FCMB & Other Banks Customers)
FCMB Mobile App (FCMB Customers)
FCMB Online – Internet Banking (RIB/BBG), (FCMB Customers)
NGX Website: https://ngxgroup.com (FCMB & Other Banks Customers)
FCMB Branches
CSL Stockbrokers (01-2713920 - 4) and all reputable stockbroking firms in Nigeria

The FCMB Group comprises First City Monument Bank Limited, Credit Direct Limited, CSL Stockbrokers Limited, FCMB (UK) Limited, FCMB Pensions Limited, FCMB Asset Management Limited, FCMB Trustees Limited, FCMB Capital Markets Limited, and FCMB Microfinance Bank Limited.

FCMB Takes Aim at Gender Disparity in Business with Zero-Interest Loans



First City Monument Bank (FCMB) is addressing gender inequality in Nigeria's business sector with its SheVentures programme. By providing interest-free loans of up to N10 million and tailored support to female entrepreneurs in the export and agricultural sectors, the bank is fostering a more inclusive economic environment.

Beneficiaries will also receive exclusive business management training and mentorship opportunities, creating a comprehensive support system for business growth. This initiative aligns with the bank's mission of promoting inclusive and sustainable development by connecting people, capital, and markets across Africa.

"Our revamped zero-interest loan offering is tailored to offer sustainable benefits. It marks another milestone in our commitment to empower Nigerian businesswomen to contribute more to export trade, agribusiness, and the economy," said Yemisi Edun, Managing Director of FCMB.

She added that, "the enhanced intervention is part of our Export Readiness Programme aimed at supporting women in the SME ecosystem to scale beyond their local markets by connecting them with other businesses globally and leveraging the vast opportunities of globalisation."

Nnenna Jacob-Ogogo, Head of SheVentures, described the zero-interest loan offering as a game-changing opportunity for female entrepreneurs.

"SheVentures addresses a critical need, as 52% of women-led firms identified lack of access to funding as a major constraint. We are passionate about empowering female entrepreneurs, helping them build their businesses, and improving the overall success rate of women-owned or run businesses. We urge them to take advantage of this opportunity," she stated.

A recent National Bureau of Statistics (NBS) report revealed that women comprise 49.2% of Nigeria's adult population. The report also showed that over 41 million SMEs operate in Nigeria, of which women own 40%. Women's businesses are expected to create about 10 million jobs in the next five years, contributing significantly to the country's economy. This underscores women's vital role in Nigeria's economic growth if provided with funding, capacity building, networking, and other opportunities.

Over the past five years, FCMB SheVentures has significantly impacted the female economy through various initiatives. The bank has offered nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide since 2019. It has also provided thousands of female entrepreneurs free training, mentorship, and capacity-building support, underscoring FCMB's commitment to uplifting businesses.

First City Monument Bank, a member of FCMB Group Plc, is dedicated to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem rooted in Africa, primarily Nigeria, and connecting people, capital, and markets.

FCMB Unit CEO Calls for Innovation and Resilience Amid Economic Challenges



At the BusinessDay CEO Forum, Chukwuma Nwanze, MD/CEO of Credit Direct Finance Company Limited (Credit Direct), FCMB Group's consumer finance arm, emphasized the critical role of innovation and resilience for Nigerian businesses navigating the current economic challenges. Highlighting the transformative potential of technology and digital transformation, he stressed its importance in adapting to evolving consumer needs and ensuring sustained growth.

During a panel discussion on "Leadership and Partnership: Driving Value in a Challenging Economy," Nwanze emphasized the need for proactive strategies to address market volatility. He offered insights into how businesses can foster innovation and achieve sustainable reinvention.

Nwanze pointed to Credit Direct's success as Nigeria's leading FinTech and consumer finance company, attributing its growth to using AI-driven credit decisioning in its loan origination process and digital channels for nationwide expansion. "At Credit Direct, we are able to optimize and scale significantly by using automated credit decisioning in underwriting loans and leveraging digital channels to reach all parts of the country," he stated. "We consistently innovate to build products that solve our customers' problems."

He urged business leaders to embrace emerging technologies and understand evolving consumer behaviours to meet demands and remain competitive. "Leaders must extend their vision beyond traditional boundaries and continuously adapt to changes in the environment," Nwanze emphasized.

The panel session that featured the Credit Direct boss also had other distinguished business leaders, including Yomi Ademola, Chairman of West Africa Rendeavour and Managing Director, Alaro City; Khilian Khanoba, Senior Partner, Kreston Pedabo; and Dr. Ayotunde Coker, CEO, Open Access Data Centres Limited, who collectively shared profound insights on the subject of driving value in a challenging economy.

Dr Coker particularly stressed the need for broadband development to drive economic growth while also dwelling on the importance of data in making economic decisions. The panelists, including Nwanze, aligned on how these elements are requisite for economic development.

The conference also featured Central Bank of Nigeria Governor Olayemi Cardoso, who participated in a fireside chat titled "Leadership in Tough Economic Times." Cardoso said: “It is essential for businesses to build genuine credibility. Part of the current focus of the Central Bank of Nigeria is to develop a stronger and more resilient banking system.”

The BusinessDay CEO Forum drew CEOs from Nigeria's leading companies, including the Deputy Lagos State Governor, Femi Hamzat, and former Governor of the Bank of Kenya, Patrick Ngugi Njoroge. The annual gathering, organized in collaboration with PricewaterhouseCoopers (PwC), is a platform for top executives and government officials to discuss critical economic issues and shape the nation's economic landscape.

FCMB, Tulsi Chanrai Foundation Mark 15 Years of Restoring Sight to 400,000 Nigerians


First City Monument Bank (FCMB) and its implementation partner, the Tulsi Chanrai Foundation (TCF), are marking a significant milestone: 15 years of the Priceless Gift of Sight programme, which has provided free eye care to over 400,000 Nigerians.
The programme, highlighted by a recent outreach event in Calabar, Cross River State, provides testing, optical services, surgeries, and disease management to combat preventable blindness.

"The intervention by First City Monument Bank and the Tulsi Chanrai Foundation is laudable," said Reverend (Mrs.) Eyoanwan Bassey Otu, wife of the Cross River State Governor. "Both organizations have demonstrated a genuine concern for humanity. We are pleased that thousands of people across Nigeria, including many from Cross River and the neighboring States, suffering from one form of eye defect or another, can now go back to their normal lives and pursue their aspirations."

"Our collaboration with the Tulsi Chanrai Foundation has been instrumental in delivering critical eye care services," said Mr Diran Olojo, FCMB's Group Head of Corporate Affairs. He emphasized the initiative's alignment with FCMB's broader commitment to social sustainability and equal opportunity for all.

The Priceless Gift of Sight addresses a critical need, as 90% of blind people globally live in poverty-stricken areas. "Blindness often leads to loss of income, social isolation, and limited access to information," Olojo stated. "This initiative is crucial in breaking the cycle of poverty and blindness."

Beneficiaries have also expressed their gratitude. "I haven't seen properly in six years," said Thomas Olekama, who travelled from Lagos for the free surgery. "I thank God, FCMB, and the Foundation for allowing me to see again."

First City Monument Bank, a part of the FCMB Group, is committed to making life better and empowering communities where it operates. The Priceless Gift of Sight programme shows how serious the Bank is about helping people and positively impacting the lives of Nigerians.

Microcredit: FCMB Supports Rotary Club of Lagos to Empower 200 Widows



First City Monument Bank (FCMB) has announced its support for a service project by the Rotary Club of Lagos, District 9112, to empower over 200 widows through micro-credit and skills acquisition. This initiative underscores FCMB's commitment to promoting women's empowerment and financial inclusion.

The announcement was made during the installation ceremony of Adetunji Lamidi as the 64th president of the Rotary Club of Lagos. The event, held recently in Lagos, highlighted the club's ongoing efforts to expand its community impact.

“Our goals for the year are audacious, yet achievable,” said Lamidi. “We plan to commission a secondary school in Iboku Aro village, support over 200 children, empower 200 widows, and donate five incubators to general hospitals in Lagos. We’ve already donated infant incubators to Island Maternity as our first project for the year.”

In her remarks, Oluyemisi Edun, MD of FCMB, emphasized the bank's support for the Rotary Club's initiatives.

“FCMB views the Rotary Club as a vital platform for driving inclusion, national cohesion, and sustainable development,” she said. “We are delighted to support the club in empowering over 200 widows through micro-credit and skills acquisition under the new leadership of Rotarian Adetunji Lamidi.”

Lamidi also announced plans to increase the club’s micro-credit fund to ₦20 million to support five markets across Lagos. “We currently support the markets in Gbagada and Oke-Arin, and we aim to expand to five other communities. Additionally, we will build five bore-hole projects and provide annual scholarships for 20 university students across Lagos,” he said.

FCMB Group Plc: Analyst and Investor Forum (Photos)


Pic 1:
From left: Group Chief Executive, FCMB Group Plc, Mr. Ladi Balogun; Executive Director, Coverage & Investment Banking, Mr. Femi Badeji; Group Managing Director, Futureview Group, Mrs. Elizabeth Ebi and Executive Director/Chief Operating Officer, FCMB Group, Mr. Gbolahan Joshua, during the Analyst & Investor Forum organised by FCMB Group on July 8, 2024, in Lagos.

Pic 2:
From left: Executive Director, Coverage & Investment Banking, FCMB Group Plc, Mr. Femi Badeji; Group Chief Executive, Mr. Ladi Balogun and Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua, during the Analyst & Investor Forum organised by FCMB Group on July 8, 2024, in Lagos.

Pic 3:
Cross section of analysts during the Analyst & Investor Forum organised by FCMB Group Plc on July 8, 2024, in Lagos.

Pic 4:
Cross section of investors during the Analyst & Investor Forum organised by FCMB Group Plc on July 8, 2024, in Lagos.

Funding for Formerly Excluded Entrepreneurs in Nigeria by FMO, FCMB and the European Commission



Today, the Dutch Entrepreneurial Development Bank (FMO) and Nigeria’s First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement. The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks.

Funded by the European Commission, NASIRA is one of FMO’s most innovative programs, encouraging local banks to extend their funding to small entrepreneurs without collateral. Often, the FMO guarantee - that effectively replaces the collateral - is not fully utilized, demonstrating that these entrepreneurs, primarily women and young people, are not riskier than others.

Job creation in Nigeria, home to 220 million people and the largest population in Africa, is critical. The country faces severe economic challenges, including high unemployment and a significant 70% depreciation of its currency over the past year. Providing small loans to typically high-risk groups will enable them to start and expand their businesses, offering a means of income for themselves and their families.

In addition to the USD 25 mln NASIRA guarantee, FMO will support FCMB with a syndicated loan of USD 60 million: USD 20 million through FMO, USD 30 million through the European Financing Platform on behalf of BIO, DEG, EIB, FINNFUND, Proparco, and SWEDFUND, and USD 10 million through FMO Investment Management. The loan is dedicated to growing the existing FCMB loan portfolio of small and medium-sized entrepreneurs (SMEs).

Speaking during the signing ceremony at the side-lines of the 9th Nigeria EU Business Forum, the EU Ambassador to Nigeria and ECOWAS Ms. Samuela ISOPI said “We are very happy to see that the EU investment instruments, such as the European Fund for Sustainable Development (EFSD+) guarantees, have come to Nigeria to play a catalytic role in leveraging private sector investments for the benefit of the real sector, economic diversification and employment creation, especially for youth and women”. The transaction also contains a technical assistance (TA) program. Through this TA initiative, FCMB and FMO will select and support 15 scalable early-stage agri-tech businesses in Nigeria. Together, FMO and FCMB will identify 15 disruptive business models that address pressing problems in the agricultural sector, contributing to SDG2: zero hunger and food security.

About Nasira
Launched in August 2020, NASIRA is a collaborative effort supported by the European Commission and the Dutch government. To date, it has facilitated 17 transactions with financial institutions across Central Europe, the Middle East, and Africa, amounting to a total of USD 371 million. For more information, please visit www.fmo.nl/nasira

About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more information: please visit www.fmo.nl

About FCMB
First City Monument Bank, a part of FCMB Group Plc, is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem rooted in Africa (primarily Nigeria), connecting people, capital, and markets.

About EFSD+
The European Fund for Sustainable Development (EFSD+) is one of the financing tools of Global Gateway, promoting sustainable investments in the European Union’s (EU) partner countries.. By leveraging public funding to attract private investments, the EFSD aims to foster sustainable development, create jobs, and address root causes of migration. It supports projects in critical areas such as renewable energy, infrastructure, digitalization, and small and medium enterprises (SMEs), utilizing financial instruments like guarantees and blending to de-risk investments and promote economic growth and stability.

Facts Only: Common Pension Fears Debunked



Okay, let's bust some pension myths and inject some fun into your future financial planning!

Myth #1 - Pensions are only for older adults: Nope! Pension contributions are for anyone who likes not being broke in their golden years. The earlier you start, the sweeter the retirement party (thanks to superior investments!). Think of it as your younger self contributing to a comfortable retirement for your future self.

Myth #2 - My Money Will Magically Disappear: Pension funds are heavily regulated and protected by the National Pension Commission (PenCom). Your money isn't financing someone's yacht party. Pension Fund Administrators (PFAs) invest their funds strategically, aiming for safety and maximum growth.

Myth #3 - Pension contributions are super complicated: Sure, there's some fine print, but trustworthy companies like FCMB Pensions are all about transparency. They'll explain how your money works and answer all your (even slightly embarrassing) questions.

Myth #4 – The government will take it all in taxes: Often, pension contributions get sweet tax advantages. It's like your reward for being a responsible adult. Think of those extra savings as funding that beachside margarita budget.

Myth #5 - I'm Young, I'll Save Later (spoiler: bad idea!): Time is your secret weapon. The longer your money has to grow, the further it goes. Even small contributions now can turn into a legit retirement fortune. Procrastinating = more stress later. Start small, start now, and watch your egg nest grow, giving you peace of mind.

Myth #6 - I'm locked into my pension forever: You've got options because life happens, and pension plans know it. While there are rules to keep your savings safe, there's usually flexibility built in. You can access some funds early in case of emergencies or choose different withdrawal options when you retire.

Pension contributions aren't about getting rich quickly; they're about becoming financially secure, slow, and steady. They're the key to avoiding the "panicked retiree" trope and enjoying the fruits of your labour.
Need More Reassurance? Hit up the experts at FCMB Pensions. They've got your back!

Series 1 of FCMB-TLG Private Debt Fund opens for Investment today


Recently, FCMB Asset Management Limited (FCMBAM) held a signing ceremony for Nigeria’s first Naira denominated Private Debt Fund, the FCMB-TLG Private Debt Fund.

The Fund, which has been approved by the Securities and Exchange Commission, is sponsored and managed by FCMB Asset Management Limited (FCMBAM) as the Fund Manager, with technical support from TLG Capital Investments Limited (TLG Capital), United Kingdom. The Fund seeks to raise Ten Billion Naira (N10 billion) under Series 1 of its One Hundred Billion Naira (N100 billion) Programme size.

Following the fulfilment of all regulatory requirements, the Fund’s Series 1 Offer for subscription opens to Qualified Institutional Investors (QIIs) and High Networth Individuals (HNIs) today, Monday 24 June 2024, and closes on Wednesday 31 July 2024.

The FCMB-TLG Private Debt Fund will focus on investing in commercially viable and impact-oriented activities in sectors of the Nigerian economy aligned with the United Nations (UN) Sustainable Development Goals (SDG), while providing investors with an opportunity to earn competitive risk-adjusted return on investment. It will invest in the debt components of the capital structure of organisations and Special Purpose Vehicles (SPVs) in sectors crucial to Nigeria's economic growth and development, including Agriculture, Healthcare, Education, Clean Energy, Transportation/Logistics, and IT/Technology,

At the signing ceremony organised by FCMBAM, James Ilori, the company’s Chief Executive Officer said, "The FCMB-TLG Private Debt Fund opens a new avenue for professional investors to participate in the growth of key sectors of the Nigerian economy while providing essential capital to organisations driving sustainable economic growth and development in Nigeria”.

The FCMB-TLG Private Debt Fund is structured as a Closed-Ended Unit Trust Scheme with Series 1 tenor of Ten (10) years. The Fund is also expected to provide investors with periodic streams of income through regular payment of distribution while prioritising the preservation of invested capital.


About FCMB Asset Management Limited

FCMB Asset Management Limited (FCMBAM) is the asset management arm of FCMB Group Plc. Incorporated in 1997, the company provides portfolio management and investment advisory services to individual and institutional clients, globally.

FCMBAM is rated A- (IM) by Agusto & Co. and A- by GCR. The company is one of Nigeria's leading Asset Management companies and has over Three Hundred and Twenty-Two Billion Naira (N322 billion) in Assets Under Management. FCMBAM has established itself as an innovative and competent Fund Manager that periodically develops investment management solutions to deliver competitive risk-adjusted returns to investors.

Ojude Oba Festival Fosters Unity and Economic Growth - Ladi Balogun



The annual Ojude Oba Festival, a vibrant celebration of Ijebu culture and tradition, recently concluded with great success. The festival attracted thousands of participants and visitors who showcased elaborate traditional attires, captivating dances, music, and impressive equestrian displays. The festival showed how cultural traditions can drive economic growth by empowering local businesses, service providers, artists, and artisans from Ogun, Lagos and practically all the other states in South West Nigeria.
Affirming the economic and social development potential that could be harnessed from the festival through tourism, Ogun State Governor, Adedapo Abiodun, MFR, committed to elevating the Ojude Oba Festival to a global stage. He envisions the festival as a permanent fixture on the international tourism calendar and its listing as one of the festivals backed by the United Nations Educational, Scientific, and Cultural Organization (UNESCO).
Central to the festival's enduring legacy is the Regberegbe system, a tradition of age-grade solidarity and mutual support. Historically rooted in communal labour practices, the Regberegbe has evolved into a symbol of community cooperation, fostering social bonds and collective responsibility. This unique social structure empowers individuals. It has contributed to the overall resilience and development of the Ijebu community for centuries.
FCMB Group Plc, a major sponsor of the Ojude Oba festival, recognizes the festival's significant contribution to social cohesion and development. By celebrating shared cultural heritage, promoting unity among diverse groups, and strengthening community bonds, the Ojude Oba festival fosters a favourable environment for socioeconomic development.
In his goodwill message, Ladi Balogun, Group Chief Executive of FCMB Group Plc, noted that the festival attracts visitors from across Nigeria and the diaspora, contributing to the growth of trade and tourism in Ijebuland, Ogun State and Nigeria. The FCMB Group Chief Executive urged Ijebu people to embrace the festival's spirit of togetherness and use it as a springboard for further development and inspiration for younger generations.
This year's Ojude Oba festival witnessed the participation of 90 Regberegbe groups, a significant increase from 76 in 2023. This surge indicates a rise in social cohesion, which is crucial in promoting unity and peaceful coexistence within the community.
Speaking on the festival's economic impact, Adewale Adenugba, CEO of Blooms Hotel in Ijebu-Ode, said, "The festival has significantly boosted business activities across Ijebuland over the years, coinciding with the Muslim Eid-el-Kabr celebration when many Ijebus and their friends return home. During this period, hotels in Ijebu-Ode and surrounding towns experience full occupancy, and relaxation centres also see increased activity. Artisans, traders, and vendors of various items, including festival paraphernalia, food, drinks, and transportation services, enjoy brisk business and substantial income. If we aggregate all these, the festival generates billions in revenue, benefiting not only Ijebu-Ode and Ogun State but also Nigeria. I urge the government to leverage this platform to promote tourism further."
FCMB Group Plc, a long-term supporter of the Ojude Oba Festival for over 20 years, is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem connecting people, capital, and markets across Africa.

10 Millionaires, 2,300 Cash Prize Winners Emerge in FCMB Millionaire Promo Season 9


Four customers of First City Monument Bank (FCMB) became instant millionaires at the final draws of Millionaire Promo Season 9 held on Wednesday, December 13, 2023. They each won N1 million during the grand finale draws supervised by Federal Competition & Consumer Protection Commission (FCCPC) officials and National Lottery Regulatory Commission (NLRC) in Abuja, Lagos, Ondo, and Port Harcourt.

Season 9 of the millionaire promo, which ran from April to November, gifted 2,310 lucky customers of the Bank cash prizes ranging from N5,000 to N1 million respectively. Of this, ten lucky customers were rewarded with N1 million each. A total of 14,780 customers also won various consolation prizes, bringing the total number of winners to 17,080.

The nationwide promo encouraged people to save for financial security, future planning, and investment opportunities, which will reduce their reliance on social assistance, helping them build a brighter future.

Affirming this, Thompson Akinnodi, a civil servant from Ondo State, said: "The FCMB Millionaire promo shows the bank keeps its promises." He was happy that the winners were chosen openly. Thompson plans to use his money for his children's education and Christmas celebrations. "Christmas is sorted for his family, thanks to God and FCMB!"

Onuoha Harol, a businessman from Port Harcourt, was pleasantly surprised, saying: "This N1 million is a fantastic Christmas gift!" He thanked FCMB and plans to invest it in his block industry and real estate business. He plans to employ more people and grow his business. Onuoha recommends banking with FCMB for success.

Mrs Omoye Oyakhire from Lagos, another N1 million winner, thanked FCMB and said: "I'm excited! I'll use the money for poultry farming." She said FCMB is the right Bank, and its Millionaire Promo is genuine".

Tanimu Suleiman from Abuja, expressing his newfound belief in the promo, said: "I never believed in this until FCMB called me about winning N1 million." He plans to invest in his business and encourages Nigerians to bank with FCMB for excellent customer service. "I am so happy. The money will be invested in my business. I encourage Nigerians to bank with FCMB. The Bank attends to customers' needs very well."

Shamsideen Fashola, FCMB's Divisional Head for Personal Banking, expressed his pride in the programme's impact: "We are happy to produce another set of millionaires in season 9 of the promo. Since we commenced the promo in 2012, it has driven financial inclusion and promoted a savings culture in society, particularly in the unbanked segment. We have also used it to transform the lives of thousands of people nationwide. The draws took place nationwide, and winners emerged from every region. We thank all FCMB customers for their loyalty and congratulate all the winners. We will continue to reward our customers and deliver offerings that align with their personal and business aspirations. I advise the winners to make judicious use of their cash prizes."

With winners ranging from drivers to entrepreneurs and police officers, Millionaire Promo Season 9 has proven that financial success is attainable for everyone. As FCMB continues to reward customers and promote economic well-being, it is clear that placing its customers first is central to the Bank's mission.

FCMB Group Reports 108% YoY Growth in Profit Before Tax



FCMB Group Plc (NGX: FCMB) today announced a 108% Year-on-Year (YoY) growth in profit before tax (PBT) to N55.1 billion for the nine months ended September 30, 2023, compared to N26.5 billion in the corresponding period of 2022.

The Group's strong financial performance can be attributed to the collective strength of its diverse business segments. The Banking Group recorded a growth in earnings of 130.1%, while Consumer Finance saw a growth of 32.6%. Investment Management and Investment Banking also performed well, with growth rates of 38.7% and 27.6% respectively.

Commenting on the results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said:
"We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation".

Gross revenue rose 75.7% to N351.5 billion as at September 2023, compared to N200.1 billion for the prior year. This was driven by a 55.1% growth in interest income and a 144.6% growth in non-interest income. Net interest income grew 29.5% to N120.5 billion from N93.1 billion in the prior year. This was driven by an increase in the yield on earning assets for the period ended September 2023.

FCMB increased its lending activities, providing loans and advances totalling N1.59 trillion, a 34.3% increase from the previous year. Simultaneously, the institution experienced a 39.1% YoY growth in customer deposits to N2.53 trillion, showcasing the unwavering trust of its customers. The Group's total assets grew by an impressive 32.2% YoY to N3.88 trillion from N2.93 trillion, strengthening its position as a leading financial institution in Nigeria.

Assets Under Management (AUM) recorded a 26.1% YoY growth from N756.1 billion to N953.7 billion as at September 2023.

The Group's customer base expanded 15.4% YoY, reaching 12 million as of September 2023, reflecting a current-year growth of over 1.1 million customers. Additionally, the agency banking business expanded its network to over 120,000 agents, acquiring over 130,000 customers. Investment Banking transaction value consummated by the Group rose to N690.9 billion, marking a 15.2% YoY growth.

In addition, the Group completed the issuance of a Series 2 Additional Tier 1 Capital Bond under its N300 billion Debt Issuance Programme for its Banking Subsidiary, bringing the total Additional Tier I Capital raised during the year to ₦46.7 billion. Its consumer finance business, Credit Direct Limited, also completed its maiden Commercial Paper Issuance to further diversify the Company’s funding base.

FCMB Celebrates Excellent Team Service


As the world celebrates Customer Service Week 2023, First City Monument Bank (FCMB) is honouring its valued customers and dedicated employees with a week-long event focused on this year's theme: Team Service.

Throughout the week, FCMB customers can expect celebratory messages, a treasure hunt game, and unique gifts for children with birthdays during the week. The Bank's employees will participate in a service innovation challenge, a test of knowledge competition, and a game show and will be recognised for their outstanding service contributions.

"Excellent customer care is a team effort, not just the responsibility of our frontline employees," said FCMB Managing Director Yemisi Edun. "It's about everyone working together to create a positive experience for our valued customers. We recognise and appreciate customers and employees who embody this spirit. We couldn't do it without them."

FCMB's Customer Service Week celebration is just one example of the Bank's commitment to fostering a culture of team service excellence. FCMB has invested heavily in technology and training to ensure its employees have the resources and skills to provide customers with a positive experience.

"At FCMB, team service is more than just a slogan. It's a way of life," said FCMB Senior Vice President and Head of Service Management Felicia Obozuwa. "We encourage our employees to collaborate and support each other and reward them for going above and beyond to deliver excellent customer care. We are unwavering in our commitment to creating a culture where everyone feels valued and empowered to go the extra mile for our customers."

Businesses worldwide set aside a special week yearly to celebrate their customer service personnel. This event is known as Customer Service Week, and it is a time to recognise and appreciate the valuable contributions made by these individuals in service organisations. It serves as a reminder of the vital role that customer service plays in building successful businesses and fostering long-term customer loyalty.

SheVentures Launches Interest-Free Loans for Female Exporters


First City Monument Bank (FCMB) has launched the SheVentures Export Readiness Programme, a new initiative to support women-owned businesses in Nigeria looking to expand into global markets. The programme will give participants access to insightful knowledge, focused advisory, and zero-interest loans to fund their export trade logistics.

"Our mission with the SheVentures Export Readiness Programme is to support women-owned businesses to export their products and services worldwide," said Mrs. Yemisi Edun, Managing Director of FCMB. "We provide interest-free loans, training, and mentoring to help overcome common challenges such as lack of financial resources and knowledge gap. Our ultimate goal is to empower Nigerian SMEs to scale beyond their local markets by connecting them with other businesses globally and leveraging the vast opportunities of globalization."

The SheVentures Export Readiness Program is open to all women-owned SMEs in Nigeria who are interested in reaching new markets and growing their businesses. The program will include a series of training modules on topics such as export market research, product development, and export documentation. Participants will also have the opportunity to receive one-on-one mentoring from experienced exporters.

"Nigerian businesswomen face many challenges in their quest to grow successful businesses," said Ms. Yetunde Moito, Head of Women in Business (SheVentures) at FCMB. "That is why FCMB is giving added support to businesswomen who own or run a business in Nigeria, providing the support they need to thrive. The SheVentures Export Readiness Programme is a game-changer for Nigerian women entrepreneurs, empowering them to scale globally and bridge the capacity and financial gap hindering their full potential."

A recent report by the National Bureau of Statistics (NBS) revealed that over 41 million SMEs operate in Nigeria, of which women own 40%. Women's businesses are expected to create 8.9 million jobs in the next five years, contributing significantly to the country's economy. This indicates the significant role women can play in the growth and development of the Nigerian economy if provided with the proper funding, capacity building, networking, and other opportunities.

FCMB SheVentures has, over the past four years, impacted the female economy through its various initiatives for women SMEs. The Bank has offered up to One Billion Naira in zero-interest loans to hundreds of women SMEs nationwide and supported thousands of female entrepreneurs through free training, mentorship, and capacity-building programs.

The SheVentures Export Readiness Programme strategically aligns with the government's efforts to boost the nation's non-oil exports and foreign exchange earnings. The program empowers women entrepreneurs to actively contribute to realizing this important national goal.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions like Energy Finance loans, FCMB is helping to improve the economic well-being of businesses and Nigerians.

Back-to-School: FastCash Offers Parents Up to N200,000 Loan in Five Minutes


As students get set to resume another academic session, FastCash, powered by First City Monument Bank (FCMB), is offering parents and guardians up to N200,000 to help them cover the costs of school fees and back-to-school supplies. The credit line supports the purchase of school uniforms, books, bags, confectionaries, and other items required to enhance children's learning experience.

Commenting on the back-to-school offering of FastCash, the Divisional Head of Personal Banking at FCMB, Mr. Shamsideen Fashola, said:

"We understand that back-to-school season can be financially challenging for many families. That's why we're offering FastCash to help make it easier. We want to ensure that all our customers have the resources to give their children the best possible start to the new school year. FastCash is a convenient and affordable way for parents to get the money they need to make back-to-school a success."

FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs. Enhanced with Artificial Intelligence (AI) and machine learning technology capabilities to ensure that more individuals, households, and businesses have access to funds, FastCash also enables customers to increase their current loan without paying off their existing loan fully.

It is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion. Customers can conveniently access the loan through the FCMB New Mobile App or by dialling the Bank's USSD code, *329*11#.

Getting a FastCash loan requires no collateral or paperwork. Customers with a good repayment history can access the loan at a reduced interest rate. Another advantage is the ability to top-up a loan with friendly repayment terms for a specific amount. This feature benefits every customer who needs to borrow more.

FastCash, launched in 2018, has disbursed over 3.5 million loans worth N111 billion to Nigerians from all walks of life. The product has become popular among Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions, FCMB is helping to improve the economic well-being of Nigerians.

FCMB, Tulsi Chanrai Foundation Restore Sight of Over 2,000 in Kebbi


First City Monument Bank (FCMB) and Tulsi Chanrai Foundation (TCF) have restored the sight of over 2,000 visually impaired people in Kebbi State, Nigeria. The beneficiaries received free eye testing, optical services, surgeries, glasses, and other preventive/corrective treatments for various eye defects.

The initiative is part of FCMB's Priceless Gift of Sight programme, which has been running for 14 years in partnership with TCF. The programme aims to prevent avoidable blindness and restore the sight of disadvantaged and lower-income Nigerians.

Speaking at the outreach programme in Kebbi, FCMB's Group Head of Corporate Affairs, Mr. Diran Olojo, said: "Visual impairment is a disability that often leads to reduced access to information, mobility, loss of income, and decreased quality of life. It robs most of its victims of productivity. As a result, they will likely be unable to make ends meet for themselves and their families, fuelling poverty."

Mr. Olojo further stated that FCMB is proud that its Priceless Gift of Sight programme is bridging the gap, preventing avoidable blindness, and restoring the sight of disadvantaged Nigerians. He said that the bank will continue to support initiatives that ensure accessible healthcare for all Nigerians, regardless of their background, in line with Sustainable Development Goals (SDGs) 3 - Good Health and Well-Being and 10 - Reduced Inequalities.

The Governor of Kebbi State, Comrade Nasiru Idris, commended FCMB and TCF for being responsive and sustaining the programme in the last 14 years. The governor, whom his Deputy, Alhaji Abubakar Umar, represented, assured that the state government would continue to welcome organisations and non-governmental bodies willing to contribute to the health and social well-being of the people.

On his part, the Programme Manager of TCF, Mr. Chandarkne Deshpande, also thanked FCMB for sponsoring the programme since 2009. He said: "Our partnership with FCMB has been a very healthy relationship. We have reached over 350,000 people across Nigeria, providing free testing, optical services, surgeries, glasses, and eye disease management. Through this, we have been able to turn around the lives of people for the better."

This initiative by FCMB and TCF is an excellent example of how businesses can positively impact society. By providing free eye care services to people in need, FCMB and TCF are helping to improve the lives of thousands of Nigerians and make a real difference in their communities.

FCMB Offers N10 Million Clean Energy Loan to Households and Small Businesses



Nigerian households and small businesses looking to acquire solar panels, batteries, inverters, and other green energy equipment now have access to as much as N10 million to buy these assets through the First City Monument Bank (FCMB) Energy Finance Loan. The loan is designed to help homes and small businesses like hospitals, schools, restaurants, bars, stores, hotels, and fashion places keep life and work going by using clean energy.

Commenting on the Energy Loan product, the Managing Director of FCMB, Mrs. Yemisi Edun, described it as “another bold intervention by the lender to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.”

She said: “Access to energy drives economic growth and development. The FCMB Energy Finance offering is a reaffirmation of our commitment to eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions. With the removal of the petrol subsidy, more Nigerians are focusing on alternative energy sources to power their homes and businesses.
“We will continue to scale up our support to individuals and businesses to enable the country to take full advantage of the opportunities in these areas for the overall benefit of humanity’’.

The Bank upgraded the product to lessen the impact of reduced subsidies on traditional fossil fuels, which has caused a rise in petrol prices across the country, given the pervasive use of small gasoline generators to power households and small businesses.

In his comment, the Group Head of Business Banking at FCMB, Mr. George Ogbonnaya, said:
“We understand the challenges individuals and businesses face in securing funding to provide clean and sustainable power. The FCMB Energy Finance loan is structured to eliminate these challenges. It is a flexible facility with two to seven years of repayment options at competitive interest rates. We urge Nigerians, especially small business owners, to take advantage of this opportunity to reduce energy costs for their homes and businesses’’.

Applauding the product, the President of the Renewable Energy Association of Nigeria, Mr. Ayo Ademilua, said:
“The energy finance loan is innovative and coming at the right time when the market needs alternative energy solutions mostly due to PMS price increase”.

Speaking on carbon financing, the CEO of Consistent Energy Limited, Dr. Segun Adaju, said:
“The 2023 Electricity Act promotes private-public sector partnerships, allowing private companies to participate in the renewable energy space and catalyze investments through carbon trading. The carbon trading market has become attractive, and more parties are beginning to promote carbon trading in Africa following the Africa Carbon Markets Initiative (ACMI) established in 2022 to unlock the potential of voluntary carbon markets for financing Africa’s energy, climate, and development goals. It is heartwarming that FCMB has keyed into this by providing a platform through the FCMB Energy Finance Loan product to provide the much-needed funding to Nigerians to acquire affordable clean energy sources’’.

FCMB has taken the lead in deepening the renewable energy space through a three-pronged approach: capacity building, providing access to funding, and opportunities to connect renewable energy developers with end-users. The Bank has supported over 50% of the key developers in Nigeria with debt financing for mini-grids, commercial, and solar home systems. It has so far disbursed over N7 billion for the execution of energy efficiency projects, cutting across mini-grids, solar energy, and other energy efficiency projects.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions like Energy Finance loans, FCMB is helping to improve the economic well-being of businesses and Nigerians.

H1 2023: FCMB Group Plc Reports 148% Profit Growth




FCMB Group has recorded a 148 per cent growth in profit before tax to N38.2 billion for the half year ended June 30th, H1’23 from N15.4 billion in the corresponding period of 2022, H1’22.

The company disclosed this in its unaudited six-month results released to the Nigerian Exchange Limited (NGX).

The results showed that various divisions achieved robust earnings growth as follows: Banking Group 185.5%, Consumer Finance 10.3%, Investment Management 53.3%, and Investment Banking 54.3%.

In addition, FCMB Group’s gross revenue grew by 88.7% to N238.2 billion for June 2023, as against N126.2 billion for the same period in the previous year. The growth was driven by a 51.9% increase in interest income and a 216.9% increase in non-interest income.

Customer confidence in FCMB Group remained strong, as deposits rose by 45.3% year-on-year to N2.38 trillion at the end of June, up from N1.64 trillion in the corresponding period of 2022, whilst Loans and advances also grew by 37.4% to N1.54 trillion, compared to N1.12 trillion in the previous period.

The Group’s Assets Under Management (AUM) recorded an increase of 23.6% year-on-year to N910.3 billion at the end of June 2023, up from N736.4 billion at the end of June 2022.

Commenting on the half-year financial results, the Group Chief Executive of FCMB Group, Mr Ladi Balogun, said: “We continue to leverage our unique Group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization.”

FastCash Distributes N105 Billion in Digital Loans to Over 3 Million Nigerians



FastCash, an instant loan solution powered by First City Monument Bank (FCMB), has disbursed over 3 million loans worth N105 billion to Nigerians from all walks of life. Each loan was disbursed in less than five minutes, with no collateral or paperwork required for accessing up to N200,000 via the Bank's mobile app and *329*11 USSD code.

The instant loan solution powered by state-of-the-art Artificial Intelligence and Machine Learning technology was launched in 2018 and has become popular for Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months cycles.

The milestone of N105 billion in loan disbursements is a testament to FastCash's popularity and the trust that Nigerians have placed in the financial product. It has become one of the most convenient and accessible ways to access funds, helping to bridge Nigeria's access to credit gap in urban and rural areas.

Affirming the Bank's commitment to financial inclusion and customer-centric solutions, Mr Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, highlights the transformative impact of FastCash.

"We are thrilled by the extraordinary reach and impact of FastCash, our digital loan product, with a remarkable sum of N105 billion disbursed over five years. Through FastCash, we effectively bridge the access to credit gap for countless Nigerians. We know the solution has improved the well-being of Nigerians. So, we remain resolute in our dedication to serving as a steadfast pillar of support to our customers and the wider Nigerian society. First City Monument Bank will continue to empower individuals and contribute to advancing our society through innovative, convenient, secure, and easily accessible digital products."

In addition to FastCash, FCMB offers the Salary Plus Loan, a consumer credit scheme exclusively available to salary account holders. This scheme enables qualified FCMB customers to access short or medium-term funding to meet urgent financial obligations.

Both FastCash and Salary Plus Loan are excellent solutions for those facing unexpected financial needs or planning an investment for the future. They provide quick access to funds and flexible repayment terms, making them a convenient and affordable option for Nigerians.

FastCash is Nigeria's leading instant loan solution. It provides digital personal loans within minutes without collateral or paperwork. With loan top-up, flexible repayment options, and a simple application process, FastCash ensures convenient access to funds for individuals from all walks of life.

First City Monument Bank (FCMB) is a member of the FCMB Group Plc. The Bank is committed to fostering inclusive and sustainable growth within its communities, and it aims to build a supportive ecosystem rooted in Africa, connecting people, capital, and markets. By offering innovative financial solutions like FastCash and Salary Plus Loan, FCMB is helping to improve the economic well-being of Nigerians.