₦airaland Forum

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.

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.