Tag: FCMB

The FCMB Pension, a subsidiary of FCMB Group Plc, is targeting N1.2trillion assets growth by end of December 2025, with FCMB current statues having over N1.1 trillion in Assets under Management (AUM), with over N200 billion paid to retirees and other beneficiaries, showing resilience and making impact in the country.

Its Managing Director, Christopher Bajowa disclosed this at the 20th anniversary celebration of FCMB Pension in Abuja, noting that the company is planning to be a major player in the industry, with focus on Personal Pension Plan (PPP) as next frontier of pension growth.

He said: “The major challenge has been that of inclusion, as efforts to grow the number of contributors has been a challenge and regulators are focused on these areas (PPP) because of its great potential to grow inclusion, second challenge is naira instability.

“How do you encourage customers to save when the value of their savings is diminishing? There’s a lot of work in this area and even the Federal Government is working on boosting the value of the naira and also creating opportunities for us to access foreign currencies in order to hedge against devaluation if it continues to happen.”

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Chronicling the growth of the industry, a Pioneer Managing Director of the FCMB Pensions, Bello Maccido, said the company started as a humble institution that was basically owned by retail individuals that came together to take advantage of the passage of the Pension Reform Act, 2004, with 13 Pension Fund Administrators (PFAs) being licensed under the new defined contributory pension scheme.

“Within three years of operation, we were able to break even, and within five years, we were able to post two consecutive years of profitability. By the time I spent five years at Legacy Pension now FCMB Pensions, we were able to sign on 187,000 Retirement Savings Accounts (RSA) and an asset base of N72 billion. We had clients such as Division 1 of the Nigerian Army, CBN, Nipost, and other individual RSM holders from across the length and breadth of this country.

“So, today, 20 years after, I must say that I am very proud of the accomplishment of the successive management of Christopher Bajowa who has taken this company from where it was at inception and taken it to a N1trillion by assets under management. By any imagination, this is a feat that must be acknowledged. We are here to celebrate 20 years of competent management and 20 years of successes,” he said.

Shareholders of FCMB Group Plc have approved an increase in capital raise of up to N400 billion. The approval was given during an Extraordinary General Meeting (EGM) held last week. The approval for the expanded capital raise reflects the group’s exceptional financial performance and shows shareholders’ unwavering confidence in its leadership and bold growth ambitions.

Following the approval, FCMB Group will meet the minimum regulatory capital for banks with an international license ahead of the March 2026 deadline. This achievement will allow FCMB to retain its international banking license for its subsidiary, First City Monument Bank Limited, and aligns with the Central Bank of Nigeria’s (CBN) minimum capital requirements.

Speaking at the EGM, the Group Chief Executive Officer, Ladi Balogun, expressed profound gratitude to shareholders for their support and emphasised the strategic importance of the capital raise.

He said: “The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits.

 We project our earnings per share (EPS) to grow by over 50 per cent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns.

 “With the capital adequacy ratio projected above 20 per cent, our ability to pay dividends will improve significantly. Shareholders can expect a steady rise in dividends per share, reflecting the bank’s growth trajectory and enhanced returns.”

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The shareholders of FCMB Group also passed the following resolutions, among others: Acceptance of Oversubscription: Approval was secured to accept oversubscriptions from the 2025 Public Offer of the Group’s shares, up to the limit prescribed by the Securities and Exchange Commission (SEC) and subject to regulatory approvals. This leverages the strong investor demand reflecting confidence in the Group.

Increase in Share Capital: FCMB Group’s issued share capital is increased from N30,002,169,782.50 divided into 60,004,339,565 ordinary shares of 50 kobo each by the creation and addition of the number of ordinary shares that will be required to give effect to the capital raise. The new ordinary shares shall rank pari-passu in all respects with the existing ordinary shares of the Company.

With a diversified subsidiary portfolio and strong financial performance, FCMB has a forward-looking digital strategy and an impact-focused purpose. It is poised to make a significant contribution to Nigeria’s ambitious goal of achieving a $1 trillion economy.

First City Monument Bank (FCMB) has been named Nigeria’s Best SME Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria (CIBN). This recognition comes as FCMB holds a leading 24per cent share of the banking industry’s N1.8 trillion total SME disbursement for 2024.

The award was presented at the 60th Annual Bankers Dinner in Lagos on November 28, 2025, highlighting First City Monument Bank’s strong role in supporting small and medium-sized businesses.

FCMB’s financing targets the true engines of the Nigerian economy.

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

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

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

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

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

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

First City Monument Bank (FCMB), through its flagship women-in-business initiative, SheVentures, has reaffirmed its commitment to empowering female entrepreneurs with the successful hosting of the 2025 SheVentures Networking Summit.

Held recently in Lagos, the event, themed “Engage, Empower & Unwind 2.0: The Power of Balance,” convened hundreds of female entrepreneurs, business leaders, and professionals from diverse industries. The summit focused on how women can pursue ambitious business goals while maintaining the balance necessary for personal and professional well-being.

The event featured inspiring fireside chats and networking sessions, creating a vibrant atmosphere of learning, sharing, and empowerment.

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A key highlight was a fireside chat featuring the CEO of Happy Coffee Nigeria, Princess Adeyinka Tekenah, Dr Ella Ezeadilieje, a growth and personal development strategist, and Teni Stuffman, CEO, Lebara Nigeria, who spoke passionately about growth, resilience, and finding purpose while navigating entrepreneurship in today’s dynamic business landscape.

Speaking at the event, Felicia Obozuwa, Executive Director of Corporate Services and Service Management, noted that the SheVentures platform continues to drive inclusive economic growth by supporting female entrepreneurs with capacity building, mentorship, and zero-interest loans. She said, “At FCMB, we believe that empowering women is not just a social imperative — it is an economic strategy. Through SheVentures, we are building an ecosystem where women can grow businesses sustainably while finding the balance that fuels long-term success.”

Since its inception, SheVentures has empowered thousands of women across Nigeria with tailored financial support and access to professional mentorship. The 2025 Networking Summit reinforced FCMB’s role as a leading advocate for gender inclusion and women-led enterprise development within Nigeria’s SME ecosystem.