The Nation Newspaper

Tag: FCMB

  • NSE loses N370bn on Tuesday

    NSE loses N370bn on Tuesday

    The Nigerian Stock Exchange ( NSE ) on Tuesday sustained seven-day falling streak with the market capitalisation shedding N370 billion in one day.

    The market capitalisation lost N370 billion or 2.41 per cent to close at N14.967 trillion against N15.337 trillion achieved on Monday.

    Similarly, the All-Share Index which opened at 42,737.89 lost 1,029.74 points or 2.41 per cent to close at 41,708.15 following huge losses by some highly capitalised stocks.

    Some financial experts in an interview with our reporter attributed the persistent loss to decline in global stock markets, especially in the U.S. and Europe, contributed to the bearish trend in the market.

    Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University Keffi, said investors reactions to the global stock market trend led to sell pressure on the exchange.

    Uwaleke said drop in crude oil price following increased supply and profit taking by investors in respect of over-priced stocks, particularly those of tier 11 banks contributed to the development.

    He said relative uptick in returns from money market securities led to movement of funds from capital market to the money market securities.

    Prof. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun said the bearish trend was expected because the stock market usually reacted to economic conditions.

    “This is New Year and the budget is yet to be passed, so money is not yet being released and people need to buy lots of things.

    “Fortunately, the market was bullish recently such that the values of shares went up making it possible for profit taking,” he said.

    Tella said the bearish trend would bring new opportunities for new investors as well as old ones who would want to adjust their financial portfolio.

    He said that these investors would go the market shortly to take advantage of the lower prices of shares.

    “We will start seeing bullish activities in the market again.

    “It is the nature of the market to facilitate between bullish and bearish swings as dictated by market forces,” he said.

    An analysis of the price movement showed that Nestle recorded the highest loss depreciating by N40 to close at N1, 320 per share.

    Dangote Cement trailed with a loss of N13.30 to close at N258.70, while Nigerian Breweries dipped N5.20 to close at N127.80 per share.

    Guinness was down by N5 to close at N105, while International Breweries depreciated by N2.50 to close at N57.50 per share.

    On the other hand, Lafarge Afeica led the gainers’ table growing by N1 to close at N51 per share.

    Zenith International Bank followed with a gain of 60k to close at N30, while Berger Paint gained 45k to close at N9.45 per share.

    Access Bank increased by 45k to close at N12, while Dangote Sugar Refinery advanced by 30k to close at N21 per share.

    The banking sub-sector was the toast of investors with Diamond Bank emerging the most traded, trading 67.69 million shares worth N181.14 million.

    FCMB Group followed with an account of 49.22 million shares valued at N126.18 million, while Fidelity Bank sold 42.78 million shares worth N129.55 million.

    United Bank for Africa traded 39.16 million shares valued at N437.59 million, while FBN Holdings exchanged 32.59 million shares worth N358.64 million.

    In all, the volume of shares traded closed lower with an exchange of 470.52 million shares valued at N3.68 billion transacted in 6,309 deals.

    This was against the 517.44 million shares worth N5.19 billion traded in 5,852 deals on Monday.

    NAN

  • FCMB to motivate 100 customers

    First City Monument Bank (FCMB) is set to motivate over 100 customers among its youth segment with cash rewards, other exciting prizes and engagements to commemorate this year’s Valentine’s celebration.

    In its annual campaign tagged, “Banking on Love”, the lender said many young and even some older people view the February 14th Valentine Day celebration as solely defined by the day’s activities with their chosen partners and loved ones.

    Today, First City Monument Bank (FCMB) Limited thinks differently. The bank, speaking through its Head of Corporate Affairs, Diran Olojo, enjoined the youth to see love as a virtue that is all encompassing. FCMB said love is more about care, giving, commitment, passion, trust and responsibility for the comfort, protection, security and happiness of the next person with an open mind and genuine of purpose. He stated that the position further goes to define some of the activities engaged in by the Bank which pays close attention to many segments of the Nigerian society.

    According to Olojo, “at FCMB, it is not all about business at all times. There is a strong propelling philosophy which also drives us to be concerned about the best way to positively affect our immediate environment. How best to reach and impact the less-privileged. We always think about the best strategies to adopt to help the needy people in our society. We care about the orphans, the widows, the aged people, our youths and the internally displaced persons (IDPs) who have been affected by insurgency, man-made and other natural disasters.  We believe one of the positive outcomes of sound corporate governance, is impacting positively on lives and communities in Nigeria.

  • Alleged N3.2b fraud: Kalu’s trial stalled again

    Alleged N3.2b fraud: Kalu’s trial stalled again

    The trial of a former Governor of Abia, Orji Uzor Kalu, charged with N3.2 billion fraud,on Wednesday suffered another setback at a Federal High Court, Lagos, as the judge was unavailable.

    Kalu was arraigned by the Economic and Financial Crimes Commission ( EFCC ) alongside his former Commissioner for Finance, Ude Udeogo, on 34 counts bordering on fraud.

    Also charged is Kalu’s company, Slok Nigerai Ltd; the accused had pleaded not guilty to the charges.

    Justice Mohammed Idris was absent at Wednesday’s scheduled proceedings as he was said to be attending a conference outside the state.

    Consequently, the court fixed continuation of trial for Nov. 28, 29, 30 and Dec. 1.

    On Oct. 3, the absence of Counsel to the EFCC, Mr Rotimi Jacobs (SAN) had stalled trial as he wrote to the court informing it of his absence and asked for a short adjournment which was scheduled for Wednesday, Nov. 8.

    The EFCC had on Oct. 31, 2016, slammed fraud charges on Kalu and Udeogo.

    The accused had allegedly committed the offences between August 2001 and October 2005 by utilising his company to retain in the account of a First Inland Bank, (now FCMB), the sum of N200 million.

    The prosecution said the money formed part of funds illegally derived from the coffers of the Abia State Government.

    Slok Nigeria Ltd and Emeka Abone, still at large, were also alleged to have retained in the company’s account the sum of N200 million on behalf of the first accused.

    The accused were also alleged to have retained about N2.5 billion in different accounts which funds were said to belong to the Abia  Government.

    Cumulatively, in all the counts, the accused were alleged to have diverted over N3.2 billion from the Abia Government’s treasury during Kalu’s tenure as governor.

    The offences contravened Sections 15(6), 16, and 21 of the Money Laundering (Prohibition) Act, Laws of the Federation 2005 as well as the Money Laundering Act of 1995 (as amended by the amendment Act No. 9 of 2002 and Section 477 of the Criminal Code Act, Laws of the Federation, 1990.

    NAN

  • FCMB advises youths to embrace banking

    FCMB advises youths to embrace banking

    First City Monument Bank (FCMB) has advised youths in Nigeria to key into the financial system by adopting a savings culture and other financial management techniques that would help secure their future.

    The bank made the clarion call at an outreach programme it organised for thousands of students in 30 secondary schools spread across the six geo-political zones in Nigeria to commemorate this year’s World Savings Day held on October 31.

    The exciting and educative mentoring sessions, which are in line with FCMB’s Corporate Social Responsibility (CSR) and sustainability philosophy, were anchored by top executives of the bank at the schools. This is the second consecutive year the lender is carrying out this exercise in partnership with the Bankers’ Committee of the Central Bank of Nigeria (CBN), under the theme, ‘’Learn, Earn, Save’’. Last year, FCMB executed a similar programme in 12 schools nationwide.

    The World Savings Day is aimed at teaching and reinforcing the key fundamentals of financial literacy, savings culture as well as entrepreneurial skills in the youth. This is part of the bank’s strategic contributions towards securing the future of young Nigerians by encouraging the adoption of savings and other financial management techniques at an early age to enhance their general well-being.

    Speaking during the mentoring session for students of Holy Child Girls College, Calabar in Cross River State, FCMB’s Manager, Calabar Road branch, Charles Emefiele, said that imbibing financial principles at an early age will go a long way to help students and young ones manage their resources effectively, appreciate how money works and how it can be channeled to productive ventures now and in the future. ‘’When you regularly put aside a portion of the money you are given or earn in a safe place that pays interest, this is what is known as savings. Saving money from early age guarantees financial independence, prudent management, planning and overall success of individuals Commenting on the significance of FCMB’s involvement in the annual World Savings Day, the Group Head, Corporate Affairs of the Bank, Diran Olojo, said that it is an extension of its commitment to drive and deepen prudent and effective management of resources among the populace, especially youths.

  • FCMB acquires 88.2% majority stake in Legacy Pension Managers

    FCMB Group Plc has reached agreement to acquire additional 60 per cent equity stake in Legacy Pension Managers Limited to increase FCMB’s majority equity stake in the pension firm to 88.2 per cent.

    In a regulatory filing yesterday, FCMB stated that it has entered into an agreement with other shareholders of Legacy Pension Managers for the acquisition of an additional 60 per cent equity stake in the firm.

    The proposed acquisition will increase FCMB’s interest in Legacy Pension Managers to 88.2 per cent, thus making the firm a subsidiary of FCMB.

    However, the transaction is still subject to the approvals of the Central Bank of Nigeria, the National Pension Commission and the Securities and Exchange Commission (SEC).

    Legacy Pension Managers Limited is licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA). It has over N220 billion asset under management comprising, retirement savings accounts, retire accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country.

  • FCMB trains SME owners

    First City Monument Bank (FCMB) has organised a free training for small and medium business owners.

    The initiative, led by FCMBs Training Academy and the Banks SME Segment Managers, was attended by existing and start-up firm owners in the sector, as well as seasoned facilitators who cut across spheres of business development, accounting, marketing and strategy.

    The training, which focused on business finance optimisation for SMEs, covered various areas, such as budgeting, cost management in challenging times, raising capital for businesses, getting businesses ready for loans or investments, as well as managing credit sales.

    At the opening of the programme, FCMB’s Divisional Head, Corporate Services, Felicia Obozuwa, said the bank recognised the role of entrepreneurs in the society and their capacity in driving economic growth.

    She said: ‘It is just one of the ways we support the growth of our SME customers. We realise that many small businesses can have the dedication to succeed, but without training and business experience, it can be a challenge to achieve results.

    ‘’Business acumen and operational skills are essential for any small business owner to have when seeking out their next venture or sustaining their business. In FCMB, we are passionate about helping our customers to be as educated as possible.Our comprehensive training programme for SMEs will establish a foundation for small business owners to develop themselves, learn new skills, better serve their customers, and stay relevant to their niche.’’

    The bank’s Executive Director, Business Development, Mrs. Bukola Smith, explained that the bank realises that SMEs play critical roles in the economy’s growth. She added: ‘’We understand that a number of factors combine to determine the success or failure of SMEs. We will continue to support our customers operating in this segment to overcome the challenges they face. We want to be part of their success story.’’

    Mrs. Smith listed some of the offerings of the bank in the SMEs segment to include the e-invoicing platform – a unique solution, designed to help businesses monitor and control their cash management.

    Also, the bank offers free banking for three months for new SME customers of the bank.

    In line with FCMB’s drive to partner value content from the Fintech, the bank is also collaborating with Paystack to provide an innovative online collections platform to merchants and other businesses focused on enabling them to provide their customers with a payment experience.

     

    The bank is steadily building bridges between SMEs and investors, national and international developmental agencies to facilitate and unlock opportunities for SMEs.

     

    The participants at the capacity training expressed gratitude to FCMB for living up to its value as a simple, reliable and helpful Bank that creates opportunities. A beneficiary, who is also the Managing Director of Festival Designs Limited, Shola Paul, said: ‘’This training is very essential and a great initiative on the part of FCMB. I appreciate the efforts of the Bank to ensure customers succeed in their various businesses by providing tools that facilitate growth’’.

    Managing Director of Honey Adeniyi Products, Mrs. YemisiLadejobi, stated that, ‘’what FCMB has done by putting together this capacity building programme is very encouraging. I have learnt a lot from this programme and kudos to the bank’’.

     

  • FCMB celebrates customer service week

    First City Monument Bank (FCMB) has restated its commitment to attain the highest level of customer advocacy by leveraging on its solid business models, bespoke solutions, excellent service delivery, highly professional staff and technology to turn the aspirations of its customers to opportunities.

    Consequently, the Bank is set to further enhance the experience of its customers by rolling-out series of exciting and rewarding initiatives to celebrate this year’s international Customer Service Week, holding from October 2 to 6, 2017, across its branches in Nigeria. The theme of this year’s celebration is, ‘’Building Trust’’. The theme recognises the importance of trust in forming strong, productive, and lasting relationships with customers and co-workers.

    The Customer Service Week, which started 33 years ago, is a unique period when service organisations and global agencies extol the patronage and loyalty of their esteemed customers by introducing several unique and special activities to appreciate them. It is celebrated annually during the first full week in October, and has grown into a global event.

    In a statement, FCMB said that the celebration of this year’s Customer Service Week promises to be memorable as it offers another opportunity to connect and put a smile on everyone’s face to appreciate their loyalty and patronage over the years.

    The activities lined-up by the Bank include; a youth empowerment and internship competition with some partner organisations tagged #FCMBFlexxternship, a toll-free line for Customers to call and speak to the Managing Director, Adam Nuru, the reward of the bank’s oldest/loyal customers, visits to customers by the Management of the Bank, the hosting of the Igbo Community day at Coker OrileIganmu, and gifts to customers across all the branches. E-mailers and messages will also be sent to customers to appreciate them.

    Commenting on the Customer Service Week, the Head, Continuous Improvement and Service Management of FCMB, Moshood Adelotan, said the Bank recognise the importance of the annual Customer Service Week and the contributions of its customers in making FCMB a success.

    “As an institution that is customer-focused, we have set high standards and always aim for continuous improvement in our pursuit of excellence. “

    We will continue to celebrate our customers by offering them the very best in service delivery and lots of value-added solutions in a sustainable manner. We are determined to be the bank that everyone wants to bank with, do business with, and where opportunities are turned into realities’’, he added.

     

  • FCMB empowers 644 customers

    FCMB empowers 644 customers

    First City Monument Bank (FCMB) yesterday delighted and empowered new set of 644 customers with cash and various exciting gifts. The winners emerged at the third draws of the bank’s ongoing bumper reward scheme tagged, ‘’FCMB Millionaire Promo Season 4’’.

    Speaking on the latest draws of the promo, the Executive Director, Retail Banking of the Bank, Olu Akanmu, said the electronic selection of the winners took place at the regional and zonal levels of the Bank across Nigeria and was witnessed by officials of the National Lottery Regulatory Commission, Consumer Protection Council, thousands of customers of the financial institution and other dignitaries.

    He said that while four lucky customers were rewarded with the sum of N1 million each at the regional draws held in Abuja, Lagos, Enugu and Ogun states, 640 others smile home with LED televisions, generating sets, decoders, tablets, smart phones and other consolation prizes.

    At the Abuja & North Regional draw held in Abuja, Pindar Fatsuma Saidu won the star prize of N1million, while Sanusi Amadu was rewarded with the same amount at the Lagos Regional draw which took place at the Agege branch of the Bank in Lagos. In the same vein,  Joy Ottonah Ben emerged winner of N1million at the South-East/South-South draw held at the Garden Avenue branch of the Bank in Enugu, Enugu State, just as Ayodeji Ogedengbe smiled home with N1million at the South-West regional draw in Ijebu-Ode, Ogun state.

    The ‘’FCMB Millionaire Promo Season 4’’, which commenced in March 2017 and will end in November, has been designed to provide extra empowerment and create value for customers of the Bank, while

    encouraging financial inclusion and savings culture. It also forms part of the various initiatives of the financial institution to enhance customer experience and reward them for their loyalty and patronage over the years.

  • NSE market indicators dip further by 0.08%

    NSE market indicators dip further by 0.08%

    A total of 174.65 million shares valued at N2.83 billion were traded in 3,783 deals on the Nigerian Stock Exchange ( NSE ) on Tuesday.

    These were against the 162.74 million shares worth N1.54 billion traded in 3,225 deals on Monday.

    The News Agency of Nigeria (NAN) reports that the NSE market capitalisation depreciated further by N9 billion or 0.08 per cent to close at N12.012 trillion from N12.021 trillion recorded on Monday.

    The All-Share Index, which opened at 34,873.07, lost 26.25 basis points to close at 34,846.82.

    Seplat led the losers’ chart with a loss of N6.76 to close at N450 per share.

    7UP followed, depreciating by N4.48 to close at N85.82, while Nigerian Breweries dropped N2.01 to close at N167.99 per share.

    Total Oil dipped by N1.9 to close at N223.1, while PZ Cussons depreciated by N1 to close at N24 per share.

    Conversely, Nestle topped the gainers’ table with N23.9 to close at N12228.9 per share.

    It was trailed by GTBank which gained 54k to close at N38.54 per share.

    Stanbic IBTC gained 5k to close at N40, while Unilever appreciated by 2k to close at N42 per share.

    Also, Guinness up by 15k to close at N96.8 per share.

    GTBank was the toast of investors, trading 33.84 million shares worth N1.29 billion.

    FCMB came second, trading 12.58 million shares worth N12.88 million, while FBNH sold 12.53 million shares valued at N65.22 million.

    Mansard traded 11.62 million shares worth N23.12 million, while Zenith Bank sold 10.56 million valued at N232.62 million.

  • BoI, FCMB partner to support local content policy

    The Bank of Industry (BoI), in partnership with the First City Monument Bank, have unveiled an 80-tonne vessel jointly financed on behalf of C&I Leasing Ltd. Managing Director, BOI, Kayode Pitan, said at the inauguration of the vessel tagged: “MV Bello’’ in Lagos, that the joint financing demonstrated their supports for deepening the country’s local content policy.

    Pitan, who was represented by General Manager, Large Enterprises, BoI, Mr Joseph Babatunde, said that the financing was to generate employment and grow the country’s economy.

    “The vessel is the first vessel supported by BoI. The aim is not to leave the oil and gas industry to all comers; we need more indigenous companies to be able to take our destiny in our hands.

    “For us at BoI, we like ventures that will create employment and add value to the economy of the country.

    “We will do more to support many industries that need long term financing.

    “The loan will be paid over a period of six to nine years with reasonable moratorium period that allows the company to stabilise and take the benefits to expand its operations,” he said.

    Pitan said that financing of the vessel had created 220 jobs and would gradually attract all other services rendered in the value chain.

    “Today, BoI is also signing a MoU of $200m local content development fund in Abuja for the oil and gas sector; I see a bright future for the industry,” he said.

    Also, the Managing Director, FCMB, Mr. Adam Nunu, said that the bank would continue to provide solutions and financial support to different sectors of the economy.

    “We have demonstrated how local players can help to support the larger marine industry which is hugely dominated by foreign companies,” Nunu said.