The Nation Newspaper

Tag: FCMB

  • FCMB reiterates commitment to export trade

    First City Monument Bank Limited has reiterated its commitment to export trade and economic development. The lender’s export trade roles have been praised by stakeholders who said they would go a long way to assist the growth of businesses and activities of the government economy diversification plan.

    The Emir of Kano, Alhaji Muhammed Sanusi II and Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Olusegun Awolowo and other stakeholders who attended the customer forum of the bank in Kano at the weekend lauded the lender’s commitment to growing the economy.

    The forum was organised in collaboration with the NEPC, Central Bank of Nigeria (CBN), Nigerian Export-Import Bank (NEXIM), Nigeria Customs Service (NCS) and 3T Impex Trade Academy.

    The forum, the fourth by the bank had “Financial Inclusion for Non-oil Exports Growth” as its focus. It was aimed at further empowering and enhancing the capacity of its customers and other stakeholders on the rudiments and benefits of export trade.

    It was also focused on how FCMB could provide support, such as direct export financing, refinancing and rediscounting of sales contracts/invoice (pre-shipment and post-shipment financing) for agro commodities, solid minerals and other non-oil resources.

    Speaking at the event, Emir Sanusi urged Nigerians engaged in export trade to move beyond primary products by focusing on the exportation of processed products, which will go a long way to add value to their businesses and the country in general. He stated;

    “We must realise that the era of Nigeria exporting raw agricultural and other primary products is gone. For us to achieve the required mileage and benefits in international trade, we must redirect our efforts on processing finished products and export these items which will earn us more revenue, build capacity and accelerate the country’s drive towards industrialisation,” he said.

    Awolowo, who was represented by the Regional Co-ordinator, Northwest of the Council, Alhaji  Abdullahi Mamman, said: “The NEPC’s collaboration with FCMB will play an important role in delivering the zero-oil plan strategy and making the non-oil export sector a significant contributor to foreign exchange earnings.”

    He added that by organising the customer forum, FCMB is helping to build a higher level of engagement with exporters and other stakeholders to promote competitiveness, competence and capacity through innovative and bespoke financial solutions.

    The Executive Director, Business Development of FCMB, Adam Nuru, said it is one of the various initiatives of the bank to build the capacity and support customers to take their businesses to the next level in order to effectively leverage on available opportunities, such as those provided by financial inclusion and e-payment solutions.  “This programme helps to amplify how much we value our customers. It also provides a platform for us to equally inform the Market that we are truly on ground to support government, exporters  and stakeholders in their efforts towards driving and growing export trade to boost non-oil revenue and other benefits in Nigeria in a sustainable manner,’’ he said.

  • FCMB ends season three promo, names winners

    FCMB ends season three promo, names winners

    First City Monument Bank (FCMB) Limited yesterday ended the ‘’FCMB Millionaire Promo Season 3’’ after eight months of rewarding customers.

    The exercise which ended with the grand finale draws held across Nigeria was witnessed by officials of the National Lottery Regulatory Commission, Consumer Protection Council (CPC), customers of the bank and other dignitaries.

    Four customers of the bank won N2 million each at the electronic draws held in Abuja, Lagos, Ibadan (Oyo state) and Calabar (Cross River state). There were also cash gifts while 642 account holders won LED televisions, generating sets, decoders, tablets, smart phones and other consolation prizes at the zonal draws.

    The reward of N2 million each went to Ibrahim Fatai (Lagos); Abuja & North), Okolo Obiekwe; (South-East/South- South), Chief Amobi Egbe and Mrs. Omolafe Monica (South-west).

    Mrs. Omolafe, expressed gratitude to FCMB for being a true partner in progress. She said: “I am grateful to God and FCMB for this big surprise. The bank should continue with the great things it has been doing’’.

    CPC’s Zonal Co-ordinator, South-west 2, Garba Ahmad, praised the bank for conducting the exercise with integrity. He said: “FCMB followed due process from the beginning of the promo till the emergence of the various winners”.

    FCMB’s Divisional Head, Retail Banking, Olu Akanmu, said that with the grand finale of the draws held nationwide, the Bank has fulfilled the promise it made to customers to reward those who participated and qualified in the promo and the four draws organised during the exercise.

  • FCMB named ‘Best African SMEs Development Bank of the Year’

    First City Monument Bank (FCMB) Limited has been named the Best African Small and Medium Enterprises Development Bank of the Year by the African Association of Small and Medium Enterprises (AASME).

    The award came at second edition of African International Small and Medium Enterprises Economic Summit and Award (AFRI-SMEs 2016)  held in Aba, Abia State.

    The AASME is a coalition of micro, small, medium businesses, associations, operators, owners and individual manufacturers within Nigeria, extended into some African countries but headquartered in Aba.

    AASME President General,  Darlington Onuoha Kalu, said FCMB deserved the award given its support to SMEs over the years.

    It commended the lender’s positive response in various partnerships leading to the establishment, growth and development of small and medium scale businesses.

    The bank, it added, was helping to solve the problem of unemployment, leading to skills acquisition and in turn, the nation’s economic development. “FCMB is the first bank to respond to and cooperate with us, among all other Banks that we called.”

  • FCMB, NEPC boost non-oil export

    First City Monument Bank (FCMB) in partnership with the Nigerian Export Promotion Council (NEPC) will be holding a customer forum for exporters. The event with theme: “Financial Inclusion for Non-oil Exports Growth” which holds in Kano on November 30, is expected to help participants deepen their knowledge of non-oil export business

    The interactive forum, which is fourth in the series, is in continuation of the bank’s efforts to boost export trade, assist the government in its ongoing drive to diversify the Nigerian economy and help customers and other potential exporters tap into the numerous benefits associated with the business through sensitisation and capacity enhancement.

    It will also provide an opportunity to further showcase the federal government’s policy on export trade, the challenges and the various initiatives developed by the bank, such as pre and post shipment financing and market information strategy to support export of agro commodities, solid minerals and others in the country. These are in line with FCMB’s values as a simple, reliable and helpful financial institution.

    The Executive Director/Chief Executive of the NEPC, Olusegun Awolowo, top officials of other parastatals and regulatory bodies supporting export initiatives in the public and private sectors of the Nigerian economy as well as customers of the bank will be in attendance.

    Commenting on the customer forum, FCMB’s Executive Director, Business Development, Adam Nuru said: “This is another way we want to demonstrate our willingness to go the extra mile towards contributing to the growth of our customers’ businesses by equipping them with the relevant information and other support”.

    Continuing, he said the lender recognises the importance of export trade and the need to diversify the nation’s economy to non-oil exports, considering the huge resources available in this area. “As an inclusive lender, we create opportunities and support initiatives that enhance the well-being of the country and our target market. We are excited therefore, to organise this forum which will also provide a platform to engage customers and key stakeholders in export trade business in an impactful way,’’ he said.

    FCMB has over the years, organised series of customer fora which were positively received and attended. The first edition focused on the Pre-Arrival Assessment Report (PAAR) scheme introduced by the Nigerian Customs Service to fast-track the clearance of cargo and reduce costs of business at the nation’s ports. The second and third editions, held in Aba (in Abia state) and Lagos, respectively centred on promoting export trade.

  • FCMB grows Q3 net profit by 31% to N13b

    FCMB grows Q3 net profit by 31% to N13b

    FCMB Group Plc recorded considerable growths in the top-line and profitability in the third quarter as the financial services group grew net profit by 30.6 per cent to N13 billion within the nine-month period.

    Key extracts of the nine-month report for the period ended September 30, 2016 showed that group gross earnings rose by 29 per cent to N140.7 billion in September 2016 as against N109.3 billion by September 2015. Non-interest income had increased by 128 per cent from N19.6 billion to N44.8 billion. This increase was driven by 612 per cent increase in foreign exchange income from N5 billion in third quarter 2015 to N35.3 billion in third quarter 2016. Profit before tax rose by 19.4 per cent from N14.18 billion to N11.88 billion. Profit after tax also increased to N12.98 billion in third quarter 2016 as against N9.94 billion in comparable period of 2015.

    FCMB Group includes First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited.

    Managing director, FCMB Group Plc, Mr. Peter Obaseki, said the improvements in the key performance indicators of the group to the soundness of ratios, steady buffers against the subsisting adverse operating environment, the group’s sustained revenue momentum and cost optimisation programme.

    He noted that the capital adequacy and liquidity ratios of the bank have held up at 17.6 per cent and 36.8 per cent respectively, adding that the underlying revenue momentum remains strong as the cost optimisation programme of the group led to a marginal drop in operating expenses, despite the inflationary environment.

    “The macro economic conditions in the final quarter remain challenging; we will keep up a conservative stance,” Obaseki said.

    Group managing director, First City Monument Bank (FCMB) Limited, Mr. Ladi Balogun, said the audited results of the bank reveal that the extraordinary performance in second quarter 2016 offset the loss recorded in third quarter of N2.4 billion, thereby resulting in strong year-on-year profit growth.

    He pointed out that in order to avoid an unsustainable, non-cash, spike in earnings from further revaluation gains in third quarter, the bank also significantly stepped up its loan loss provisions as the macroeconomic climate is taking a significant toll on the bank’s borrowing customers across all segments.

    “While our prudential ratios should continue to strengthen into the fourth quarter, modestly buoyed by a tier 2 capital injection of N7.5 billion in November, we do not anticipate improvement in the fourth quarter earnings. Nonetheless, we are pleased with the gains we continue to record in growing our business in areas such as retail banking with a 315 per cent year-on-year growth in profitability and increasing our share of banking activities in the agricultural sector,” Balogun said.

    He noted that in spite of the fact that the banking sector has seen several revenue lines diminish due to external factors; FCMB will be well positioned for a strong rebound in core earnings in the medium term as it builds a more resilient balance sheet.

    “FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers and all stakeholders,” Balogun said.

     

  • FCMB to sponsor COPA Lagos

    First City Monument Bank (FCMB) Limited has renewed its pledge to continuously sponsor the COPA Lagos Beach Soccer tournament. The lender said it would support this year’s edition of the sporting fiesta.

    Speaking during a briefing in Lagos, the bank’s Group Head of Corporate Affairs, Diran Olojo, said the tournament, organised yearly by Kinetic Sports Limited, would hold at the Eko Atlantic City in Victoria Island, Lagos, from December 11 to 18.

    He said the bank’s renewal of the sponsorship was a re-affirmation of its commitment to sports and youth development in Nigeria.

    ‘’We are excited to be the headline sponsor of the COPA Lagos once again in partnership with Kinetic Sports. At FCMB, we believe in supporting initiatives that add value to the well-being of people and the society. Sports, particularly, the game of soccer is a key passion point for many. Aligning our brand with this prestigious global event is a continuation of our corporate philosophy to always connect with and develop sustainable relationship with people across demographic and socio economic classes,’’ he said.

    Olojo noted that considering the huge opportunities sports offers Nigerians and itsnational unity cohesion, the tournament gives the right platform to reach out not only to customers of FCMB, but Nigerians across all segments.

    ‘’When we got involved in the tournament six years ago, we saw the level of engagement and excitement people, fans, the participating countries and other stakeholders expressed. This year, soccer fans should expect more fun-filled engagements from FCMB during the COPA Lagos. Our participation will be bigger, better and memorable,’’ he said.

    Kinetic Sports  Managing Director, Samson Adamu, said this year’s COPA Lagos Beach Soccer tournament would dovetail into the Confederation of African Football (CAF) Beach Soccer tournament, which Nigeria is hosting from December 13 to 18.

     

  • FCMB renews COPA Lagos sponsorship scheme

    First City Monument Bank (FCMB) Limited has renewed its pledge to continuously sponsor the COPA Lagos Beach Soccer tournament. The lender said it would be supporting this year’s edition of the sporting fiesta for the sixth consecutive year.

    Speaking during a press briefing in Lagos, the bank’s Group Head of Corporate Affairs, Diran Olojo, said the tournament, organised annually by Kinetic Sports Limited, will hold at the Eko Atlantic City in Victoria Island, Lagos, from December 11 to 18.

    He said the bank’s renewal of the sponsorship is a re-affirmation of its commitment to sports and youth development in Nigeria. ‘’We are excited to be the headline sponsor of the COPA Lagos once again in partnership with Kinetic Sports. At FCMB, we believe in supporting initiatives that add value to the well-being of people and the society. Sports, particularly, the game of soccer is a key passion point for many. Aligning our brand with this prestigious global event is a continuation of our corporate philosophy to always connect with and develop sustainable relationship with people across demographic and socio economic classes’’, he stated.

    Olojo noted that considering the huge opportunities sports offer Nigerians and its national unity cohesion, the tournament gives the right platform to reach out not only to customers of FCMB, but Nigerians across all segments. ‘’When we got involved in the tournament six years ago, we saw the level of engagement and excitement people, fans, the participating countries and other stakeholders expressed. This year, soccer fans should expect more fun-filled engagements from FCMB during the COPA Lagos. Our participation will be bigger, better and memorable’’.

  • FCMB marks World Savings Day

    First City Monument Bank (FCMB) Limited has intensified its financial literacy campaign among youths by organising an outreach programme for students in 12 secondary schools across the country.

    The exercise was in commemoration of this year’s World Savings Day. The beneficiary schools are in Anambra, Zamfara, Oyo, Jigawa, Osun, Adamawa, Bayelsa, Niger, Gombe, Imo, Benue and Delta states. The bank organised the programme in partnership with the Bankers’ Committee of the Central Bank of Nigeria (CBN).

    The World Savings Day, which is celebrated every October 31, is aimed at enhancing the knowledge and understanding of students as well as the general public on the importance of savings, financial control, planning and other financial transactions to the development of individuals and society.

    Speaking during the mentoring session for students of Government Day Secondary School, Samara in Gusau, Zamfara state, FCMB’s Zonal Head, Kano West, Abdullahi Mainasara, said that embracing financial principles at an early age will go a long way to help students and the youths to manage their resources effectively, appreciate how money works and how it can be channelled to productive ventures. Among other things, he urged the students, ‘’put aside a portion of what you earn regularly in a safe place that pays interest. This is known as savings’’.

    He urged them to save their money in banks to enable them secure and earn interest on such cash and reduce the risk of spending, theft.

    Also mentoring the students of Mater Amabilis Secondary School, Umuoji in Anambra State, the Manager Nnewi Old Onitsha Branch of FCMB, Vincent Agbasi, pointed out that, ‘’by being financially literate, students and indeed youths will be able to build their capacity for future business endeavours.

    Commenting on the significance of the bank’s involvement in the annual World Savings Day, the Group Head, Corporate Affairs of FCMB, Diran Olojo, said that it is an extension of the lender’s commitment to drive and deepen prudent and effective management of resources among the populace.

  • FCMB marks World Savings Day

    FCMB marks World Savings Day

    First City Monument Bank (FCMB) Limited has intensified its financial literacy campaign among youths by organising an outreach programme for students in 12 secondary schools across the country.

    The exercise was in commemoration of this year’s World Savings Day. The beneficiary schools are in Anambra, Zamfara, Oyo, Jigawa, Osun, Adamawa, Bayelsa, Niger, Gombe, Imo, Benue and Delta states. The bank organised the programme in partnership with the Bankers’ Committee of the Central Bank of Nigeria (CBN).

    The World Savings Day, which is celebrated every October 31, is aimed at enhancing the knowledge and understanding of students as well as the general public on the importance of savings, financial control, planning and other financial transactions to the development of individuals and society.

    Speaking during the mentoring session for students of Government Day Secondary School, Samara in Gusau, Zamfara state, FCMB’s Zonal Head, Kano West, Abdullahi Mainasara, said that embracing financial principles at an early age will go a long way to help students and the youths to manage their resources effectively, appreciate how money works and how it can be channelled to productive ventures. Among other things, he urged the students, ‘’put aside a portion of what you earn regularly in a safe place that pays interest. This is known as savings’’.

    He urged them to save their money in banks to enable them secure and earn interest on such cash and reduce the risk of spending, theft.

    Also mentoring the students of Mater Amabilis Secondary School, Umuoji in Anambra State, the Manager Nnewi Old Onitsha Branch of FCMB, Vincent Agbasi, pointed out that, ‘’by being financially literate, students and indeed youths will be able to build their capacity for future business endeavours.

    Commenting on the significance of the bank’s involvement in the annual World Savings Day, the Group Head, Corporate Affairs of FCMB, Diran Olojo, said that it is an extension of the lender’s commitment to drive and deepen prudent and effective management of resources among the populace.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • N30m fraud: Witness absence stalls trial of ex-FCMB manager

    N30m fraud: Witness absence stalls trial of ex-FCMB manager

    The absence of a prosecution witness on Thursday stalled the trial before a Federal High Court Lagos, of a former FCMB branch manager, Rosemary Usifo, charged with N30 million fraud.

    The accused was arraigned by the Special Fraud Unit of the police on a charge of fraud.

    She had pleaded not guilty to the charge and was granted bail in the sum of N10 million, with two sureties in like sum, one of who must be a blood relation with landed properties.

    The accused was, however, remanded at the Kirikiri prisons as she was unable to perfect her bail conditions.

    On Thursday, the trial of the accused could not go on due to the absence of a prosecution witness.

    When the case was called, the prosecutor, Mr Effiong Asuquo, apologised to the court that he could not proceed with trial as his witness was absent.

    He said that he had called the witness to remind him of the day’s proceedings, and to ensure his attendance, but was informed by the witness that he was bed-ridden.

    Asuquo therefore, prayed the court for an adjournment to enable his witness attend court to give evidence.

    The trial judge, Justice Saliu Saidu, consequently, adjourned the case to Dec. 8 for trial.
    In the charge, the accused was said to have committed the offence in 2011.

    The prosecutor alleged that the accused defrauded a bank customer, a retired Deputy Inspector-General of Police, Mr Archibong Nkanga, of N30 million.

    The money was alleged to have been obtained from the fixed deposit account of the customer.

    The offence is said to have contravened the provisions of Sections 1(2) (a), (c), and 3 (1) (2) of the Miscellaneous Offences Act, Cap. M17, Laws of the Federation, 2004.