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Tag: FCMB

  • FCMB to deploy fresh capital for cost efficiency

    FCMB to deploy fresh capital for cost efficiency

    FCMB Group Plc will use the net proceeds from its ongoing offer to enhance its profitability and ensure greater returns to shareholders.

    As part of initiatives to adapt to the challenging interest rate environment, the bank plans to invest in advanced technology aimed at automating operations and improving productivity.

    After successfully raising N144.60 billion, FCMB has embarked on a new public share sale aiming to generate an additional N160 billion.

    This move is intended to fortify its banking subsidiary, First City Monument Bank, and comply with the Central Bank of Nigeria’s new N500 billion minimum capital requirement for international banks.

    Group Chief Executive, FCMB Group, Ladi Balogun, said the bank’s approach includes aggressive cost-cutting measures and a transformative strategy designed to yield sustainable returns beyond 2026.

    He said the bank aims to navigate its cost-to-income ratio down to 50 per cent in the upcoming year and further reduce it to 47 per cent by 2027.

    He said: “The more we use technology, the more productive we are. Technology will make us more efficient. The more efficient we are, the more our customers are satisfied”.

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    Overall, the Bank’s cost to income ratio (CIR) improved to 57 per cent in the first six months of June 2025, from 59.90 per cent as at December 2024.

    The cost income ratio (or efficiency ratio) measures operating costs as a percentage of operating income. Staying mindful of operational efficiency, the goal is to keep the ratio as low as possible without compromising service quality. A notable aspect of FCMB’s strategy is the successful deployment of the newly raised capital, leading to two consecutive quarters of declining cost of funds. As of the second quarter of 2025, the cost of funds decreased to 8.20 percent from 8.60 percent in the previous quarter.

    Moreover, the bank’s low-cost deposit mix improved significantly, rising to 69.30 percent by mid-2025, compared to 58.20 percent a year earlier. The bank has also faced challenges with rising operational costs, which climbed 46.81 percent to N153.20 billion in June 2025, affected by increased personnel and regulatory costs.

    Due to inflationary pressures as well as cost of living crisis, Nigerian banks have increase workers’ salaries. Despite a slight decline in inflation, with the rate dropping to 20.12 percent in August from 21.88 percent in July, many Nigerians continue to grapple with poverty, according to a recent World Bank report.

    In response to a more accommodative monetary policy by the Central Bank of Nigeria, which reduced the benchmark rate by 50 basis points to 27 percent in September, Nigeria banks are exploring innovative ways to boost profitability and deliver returns to their shareholders.

    To deliver easier, faster and more convenient solutions to streamline and make financial transactions very exciting, FCMB has enhanced its new mobile banking app, which is rated as one of the most secure and user-friendly platforms for transactions, by upgraded it with additional cutting-edge capabilities to enhance customer experience. The bank also plans to invest in generative AI to further streamline operations and improve customer satisfaction in an evolving landscape.

  • FCMB launches Mutual Funds Access on Mobile App

    FCMB launches Mutual Funds Access on Mobile App

    First City Monument Bank (FCMB), a subsidiary of FCMB Group Plc, has launched a new feature on its Mobile App that allows customers to open investment accounts and invest directly in mutual funds managed by FCMB Asset Management, the Group’s wealth creation arm.

    This development marks another significant step in FCMB Group’s ongoing digital transformation, a strategy focused on integrating all its business verticals into a single, full-service financial ecosystem that empowers customers to bank, invest, and grow wealth seamlessly.

    With the new in-app investment feature, customers can now access FCMB Asset Management’s range of mutual funds — including the low-risk Legacy Money Market Fund, the growth-oriented Legacy Equity Fund, the predominantly local-currency bond-holding Legacy Debt Fund, and the Legacy USD Bond Fund for dollar-denominated investments. These options cater to different risk appetites and financial goals, from short-term liquidity to long-term capital appreciation or steady income generation.

    Read Also: ‘FCMB’s N160bn capital raise aligns with Nigeria’s economic revival’

    Yemisi Edun, Managing Director, First City Monument Bank, said:

    “What we are building goes beyond digital convenience. It is about creating a connected ecosystem where banking, payments, and investments work together to serve customers’ broader financial needs. By integrating mutual funds into the FCMB Mobile App, we extend that ecosystem, enabling customers to move seamlessly from saving to investing within one trusted platform.”

     Commenting, James Ilori, Chief Executive Officer, FCMB Asset Management Limited, said:

    “Our mission is to democratise access to investment opportunities and make wealth creation simple and inclusive. By bringing mutual funds to the FCMB Mobile App, we enable anyone, anywhere, to start investing confidently and build sustainable financial futures.”

    The integration of mutual fund services into the FCMB Mobile App aligns with FCMB Group’s broader goal of creating a digitally inclusive financial ecosystem that connects banking, investment, and asset management under one trusted platform to drive long-term value for individuals and communities.

    Customers can download or update the FCMB Mobile App from the Google Play Store or Apple App Store today to begin investing.

  • FCMB partners NCDMB, BoI to disburse ₦15bn loan to local contractors in oil & gas sector

    FCMB partners NCDMB, BoI to disburse ₦15bn loan to local contractors in oil & gas sector

    First City Monument Bank (FCMB) has been selected as one of the Participating Financial Institutions (PFIs) for the implementation of the Community Contractors Finance Scheme, an initiative of the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with the Bank of Industry Limited (BoI).

    The scheme is designed to bridge the funding and skills gaps hindering the capacity and growth of local contractors in the oil and gas industry. It offers loans of up to ₦100 million at a favourable interest rate of 8% per annum, enabling contractors to execute impactful projects within their host communities.

    The Community Contractors Finance Scheme is one of five products under the Nigerian Content Intervention Fund, created by the NCDMB to empower local oil and gas contractors, grow the Nigerian oil and gas industry, and increase the sector’s contribution to the national economy. Remodelled in 2025 under the leadership of Engr. Felix Omatsola Ogbe, Executive Secretary of the NCDMB, the scheme reflects his broader goal of deepening the impact of local content implementation at the community level.

    As a participating financial institution, FCMB is responsible for identifying, prequalifying, verifying contract performance, and disbursing loans to qualified indigenous contractors in the communities. The Bank will leverage its industry expertise, efficient credit processes, and strong relationships with International Oil Companies (IOCs) and National Oil Companies (NOCs) to deliver effectively. The loans are supported by innovative financing options such as invoice discounting and local purchase orders, offering flexible tenors ranging from 90 to 365 days to suit the diverse needs of contractors.

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    Managing Director and Chief Executive Officer of FCMB, Yemisi Edun, highlighted the significance of the initiative, describing it as a strategic commitment to unlocking the vast potential of the oil and gas sector.

    “We appreciate the confidence placed in us by the Nigerian Content Development and Monitoring Board, the Bank of Industry, and all stakeholders. The Community Contractors Finance Scheme aligns with our mission to promote inclusive and sustainable growth by fostering a collaborative ecosystem that connects people, capital, and markets. Through this partnership, we expect to see significant benefits for communities, enhanced local content development, empowerment of community-based contractors, job creation, skills acquisition, improved security, and overall sustainable national development,” she stated.

    A hallmark of the Community Contractors Finance Scheme is its accessibility, as it does not require traditional collateral. Instead, repayments are structured through domiciliation of contract proceeds, milestone-based disbursements, and diligent monitoring. This approach ensures that funds are effectively utilised to support critical oil and gas projects while focusing on the contractors’ unique needs.

  • Mateta nets hat-trick for Crystal Palace

    Mateta nets hat-trick for Crystal Palace

    Jean-Philippe Mateta yesterday scored a hat-trick, including a stoppage-time penalty, as Crystal Palace fought back from two goals down to draw with Bournemouth in a six-goal thriller at Selhurst Park.

    In an incredible finish, Mateta completed his treble in the 97th minute after Marc Guehi had been wrestled to the ground by Bournemouth’s Bafode Diakite as a left-wing corner was being taken.

    There was still time for further drama but Mateta, who has now scored seven goals for the Eagles this season, blazed a potentially match-winning chance over the bar in the ninth minute of stoppage time.

    Teenage striker Eli Kroupi, 19, had earlier scored twice on his first Premier League start as Bournemouth were on course for a victory that would have taken them temporarily top of the table.

    Mateta scored twice in a five-minute spell to make it 2-2, before Ryan Christie restored Bournemouth’s lead in the 89th minute, but it was not enough for the victory.

    It continued a great spell in Mateta’s career as he made his France debut on 10 October against Azerbaijan and then scored his first international goal three days later in a 2-2 draw with Iceland.

  • FCMB Group presents facts behind ₦160bn public offer

    FCMB Group presents facts behind ₦160bn public offer

    FCMB Group Plc has presented the Facts Behind the Offer at the Nigerian Exchange (NGX) in Lagos. 

    The session, attended by capital market operators, fund managers, analysts, and other stakeholders, provided insights into the Group’s fundamentals, growth strategy, and rationale for its ongoing public share offer.

    The event followed the Analyst and Investor Session held on Thursday, October 9, 2025 where the Group’s leadership discussed performance trends, strategic direction, and progress in delivering long-term value.

    From left: Doyen of the Nigerian Capital Market, Alhaji Rasheed Yusuf; Head, Primary Market, Nigerian Exchange (NGX) Limited, Mr. Tony Ibeziakor; Chief Executive Officer (CEO), NGX Regulation Limited, Mr. Olufemi Shobanjo; Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Jude Chiemeka; Group Chief Executive, FCMB Group Plc, Mr. Ladi Balogun; Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua; and Executive Director, Coverage & Investment Banking, Mr. Femi Badeji, both of FCMB Group Plc.

    FCMB Group launched a ₦160 billion public share offer on October 2, 2025, to enable First City Monument Bank Limited, which has already secured its national banking licence, to meet the Central Bank of Nigeria’s new ₦500 billion capital requirement for international banks. 

    The offer, comprising 16 billion shares at ₦10 each, will close on November 6, 2025.

    This capital raise follows a ₦147.5 billion share sale in 2024, the first in 16 years, which was oversubscribed by 33% and attracted over 42,800 investors, 92% of whom participated through digital channels. 

    From left: Executive Director/Chief Operating Officer, FCMB Group Plc, Mr. Gbolahan Joshua; Managing Director/Chief Executive Officer, First City Monument Bank, Mrs. Yemisi Edun; Group Chief Executive, FCMB Group Plc, Mr. Ladi Balogun; and Executive Director, Coverage & Investment Banking, FCMB Group Plc, Mr. Femi Badeji.

    Analysts expect this strong investor confidence to continue into the second phase of FCMB’s three-stage recapitalisation plan.

    After the current share offer, the Group plans to conclude the sale of minority stakes in two subsidiaries, with proceeds to be injected into the bank. This will position the Group’s qualifying core capital well above ₦500 billion, effectively completing its recapitalisation programme and securing its international banking licence.

    Cross-section of industry stakeholders at the session.

    Subscriptions can be made through:

    Cross-section of industry stakeholders at the session.
  • FCMB reaffirms commitment to innovation

    FCMB reaffirms commitment to innovation

    First City Monument Bank (FCMB) has reaffirmed its commitment to service excellence and innovation as it joined the global celebration of Customer Service Week 2025, recording strong gains in customer satisfaction and loyalty.

    The week-long event, which runs from October 6 to 10, has “Mission: Possible” as theme and highlights the bank’s resolve to transform everyday challenges into opportunities through creativity, technology, and teamwork.

    Describing the occasion, the bank’s Managing Director, Yemisi Edun said: “At FCMB, every day is an opportunity to provide excellent service. This week, we are proud to celebrate our customers and employees, whose dedication continues to drive our success.”

    Executive Director, Corporate Services & Service Management, Felicia Obozuwa, reiterated the bank’s dedication in creating real value through customer experience and innovation.

    “In a fast-changing world, we are proud to deliver solutions that truly add value. Customer Service Week is another chance to thank our customers for their loyalty and our employees for their dedication,” Obozuwa said.

    As part of the celebrations, FCMB executives, including the Managing Director, took on customer-facing roles across various branches. They engaged directly with clients, listened to their feedback, and presented special gifts to customers. The bank also recognised children with Kiddies’ Accounts and rewarded its top 50 customers for their enduring loyalty and contribution to the bank’s growth.

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    To further appreciate its wider customer base, the bank rewarded more than 100,000 customers who purchased airtime and data through the FCMB Mobile App and 329# USSD code with a 10 percent bonus during a three-day campaign. In addition, select branches were fitted with refreshment booths to make in-branch visits more pleasant and interactive.

    Employees also played a central role in the celebrations. Activities such as peer-to-peer recognition sessions, a Bankers Game Show, and a Theme Song Contest were organised to foster teamwork, celebrate excellence, and strengthen internal culture. The week’s events will culminate in a hybrid staff gathering, connecting employees physically and virtually across the country.

    In line with this commitment, FCMB reported significant improvements in its Net Promoter Score (NPS) — a key measure of customer satisfaction and loyalty. The bank’s NPS, the management noted, rose to 74 per cent as of August 2025, surpassing the industry average, while its digital banking NPS also improved from 71 per cent to 75 per cent, reflecting stronger customer confidence in its digital platforms.

    Now in its 41st year globally, Customer Service Week celebrates the role of service excellence in driving sustainable business growth. For FCMB, the event underscores its ongoing strategy to blend innovation, empathy, and digital transformation to strengthen relationships with customers, enhance satisfaction, and sustain business performance.

  • FCMB to strengthen subsidiaries with N160b public offer

    FCMB to strengthen subsidiaries with N160b public offer

    FCMB Group Plc has launched a N160 billion public share to strengthen its banking subsidiary and meet Central Bank of Nigeria’s N500 billion minimum capital for international banks.

    The offering of 16 billion shares at N10 each runs until November 6. Proceeds will be used to recapitalise FCMB Limited and help the lender retain its international licence.

    The raise follows a N147.5 billion share sale in 2024, the first in 16 years. This 2024 share sale was oversubscribed by 33 per cent, with 42,800 investors participating, 92 per cent through digital channels. Analysts expect momentum to carry into this second phase of it’s recapitalisation plan.

    Read Also: ‘Nigeria holds high incentives for investors’

    FCMB has posted robust growth, with group profit before tax rising at 72 per cent compound annual rate between 2022 and 2025. Non-bank subsidiaries delivered 61 per cent PBT CAGR, led by Credit Direct Finance Company Limited, non-bank lender, and FCMB Capital Markets, which topped the FMDQ fixed income league table for bond listing and commercial papers in the first half of 2025.

    Groupwide digital initiatives continue to underpin growth, with digital revenue growing at more than 58 per cent annually since 2022, accounting for 13.9 per cent of gross earnings. As of June, digital lending stood at nine per cent of the loan book.

    At a 2025 estimated price-to-book ratio below 0.6x, FCMB stock trades at what analysts describe as a rare mix of deep value and high growth.

    Following the completion of this share sale, the group plans to conclude the sale of minority stakes in two subsidiaries, with proceeds also injected into the bank. This will lift qualifying core capital beyond N500 billion and close its recapitalisation programme.

  • FCMB okays N1b interest-free loan for women SMEs

    FCMB okays N1b interest-free loan for women SMEs

    First City Monument Bank (FCMB) has expanded the pool of interest-free loans available to women-owned and women-led Small and Medium-Scale Enterprises (WSMEs) under its flagship SheVentures initiative from N200 million to N1 billion.

    The facility, the bank said, will allow women entrepreneurs across various sectors to access loans of up to N10 million, alongside business training and structured mentorship designed to boost capacity and resilience.

    FCMB Managing Director, Yemisi Edun, said the initiative reflects the bank’s commitment to empowering women and driving inclusive economic growth.

    She said: “Women are at the forefront of enterprise in Nigeria, shaping industries and creating jobs. They often lack affordable access to finance and the structured support to grow. By expanding the SheVentures loan pool from N200 million to N1 billion, we are scaling a model that combines zero-interest finance with training and mentorship. This is how we move from individual success stories to broader economic transformation. We are committed to building platforms that enable women-owned businesses to thrive and strengthen Nigeria’s growth story.”

    Divisional Head of SME Banking at FCMB, George Ogbonnaya, emphasised the impact of the programme so far.

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    “SheVentures has shown that when women entrepreneurs are given the right tools, finance, skills, and networks, they build resilient businesses. More than 300 women have already benefited, and their progress confirms that targeted interventions work. With this N1 billion commitment, we are moving to the next phase: widening access and deepening impact,” he stated.

    Providing further details, Group Head of SheVentures, Nnenna Jacob-Ogogo, explained that women entrepreneurs can now access tailored facilities under the scheme.

    “Through SheVentures, women entrepreneurs in diverse sectors can access interest-free loans of up to N5 million for four months with a one-month moratorium, and up to N10 million for six months with a one-month moratorium. Beneficiaries will also participate in business management training and structured mentorship, providing financial and non-financial support for business growth,” she said.

    Launched in 2019, SheVentures has combined zero-interest loans with capacity-building support to women-owned SMEs across the country. By combining finance, training, and mentorship, the initiative, the bank noted, enables women entrepreneurs to strengthen their enterprises and contribute to economic growth.

    With this expanded N1 billion commitment, FCMB said it is reinforcing its role in advancing inclusive participation and creating opportunities for women entrepreneurs to thrive.

  • Four new millionaires emerge in season 10 of FCMB Millionaire promo

    Four new millionaires emerge in season 10 of FCMB Millionaire promo

    A mechanic in Lagos, a computer technician in Osun, a retired civil servant in Abuja, and a wood merchant in Imo are the latest everyday Nigerians to become millionaires through First City Monument Bank‘s (FCMB) ongoing Millionaire Promo Season 10.

    Yusuf Abdulrasak, an automobile mechanic; Taiwo Adeagbo, a computer technician; Victor Ifeachor, a retired civil servant; and Kingsley Nnadi, a wood merchant, each received ₦1 million at the sixth draw of the promo, held nationwide on August 13, 2025. The promo rewarded an additional 1,000 customers who received up to ₦50,000 in cash prizes.

    For Taiwo, the prize is an opportunity to grow his business and empower others.

    “With the ₦1 million, I hope to expand my computer repair services and offer training to young people interested in technology. This will sustain my business and empower the youth in my community,” he said.

    Yusuf, the Lagos mechanic, sees it as a turning point:

    “This ₦1 million is a blessing and a stepping stone. I look forward to upgrading my workshop and acquiring new tools to serve my customers better,” he explained.

    Kingsley called his ₦1 millionprize “a dream come true”, adding that the money will help him stock more wood and expand his reach.

    Victor, the retired civil servant, described it as “timely relief during challenging times” and urged more Nigerians to bank with FCMB.

    Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, said:

    “The Millionaire Promo is about people. It is about supporting our customers’ dreams, helping them grow their businesses, and creating opportunities to thrive. Seeing loyal customers like Yusuf, Taiwo, Kingsley, and Victor plan to use their prizes to expand their businesses and improve their lives reflects the true purpose of this promo.”

    The FCMB Millionaire Promo Season 10, which runs until September 2025, is open to new and existing savings account holders. Dormant accounts can also be reactivated for participation. Customers qualify by increasing their savings balance by at least ₦10,000 and maintaining it for 30 days. Every additional ₦10,000 increases their chances of becoming millionaires or receiving cash prizes in the monthly draws.

    Since the promo kicked off in December 2024, 16 customers have become millionaires, while thousands of others have received different cash rewards. The grand finale draw holds in October.

  • FCMB Asset Management, firm unveil Series 2 debt fund

    FCMB Asset Management, firm unveil Series 2 debt fund

    FCMB Asset Management and TLG Capital have announced Series 2 debt fund following deployment of oversubscribed FCMB–TLG Private Debt Fund Series 1.

    In a statement, the institutions said the raise and deployment underscore the demand for private debt as a scalable, risk-managed source of capital for Nigeria’s economy.

    The transactions are backed by 16 investors, including leading Pension Fund Administrators with financing provided to five Nigerian companies.

    Chief Executive of FCMB Asset Management, James Ilori, said: “Providing alternative access to suitable capital by mid-sized companies in sectors that align with United Nations SDGs and delivering competitive risk-adjusted return on investment to investors are key objectives of FCMB-TLG Private Debt Fund”.

    The Fund met these objectives under Series 1, contributing to Nigeria’s economic growth and development. This aligns with FCMB’s broader purpose: To foster inclusive and sustainable growth. We are committed to working with our partners and regulators to deliver value to our stakeholders, as we prepare to launch Series 2 of the Fund”.

    Co‑Founder of TLG Capital, Isha Doshi, said: “We’re seeing stronger private credit opportunities in Nigeria… Through Series 1, we have proved that the asset class is investable at scale so local institutions can participate with confidence. Our partnership with FCMB Asset Management brings together their fiduciary strength with our Africa Private Credit expertise”.

    “This partnership is turbocharged by UK Manufacturing Africa programme and McKinsey, which provide hands-on value creation for our portfolio companies. Through capital investment and capacity building, we help businesses here grow, and create jobs while delivering strong returns…’’

    For institutions with Naira liabilities, this is the best way to invest”. 

    The statement explained that proceeds targeted essential sectors with clear economic and social multipliers such as agriculture where there will be financing for one of Nigeria’s largest cocoa exporters, to expand its exports.

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    In healthcare, there will be support for one of Nigeria’s largest producers of medical consumables (including syringes and facemasks) to bolster local health security.

    In clean energy, there will be working‑capital support to a well-established solar home & office systems provider to extend energy access and reduce diesel reliance.

    IT/Technology will grant debt to one of Africa’s fastest‑growing tech companies revolutionising distributive trade, helping formalise supply chains and SME access to inventory.

    In response to investor demand and a strong pipeline, FCMBAM and TLG Capital are set to launch Series 2 of the FCMB–TLG Private Debt Fund.

    The Series 2 will continue to provide senior secured financing to resilient mid‑market businesses in essential sectors, maintaining the Fund’s disciplined underwriting, covenant protection, and measurable impact framework. Further details will be announced subject to applicable regulatory approval from the Securities and Exchange Commission, Nigeria.

    The Fund targets competitive risk‑adjusted returns alongside tangible development outcomes, focusing on key sectors such as Healthcare, Education, Transport and Logistics, and Clean Energy.