The Nation Newspaper

Tag: FCMB

  • FCMB’s millionaire promo excites customers

    FCMB’s millionaire promo excites customers

    Customers have commended First City Monument Bank (FCMB) Limited for initiating and supporting activities designed to empower the society.  Winners of N5 million and N1million, respectively, at the grand finale of the Lagos & Southwest Regional draw of the FCMB Millionaire Promo held on August 19 across the country, Nkem Egwuonwu and Mrs. Philomena Ewohimen, commended the lender for its kind gesture.

    Speaking yesterday during the cheques presentation ceremony in Lagos, Egwuonwu described the bank as a true partner in progress. According to him, ‘’one of the hallmarks of any responsible corporate organisation is the ability to maximise the wealth of its customers. FCMB has continued to show over the years that it is committed to help customers grow’’, adding that, ‘’I am proud to identify with the bank’’.

    ‘’FCMB Millionaire Promo will go a long way to turn around the fortunes of many people. I therefore urge existing and incoming customers to fully participate in it,’’ he said.

    Mrs. Ewohimen, who won N1million, said: ‘’Today is one of the happiest moments in my life. FCMB has made me proud. This money will help me a lot to further develop myself.

    ‘’Since I opened an account with FCMB, I have not had any cause to regret and I believe that I will continue to grow with the Bank, because it has proved that it stands for the progress of the people.’’

    Deputy Director, Consumer Protection Council (CPC), Mr. Joshua Nggada, hailed the lender for conducting the promo and the draws ‘’with integrity and transparency’’.

    He said: ‘’FCMB followed due process from the beginning of the promo till the emergence of the various winners.

  • FCMB launches ‘Quick Recharge’ for airtime purchase

    FCMB launches ‘Quick Recharge’ for airtime purchase

    First City Monument Bank (FCMB) Limited has unveiled a self-service, Quick Recharge, which allows its customers to top-up their mobile phones on any Global System for Mobile (GSM) networks.

    The service enables customers to recharge their GSM phones directly from their FCMB account by simply dialling a dedicated code and within seconds the customer’s phone is credited with the value of airtime purchased. This eliminates the delays and other challenges that could come with buying and use of physical recharge cards or PINS.

    In a statement, the bank explained that the Quick Recharge service can work on all mobile devices, including low end phones, smart phones and tablets. There is also no need for its customers to register on the platform as they all have been pre-registered to enjoy the service. The bank pointed out that the benefits of the service includes, instant top-up anywhere and anytime in the country and it is available on the existing GSM networks (MTN,Airtel,Glo and Etisalat) in the country.

     

  • Court reorders police to produce robbery suspect

    Court reorders police to produce robbery suspect

    A Lagos High Court sitting in Ikeja on Monday, for the second time, ordered the state’s Commissioner of Police (Officer –in-Charge, State Anti-Robbery Squad), Superintendent of Police  (SP) Abba Kyari  to produce in court an armed robbery suspect,  Ebi Tosan, 20, on August 20, 2015.

    The new order followed the failure of the Police to present the suspect in court Monday as ordered by the court at its last sitting.

    Tosan was arrested by the police on April 5, 2015 over alleged involvement in the robbery of First City Monument Bank (FCMB) at Admiralty Way, Lekki.

    The applicant, Tosan was paraded alongside other robbery suspects before the press in May 2015 as one of the robbery gang that allegedly robbed the Lekki branch of FCMB.

    Tosan had  through his counsel, Chief S.W. Baidi, filed an application before the court presided by Justice Olabisi Ogungbesan for bail, claiming N1 million against the respondents for infringement and curtailment of his constitutional right to personal liberty, freedom of movement and presumption of innocence.

    However, the trial judge, Justice  Ogungbesan, on Monday, refused to hear the application since there was no information from the Attorney General, who was later joined in the suit, as to the whereabouts of the applicant.

    Justice Ogungbesan said: “It will be fair if the Attorney General is brought to court, they will be able to tell us where the boy is. It is an allegation and I want to hear from the Commissioner of Police. This is a weighty allegation and an allegation of robbery. I believe if you bring the Attorney General to court, you will have half of the problem solved.

    “I shall hereby adjourn to August 20 for hearing of the Applicant’s application. It is further ordered that the 1st and 2nd respondent produce the applicant on the adjourned date.”

    Counsel to the applicant, Chief Baidi had told the court that the 20-year-old boy was going to school when he was picked up by SARS that he participated in the Lekki robbery and had remained in the Police custody  since April 4, 2015.

    “We have not seen this boy till date. We have served all the orders of court to police and they have not come to court. Infact, the Investigation Police Officer (IPO) told the boy’s father that since they have met a lawyer, then let the lawyer show them where their son is,” he said.

    Baidi explained to the court that the urgency of the matter has to do with life of a citizen, saying “who knows if he can be the President of this country tomorrow, if alive. This boy can be dispensed with overnight. We have problem serving the police.”

    Baidi told the court that it has been difficult seeing the suspect since he was arrested adding that they are now very  apprehensive as to the state and well-being of his client having regard to reported cases of extra judicial killings in Nigeria.

    “I believe that it is a deliberate act by the respondents to keep the applicant in continued detention in order to extract a confessional statement from him on the alleged offence,” Baidi added.

    [news_box style=”2″ display=”tag” link_target=”_blank” tag=”Lekki” count=”4″ show_more=”on” show_more_type=”link” header_background=”#000000″ header_text_color=”#f4f4f4″]

  • FCMB launches ‘Quick Recharge’ for airtime purchase

    FCMB launches ‘Quick Recharge’ for airtime purchase

    First City Monument Bank (FCMB) Limited has unveiled a self-service, known as Quick Recharge, which allows all its customers to top-up their mobile phones instantly on any of the Global System for Mobile (GSM) networks.

    The service enables customers to recharge their GSM phones directly from their FCMB account by simply dialling a dedicated code and within seconds the customer’s phone is credited with the value of airtime purchased. This eliminates the delays and other challenges that could come with buying and use of physical recharge cards or PINS.

    In a statement, the bank explained that the Quick Recharge service can work on all mobile devices, including low end phones, smart phones and tablets. There is also no need for its customers to register on the platform as they all have been pre-registered to enjoy the service. The bank pointed out that the benefits of the service includes, instant top-up anywhere and anytime in the country and it is available on the existing GSM networks (MTN, Airtel, Glo and Etisalat) in the country.

  • FCMB Group: Rewarding investors, sustaining quality services

    FCMB Group: Rewarding investors, sustaining quality services

    For the First City Monument Bank (FCMB) Group Plc, banking is all about service and meeting customers at the point of their needs.

    So, when the bank posted an increased revenue earning of 11 per cent or N77.4 billion in the first six months of the year with a pre-tax profit of N9.6 billion, many saw the performance as a bountiful reward for hard work.

    The period also saw an increased business momentum, with total assets growing 15 percent year-on-year to N1.22 trillion and up five percent Year-to- Date (YTD).

    Equally, customers’ confidence in the lender remained strong, as deposits grew by four percent during the period to N785.8 billion, just as its diversification across commercial investment banking and wealth management, provided a cushion as earnings from non-banking activities proved more resilient.

    FCMB Limited, the commercial and retail banking subsidiary of  the grou has continued to validate its increased drive into retail, contributing 21 per cent (N1.7 billion) of FCMB Limited’s Profit Before Tax. The retail group also grew deposits by 21 percent year-on-year to N431.2 billion, or 54 per cent of total deposits.

    The bank continued its drive of inclusive lending, granting over 9,100 new loans to micro-enterprises, even as its credit card offering saw increased patronage, with over 17,000 cards issued in the first half of this year.

    Corporate banking was, however, constrained by scarcity of foreign exchange and tight monetary policy, which affected trade finance, foreign exchange trading and lending. In the first half of the year, the bank’s UK wholesale banking subsidiary, FCMB Bank (UK) Limited, broke even after 14 months of taking off as a deposit-taking institution.

    The investment banking group of FCMB Group Plc – comprising  financial advisory (FCMB Capital Markets Limited (FCMB-CM)) and stockbroking (CSL Stockbrokers Limited (CSLS)) – delivered a six percent increase in Profit After Tax (PAT) of N414 million, driven by financial advisory, equity capital raising and asset management fees.

    The Managing Director of FCMB Group Plc, Peter Obaseki, acknowledged that, ‘’the economy has entered a higher risk level with inflation climbing to 9.2 percent, fiscal and trade deficits. Declining GDP growth rate below four percent as at Q1 2015 from 5.94 percent as at Q4 2014; broad money supply (MM2) contracted by N380 billion in June, from N19.19 trillion in May, to N18.81 trillion. The group results for H1 2015 reflects a deliberate conservative stance aimed at maintaining robust capital buffers in the face of a tough macro-economic and regulatory environment.

    Group Managing Director/ CEO of FCMB Limited, Ladi Balogun, said the “First half 2015 was characterised by significant macro-economic and policy headwinds.”

    Balogun stressed that limited supply of foreign exchange had a major impact on the commercial & retail banking group’s (CRBG) trade finance and foreign exchange trading income.

    According to him, “the harmonisation of the cash reserve requirement to 31 percent led to a significant rise in our restricted reserves and consequently constrained lending and put pressure on net interest margins.  Asset quality was adversely affected by the effect of declining government revenue on contractors and employees, which saw our NPL ratio climb to 5.2 percent compared to 3.6 percent at the end of FY14.  In spite of the inflationary pressures , operating expenses saw a modest rise of five percent in the CRBG, thanks to our ongoing channel optimisation programme’’.

     

    Reward for

    shareholders

    Shareholders of FCMB Group Plc  approved the payment of a  dividend of 25 kobo per ordinary share, for the year ended December 31, 2014. The approval came at the Second Annual General Meeting (AGM) of FCMB Group.

    On the development and the financial statements of the Group, the Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, praised the Board and Management of FCMB Group Plc for the performance and dividend payment, despite the challenging operating environment for banks in last year.

    He added: ‘’The increase in the Group’s profit from N16billion in 2013 to N22billion in 2014 is commendable. It is a clear signal that things are looking up. We are also happy that FCMB has emerged as a strong player in retail banking and from what we have seen so far, we are optimistic that the bank will continue to wax stronger’’.

    National Chairman, Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, said: ‘’The result is very wonderful, despite the very harsh economic environment. The FCMB has been able to give us a wonderful result. We are very satisfied. The 25k dividend is very encouraging. Profit after tax has gone up, total assets has increased. We are very impressed with the result. I congratulate the executive management of the bank on a job well done.’’

    On the identity of the bank,Mukhtar described the move as welcome and that it would help the bank become more visible and connect with customers better.

    Chairman, FCMB Group, Dr. Jonathan Long, said the Group, which comprises First City Monument Bank Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited, ‘’has achieved a strong and sustained growth over the past three years’’, adding that during the past year, the Group continued the profitable development of its core banking, capital markets and stock-broking businesses’’.

    Long assured that with the implementation of the Group’s supervisory structure, ‘’we are confident that this will help us to consolidate the gains made over the past years and face the economic challenges which we are confronted in 2015’’.

     

    Bond issuance

    FCMB Limited has listed its N26 billion Series 1, 7-Year 14.25 per cent Fixed Rate Unsecured Bond on the Financial Market Dealers Quotations (FMDQ) Over-the-Counter (OTC) Plc platform its platform. The bond, which is due in the year 2021, is under a N100 billion debt issuance programme. FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is the issuing house and sponsor of the bond.

    The bank informed that proceeds of the bond will be used in strengthening its capital base, enhancing its capital adequacy ratio, expanding its distribution channels and infrastructure as well as growing its risk assets with a view to enhancing income.

    Speaking during the listing, the Group Managing Director/Chief Executive of FCMB Limited, Mr. Ladi Balogun, said: ‘’The significance of listing the FCMB bond on the FMDQ platform is hinged on the availability of a readily accessible liquid market to the bondholders, where the value of their investments can easily be determined and monitored on a daily basis. It also provides a platform to realise their investment when necessary’’.

    He added: ‘’The bond provides a long term capital that will help us to reinforce our commitment to our customers.’’

    Balogun praised FMDQ’s efforts towards creating more depth in the debt market, while applauding the platform’s seamless processes and its drive to achieve market transparency by deploying technology driven initiatives.

     

    Reward for excellence

    The various valued added initiatives being driven by FCMB Limited at enhancing its operations and customer experience have continued to receive positive affirmation. This follows the rating of the Bank by KPMG, a leading international consulting firm, as the fourth most customer-focused bank in Small and Medium Enterprises (SMEs) with a score of 74.94 percent and fifth in retail banking with 73.16 per cent by bank customers surveyed nationwide.

    This performance, which is coming barely four years after the bank transformed to become a retail and commercial banking-led lender, is an improvement when compared to 2014 where the bank occupied the eighth and seventh position in the SMEs segment and retail banking space.

    The rating, as contained in the 2015 report of the KPMG Banking Industry Customer Satisfaction Survey (BICSS), was on the basis of Customer Satisfaction Index (CSI), which took into account convenience, product/service offering,  and value for money and customer care.

    The KPMG BICSS survey was launched in 2007 to heighten the consciousness of service delivery among banks. The survey has evolved over the years and in the year, it covered over 23,000 retail customers, 2,800 SMEs and 400 corporate/commercial organisations across the country.

  • FCMB relocates Alaba International Market branch

    First City Monument Bank (FCMB) Limited has relocated its Alaba 2 branch within Alaba International Market in Lagos, assuring its customers on its commitment to quality services delivering.

    The new branch, which offers full banking, operates from S Line, Old Garage, Alaba Electrical Section, Alaba International Market, Lagos. The move, is part of the bank’s strategy to streamline its operations and enhance service delivery.

    The branch at the Electrical Section of the renowned Alaba International Market is equipped with experienced financial experts, unique physical and technological infrastructure that ensures convenient banking and sundry financial services to enable customers experience comfort and relaxation while conducting business at the bank.

    In a statement, the bank explained that the relocation of the Alaba 2 branch to a more strategic location brings its services closer to the mainstream, especially those who transact business or reside in the area and its environs.

    The Group Head, Branch Services and Channels Management of FCMB, Mr. Oluwakayode Adigun, said: ‘’This is part of our commitment to serve more Nigerians by getting closer to our customers and all segments of the society. We are focused on bridging the service gap. We are demonstrating our drive in the provision of simple, reliable and helpful banking services as an inclusive lender.’’

    Adigun assured that the lender will continue to raise the bar in the manner and environment that customers are serviced to meet their lifestyles.

    He added that the bank will sustain its ongoing expansion and service delivery initiatives across all touch points.

    Earlier last month, the bank opened an ultra-modern and full service branch in Lagos, which is located at Plot 123, Amuwo Odofin Link Road by Amuwo Odofin residential scheme.

     

  • MRS not owing FCMB N6.2b, says management

    MRS not owing FCMB N6.2b, says management

    The management of MRS OIl and Gas Company Limited yesterday denied owing First City Monument Bank (FCMB) N6.2billion.

    The oil company was reacting to a report (not in The Nation) titled: “Major oil firm, MRS owes FCMB N6.2b”.

    In a statement, MRS said: The attention of MRS OIL & GAS COMPANY LIMITED hereafter referred to as (“MRS” or “ the Company”) was drawn to the above captioned and we wish to categorically state as follows:

    “MRS reaffirms that the Company does not owe FCMB the amount claimed in the publication, this is evidenced by the report of our forensic auditors MCL Solutions Ltd. MRS, it’s forensic auditors and lawyers have has made various attempts to reconcile this account with FCMB unsuccessfully. This led to our forensic auditors having to report the matter to CBN forintervention, as can be seen from attached correspondences.

    “MRS is aware that FCMB has embarked on a smear campaign to tarnish the image of the Company and its directors judging by the antecedent and recorded actions against the Company; one of which was the case filed against MRS at the High Court of Lagos State, whichwas later struck out by the court.

    “It will appear that this fraudulent manner of extorting monies from clients through overcharge is fast becoming the modus operandi of FCMB. It will be recalled that an online report was recently circulated where FCMB had overcharged a client by 1bn Naira, as reported in the case of Zumaxvs FCMB.

    “The incompetence of the FCMB team, is further demonstrated where names of people who are not and have never been directors of the MRS are mentioned in the referred publication. For the avoidance of doubt, Messrs Patrice Alberti, Andrew Gbodume and Paul Bissohong are not directors of MRS.

    “We therefore wish to assure our customers and business associates that we are NOT indebted to FCMB as claimed and published.

    “Our lawyers have been instructed to take appropriate remedial actions.

    “The company wishes to assure the general public that MRS Oil & Gas Company Limited will continue to transact its business with the highest ethical standards and in accordance with the extant laws of the Country’’.

  • FCMB is fourth ‘most customer-focused bank’

    KPMG, an international consulting firm, has named First City Monument Bank (FCMB) Limited as the fourth most customer-focused bank in Small and Medium Enterprises (SMEs).

    The report on the ranking showed the bank got the recognition after scoring 74.94 percent. It also came fifth in retail banking with 73.16 percent based on comments by customers surveyed by KPMG.

    This performance, which is coming barely four years after the Bank transformed to become a retail and commercial banking-led lender, is an improvement when compared to 2014 when it occupied the eight and seventh positions in the SMEs segment and retail banking space.

    The rating,  in this year’s report of the KPMG Banking Industry Customer Satisfaction Survey (BICSS), was on the basis of Customer Satisfaction Index (CSI), which took into account convenience, product/service offering, excellence, and value for money and customer care. The KPMG BICSS survey was launched in 2007 to heighten the consciousness of service delivery among Nigerian Banks.  The survey has evolved over the years and in 2015, the scope covered over 23,000 retail customers, 2,800 SMEs and 400 corporate/commercial organisations.

    The research highlighted quality of service experience as a major reason customers maintain or switch banking relationships, followed by financial stability before image and reputation. It was also stated that banks that customers perceive as offering high quality online and mobile capabilities recorded high overall customer satisfaction scores. These are factors that contributed to the leap in rating by FCMB.

    The Group Managing Director/Chief Executive, Mr. Ladi Balogun, said: ‘’this is a welcome development’’, adding that, ‘’it shows that we are on the right path towards achieving our goal of attaining the highest levels of customer advocacy in the industry.’’

    He further stated that the upward rating of the Bank, ‘’is a demonstration that the various initiatives we are driving in the areas of service, products offering and operations to enhance customer experience are yielding the desired results and our customers appreciate them’’.

  • FCMB, Union Bank, others offer $445m loan to Accugas

    First City Monument Bank Plc, (FCMB), Union Bank of Nigeria Plc, Ecobank Nigeria have granted $445 million Senior Debt Facility to Accugas Limited.

    Other banks in the deal are Firstbank of Nigeria Limited, Ecobank Nigeria and United Bank for Africa Plc.

    FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, facilitated the successful closure of the deal.

    Accugas is the indirect wholly-owned subsidiary of Seven Energy International Limited, an independent Nigerian integrated oil and gas exploration, development, production and gas distribution company.

    The agreement signing ceremony of the facility, which was provided by a syndicate of banks, was held yesterday in Lagos.

    Accugas Limited said it will use the funds to refinance its existing facilities and to support additional medium-term capital requirements. This will enable the company achieve its objective of satisfying the growing energy demands from power plants and industrial users in Nigeria.

    FCMB Capital Market played the role of Joint Structuring Bank, Joint Mandated Lead Arranger and Technical Bank in the transaction. In its role as Joint Mandated Lead Arranger, it contributed significantly in the arranging the Facility.

    FCMB Capital Market has also demonstrated its ability to allocate the technical risks associated with complex projects of this nature having performed the same role on a number of transactions. This included the $225 million Accugas II transaction secured in 2013 for the construction of the company’s Central Processing Facility (CPF) and second gas pipeline project from Uquo to Oron in Akwa Ibom state to supply gas to the Niger Delta Independent Power Plant at Calabar, Cross River state.

    In its capacity as the Technical Bank for the $445 million facility, FCMB Capital Market worked with the lenders and their Technical Adviser to ensure that Accugas satisfactorily addressed all technical milestones, including surface and sub-surface related issues.

    Speaking after the agreement signing ceremony, the Executive Director of FCMB Capital Markets, Mr. Tolu Osinibi, expressed excitement on the successful closure of the deal and also commended Seven Energy for its ongoing and significant contributions to the development of Nigeria’s energy sector.

    According to him, “aside from playing its part in ensuring the successful completion of the transaction, FCMB Capital Markets will continue to take seriously its commitments and responsibility as the Technical Bank”. Mr. Osinibi added that “this role remains important towards ensuring that Accugas continues to realise its expansion plans, by adequately monitoring the various complex issues associated with the projects, on behalf of the syndicate of lenders”.

    The Chief Executive Officer of Seven Energy, Mr. Philip Ihenacho, thanked the team for the laudable work done to bring the capital raising exercise to a close, adding that “the project financing deal is a milestone in the history of our company, especially as it demonstrates Banks’ confidence in the gas sector’’.

    According to him, “for Nigeria to be able to develop domestic gas infrastructure to solve the problem of power sector in particular, we need to begin to mobilise capital to projects like this. We now have almost 300km of gas pipelines. Our company has a gas producing plant that is one of the largest in sub-sahara Africa with focus on domestic supply of gas.  We currently supply gas to some power plants. The backing of the banks has made this possible and we are very happy about this development”.

    Mr. Iheanacho identified inability to move the product to end users as the main challenges of gas exploration in the country. ‘’There is a lot of discovered gas in Nigeria. The challenge is actually in terms of getting the gas to customers because unlike oil, where you can truck it or move easily, gas, can only be transported through pipelines or by liquefaction compressors’’.

    Analysts are of the opinion that the various projects being executed by Accugas are important developments towards monetising gas, bridging the supply deficit and stimulating further investment in Nigeria’s gas infrastructure.

  • FCMB deepens brand with new campaign

    First City Monument Bank (FCMB) Limited has continued to transform and position itself as a leading retail bank in Nigeria with the launch of a new thematic campaign tagged, “A World of Opportunity”. This follows the recent unveiling of the bank’s refreshed corporate identity, which has led to a replacement of its former colours of black and gold with a vibrant combination of purple and yellow that speaks to a wider audience.

    The thematic campaign, tied to the refreshed corporate identity of the bank, tells compelling stories of life and business aspirations of diverse Nigerians and how FCMB supports them to bring such dreams and aspirations to reality. The campaign tells the story of the very diverse base of the customers that FCMB serves.

    The campaign comes in two television and two radio commercial versions conveying FCMB’s delivery of great customer experience and service on its channels and electronic banking platform and how it enables its customers through those services to fulfil their life aspirations. It also showcases the new warm, friendly, approachable and energetic brand identity of FCMB and its values as a simple, reliable and helpful bank.

    Speaking on the thematic campaign, the Divisional Head, Retail Banking of FCMB, Mr. Olu Akanmu, said that, “The new FCMB brand thematic campaign tells the story of the diverse base of the customers that we serve at FCMB. It does not matter where you are, we support you to fulfill your life and business aspirations at FCMB. Our convenient electronic banking platforms and best-in-class relationship management deliver great experience to our customers as we support them to achieve their great dreams for themselves , their families and their businesses”.