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Tag: FCMB

  • FCMB rewards promo winners with cash prizes

    FCMB rewards promo winners with cash prizes

    First City Monument Bank (FCMB) is making dreams come true with its Millionaire Promo Season 10. The first draw, held nationwide on January 15, 2025, saw four lucky customers walk away with N1 million each, while 900 others received cash prizes up to N50,000.

    The new millionaires are Issa Aliyu, a farmer from Ilorin, Kwara State; Anthony Ngiah, a businessman from Owerri, Imo State; Aisha Muhammad, an entrepreneur from Kaduna State; and Prosper Chigbu, another businessman from Lagos.

    Aliyu plans to invest his winnings back into his business. “This bank doesn’t just talk about helping people; they do it. Winning this money is a real blessing, and I will use it to grow my farm,” he disclosed with excitement. “It will make a real difference.”

    Ngiah echoed the sentiment: “Winning the Millionaire Promo is amazing. FCMB has been a great bank to me, and I can’t wait to enjoy every other benefit they offer. I’m excited and cannot wait to see the future of my relationship with the bank.”

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    An excited Aisha Muhammad said, “I am thankful to FCMB. To me, it is the number one bank. I encourage the bank to continue improving the lives of its customers.” Chigbu described his win as a special New Year gift: “I am excited to be one of the winners of the FCMB promo. With this, I am hopeful that this year will be prosperous for me, my family, and my business.”

    Divisional Head of Personal Banking at FCMB, Adetunji Lamidi,  spoke on the promo’s importance: “We are excited about the positive impact of Season 10 of the Millionaire Promo and congratulate the 904 winners. Their stories demonstrate how this promo empowers individuals, strengthens our commitment to financial inclusion, and encourages a savings culture. We want everyone to experience this, so we encourage more Nigerians to participate in the promo and explore our other banking solutions designed to help them grow their finances.”

    To qualify, customers must increase their account balance by at least N10,000 and keep it for 30 days to enter the draws. Each additional N10,000 boosts their chances of winning.

    The FCMB Millionaire Promo Season 10 runs until September 2025 and is open to all new and existing savings account holders. Customers whose accounts are inactive or dormant can also participate by reactivating their accounts. The draws will happen nationwide, so everyone has an opportunity to participate and win.

  • FCMB, Proparco boost agri-businesses

    FCMB, Proparco boost agri-businesses

    Proparco and First City Monument Bank (FCMB) have partnered to strengthen access to finance SMEs in Agri business and women-led businesses in Nigeria.

     Proparco has signed three agreements to support FCMB’s strategy to further strengthen its position in the SME market and expand its impact-driven financing activities.

    Proparco has approved a $35 million senior credit line for FCMB, together with two guarantees – ARIZ for €3 million and Euriz for €6 million thanks to the support of the European Union (EFSD program).

    These transactions will enable FCMB to consolidate its medium- and long-term credit activities, specifically targeting SMEs.

    The funding will support FCMB in financing SMEs in high-potential sectors such as agriculture (90 percent) and women-led enterprises (10 per cent), contributing to initiatives like FARM3 and CHOOSE AFRICA.

     Through these new transactions, Proparco enhances its historical partnership with FCMB, supported since 2014.

    The financing contributes to Sustainable Development Goals (SDG) such as SDG 2 (Zero Hunger) by facilitating access to financing for companies contributing to the production of essential food products such as rice and cooking oil, and SDG 8 (Decent Work and Economic Growth). This financing underscores FCMB and Proparco’s commitment to gender equality.

    Read Also: FCMB appoints new Executive Director

    These projects align with Proparco’s 2023–2027 strategy which prioritizes investing in sustainable and resilient economies. This collaboration with a forward-thinking and committed bank like FCMB, allows Proparco to reaffirm its mandate to foster inclusive and impactful economic growth.

    Proparco’s Deputy Chief Executive Officer, Djalal Khimdjee, commented: “This partnership with FCMB demonstrates our commitment to supporting impactful financial institutions in emerging markets. Together with FCMB, we are enabling the growth of SMEs, advancing gender equality, and strengthening food security in Nigeria. This is a vital step in building a sustainable and resilient economy.”

    The Managing Director,FCMB,Yemisi Edun,  said: “Our partnership with Proparco stems from our shared commitment to fostering inclusive and sustainable growth. By supporting SMEs in critical sectors like agriculture and women-led businesses, we are building a stronger and more resilient economy for all Nigerians. This latest support from Proparco will further accelerate our efforts to empower businesses, create jobs, and drive positive change across communities.”

  • FCMB appoints new Executive Director

    FCMB appoints new Executive Director

    First City Monument Bank (FCMB) has appointed Felicia Obozuwa as Executive Director, Corporate Services and Service Management, following approval from the Central Bank of Nigeria (CBN).

    Obozuwa brings nearly three decades of experience and a proven track record of excellence to her new position. 

    The bank said her expertise and leadership will be invaluable assets as it continues to drive strategic growth and innovation.

    She is a seasoned banking professional with deep consumer, corporate, and commercial banking expertise. 

    Read Also: FCMB completes public offer, raises ₦147.5 billion with 33% oversubscription

    “In her current role, she oversees the Bank’s Operations, Service Management, Human Resources, Training, Administration, Property Development, and Project Management.

    “She holds a law degree from Obafemi Awolowo University, Ile-Ife, Nigeria, and an MBA from the University of Exeter in the United Kingdom.

    “We are thrilled to welcome Felicia to our Board. Her passion, expertise, and commitment to excellence make her an ideal fit for this position,” the bank explained in a statement. 

  • FCMB raises N147.5b as offer over subscribed

    FCMB raises N147.5b as offer over subscribed

    The FCMB Group Plc has announced the successful completion of its public offer, following approvals by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

    Ladi Balogun, the group’s Chief Executive, in a notification sent to the Nigerian Exchange Ltd. (NGX), yesterday said the offer was oversubscribed by 33 per cent.

    Balogun stated that the offer attracted 42,800 investors, with 92 per cent subscribing via more convenient digital channels such as the bank’s mobile application and ushering in over 39,000 new investors to the FCMB group.

    He disclosed that the total amount raised and verified by the regulatory authorities was N147.51 billion and N144.56 billion was absorbed.

    According to him, this is done through the issuance of 19.803 billion ordinary shares at N7.30 per share, bringing total post-offer issued shares to 39.605 billion shares.

    Balogun said regulatory approvals had also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary.

    This, he said, raised the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalisation criteria, of the banking subsidiary, First City Monument Bank Ltd., to over N240 billion.

    This amount, Balogun said, exceeded the minimum requirement for a national banking license.

    The group’s boss said subsequent phases two and three of the FCMB group’s capital programme, which are underway, are aimed at ensuring First City Monument Bank meets the minimum capital requirement to retain its international banking license.

    Read Also: FCMB Group shareholders approve N340b capital raise

    Balogun stressed that this was in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.

     “We are grateful to our existing shareholders and new investors for coming out strongly to support this offer.

     “The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership and our people to fulfill our commitments and realise this potential.

     “We also extend our profound appreciation to the CBN, SEC and the NGX for their continued foresight, innovation, guidance and support, which has been instrumental in achieving this significant milestone.

     “This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa.

     “We remain committed to executing the subsequent phases of our capital-raising programme in 2025,” the group chief executive said.

  • FCMB completes public offer, raises ₦147.5 billion with 33% oversubscription

    FCMB completes public offer, raises ₦147.5 billion with 33% oversubscription

    FCMB Group Plc has completed its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

    The offer was oversubscribed by 33%, attracting 42,800 investors with 92% subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the FCMB Group, according to the company’s secretary Oluwafunmilayo Adedibu.

    In a statement, Adedibu explained the total amount raised and verified by the regulatory authorities is ₦147,508,464,568.60 and ₦144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares.

    “Regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary.

    “This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over ₦240 billion, which exceeds the minimum requirement for a national banking license.

    “Subsequent phases (2 & 3) of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets,” she stated.

    Read Also: FCMB Group shareholders approve N340b capital raise

    Commenting on completion of the public offer, the Group Chief Executive, Mr. Ladi Balogun, said: “We are grateful to our existing shareholders and new investors for coming out strongly to support this offer. The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership and our people to fulfill our commitments and realize this potential.

    “We also extend our profound appreciation to the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigerian Exchange Limited (NGX) for their continued foresight, innovation, guidance and support which has been instrumental in achieving this significant milestone. This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa. We remain committed to executing the subsequent phases of our capital-raising program in 2025.”

  • FCMB Group shareholders approve N340bn capital raise

    FCMB Group shareholders approve N340bn capital raise

    The approval, granted during an extraordinary general meeting held in Lagos and virtually, is crucial for its banking subsidiary, First City Monument Bank Limited, to comply with the Central Bank of Nigeria’s international license requirements.

    The approved measures include increasing the authorised additional capital raise from N150 billion to N340 billion, which empowers the Group to explore a diverse mix of financial instruments, such as ordinary and preference shares, convertible and non-convertible securities, bonds, and loans.

    Shareholders also endorsed the divestment of stakes in one or more subsidiaries, with proceeds earmarked for reinvestment in the banking subsidiary, and the acceptance of surplus funds arising from oversubscription of the public offer launched in July 2024, subject to regulatory approvals.

    The meeting also approved an increase in the company’s issued share capital from N19.8 billion divided in 39.6 billion ordinary shares of 50k (Fifty Kobo) each while authorizing the raise of up to $15 million (or its Naira equivalent) via a mandatory convertible loan targeted at select qualified investors.

    Read Also: Agric start-ups share N23m in FCMB’s Hackathon

    “This is a critical milestone,” said Group Chief Executive Ladi Balogun, emphasizing shareholder confidence in FCMB Group’s strategic direction.

    FCMB Group reported a 67% growth in nine-month profit before tax to 91.8 billion naira. An earlier capital raise in September was oversubscribed, showing investor confidence in the company’s growth prospects.

    Shareholders expressed confidence in the company’s trajectory, applauding its ability to generate robust returns and exceed expectations.

  • FCMB Hackathon: Startups work on solutions for livestock mortality, financial inclusion

    FCMB Hackathon: Startups work on solutions for livestock mortality, financial inclusion

    For conceptualising and developing actionable solutions to bridge gaps in Nigeria’s agribusiness ecosystem, winners of this year’s First City Monument Bank (FCMB) Agritech Hackathon and venture-building programme have been rewarded with N23 million.

    The ten finalists in the venture-building program received N16 million at the demo day event held in November, while three agritech startups that topped the hackathon challenge in October received N7 million.

    At the end of the keenly contested three-month competition, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), Agrocist emerged as the winner of the venture-building programme and received N6 million. The agritech startup stood out for developing a solution that uses artificial intelligence to detect livestock diseases and provide veterinary extension services and inputs to farmers to address high animal mortality.

    FarmSlate secured the second prize of N4 million for creating a tool that uses smart contracts, artificial intelligence, the Internet of Things, and geospatial analytics to connect smallholder farmers with financiers. Coconoto focused on creating sustainable value from coconut waste using an environmentally friendly shredding machine, and it emerged as the third-prize winner of N2 million.

    At the same time, PayGo, a solution that allows firms to digitise their sales operations fully, came fourth and received N1 million. The remaining six finalists received N500,000 each. Over 450 teams competed in the 48-hour hackathon and a four-week venture-building exercise. The range of solutions showcased at the FCMB Agritech Hackathon shows the depth of innovation in the agritech sector.

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    Commenting on the 2024 agritech hackathon and venture-building programme, the Divisional Head of Agribusiness and Non-Oil Exports at FCMB, Kudzai Gumunyu, said:

    “Young Nigerians have the talent and drive to revolutionise agriculture. We provided a platform for them to showcase their skills and contribute to a more prosperous future. By championing initiatives that provide farmers and agribusinesses access to funding and resources, we aim to empower them to modernise their operations and achieve prosperity. We urge the winners of this Hackathon to scale their solutions and contribute to the growth of the agricultural sector and the broader Nigerian economy.”

    Stephen Obe of Agrocist expressed gratitude to FCMB, FMO, and Heave Ventures, saying:

    “Agrocist ensures quick, convenient, and affordable veterinary services using digital technology to address poor livestock health care and farm productivity. Winning the FCMB agritech hackathon validates our work. We will use the prize to optimise our technology and supply chain to serve our customers better.”

    In her comment, the Technical Assistance Manager of the Dutch Entrepreneurial Development Bank (FMO), Martine Sanders, said:

    “FMO is pleased with the outcomes of this hackathon and venture-building programme. The young entrepreneurs who presented their investment opportunities at the Demo Day are a testament to the wide range of opportunities Nigeria’s agritech space offers to increase productivity and add value to the agricultural sector, building on local knowledge. From crop disease detection and coconut deshelling to a livestock farmer-veterinary marketplace and microinsurance for animals, these disruptive ideation stage companies supported by FCMB and Heave Ventures demonstrate the immense talent that exists in the local ecosystem and the pivotal role that business development supporting organisations like Heave Ventures play in helping them scale up and bridge the financial gap”.

    Executive Partner at Heave Ventures, Abiodun Lawal, stated:”Supporting valuable businesses that end up having a trans-generational impact and creating reverberating effects on people who will not be able to say thank you in person is the core value that drove us throughout this project. We are proud of our team’s work in supporting these startups and helping them achieve product-market fit. The return on investment for our partners FCMB and FMO will exceed their expectations.

    The FCMB Agritech Hackathon and venture-building programme received over 1,000 applications from Nigeria and other African countries. A panel of judges evaluated the deliverables of over 450 teams, selecting the top 10 winners based on their solutions’ innovativeness, scalability, and potential impact.

  • FCMB Group posts 67% profit before tax

    FCMB Group posts 67% profit before tax

    First City Monument Bank Group (FCMB Group Plc), has announced a 67 per cent growth in Profit Before Tax (PBT) to ₦91.8 billion for the nine months ended September 30, 2024, reflecting robust financial and operational performance across its business divisions.

    The Group recorded a 67.2 per cent increase in gross revenue to ₦587.8 billion, compared to ₦351.5 billion in the same period in 2023. This was driven by an 86.5per cent growth in interest income and a 26.2per cent increase in non-interest income. Net interest income rose by 44.3per cent year-on-year, from ₦120.5 billion to ₦173.8 billion, bolstered by an improvement in the yield on earning assets from 14.9% to 17.4 per cent

    Commenting on the results, Group Chief Executive, FCMB Group, Ladi Balogun, said: “The Group has maintained its double-digit growth trajectory across all four business divisions and expects to sustain this momentum for the rest of the year. As we continue our transformative capital raising programme, we expect the performance to be bolstered through improved interest margins, material balance sheet growth, and consequently improved efficiency ratios. We will also see liquidity and capital adequacy rising sharply. Most importantly, we look forward to accelerating our support for the Nigerian and broader African economies with our purpose-led strategy.”

    Operating expenses increased by 51.7 per cent year-on-year to ₦169.1 billion, impacted by rising personnel, regulatory costs, and inflationary pressures. Despite this, the cost-to-income ratio remained efficient at 55.4 per cent. Additionally, net impairment losses on financial assets declined by 22 per cent to ₦44.4 billion, resulting in a lower cost of risk of 2.7 per cent compared to 3.9per cent in the prior year.

    PBT growth was well-distributed across the Group’s operating divisions. The Nigerian Banking operations accounted for 68per cent of the total PBT, while 32per cent came from other operating companies. Each of the Group’s divisions posted impressive year-on-year earnings growth: Consumer Finance (108.5per cent), Investment Banking (63.3per cent), Banking Group (49.8per cent), and Investment Management (31.4per cent).

    Read Also: FCMB Group Plc reports 67% profit before tax growth to ₦91.8bn 

    The Group’s financial position also strengthened significantly. Total assets grew by 75.9per cent to ₦6.82 trillion, up from ₦3.88 trillion, while loans and advances increased by 58.9per cent to ₦2.53 trillion. Customer deposits rose by 71.1 per cent to ₦4.33 trillion, and assets under management grew by 36per cent to ₦1.30 trillion.

    FCMB Group also reported a 15.2 per cent increase in its customer base to 13.9 million, gaining over 1.3 million new customers. The Group’s agency banking network expanded to over 362,000 agents, adding more than 700,000 customers.

    Despite significant slowdown in debt capital markets due to the high interest rate environment, the Investment Banking Division mobilized ₦876 billion in capital for clients, compared to ₦691 billion in the prior year. The Group also successfully launched and closed the first phase of its capital raising programme. The next phase of the Group’s capital raising programme, for which an Extraordinary General Meeting (EGM) has been convened, will be integral to its aspiration to retain its international banking license in compliance with the CBN’s recapitalization directive.

  • FCMB Group Plc reports 67% profit before tax growth to ₦91.8bn 

    FCMB Group Plc reports 67% profit before tax growth to ₦91.8bn 

    FCMB Group Plc has announced a 67% growth in Profit Before Tax (PBT) to ₦91.8 billion for the nine months ended September 30, 2024, reflecting robust financial and operational performance across its business divisions.

    The Group recorded a 67.2% increase in gross revenue to ₦587.8 billion, compared to ₦351.5 billion in the same period in 2023. This was driven by an 86.5% growth in interest income and a 26.2% increase in non-interest income. Net interest income rose by 44.3% year-on-year, from ₦120.5 billion to ₦173.8 billion, bolstered by an improvement in the yield on earning assets from 14.9% to 17.4%.

    Commenting on the results, Ladi Balogun, Group Chief Executive, FCMB Group, said: “The Group has maintained its double-digit growth trajectory across all four business divisions and expects to sustain this momentum for the rest of the year. As we continue our transformative capital raising programme, we expect the performance to be bolstered through improved interest margins, material balance sheet growth, and consequently improved efficiency ratios. We will also see liquidity and capital adequacy rising sharply. Most importantly, we look forward to accelerating our support for the Nigerian and broader African economies with our purpose-led strategy.”

    Operating expenses increased by 51.7% year-on-year to ₦169.1 billion, impacted by rising personnel, regulatory costs, and inflationary pressures. Despite this, the cost-to-income ratio remained efficient at 55.4%. Additionally, net impairment losses on financial assets declined by 22% to ₦44.4 billion, resulting in a lower cost of risk of 2.7%, compared to 3.9% in the prior year.

    PBT growth was well-distributed across the Group’s operating divisions. The Nigerian Banking operations accounted for 68% of the total PBT, while 32% came from other operating companies. Each of the Group’s divisions posted impressive year-on-year earnings growth: Consumer Finance (108.5%), Investment Banking (63.3%), Banking Group (49.8%), and Investment Management (31.4%).

    Read Also: Auto firm, FCMB partner on vehicle ownership

    The Group’s financial position also strengthened significantly. Total assets grew by 75.9% to ₦6.82 trillion, up from ₦3.88 trillion, while loans and advances increased by 58.9% to ₦2.53 trillion. Customer deposits rose by 71.1% to ₦4.33 trillion, and assets under management grew by 36% to ₦1.30 trillion.

    FCMB Group also reported a 15.2% increase in its customer base to 13.9 million, gaining over 1.3 million new customers. The Group’s agency banking network expanded to over 362,000 agents, adding more than 700,000 customers.

    Despite significant slowdown in debt capital markets due to the high interest rate environment, the Investment Banking Division mobilized ₦876 billion in capital for clients, compared to ₦691 billion in the prior year. The Group also successfully launched and closed the first phase of its capital raising programme. The next phase of the Group’s capital raising programme, for which an Extraordinary General Meeting (EGM) has been convened, will be integral to its aspiration to retain its international banking license in compliance with the CBN’s recapitalization directive.

  • Auto firm, FCMB partner on vehicle ownership

    Auto firm, FCMB partner on vehicle ownership

    CIG Motors is partnering with First City Monument Bank (FCMB) to make vehicle ownership more accessible for individuals and corporate entities through flexible and affordable financing solutions. The partnership enables customers to access FCMB auto loans of up to N70 million, with repayment terms of up to five years, for purchasing brand-new GAC Motor vehicles.

    The auto scheme offers several benefits, including free vehicle registration, a free service package for the first year, a N600,000 fuel voucher, a five-year or 150,000km warranty and complimentary accessories such as fire extinguishers and foot mats.

    Executive Director, CIG Motors, Jubril Arogundade, said CIG Motors is turning possibilities into realities. With this new partnership, we are driving towards a future where more Nigerians can enjoy world-class mobility and meet their aspirations.

    “By combining CIG Motors’ expertise in automotive excellence and FCMB’s robust financial solution, we are fostering economic growth and enabling dreams,” he said.

    During the Memorandum of Understanding (MoU) signing ceremony held in Lagos as part of the CIG Motors Grand Auto Fair, Managing Director, First City Monument Bank, Mrs Yemisi Edun, said the bank’s partnership with CIG Motors provides a unique opportunity for customers to fulfil their dreams of vehicle ownership. “It eases the challenges often associated with acquiring a vehicle, turning this cherished life milestone into a smooth and enjoyable experience,” she said.

    Read Also: FCMB, EStars partner on electronic sports in schools

    Represented by FCMB’s National Head of Sales, Mr Emmanuel Comla, she reaffirmed the bank’s dedication to empowering Nigerians. “As a responsive institution, we ensure our customers, including first-time vehicle buyers, can now own the car of their choice without hassle, thanks to this partnership,” she said.

    The FCMB-CIG Motors auto loan scheme is open to salaried individuals, self-employed Nigerians, and businesses seeking to expand their fleets. It is designed to empower qualified applicants to part-finance vehicle purchases while conveniently spreading repayments.

    With CIG Motors’ leadership in Nigeria’s automobile industry and FCMB’s strength in the financial sector, the partnership is well-positioned to boost vehicle ownership and significantly contribute to the nation’s economic growth.