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Tag: FCMB

  • FCMB, Rotary Club offer micro credit to widows

    FCMB, Rotary Club offer micro credit to widows

    First City Monument Bank (FCMB) has announced its support for a service project by the Rotary Club of Lagos, District 9112, to empower over 200 widows through micro-credit and skills acquisition. This initiative underscores FCMB’s commitment to promoting women’s empowerment and financial inclusion.

    The announcement was made during the installation ceremony of Adetunji Lamidi as the 64th president of the Rotary Club of Lagos. The event, held recently in Lagos, highlighted the club’s ongoing efforts to expand its community impact.

     “Our goals for the year are audacious, yet achievable,” said Lamidi. “We plan to commission a secondary school in Iboku Aro village, support over 200 children, empower 200 widows, and donate five incubators to general hospitals in Lagos. We’ve already donated infant incubators to Island Maternity as our first project for the year.”

    Read Also: FCMB, Tulsi Chanrai Foundation Mark 15 years of restoring sight to 400,000 Nigerians

    In her remarks, FCMB Managing Director, Oluyemisi Edun, emphasised the bank’s support for the Rotary Club’s initiatives.

    “FCMB views the Rotary Club as a vital platform for driving inclusion, national cohesion, and sustainable development,” she said. “We are delighted to support the club in empowering over 200 widows through micro-credit and skills acquisition under the new leadership of Rotarian Adetunji Lamidi.”

    Lamidi also announced plans to increase the club’s micro-credit fund to N20 million to support five markets across Lagos. “We currently support the markets in Gbagada and Oke-Arin, and we aim to expand to five other communities.

  • FCMB, Tulsi Chanrai Foundation Mark 15 years of restoring sight to 400,000 Nigerians

    FCMB, Tulsi Chanrai Foundation Mark 15 years of restoring sight to 400,000 Nigerians

    First City Monument Bank (FCMB) and its implementation partner, the Tulsi Chanrai Foundation (TCF), are marking a significant milestone: 15 years of the Priceless Gift of Sight programme, which has provided free eye care to over 400,000 Nigerians.

    The programme, highlighted by a recent outreach event in Calabar, Cross River State, provides testing, optical services, surgeries, and disease management to combat preventable blindness.

    “The intervention by First City Monument Bank and the Tulsi Chanrai Foundation is laudable,” said Reverend (Mrs.) Eyoanwan Bassey Otu, wife of the Cross River State Governor. “Both organizations have demonstrated a genuine concern for humanity. We are pleased that thousands of people across Nigeria, including many from Cross River and the neighboring States, suffering from one form of eye defect or another, can now go back to their normal lives and pursue their aspirations.”

    “Our collaboration with the Tulsi Chanrai Foundation has been instrumental in delivering critical eye care services,” said Mr Diran Olojo, FCMB’s Group Head of Corporate Affairs. He emphasized the initiative’s alignment with FCMB’s broader commitment to social sustainability and equal opportunity for all.

    Read Also: FCMB supports Rotary Club of Lagos to empower 200 widows

    The Priceless Gift of Sight addresses a critical need, as 90% of blind people globally live in poverty-stricken areas. “Blindness often leads to loss of income, social isolation, and limited access to information,” Olojo stated. “This initiative is crucial in breaking the cycle of poverty and blindness.”

    Beneficiaries have also expressed their gratitude. “I haven’t seen properly in six years,” said Thomas Olekama, who travelled from Lagos for the free surgery. “I thank God, FCMB, and the Foundation for allowing me to see again.”

    First City Monument Bank, a part of the FCMB Group, is committed to making life better and empowering communities where it operates. The Priceless Gift of Sight programme shows how serious the Bank is about helping people and positively impacting the lives of Nigerians. 

    FCMB
    Cross section of beneficiaries of the First City Monument Bank (FCMB) sponsored Priceless Gift of Sight Initiative, a partnership with Tulsi Chanrai Foundation of India, during the outreach programme to commemorate 15th year anniversary of the initiative in Calabar, Cross Rivers State on July 4, 2024.
  • FCMB supports Rotary Club of Lagos to empower 200 widows

    FCMB supports Rotary Club of Lagos to empower 200 widows

    First City Monument Bank (FCMB) has announced its support for a service project by the Rotary Club of Lagos, District 9112, to empower over 200 widows through micro-credit and skills acquisition. This initiative underscores FCMB’s commitment to promoting women’s empowerment and financial inclusion.

    The announcement was made during the installation ceremony of Adetunji Lamidi as the 64th president of the Rotary Club of Lagos.

    The event in Lagos, highlighted the club’s ongoing efforts to expand its community impact.

    “Our goals for the year are audacious, yet achievable,” said Lamidi. “We plan to commission a secondary school in Iboku Aro village, support over 200 children, empower 200 widows, and donate five incubators to general hospitals in Lagos. We’ve already donated infant incubators to Island Maternity as our first project for the year.”

    Oluyemisi Edun, MD of FCMB, emphasied the bank’s support for the Rotary Club’s initiatives.

    Read Also: NLC President seeks return of old pension scheme  

    “FCMB views the Rotary Club as a vital platform for driving inclusion, national cohesion, and sustainable development,” she said. “We are delighted to support the club in empowering over 200 widows through micro-credit and skills acquisition under the new leadership of Rotarian Adetunji Lamidi.”

    Lamidi also announced plans to increase the club’s micro-credit fund to ₦20 million to support five markets across Lagos. “We currently support the markets in Gbagada and Oke-Arin, and we aim to expand to five other communities. Additionally, we will build five bore-hole projects and provide annual scholarships for 20 university students across Lagos,” he said.

  • PHOTOS: FCMB Group holds analyst, investor forum

    PHOTOS: FCMB Group holds analyst, investor forum

  • FCMB gets $25m to fund small firms

    FCMB gets $25m to fund small firms

    The Dutch Entrepreneurial Development Bank (FMO) and  First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement. The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks.

    Funded by the European Commission, NASIRA is one of FMO’s most innovative programs, encouraging local banks to extend their funding to small entrepreneurs without collateral. Often, the FMO guarantee – that effectively replaces the collateral – is not fully utilized, demonstrating that these entrepreneurs, primarily women and young people, are not riskier than others.

    Job creation in Nigeria, home to 220 million people and the largest population in Africa, is critical. The country faces severe economic challenges, including high unemployment and a significant 70% depreciation of its currency over the past year. Providing small loans to typically high-risk groups will enable them to start and expand their businesses, offering a means of income for themselves and their families.

    In addition to the USD 25 mln NASIRA guarantee, FMO will support FCMB with a syndicated loan of USD 60 million: USD 20 million through FMO, USD 30 million through the European Financing Platform on behalf of BIO, DEG, EIB, FINNFUND, Proparco, and SWEDFUND, and USD 10 million through FMO Investment Management. The loan is dedicated to growing the existing FCMB loan portfolio of small and medium-sized entrepreneurs (SMEs).

    Read Also: FMO, FCMB, Euro commission sign $25m NASIRA guarantee agreement

    Speaking during the signing ceremony at the side-lines of the 9th Nigeria EU Business Forum, the EU Ambassador to Nigeria and ECOWAS Ms. Samuela ISOPI said  “We are very happy to see that the EU investment instruments, such as the European Fund for Sustainable Development (EFSD+) guarantees, have come to Nigeria to play a catalytic role in leveraging private sector investments for the benefit of the real sector, economic diversification and employment creation, especially for youth and women”.

    The transaction also contains a technical assistance (TA) program. Through this TA initiative, FCMB and FMO will select and support 15 scalable early-stage agri-tech businesses in Nigeria. Together, FMO and FCMB will identify 15 disruptive business models that address pressing problems in the agricultural sector, contributing to SDG2: zero hunger and food security.

  • FMO, FCMB, Euro commission sign $25m NASIRA guarantee agreement

    FMO, FCMB, Euro commission sign $25m NASIRA guarantee agreement

    The Dutch Entrepreneurial Development Bank (FMO) and Nigeria’s First City Monument Bank (FCMB) have signed a $25 million NASIRA guarantee agreement.

    The guarantee will enable FCMB to expand its funding to agricultural, youth and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks.

    Funded by the European Commission, NASIRA is one of FMO’s most innovative programs, encouraging local banks to extend their funding to small entrepreneurs without collateral.

    Often, the FMO guarantee – that effectively replaces the collateral – is not fully utilized, demonstrating that these entrepreneurs, primarily women and young people, are not riskier than others.

    Job creation in Nigeria, home to 220 million people and the largest population in Africa, is critical. The country faces severe economic challenges, including high unemployment and a significant 70% depreciation of its currency over the past year. Providing small loans to typically high-risk groups will enable them to start and expand their businesses, offering a means of income for themselves and their families.

    In addition to the USD 25 mln NASIRA guarantee, FMO will support FCMB with a syndicated loan of USD 60 million: USD 20 million through FMO, USD 30 million through the European Financing Platform on behalf of BIO, DEG, EIB, FINNFUND, Proparco, and SWEDFUND, and USD 10 million through FMO Investment Management. The loan is dedicated to growing the existing FCMB loan portfolio of small and medium-sized entrepreneurs (SMEs).

    Speaking during the signing ceremony at the side-lines of the 9th Nigeria EU Business Forum, the EU Ambassador to Nigeria and ECOWAS Ms. Samuela ISOPI said: “We are very happy to see that the EU investment instruments, such as the European Fund for Sustainable Development (EFSD+) guarantees, have come to Nigeria to play a catalytic role in leveraging private sector investments for the benefit of the real sector, economic diversification and employment creation, especially for youth and women”.

    The transaction also contains a technical assistance (TA) program. Through this TA initiative, FCMB and FMO will select and support 15 scalable early-stage agri-tech businesses in Nigeria.

    Read Also: Sultanate ready, committed to working with proposed law, dispels media rumour – Kilgori

    Together, FMO and FCMB will identify 15 disruptive business models that address pressing problems in the agricultural sector, contributing to SDG2: zero hunger and food security.

    Launched in August 2020, NASIRA is a collaborative effort supported by the European Commission and the Dutch government. To date, it has facilitated 17 transactions with financial institutions across Central Europe, the Middle East, and Africa, amounting to a total of USD 371 million.

    FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.

    FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable.

  • How festivals drive growth, by FCMB boss

    How festivals drive growth, by FCMB boss

    The Group Chief Executive of FCMB Group Plc, Mr.  Ladi Balogun, has described the annual Ojude Oba Festival in Ijebuland as one of the cultural events that boosts the growth of tourism thereby driving economic growth.

    Speaking while delivering a goodwill message at the event, Balogun noted that the festival attracts visitors from across Nigeria and the diaspora, contributing to the growth of trade and tourism in Ijebuland, Ogun State and Nigeria.

    The FCMB Group Chief Executive urged Ijebu people to embrace the festival’s spirit of togetherness and use it as a springboard for further development and inspiration for younger generations.

    Read Also: Tinubu vows to eliminate insecurity in Nigeria

    FCMB Group Plc, a major sponsor of the Ojude Oba festival, recognises the festival’s significant contribution to social cohesion and development.

    By celebrating shared cultural heritage, promoting unity among diverse groups, and strengthening community bonds, the Ojude Oba festival fosters a favourable environment for socioeconomic development.

    Balogun said the festival has provided a window for the empowerment of local businesses, service providers, artists, and artisans from Ogun, Lagos and practically all the other states in South West Nigeria.

    Describing the  FCMB Group Plc, a long-term supporter of the Ojude Oba Festival for over 20 years, Balogun said the group  is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem connecting people, capital, and markets across Africa.

  • FCMB seals $15m deal with ITFC

    FCMB seals $15m deal with ITFC

    First City Monument Bank (FCMB) yesterday announced a $15 million Master Murabaha Agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group.

    The deal signed during the World Economic Forum in Saudi Arabia, is expected to strengthen FCMB’s support of Nigeria’s trade finance sector.

     The funds will facilitate the import and export of agricultural products, machinery, essential commodities, raw materials, and alternative energy solutions. This move aligns with FCMB’s commitment to fostering inclusive and sustainable growth in Nigeria.

    Managing Director of FCMB, Yemisi Edun, said: “This agreement affirms FCMB’s commitment to driving sustainable economic growth in Nigeria.

    “By investing in critical sectors like agribusiness and renewable energy, we’re not just strengthening our position, we’re contributing to a more robust and resilient Nigerian economy that can confidently engage globally.”

    Read Also: Shettima to declare open National MSMES business clinics in Ekiti

    FCMB’s Divisional Head of Treasury and International Banking, Gerald Ikem, said: “This collaboration with ITFC signifies more than just international recognition of FCMB and Nigeria’s economic potential. It equips us with the resources needed to drive growth in vital sectors such as agriculture, manufacturing, and renewable energy. It reinforces our dedication to fostering sustainable and inclusive economic progress throughout the country.”

    The ITFC, established in 2008 to advance and facilitate international trade, has provided US$69 billion of financing to various countries. It is crucial in promoting economic development and reducing poverty through trade-led growth.

    FCMB is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem connecting people, capital, and markets across Africa. The deal is expected to boost productivity, increase food and energy security, create jobs, and ultimately contribute to a higher standard of living and overall economic growth in Nigeria.

  • FCMB shareholders approve issued capital increase, ₦150bn capital raise

    FCMB shareholders approve issued capital increase, ₦150bn capital raise

    FCMB Group Plc’s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from ₦9,901,355,390.50 to ₦19,802,710,781.00 and authorised a ₦150 billion capital raise to drive future growth plans. The shareholders also approved a 100% increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023, reflecting the Group’s commitment to delivering shareholder value.

    Chairman, Mr. Oladipupo Jadesimi, commended the workforce’s contribution to the company’s strong operating performance. 

    He said: “FCMB Group Plc demonstrated resilience, the result of which has given me the great pleasure of being able to inform you that for the full year ended 31 December 2023, the Group declared a profit before tax of N104.4 billion, up 185.6% from the full year 2022. The diligence exhibited by our workforce across the country have been remarkable. 

    ”I commend everyone who contributed to this strong operating performance for the year under review. As we navigate through the challenges and opportunities that our mission presents, the Board and Management remain steadfast in their commitment to cultivating a culture that will inspire excellence in our employees, customers, partners, and every member of our ecosystem.”

    This would be the first Annual General Meeting of FCMB Group Plc without the presence of the Founder, the late Otunba Michael Olasubomi Balogun, CON. 

    A minute’s silence was observed at the commencement of the meeting and tributes were paid in his honour. Shareholders lauded the management for honouring and perpetuating the Founder’s legacy and the accelerating growth in most key indices, expressing optimism for a more rewarding future. 

    Chief Timothy Adesiyan of Nigeria Shareholders Solidarity Association said: “We are happy that FCMB Group and its subsidiaries are growing in leaps and bounds. Of note are the strong corporate governance structures, succession plan and the commitment of the Bank to support key sectors of the economy, including corporate social responsibility programmes. 

    ”However, the Bank should expand its interventions to artisans and other underserved sectors. We were grateful that from the 25 kobo dividend paid last year, and now we are receiving 50 kobo this year, a 100% increase. The Board, Management and Staff should continue to sustain the legacy of the late Founder, Otunba Subomi Balogun.”

    In seeking approval for the N150 billion increase in share capital, the Group on behalf of its flagship bank, made clear its aspirations to retain its international license, with this year’s capital raise being the first step in that process.

    Read Also: FCMB considers record performance, strategic expansion, increased capitalisation at 11th AGM

    Secretary General of the Independent Shareholders Association of Nigeria (ISAN), Mr. Eke Emmanuel, applauded FCMB Group’s results and endorsed the capital raising programme. 

    He said: “The 2023 financial results of FCMB Group Plc show that the institution is in a healthy position and ready to transform challenges into opportunities. The recapitalisation plans are commendable and achievable. We are optimistic that FCMB will scale the hurdle and be better positioned to deliver more value to shareholders and Nigeria.”

    The AGM concluded with renewed confidence among shareholders and stakeholders in the financial institution’s leadership and strategic direction. Board members reassured shareholders of their commitment to maintaining high governance standards and delivering consistent value while highlighting ongoing efforts to enhance risk management frameworks and ensure full regulatory compliance to safeguard the Bank’s reputation.

    From left: Non-Executive Director, FCMB Group Plc, Mrs. Olapeju Sofowora; Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua; Group Chief Executive, Mr. Ladi Balogun; Chairman, Mr. Oladipupo Jadesimi; Company Secretary/General Counsel, Mrs. Funmi Adedibu; Executive Director, Coverage & Investment Banking, Mr. Olufemi Badeji and Non-Executive Director, Professor Oluwatoyin Ashiru, all of FCMB Group Plc, during the 11th Annual General Meeting (AGM) of the Group held on May 24, 2024, in Lagos.
    FCMB Group
    Cross section of shareholders at the 11th Annual General Meeting (AGM) of FCMB Group Plc held on May 24, 2024, in Lagos
  • FCMB considers record performance, strategic expansion, increased capitalisation at 11th AGM

    FCMB considers record performance, strategic expansion, increased capitalisation at 11th AGM

    FCMB Group Plc will hold its 11th Annual General Meeting (AGM) on Friday, May 24, at the Balmoral Convention Center,  Federal Palace Hotel, Victoria Island, Lagos in Lagos. 

    The meeting will convene stakeholders, including shareholders, board members, and key executives, to analyse the financial institution’s recently released 2023 financial report and deliberate on strategies aimed at driving future growth, enhancing shareholder value, and delivering exceptional customer satisfaction.

    Ordinary business:

    1. To receive and consider the Report of the Directors and the Audited Financial Statements for the year ended 31 December 2023, the Auditors’ Report thereon and the Audit Committee Report. 

    2. To declare a Dividend. 

    3. To re-elect the following Directors retiring by rotation.

    1. Prof. Oluwatoyin Ashiru OON 
    2. Dr (Engr) Gregory Ero 
    3. . Alhaji Mustapha Damcida 

    4. To authorise the Directors to fix the remuneration of the Auditors. 

    5. To disclose the remuneration of managers of the Company. 

    6. To elect members of the Audit Committee.

    Special Business

    7. To consider and if thought fit, pass the following resolutions as ordinary resolutions:

    i. That the Directors’ remuneration for the financial year ending December 31, 2024, and for succeeding years until reviewed by the Annual General Meeting be maintained at N200,000,000.00 (Two Hundred Million Naira) only. 

    Read Also: FCMB gets U.S.’ $10m facility for health sector

    ii. That the establishment of an Employee Share Option Program be and is hereby approved, and the Directors be and are hereby authorised to do all such things and carry out such acts as they may deem fit to give effect to this approval, subject to complying with applicable laws and regulations and obtaining all requisite regulatory approvals. 

    iii. That the issued share capital of the Company be and is hereby increased from 9,901,355,390.50 ( Nine Billion, Nine Hundred and One Million, Three hundred and Fifty Five Thousand, Three Hundred and Ninety Naira, Fifty Kobo) divided into 19,802,710,781 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and ten Thousand, Seven Hundred and Eighty One) ordinary shares of 50k (Fifty Kobo) each, to 19,802,710,781.00 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and ten Thousand, Seven Hundred and Eighty One Naira) divided into 39,605,421,562 (Thirty Nine Billion, Six Hundred and Five Million, Four Hundred and Twenty One Thousand, Five Hundred and Sixty Two) ordinary shares of 50k (Fifty Kobo) each by the creation and addition of 19,802,710,781 (Nineteen Billion, Eight Hundred and Two Million, Seven Hundred and Ten Thousand, Seven Hundred and Eighty One) ordinary shares of 50k (Fifty Kobo) each ranking pari-passu with the existing ordinary shares of the Company (save that such additional ordinary shares shall not be considered for the dividend recommended by the Company in respect of the profit for the year ended 31 December 2023).

    iv. That the Company be and is hereby authorised to raise additional capital of up to 150,000,000,000.00 (One Hundred and Fifty Billion Naira), or its equivalent in such other currency as the directors may decide, through the issuance of securities comprising ordinary shares, preference shares, convertible or non-convertible notes, bonds or any other instruments, in the Nigerian and/or international capital markets, either as a standalone issue(s) or by the establishment of capital raising programme(s), whether by way of public offerings, private placements, rights issues and/or such other transaction modes, at price(s), coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions, as may be determined by the Board of Directors (the “Board” or the “Directors”), subject to obtaining the requisite approvals of the relevant regulatory authorities;

    A holding company listed on the Nigerian Exchange Group (NGX), FCMB Group continues to set the pace for excellence in the banking and financial services industry, driven by a commitment to innovation, customer satisfaction, and sustainable growth. The discussions and resolutions from the 11th AGM will set the stage for the bank’s future endeavours, ensuring its continued contribution to the overall economic growth and development of Nigeria.