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Tag: First City Monument Bank (FCMB)

  • Firm partners NADF, others to train 15,000 female cassava farmers in Oyo

    Firm partners NADF, others to train 15,000 female cassava farmers in Oyo

    Psaltry International Company Limited, with backing from the National Agricultural Development Fund (NADF) and First City Monument Bank (FCMB), has kicked off an ambitious initiative to train 15,000 young women in cassava cultivation across Oyo State.

    The programme targets women aged 18 to 35 and is designed to support the cultivation of 2,000 hectares of cassava.

    Speaking during the company’s 20th anniversary celebration—which also marked the official launch of the NADF-FCMB support for the Psaltry–IDH–Mastercard initiative at the firm’s Awaye plant—Chief Executive Officer Oluyemisi Iranloye expressed gratitude to NADF and other partners for their consistent support.

    She noted that the funding provided would cover land plowing, fertilizer application, chemicals, and other vital inputs required for the 2,000-hectare cassava project.

    “I want to sincerely thank everyone here and all who have played a role in Psaltry’s journey,” she said.

    “I also extend my appreciation to the Executive Secretary/CEO of the National Agricultural Development Fund, Mr Mohammed Ibrahim, especially as this celebration coincides with the flag-off of the NADF-FCMB support for the Psaltry-IDH-Mastercard initiative, empowering 15,000 young women in Oyo State, aged 18 to 35, in cassava cultivation.”

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    Iranloye reeled out achievements of the organization towards impacting cassava farmers in the state, such as provision of an industrial borehole which supplied portable water, constant electricity, and medical outreach to many communities bordering the plant, and scholarships for cassava farmers’ children.

    She said Psaltry has also facilitated the construction of the road linking Alayide, the host village, by the Oyo State government.

    According to her, in the passing years, Psaltry has achieved the goal of pushing cassava floor to replace manufacturing companies’ dependence on wheat flour, production of food-grade starch for the likes of Nigerian Breweries and Nestle, as well as cassava-based sorbitol for toothpaste production and high-purity hydrogen for many industries.

    “As we mark 20 years, Psaltry is stepping confidently into a new era – one defined by innovation, product diversification, market diversification, groundbreaking research and development, sustainable livelihoods, clean energy, and environmental sustainability.

    “We generate 1.1megawatt of solar power to run our operations; nothing is wasted; our wastes are transformed into nutrient-rich animal feed. This is not only smart, it is sustainable.”

    Dignitaries at the event include representatives from NADF, Abiodun Sosanya, who represented the Executive Secretary, Malam Mohammed Ibrahim, representative of Alitheia Group, Mr Oti Iletamhen, and officials of the First City Monument Bank (FCMB).

    Others included the Alawaye of Awaye, Oba Okunlola Amidu Olawale, the head of the host village, Alhaji Gazali Alayide, and cassava stakeholders from within and outside Oyo State.

  • FCMB, Finance Ministry partner on home ownership

    FCMB, Finance Ministry partner on home ownership

    First City Monument Bank (FCMB) has teamed up with the Ministry of Finance Real Estate Investment Fund (MREIF) to make the dream of homeownership a reality for more Nigerians.

    The Ministry of Finance Real Estate Investment Fund (MREIF) was launched in 2024 to bridge this gap by providing long-term, affordable financing for aspiring homeowners nationwide.

    Together, they have partnered on a N10 billion mortgage financing scheme that gives Nigerians access to home loans of up to N100 million, with up to 20 years to repay at a single-digit interest rate.

    The move is part of a broader effort to make housing more affordable and accessible.

     MREIF, a N250 billion fund set up by the Federal Government in 2025, is managed by ARM Investment Managers.

     The fund brings public and private sector players together to tackle Nigeria’s housing gap, improve living standards, and boost jobs and economic activity in real estate and construction.

    Speaking at the signing ceremony in Lagos, Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, said: “Homeownership gives dignity and stability. It is one of the clearest ways a country shows it is making room for its people to thrive. That is what this partnership between FCMB and MREIF represents.

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    Finance should meet people where they are and be a stepping stone, not a hurdle. This mortgage solution reflects that belief.

    “It is a practical way of helping people achieve their dreams while staying true to our purpose of fostering inclusive, sustainable development and our mission to build a system that connects people, capital, and markets across all sectors of the Nigerian economy.”

    Lamidi commended the Federal Government’s foresight in establishing MREIF and acknowledged ARM Investment Managers’ support in deploying the fund. He reaffirmed First City Monument Bank’s commitment to delivering flexible, responsive, and human-centred financial solutions.

    Executive Director at ARM Investment Managers, Mr. Mounir Bouba, added: “We at ARM are delighted to enter this partnership with FCMB to advance the objectives of MREIF. We recognise FCMB’s strengths and ability to support both the demand and supply sides of the housing sector in Nigeria, making them an ideal partner for the MREIF scheme. We look forward to a fruitful collaboration.

    According to the National Bureau of Statistics (NBS), Nigeria has a housing deficit of around 28 million units. Experts say the country needs 700,000 new homes each year and over N21 trillion in funding to close the gap.

  • FCMB backs N250b mortgage financing scheme

    FCMB backs N250b mortgage financing scheme

    First City Monument Bank (FCMB) has teamed up with the Ministry of Finance Real Estate Investment Fund (MREIF) to make the dream of homeownership a reality for more Nigerians.

    FCMB is a major partner in the initial N10 billion of the N250 billion MREIF, a mortgage financing scheme that gives Nigerians access to home loans of up to N100 million, with up to 20 years to repay at a single-digit interest rate.

     The move is part of a broader effort to make housing more affordable and accessible. MREIF was set up by the Federal Government in 2025 and is being managed by ARM Investment Managers. The fund brings public and private sector players together to tackle Nigeria’s housing gap, improve living standards, and boost jobs and economic activity in real estate and construction.

     Speaking at the signing ceremony in Lagos, Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, said:

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    “Homeownership gives dignity and stability. It is one of the clearest ways a country shows it is making room for its people to thrive. That is what this partnership between FCMB and MREIF represents. Finance should meet people where they are and be a stepping stone, not a hurdle. This mortgage solution reflects that belief.

     “It is a practical way of helping people achieve their dreams while staying true to our purpose of fostering inclusive, sustainable development and our mission to build a system that connects people, capital, and markets across all sectors of the Nigerian economy.”

     Lamidi commended the Federal Government’s foresight in establishing MREIF and acknowledged ARM Investment Managers’ support in deploying the fund. He reaffirmed First City Monument Bank’s commitment to delivering flexible, responsive, and human-centred financial solutions.

     Executive Director at ARM Investment Managers, Mr. Mounir Bouba, added:

    “We at ARM are delighted to enter this partnership with FCMB to advance the objectives of MREIF. We recognise FCMB’s strengths and ability to support both the demand and supply sides of the housing sector in Nigeria, making them an ideal partner for the MREIF scheme. We look forward to a fruitful collaboration.”

  • FCMB, others urge supports for SMEs

    FCMB, others urge supports for SMEs

    First City Monument Bank (FCMB) and stakeholders in international trade, under the auspices of the International Chamber of Commerce Nigeria (ICCN) Banking Commission, have advocated sustainable solutions and interventions for empowering Nigerian businesses to explore global market opportunities.

    They stated that by fostering innovative and future-focused solutions, the country can enhance its competitiveness, facilitate trade connectivity and support the long-term growth of its export sector.

    The stakeholders made the call at the Commission’s general meeting, hosted by FCMB in Lagos. The gathering brought together industry leaders, key stakeholders, and banking professionals to address vital issues, exchange insights, and develop collaborative strategies regarding the trajectory of international trade and commerce in Nigeria.

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    FCMB’s Executive Director, Corporate Services and Service Management, Felicia Obozuwa, said: “In today’s rapidly evolving global economy, it is essential that we respond to emerging challenges and also take proactive measures to offer solutions that lead to sustainable growth. The opportunity for Nigeria to bolster its position in international trade is considerable.”

    “With the support of the International Chamber of Commerce Nigeria, we can initiate and advocate for solutions designed to energise our trade sector. Our commitment to developing and promoting universally accepted rules and best practices and facilitating stakeholder collaboration is critical for promoting trust and efficiency in global commerce. The demand for coherent strategies and sustainable practices has never been more pressing. We believe that the ICCN Banking Commission’s collaboration with banks and other industry stakeholders will help to  drive this.”

    While commending ICCN for its contribution to professionalism, capacity building, and facilitating international trade and finance, she acknowledged that contemporary challenges exist within the Trade and Commerce ecosystem. She stressed, however, that stakeholders must stay aligned, informed, and proactive.

    Also speaking, the Chairman of the ICCN Banking Commission, Dr. (Mrs.) Omolara Akanji said: “International trade is not just a pathway for economic growth, but a bridge that connects us to the global marketplace. Banks play a vital role in this ecosystem; they are trade facilitators, providing the financial services that empower our exporters to compete and thrive on the world stage”.

    “ICCN Banking Commission will continue strengthening the collaboration between the banking sector and businesses, ensuring that every Nigerian entrepreneur has the support they need to reach international markets and contribute to our nation’s prosperity. We are committed to using artificial intelligence tools to drive this. We commend FCMB for playing a vital role towards achieving the objectives of the Commission.”

    The ICCN Banking Commission is part of the International Chamber of Commerce Nigeria (ICCN). It focuses on banking and trade finance issues in Nigeria, providing a platform for stakeholders to collaborate and strengthen their role in global trade finance. The Commission also works to cascade government economic policies related to banking and finance.

  • Enactus honours FCMB for youth-led social impact

    Enactus honours FCMB for youth-led social impact

    First City Monument Bank (FCMB) has been honoured with the Changemaker Collaboration Award by Enactus Nigeria for its support in helping young Nigerians grow as leaders, entrepreneurs, and change-makers.

     The award was presented in Lagos on July 3, 2025, at the 25th Anniversary Gala and Awards ceremony of Enactus Nigeria. The body empowers young leaders to drive social and economic change through innovative projects and is in over 30 tertiary institutions nationwide.

     Michael Ajayi, Country Manager of Enactus Nigeria, commended FCMB’s consistent support and corporate vision, saying: “FCMB’s unwavering commitment to the Enactus movement has gone beyond sponsorship—it is a true collaboration rooted in shared values of innovation, inclusion, and youth empowerment.”

    The bank’s belief in the potential of Nigerian students has helped us deliver measurable impact in dozens of communities. FCMB has shown what it means to be a changemaker, not just in word, but in action.”

    At the event, FCMB reaffirmed its commitment to capacity building, innovation, and sustainable development. Omoniyi Iyanda, Head of CSR and Sustainability, who represented the bank, said: 

    “We are honoured to receive this recognition from Enactus Nigeria, an organisation whose work aligns with FCMB’s purpose of fostering inclusive and sustainable growth. Our partnership with Enactus reflects our belief in young Nigerians as catalysts for economic transformation. By equipping them with skills, resources, and a platform to lead social change, we are building a future where innovation drives prosperity for all.”

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    Over the years, FCMB has played a key role in helping Enactus Nigeria expand its impact across tertiary institutions by providing students with the tools, training, and support they need to develop innovative solutions to real community challenges. Through the annual Enactus Challenge, the Bank has supported students in discovering their potential and turning their ideas into practical, visible projects that drive sustainable development. These projects span clean energy, agribusiness, financial literacy, and gender equality.

    This recognition highlights FCMB’s role as one of Nigeria’s most socially responsible banks. Beyond CSR, the Bank drives entrepreneurship and community development by promoting economic inclusion, giving individuals and small businesses better access to financial tools, training, and growth opportunities.

  • FCMB opens Ogbomoso branch

    FCMB opens Ogbomoso branch

    First City Monument Bank (FCMB) has expanded its footprint by launching a new branch in Ogbomosho. Officials say the move will boost financial inclusion and economic development. The branch, located along the Ogbomoso-Ilorin road, was inaugurated on March 12 in a ceremony attended by local leaders.

    During the inauguration, Oba Ghandi Olaoye, the Soun of Ogbomoso, described the new bank branch as a welcome development, saying First City Monument Bank’s presence would help local businesses grow.

    “This marks a pivotal moment for our town. We anticipate that FCMB’s innovative approach will give our citizens and businesses access to vital financial services and support, enabling us to successfully realise our 25-year development plan. We are eager to collaborate with FCMB and look forward to the possibility of more branches in Ogbomosho, creating a mutually beneficial partnership,” he stated.

    The Hon Seun Ojo, Chairman of Ogo-Oluwa Local Government, echoed similar sentiments. He recognised FCMB’s presence as a valuable addition to enhancing financial inclusion across Ogbomosho land and urged the Bank to extend its reach to more communities to strengthen local economies.

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    The Managing Director of First City Monument Bank, Mrs Yemisi Edun, represented by the Bank’s National Head of Sales, Mr Emmanuel Comla, said the bank remains committed to inclusive growth.

    She said: “We’re excited to invest in Ogbomoso’s future. It is a city known for its industrious spirit. Under Kabiyesi Olaoye’s leadership, Ogbomoso has a clear 25-year growth plan, and we are proud to be part of that vision. While digital banking is transforming the industry, physical branches remain essential for reaching everyone and directly supporting the community. This new branch will drive growth by creating opportunities and fostering partnerships. We are here to grow with you.”

    The bank’s Group Head of Operations and International Trade Services, Mr Ademola Idowu, disclosed that the branch is equipped with modern banking technology and runs on renewable energy. He highlighted how it will support business and trade growth in Ogbomoso and its environs.

    FCMB a subsidiary of FCMB Group, continues to invest in financial services that promote economic inclusion and development.

  • Court sets March 26 for $60,206.66 unpaid commission case against FCMB

    Court sets March 26 for $60,206.66 unpaid commission case against FCMB

    A Lagos State High Court sitting in Osborne, Ikoyi, has adjourned the hearing of a Case Management Conference (CMC) till March 26, 2025, in a suit filed by businessman Michael Ogbole, demanding $60,206.66 as unpaid commission from First City Monument Bank (FCMB).

    Justice O.O. Oshin fixed the date when the case came up for mention yesterday.

    When the case was called, the claimant’s counsel Taiwo Olawanle, from Falana & Falana Chambers informed the court that they have served the defence the court processes.

    FCMB was represented by Gbenga Okeniyi.

    The court has already issued notices for the Case Management Conference, which requires the physical presence of all parties involved.

    Ogbole, in suit number LD/ADR/4635/2022, filed by his legal team at Falana & Falana Chambers accused FCMB of excluding him from the deal.

    According to the claimant, on June 2, 2016, he met with FCMB’s Group Managing Director and Chief Executive Officer, Mr. Ladi Balogun, to discuss how he could assist the bank in securing financing from Sky Enterprise LLC, a Florida-based firm specialising in trade finance, risk, and debt management.

    Following their conversation, Balogun allegedly directed Ogbole to contact FCMB’s Treasurer, Mr. Gerald Ikem, who introduced him to Mr. Nomso Ezenta, Head of Structured Funding and Correspondent Banking, to coordinate the transaction.

    Ogbole claimed that on September 2, 2016, he arranged a meeting between Sky Enterprise’s Global Director for Africa, Mr. Yinka Akinlabi, and FCMB officials at the bank’s headquarters to structure the trade finance deal.

    Present at the meeting were senior FCMB officials, including other top executives.

    Afterwards, the parties exchanged several emails and phone calls to finalise the transaction.

    However, in February 2021, Ogbole discovered that FCMB had proceeded with the deal through Sky British, a subsidiary of Sky Enterprise LLC, without his involvement.

    This was allegedly confirmed by FCMB’s Annual Report and Financial Statements for the year ending December 31, 2020.

    On October 12, 2021, Ogbole, through his lawyers, demanded payment of $60,206.66—representing a one per cent commission on the $6,020,660 facility secured by FCMB from Sky British.

    After FCMB failed to respond, another demand letter was sent on January 19, 2022.

    Despite these efforts, Ogbole claims FCMB has refused to make the payment.

    The claimant is seeking the following reliefs: “A declaration that FCMB’s failure to pay him for his role in the deal constitutes a breach of contract.

    “An order directing FCMB to pay the sum of $60,206.66, plus 21% interest accrued since December 31, 2020.

    “N20 million in general and exemplary damages, and N5 million for the cost of the lawsuit.

    Tthe bank, through its lawyer, Prof. Wale Olawoyin (SAN), contended that the suit is a “gold-digging exercise” by the claimant, describing the claim as vexatious, outrageous, and without merit.

    The bank argued that the suit should be dismissed with substantial costs.

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    Meanwhile, the defendant acknowledged that in 2016, the then Group Managing Director/Chief Executive Officer, Mr. Ladi Balogun, was approached by Ogbole in a public place, where he presented his case, claiming to have the network to broker dollar loans for Nigerian banks, including FCMB.

    Subsequently, Ogbole, primarily through telephone conversations, emails, and two physical meetings, engaged in several discussions with other top FCMB executives.

    According to the bank, the discussions centred on the possibility of Ogbole and his partner, Yinka Akinlabi of Sky Enterprises LLC, facilitating offshore dollar loans and/or financing for the purchase of one of FCMB’s customers’ vessels.

    The bank asserted that during meetings with Ogbole and his partner, it became clear that they lacked the required capacity, experience, and understanding of the international finance market to broker the proposed transaction.

    FCMB further claims that at no point did the bank, or anyone acting on its behalf, make any commitment or agreement with Ogbole, his partner, or their representatives regarding commission or any other terms.

  • Women-led businesses, agriculture to benefit from $35m FCMB deal

    Women-led businesses, agriculture to benefit from $35m FCMB deal

    By Usman Lawal

    Proparco has deepened its partnership with First City Monument Bank (FCMB) by signing three key agreements to support the Nigerian bank’s financing activities for high-impact small and medium-scale enterprises (SMEs) and women-led businesses. The agreements, signed on January 20, 2025, include a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—facilitated by the European Union under its EFSD programme.

    These transactions aim to strengthen First City Monument Bank’s position as a leading bank for SMEs while expanding its footprint in impact-driven financing. The funding will focus on sectors with significant growth potential, particularly agriculture (90%) and women-led businesses (10%), aligning with initiatives such as the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA.

    This latest collaboration builds on a partnership that began in 2014. Proparco has consistently supported FCMB’s efforts to empower SMEs and advance Nigeria’s economic development. FCMB focuses on SMEs and women-led businesses operating in high-impact sectors, including agriculture and renewable energy.

    The financing will significantly contribute to achieving the Sustainable Development Goals (SDGs), including SDG 2 (Zero Hunger), by facilitating access to finance for companies producing essential food products like rice and cooking oil. It will also enhance the capacity of SMEs to create jobs and drive economic progress, contributing to SDG 8 (Decent Work and Economic Growth).

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    The partnership also emphasises gender equality by channelling funds into women-led enterprises, reflecting FCMB and Proparco’s shared vision of fostering inclusive growth.

    Proparco’s commitment aligns with its 2023–2027 strategy, prioritising investments in sustainable and resilient economies. Through its partnership with FCMB, Proparco reaffirms its mandate to support financial institutions driving inclusive economic growth in emerging markets.

    Djalal Khimdjee, Deputy Chief Executive Officer of Proparco, highlighted the partnership’s significance. “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.”

    With Nigeria aiming for accelerated economic growth, partnerships like this one between Proparco and FCMB are pivotal. These efforts drive transformative growth and reinforce the foundation for a sustainable and inclusive economy by scaling access to finance for SMEs and women-led businesses.

  • Bank, organisation partner on programme to upskill women

    Bank, organisation partner on programme to upskill women

    First City Monument Bank (FCMB) has launched the Fempreneur Accelerator programme as part of its SheVentures initiative. This programme aims to enhance financial and non-financial support for Women Small and Medium Enterprises (WSMEs).

    In collaboration with Shecluded, a finance and capacity-building organisation for women entrepreneurs, the programme addresses challenges women entrepreneurs face in Nigeria. It will provide technical assistance and resources to 350 women, equipping them with financial management, business planning, and access to funding. The goal is to bridge the gap that often hinders women-led businesses.

    Felicia Obozuwa, divisional head of Corporate Services and Service Management at FCMB, affirmed the bank’s commitment to empowering women in business.

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    “We recognise the role women entrepreneurs play in driving growth. Our partnership with Shecluded reflects our dedication to fostering an inclusive environment for women. Through Femprenueur, we will support, and give women opportunities to build sustainable businesses that contribute to the economy”, she said.

    Ifeoma Uddoh, founder of Shecluded, hailed the collaboration. “Our mission has been to dismantle barriers preventing women from accessing resources to succeed. Partnering FCMB allows us to extend our impact and reach more women. We look forward to seeing them thrive.”

    Femprenueur is open to women in various sectors, with a focus on technology, fashion, agriculture, and arts. Through this, Shecluded and FCMB creates a network of women that can drive innovation and contribute to Nigerian economy.

  • …FCMB pledges more support for festival, hails Awujale

    First City Monument Bank (FCMB) has congratulated the Awujale and Paramount Ruler of Ijebuland, Oba (Dr.) Sikiru Kayode Adetona, chiefs, age groups, all indigenes, friends and well-wishers of Ijebuland on this year’s Ojude Oba festival held in Ijebu-Ode, Ogun State, on August 13.

    The bank reiterated its commitment to support activities that promote and add value to Nigeria’s culture which is  capable of boosting tourism, trade and the hospitality sector. The lender added that its participation will, as usual, be grand, exciting and rewarding for the thousands of people within and outside the country that would grace the fiesta.

    In a goodwill message to the Awujale of Ijebuland, Oba  Adetona, the founder of FCMB Group, who is also the Olori Omo-Oba Akile Ijebu, Otunba (Dr) Olasubomi Balogun, expressed his gratitude to the paramount ruler for his selflessness and exemplary leadership for  59 years he has been the paramount ruler of Ijebuland.

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    The message delivered on his behalf by the Group Head, Corporate Affairs of the bank, Mr. Diran Olojo, Otunba Balogun, said: “As your children and subjects, the period provides us the platform and opportunity to pay you homage in demonstration of our affection for a very special and exceptional father”.

    He further said: ‘’Being the Olori Ebi (the head of the family) and as your Olori Omo-Oba (the head of princes and princesses), I will continue to lead the way in showing our appreciation to you.  As you attend to people’s different requests, I wish to reiterate that the annual paying of homage should not be the only occasion we should show our appreciation. This is because you have consistently earned our affection and adulation, Kabiyesi’’.

    In the same vein, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, congratulated the monarch for upholding the values of Ijebuland and raising the status of the event over the years.

    He said: ‘’The Ojude Oba festival is a rallying point to promote the sustainable growth and development of our community. We recognise that celebrating our heritage is an important part of our national identity, a means of educating visitors and future generations about our history and an opportunity to measure our growth, development and sustainability.

    “For us at FCMB, the Ojude Oba festival is not just another event. It is a pride to us being a major platform through which we reaffirm our commitment to the community and promote our nation’s cultural diversity. We will continue to support all activities of the state with focus on the economic and social development. We are committed to the longevity of the Ojude Oba festival and are proud to be associated with its grandeur’’.