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Tag: FCMB

Banking

FCMB reassures investors amid CBN dividend suspension, stricter oversight

FCMB Group Plc has moved to allay investor concerns following a new directive from the Central Bank of Nigeria, which halts dividend payments and imposes stricter oversight on banks with unresolved forbearance loans or breaches of the Single Obligor Limit. In a statement on Monday, the bank revealed it had reduced its forbearance-related loan exposure […]

FCMB raises ₦147.5bn in oversubscribed public offer
News

FCMB raises ₦147.5bn in oversubscribed public offer

First City Monument Bank Group has announced that it successfully raised ₦147.5 billion through its latest public offer, which was oversubscribed by 33%, reflecting strong investor confidence. The capital infusion will enable its Nigerian banking subsidiary, FCMB Ltd., to bolster its capital base to over ₦240 billion, surpassing the regulatory requirement for national banks. At […]

FCMB Group secures shareholder approval for ₦340bn capital raise
News

FCMB Group secures shareholder approval for ₦340bn capital raise

FCMB Group Plc has received shareholder approval to raise ₦340 billion in fresh capital aimed at strengthening its banking subsidiary, First City Monument Bank Limited, to meet the Central Bank of Nigeria’s international banking license requirements. The decision was finalized during an extraordinary general meeting held in Lagos and virtually, with shareholders endorsing an increase […]

News

FCMB, others seek bold reforms to boost non-oil export trade

Stakeholders at the sixth non-oil seminar organised by the First City Monument Bank have called for urgent and decisive actions to transform Nigeria’s non-oil sector into the main engine of economic growth. The seminar, themed “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” gathered policymakers, financiers, export trade experts, and industry players to address key challenges […]

News

SEC approves FCMB-TLG as Nigeria’s first private debt fund

The Securities and Exchange Commission has approved the FCMB-TLG Private Debt Fund, Nigeria’s first private debt fund denominated in naira. This was disclosed by the CEO of FCMB Asset Management Limited, James Ilori at the signing ceremony, according to Businessday. The Fund set up in May 2024, is sponsored and managed by FCMB Asset Management […]

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FCMB seeks to raise N150bn for recapitalization in Sept

The Management of First City Monument Bank plans to raise N150 billion in capital between now and September 2024. This was disclosed by the Chief Executive Officer of FCMB Group Plc, Ladi Balogun at the sidelines of the company’s Annual General Meeting in Lagos, according to Nairametrics. Balogun said the company had come up with […]

News

Ex-FCMB bank manager jailed 121 years for N112m fraud

Former First City Monument Bank manager, Nwachukwu Placidus, has been sentenced to 121 years in prison for embezzling N112 million from a customer’s fixed deposit account by Justice S. N. Odili of the Anambra State High Court in Onitsha, Anambra state. Placidus was arraigned on Tuesday, March 27, 2018, on 16-count charges bordering on forgery, […]

Banking

FCMB’s digital revenue rises to N60bn

FCMB Group Plc has disclosed its digital revenue increased by 62.4 per cent to N60.3 billion in 2023 compared to N37.1 billion in the previous year. This was disclosed by FCMB Group in its audited financial statements for 2023 filed with the Nigerian Exchange Limited, according to The Punch. In line with an increase in […]

Global efforts intensify to address submarine cable ruptures
Banking

Banks suggest alternatives amid internet banking outage

As mobile applications and internet banking services continue to be unavailable for the second day in a row, some commercial banks affected by the undersea cable damage are now advising their customers to use alternative channels. First City Monument Bank particularly, in a message to its customers on Friday, urged them to use its ATMs […]

FCMB raises ₦147.5bn in oversubscribed public offer
Business

FCMB announces accelerator program for one million SMEs

First City Monument Bank has started an accelerator program aimed at helping over a million small and medium-sized businesses in Nigeria expand and improve their skills. According to a statement from the bank on Tuesday, the campaign will be carried out in collaboration with other business leaders and the e-learning portal SkillPaddy. Accelerator programs offer extensive supervision, structure, […]

FCMB raises ₦147.5bn in oversubscribed public offer
Banking

FCMB increases earnings by 207% to N95bn

FCMB Group has recorded a 206.86 per cent increase in profit for the fiscal year ending December 2023 to N95.52 billion. According to The PUNCH, this was revealed in the unaudited annual report and financial accounts submitted to the Nigerian Exchange Limited on Friday. FCMB’s profit was enhanced by gains in interest and discount revenue of […]

FCMB raises ₦147.5bn in oversubscribed public offer
Banking

FCMB reports gross earnings of N516.8bn in 2023

FCMB Group Plc has released its unaudited annual report and financial statements for fiscal year 2023. The Times reported that the group’s gross earnings for the year was N516.8 billion, up 82.6% from FY 2022. The firm enjoyed improved interest revenue, with a net interest income of N177.42 billion in 2023, up 45.4% from 2022. It also […]

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