Subomi Balogun @ 84: Portrait of a Rare Bridge Builder
It is difficult, if not out-rightly impossible to read the story of his life and not be eminently inspired. This is for the simple reason that each chapter of that life leaves sundry lessons. It is all about the impact, visionary commitment to courses, transparent honesty in dealings with others, as well as diligent pursuit of purpose, human limitations notwithstanding. In fact, say it that Otunba Michael Olasubomi Balogun(CON), the man they call the Asiwaju of Ijebu Christians, is a lesson to life, and you would be stating the obvious. From the perspective of entrepreneurship, he is a front-liner, visionary leadership, he is there; manager of men and materials, he has a tall reputation; a philanthropist of note the same way he is an outstanding bridge builder.
For example, it was his great entrepreneurial foresight that saw to the birthing of one of Nigeria’s leading financial institutions, FCMB, at a time of seeming impossibility. An individual seeking and obtaining a banking license was unheard of at the time, but Balogun did not allow popular sentiments to smoulder his tall ambitions. He envisioned, he prayed, but he also undertook shuttle diplomacy when it mattered, cried when the need arose and equally appealed where it was necessary. The point really, is that he has learnt to give to life, whatever is genuinely necessary to achieving the desired results. Born on that auspicious 9th day of March in 1934, Otunba Balogun’s citation is like a scroll out of the hall of fame, gripping and intriguing no matter from which perspective it is told. Yet, it would remain incomplete without a reference to a few number of Nigerians who stood in support of this visionary’s mission to accomplish his ambition. In every interview, comment or discussion the OtunbaTunwase, who is also the AsiwajuOnigbagbo of Ijebuland, Dr Michael Olasubomi Balogun will always appreciate such people, eternally remaining grateful, sheer humility, virtue, rarely found in men of such exceptional worth.
At 84 therefore, Otunba Balogun is a portrait of very many treasured virtues. He epitomises principled living, genuine love, detribalisation, and the eloquent apostolic dictum that one good turn deserves another. His bridge-building antecedents are well known, and has lent tremendously to the quest for inter-ethnic cohesion in the country yet, Otunba Balogun’s life-story shows that nothing could be impossible to anyone who believes and that there is light on the lips of a nine-year toddler, when frustrations came over obtaining needed resources from then existing banks, it had taken a seemingly innocuous rebuke from his nine year old to awaken his faith. The boy had innocently observed whether his father could not establish his own bank, if the one he had worked for denied him what ordinarily, should be his. That was the kick he needed to jumpstart a bank of his own. Today that modest idea has grown to a mighty oak, sheltering hundreds of thousands of people, covering the interests, needs and care for millions of people, offering direct employment and making available to them, resources to multiply their incomes and keep families running. Ever so grateful to God for what his life has become, Otunba Balogun is humbled by the realization that he is neither the biggest nor the smartest, yet, swims in a rich measure of divine grace. This is the reason behind his unwavering philanthropic gestures. He cites his ascendancy to the stool of Asiwaju of Ijebu as example, affirming that this was given even when his mother was the Iyasuna of Muslims in Ijebu. According to him, “it is God who has been doing this that I was also made the Asiwaju of Ijebu Christians So, it is in appreciation of what God has done for me and so I have thrown myself into the service of the people. I am always joyous to do good and to have people around me. And the good Lord has always been faithful to me”.
Having been accepted across philosophical, political and religious divides, he has thus far operated as a bridge builder of sorts, deploying resources as regularly as required. In fact, in the area of development of the town, he has played a sterling role, falling back on his being picked by the leadership of the Christian Association of Nigeria in Ijebu land and requested to rally round others to develop his people and the community.
A few years ago, he transferred the OtunbaTunwase Paediatric centre to the University of Ibadan, a project in which he had sunk billions of naira. That handover was on the auspices of his 80th birthday. On the spiritual plane, he is not just satisfied with the tag of Asiwaju of Ijebu Christians but is thrilled by initiatives that advance the course of Christianity. Part of this are the Annual Christmas Carols in December and Prayer sessions and Thanksgiving Services in January in his country home of which he is a convener. Reflecting on the prayer sessions recently, he observed: “The tradition I met when I took over from the first Asiwaju of Ijebu Christians was that annually Christians and even Muslims would kick-start the new year by going to offer prayers in the house of the Awujale and after that they would come to the house of the Asiwaju. The significance is to give an opportunity for the Asiwaju to join everybody in thanking the Almighty God for what He has done for all of us in the year before and asking him to continue to guard and take care of us for the new year. I think that its significance is not just for Christians but for all people. The Yorubas say if you give thanks for the favour done in the past that you will receive more favours”. These sessions have grown in popularity with attendant extensive positive impact. In fact, his reference to God is so well known around the town that it has become the tradition of local musicians to start playing the tune “Nipa ifeOlugbalakiyosinkankan”, (which means by the love of the Saviour, there shall be no evil) anytime and anywhere he makes his appearance. For the Baba Oba of Ijebu-Ife, it is the good Lord that has been protecting and guarding His people and it is only natural to sing back in appreciation.
“I genuinely worship my God. In every home of mine, I have a chapel and on my birthday, I go there first to thank God for mercy received and to pray for further mercy. The secret of it is that I throw myself into the hands of God trusting that He will do the best for me”, he says. Otunba Balogun may not be so much swayed by the tag of a politician as he appreciates the appellation of philanthropist. He is a living proof that it is in giving that one secures the channel of receiving. And that for Nigeria to remain, there has to be prayers.
“The first thing I will say to Nigerians is to be conscientious in praying and having faith that having prayed, the good Lord will answer our prayers. There is a lot that Nigerians expect from the country but my prayer is that the good Lord will guard everybody including our government, so that everybody will do the right thing. Between friends, family and universally, we should put God first and seek His face and everything else will be right”, he admonishes.
A holder of the 1959 LLB Honours, of the London School of Economics (LSE), he was called to the English Bar in December 1959. He was trained as a Parliamentary Counsel by the Government of Western Region of Nigeria at Whitehall and the British Parliament in London, and started his Civil Service career in February 1961 in the Ministry of Justice, Ibadan. He was later transferred to the Federal Ministry of Justice as the Assistant Parliamentary Counsel of the Federation, where he remained until July 1966.For nine years, between 1966 and 1975, he was the first Principal Counsel and Company Secretary to the Nigerian Industrial Development Bank (NIDB). During this period, he received extensive training at the International Bank for Reconstruction and Development (IBRD), otherwise known as the World Bank, and its private sector affiliate, the International Finance Corporation (IFC) both in Washington DC. He also received extensive training from leading stockbrokers, investment banks and merchant banks in London and New York.
There were other outstanding moves within, but OtunbaBalogun was seconded to Icon Limited (Merchant Bankers), as an Executive Director following its establishment. During this time, he represented Icon on the Council of the Nigerian Stock Exchange (NSE) and he distinguished himself in the handling of many capital issues on the Exchange. He resigned in December 1977 to set up his own company, City Securities Limited, which became the first institution in Nigeria to combine Issuing House and Stockbroking businesses under one roof. In less than two years of the establishment of City Securities Limited, he was cited as “a most distinguished and leading Baron of the Nigerian Capital Market”.
The Asalu-Oba of Ijebu-Imushin, Otunba Balogun in 1979, single-handedly set-up the first wholly Nigerian owned merchant bank, known as First City Merchant Bank Limited. Under his leadership as Chairman and Chief Executive, First City Merchant Bank Limited (FCMB) in its first twenty years of existence, experienced unprecedented steady and un-interrupted growth, earned national and international recognition as a market leader in investment banking and capital market services.
Otunba Balogun was the first in Nigeria as at 1987 to endow a Professorial Chair in a University, this at the University of Ibadan. He has equally donated to several altruistic causes in a number of institutions such as the Olabisi Onabanjo University (formerly Ogun State University), Yaba College of Technology, African Leadership Forum, etc.
Otunba Balogun took over, reconstructed, refurbished and perpetually endowed the maintenance of The Children’s Emergency Unit in the University Teaching Hospital, Ibadan which has now been named after him, the “OTUNBA TUNWASE CHILDREN’S EMERGENCY UNIT”. He has donated to the Ijebu-Ode General Hospital a newly built and fully equipped air-conditioned 40-bed Children’s Centre, made provision for the perpetual maintenance of the Children’s Centre, and actively provided financial assistance to various local institutions, individuals and other charitable organisations.
To date, he has awarded over 300 scholarships to many Nigerians at secondary and tertiary levels; established an umbrella organization known as “OtunbaTunwase Foundation” to cater for all his philanthropic endeavours and services to the community. Under this Foundation, and on his 60th birthday, he commenced the construction of a special gift to the nation – the “OTUNBA TUNWASE NATIONAL PAEDIATRIC CENTRE.” Otunba is a Fellow of the Nigerian Institute of Management, a holder of the Degree of Doctor of Laws (Honoris Causa) University of Ibadan and a Merit Award holder of several organisations. In terms of traditional titles, he is the Baba Oba of Ijebu Ife and the Asiwaju of Ijebu Christians amongst others.
In November 2000, he was conferred with the National Honour of “Commander of the Order of the Niger” by the President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria. Otunba Balogun as an author, a prolific writer and a distinguished opinion leader was also at one time a member of the National Presidential Advisory Committee on the Recovery of the Nigerian economy.
He is a Fellow of the Chartered Institute of Stockbrokers, the Nigerian Institute of Management, and the Chartered Institute of Bankers, a Former Deputy President now Life Vice President of the Nigerian British Chamber of Commerce, Council Member of the Lagos Chamber of Commerce and Industry, Chairman, Primrose Investments Limited; Chairman, Bluechip Holdings Limited; Chairman, Swiftdrill (Nigeria) Limited, Chairman, Primrose Properties Investments Limited and Director of a number of other companies.
FCMB Great Place to Work Award
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FCMB Certified as a ‘Great Place to Work’
Committed to Human Capital development, First City Monument Bank (FCMB) announced today that it has been certified as a great place to work by the independent analysts at Great Place to Work Institute, a global research firm, which produces the Fortune 100 Best Companies to Work For list and other top employer rankings. Great Place to Work surveys were sent to a random cross section of FCMB employees, and 84% agreed that the Bank is a great workplace, with majority saying they take pride in working for the organization. The certificate was presented to FCMB by GPTW Institute Africa at a ceremony on February 27, 2018 in Lagos.
Commenting on the certification, the Managing Director/Chief Executive of FCMB, Mr. Adam Nuru expressed delight at the recognition. According to him, “our employees are at the heart of FCMB’s mission. Creating an enabling environment where employees can pursue their career goals and thrive, while providing the best customer experience to our customers, and supporting the communities where we operate, have remained key priorities for us’’. Also speaking at the certificate presentation ceremony, the Senior Vice President and Divisional Head, Corporate Services, FCMB, Felicia Obozuwa, added that, “we want our employees to love working here, so we try to create the type of work environment that positively impacts our employees’ personal and professional lives. When looking for a company to work for, we have found that it is not all about salary anymore. People want to know that their work is valued, the opportunities for upward mobility, the training made available to learn new skills, they want to know that you have a strong supportive culture, their work will be challenging, and they will work with supervisors that motivate and inspire them. These are the areas we have focused our attention on over the years’’.
She further stated that, ‘’FCMB employees are the most dedicated, smart and hardworking. So, we support our people by creating an inclusive, respectful, high performance culture, bringing different perspective to bear, and making everyone feel valued’’. GPTW institute is a Global research firm that assess companies, based on a trust index survey (employees’ opinion about the workplace) and culture audit (management policies and practices), with the overall objective to promote excellence in the work place. The Institute operates in 50 countries, including Nigeria.
The certification of FCMB as a Great Place To Work follows an assessment exercise and an independent survey carried out by the Institute last year. The independent analysts looked in-depth at the Bank’s operation and found key strength in many areas. The survey showed that majority of FCMB’s employees took pride in their work and valued its supportive atmosphere, rewards and challenges associated with being part of the organisation. Among other parameters employees of FCMB rated the Bank highly in, include work-life balance, training and development, and celebration of good work. The employee survey responses revealed how well the Bank balances the needs of its diverse workforce, such as career management through a self-service career portal, mentoring programmes, talent development programmes, professional development opportunities, good medical support, employee health week providing nutrition advice, free health checks at branches etc, telephone counselling services for personal issues, and policies/benefits to reduce the financial burden on expectant and nursing mothers, newly married employees, bereaved employees, and children education grants for long serving employees.
On his part, Mr Michael Tosin Oni, a Director at GPTW Nigeria explained that the Certificate was instituted to promote human capital development. He stated that FCMB has distinguished itself by creating a great place to work for employees, measured through our analysis of the results of our Trust Index survey and Culture Audit questionnaire. Through the Trust Index, employees anonymously assess their workplace, including the honesty and quality of communication by managers, degree of support for employees personal and professional lives and the authenticity of relationships with colleagues. While expressing appreciation for the recognition, Felicia Obozuwa stressed that, ‘’getting this certification for 2017/2018 is a step in our journey to build a great workplace culture that attracts and retains talent. Our goal is to make FCMB a truly Great Place to Work for every single employee that puts in their best here’’.
Four things to think about when writing a media release
A media release is one of the most successful ways to get media coverage for you or your business. It is a tried and true method and one of the most common ways to communicate with a journalist.
Journalists receive hundreds of media releases a day – most of them completely unrelated to their area of interest. So before you start to write a media release it is important to stop and think about what you want to achieve, what publication you want to be covered in and who your intended audience is.
It is essential to create a media release with the audience in mind, if the content is interesting to the audience; the journalist is more likely to publish it. Here are our four top tips to help you prepare before writing your next media release.
Is it newsworthy?
The main rule for your media release is that it needs to be newsworthy. A newsworthy story is current and of interest to the readers. It will also have a greater chance of being read by your target audience.
Make sure your release is not only relevant but also interesting and exciting. The launch of a new product, issues and trends in your industry, or sharing your success like an award, are good examples of newsworthy media releases.
Is it relevant?
Timing is everything in sending a media release. Make sure the information is relevant and current. Contacting the relevant media outlets is essential for obtaining the attention of journalists. Put yourself in your target audience’s shoes and think about your key message and whether or not they will be interested in reading it.
Take some time to think about who you are communicating your message to creating a media list of appropriate publications means you will more likely get the exposure you are looking for.
Make your media release headline catchy, interesting and strong. It should summarise key points and encourage further reading.
Journalists receive hundreds of emails a day so make sure they can quickly establish what the content will be just from reading your headline to increase the chances of it being read.
Does the lead paragraph provide a ‘hook’?
This is a key part of your media release. The lead into your story must be catchy and have something that grabs your reader’s attention, otherwise known as the hook. A strong angle includes the following elements that establish the story of your media release:
Who is involved,
What is happening,
When it is taking place,
Where is it taking place,
Most importantly, why it is taking place Make the paragraph succinct with active and professional language. Once you have established what is newsworthy and who your target audience is, write your media release with these four tips in mind. Make sure to check spelling and grammar and it’s a good idea to have a colleague read your media release before you send it.
- Published in Blog
The five-minute management idea: real innovation hacks
A weekly shot of new thinking for business leaders: innovation needs short business plans, employee incentives and social trends
Corporate leaders often talk about creating a ‘culture of innovation’ within their companies. Most of what is considered ‘innovation culture’ is ‘innovation theatre.’ Having rooms with business model canvases, sharpies and sticky notes is not innovation culture. Neither is opening an innovation lab or working with startup accelerators. Even after putting all these practices in place, executives are still frustrated by the lack of results. They have all the great innovation tools in their business, but no innovation.
Innovation culture is not some mythical phenomenon. It is created by what these leaders punish, recognize, celebrate, and reward. Innovation tools will not help a company if its leadership team is still hanging onto traditional management practices. While executives lament the lack of innovation in their companies, they are still unwilling to relinquish thirty-paged business plans and the calculation of bonuses based on annual sales targets. If corporate leaders want the innovation tools to have an impact on their company culture, they have to change the following three management practices:
THREE CHANGES NEEDED FOR WHOLE-COMPANY INNOVATION
Innovation Strategy
Companies want to innovate but the leadership team has no clear strategy around innovation. Instead, employees are given a broad and general remit to come up with great new ideas. What companies need is a clear innovation thesis that outlines the key trends impacting their business and how the company plans to use innovation to get ahead of those trends. This innovation thesis should provide a simple guide of the types of innovative ideas the company will invest in.
Investment Decision Making
Corporate leaders can stifle innovation by how they make decisions to invest in ideas. Investment decision making is the most powerful lever managers have in transforming a company’s culture. If employees are still required to write long business plans before they get any money, the company will end up rewarding the kinds of people who are happy to write such plans. Such practices tend to exclude the creatives and leave them out of the process. Since most innovative ideas fail, increasing the number of bets is a good method for discovering ideas that work.
Incentives and Rewards
Another powerful lever for changing culture is incentives and rewards. Most companies calculate bonuses and make promotion decisions based on how well people perform in relation to revenue growth on the core products. While managers pay lip service to innovation, they do not put any innovation goals in their employees’ annual plans. Until they change how they incentivise their managers, they will not get the results they wish for.
To move beyond the sticky note approach to innovation, leaders need to change how they set strategy, make investment decisions and reward their employees.
Guest blogger Tendayi Viki
- Published in Blog
FCMB Commits to Growth of Media Industry, as Expert Projects Positive Outlook for Nigerian Economy
Nigerian media industry by empowering its practitioners with the requisite tools and knowledge that promotes the values of professionalism and ethics in the discharge of their duties. This, according to the Bank, is as a result of the critical role the media plays in national development. FCMB gave the assurance at an interactive and capacity building forum it organized for media executives and correspondents based in Abuja and the Northern Region on February 9, 2018. The forum had a foremost financial and media expert who is also the Chief Executive Officer of RTC Advisory Services Limited and lecturer at the Lagos Business School, Mr. Opeyemi Agbaje, as guest speaker.
In his address at the event, the Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo, explained that it is part of the Bank’s initiatives to further promote excellence, build capacity of media practitioners, spur ideas, deepen relationships and appreciate their contributions over the years to the success of the Bank since its establishment 34 years ago. According to him, ‘’at FCMB we recognize the strategic importance and role of the media not just in promoting our business, but in the areas of agenda setting, providing solutions and dissemination of quality and balanced communication that drives national unity and development in a sustainable manner. As an institution anchored on the culture of excellence and professionalism, we will continue to champion and execute initiatives that would assist the Nigerian media industry and journalists perform optimally as the fourth estate of the realm and key influencers. We therefore urge our media practitioners to reinvent themselves and expand the frontiers of their knowledge by adopting innovative skills that would help them meet the dynamics of the profession while upholding due diligence and ethics that conform with global best practices’’.
Mr. Olojo told the gathering that as an inclusive lender, FCMB will continue to offer and deliver cutting edge solutions that provide the best customer experience. He added that the Bank is resilient and focused on sustaining the momentum of its position as a top financial institution by supporting initiatives that would enhance the growth and achievement of the personal and business aspirations of its customers as well as the overall prosperity of Nigeria. In his paper titled, ‘’The Nigerian Economy and Financial Sector in 2018’’, the guest speaker at the media parley, Mr. Agbaje, observed that having overcome the recession in some critical areas, things were looking up for the nation’s economy going by the positive signals shown by several macroeconomic indicators, such as stable exchange rates, growing foreign reserves and inflation. The former Senior Banker however noted that, “there are a couple of areas of the economy – the non-oil economic sectors that require more passionate attention. They include the manufacturing, employment and the domestic food sectors. In addition, there are also a few fuel subsidy concerns. A lot of cleaning up is going on in the financial sector while portfolios and profitability are improving. From a number of indications, the economy should record incremental improvements in 2018, over 2017. However, the recovery is mainly powered by the oil sector. It is also imperative for our economic system to be skewed towards an investment-led growth strategy to facilitate sustainable development across all sectors’’.
Mr. Agbaje, a one-time Chairman of Convention on Business Integrity, also urged the media to brace up to the challenges of the profession by playing more active roles in not just reporting activities, but serving as a compass to society. He added that it is the responsibility of media practitioners to ensure diligence, ethics, fairness and professionalism in the discharge of their duties in order to promote peace, understanding and progress. Over the years, FCMB has organised series of initiatives to empower and build the capacity of the media industry. For instance, the Bank in 2016 hosted financial journalists to a parley under the theme ‘’Raising the Bar’’, which had the Chief Executive of Corporate Shepherds Limited, Mr. Idorenyen Enang, as guest speaker. In 2015, it organised a similar capacity building programme for journalists in the new media. Among the guest speakers was an international journalist, Mr. Inigo Gilimore, who spoke on the topic, ‘’Stimulating Responsible New Media Journalism: A Pathway to International Recognition’’.
In addition, FCMB in 2014 brought together media executives to a training programme on, “Sustainable Banking in Nigeria: The Role of the Media”. The session had theManaging Director of UK-based Sustainable Finance Advisory Limited, Carey Bohjanen, as guest speaker. First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
FCMB Excites Nigerians with Banking on Love Campaign
First City Monument Bank (FCMB) is set to motivate about 100 customers among its youth segment with cash rewards, other exciting prizes and engagements to commemorate this year’s Valentine’s celebration. In its annual campaign tagged, “Banking on Love”, the lender said many young and even some older people view the February 14th Valentine Day celebration as solely defined by the day’s activities with their chosen partners and loved ones.
Today, First City Monument Bank (FCMB) Limited thinks differently. The Bank, speaking through its Head of Corporate Affairs, Mr. Diran Olojo, enjoined the youth to see love as a virtue that is all encompassing. FCMB said love is more about care, giving, commitment, passion, trust and responsibility for the comfort, protection, security and happiness of the next person with an open mind and genuiness of purpose. He stated that the position further goes to define some of the activities engaged in by the Bank which pays close attention to many segments of the Nigerian society. According to Mr. Olojo, “at FCMB, it is not all about business at all times. There is a strong propelling philosophy which also drives us to be concerned about the best way to positively affect our immediate environment. How best to reach and impact the less-privileged. We always think about the best strategies to adopt to help the needy people in our society. We care about the orphans, the widows, the aged people, our youths and the internally displaced persons (IDPs) who have been affected by insurgency, man-made and other natural disasters. We believe one of the positive outcomes of sound corporate governance, is impacting positively on lives and communities in Nigeria. Indeed, as businesses act responsively and boost their performance indices, they should also devote a part of their income to giving back to the society by engaging in various life-changing activities. At FCMB, we have been guided’’. This year’s Banking on Love campaign will include cash awards and some giveaways to many youth customers during and after Valentine celebration, a global event that climaxes on February 14th. N10,000 each is being given to 25 young people every week, throughout February, the month of Love. To be eligible to win, customers are required to carry out transactions with their cards that add-up to at least N5,000 in a week. Winners will be announced weekly.
The Flexx account is FCMB’s youth-centric banking product targeted at young people who are actively seeking platforms that allow them express their uniqueness, while building skills for financial success. This is summarized in the description of Flexx as, “An app, a card, an account”, which gives account holders the freedom to bank on the go, using the Flexx Mobile App. FCMB’s Executive Director, Retail Banking, Mr. Olu Akanmu while responding to an inquiry said, “Flexx is more than an account. It is a lifestyle platform that offers the customer experience centred around Fun, Future and Banking. FCMB serves this platform through digital channels that fit into the lifestyle of the Flexx target market which include the Mobile App, a Microsite and an Online Account Opening platform, all of which enable a potential Flexx customer open an account with FCMB without having to visit a branch″.
In a bid to define love beyond the euphoria of the moment, FCMB said the Bank is aware of the challenges faced by people and the society. It was for this reason that it consciously chose to bring hope and smiles to the people and communities. The Bank extended its hand of benevolence to internally displaced women in Maiduguri, Bornu State by providing training and financial support to 100 of them to start any small-scale businesses of their choice. The financial institution also organised skill acquisition and other capacity building programmes for the beneficiaries. FCMB’s intervention in economic empowerment is seen in its partnership with Wecyclers, an award winning company involved in recycling, on a waste-to-wealth franchise scheme. Through this collaboration, the Bank is helping to tackle the challenge of waste management by deploying an innovative recycling project aimed at job and wealth creation, while promoting health and sanitation. To further deepen the project, FCMB has put in place a monthly reward scheme for top recyclers. The first batch of winners emerged in May, 2017 and have been presented with their prizes. FCMB’s economic empowerment CSR activities have also impacted on youths. The Bank has instituted a capacity building programme for youths, tagged “Empowered for the Future”. The initiative focuses on peer-to-peer economic empowerment, sexual and reproductive health promotion for in- and out-of-school adolescents. It commenced with 50 youths who were trained on various aspects of human development. The beneficiaries are expected to reach out to 750 peers over a one-year period, with focus on financial literacy, skill acquisition, sexual and reproductive health, while undergoing vocational training, job shadowing and knowledge building programmes. Another of FCMB’s expression of real love is its Priceless Gift of Sight programme. The Bank has been sponsoring this project since 2009 in partnership with the Tulsi Chanrai Foundation (TCF), a Nigerian-Indian Non-Governmental Organisation (NGO). The programme involves eye screening tests, full ophthalmic medical examination, eye surgeries, provision of free medication, eye glasses and counselling for those suffering from cataract, an eye defect that could lead to blindness if not promptly treated. Over 100,000 people across Nigeria have so far benefited from it since the Bank took up the sponsorship 9 years ago. In 2017, FCMB also sponsored 500 eye surgeries in Kebbi, Cross Rivers and Imo states, while more than a thousand people underwent the screening for cataract during the programme. The 2018 programme nationwide is currently being planned. The Bank has previously carried out the programme in Katsina, Adamawa and Ogun states. To FCMB, this is love in action and not just words.
FCAM’s Legacy Short Maturity (NGN) Fund Holds AGM … Fund Returns 12.99% in Fund Year-ended 30 June, 2017
Unitholders of Legacy Short Maturity (NGN) Fund, a mutual fund managed by First City Asset Management Limited (FCAM), converged in Lagos on January 8, 2018 for the Annual General Meeting (AGM) of the Fund. FCAM is the wealth and investment management arm of FCMB Group Plc, one of Nigeria’s leading financial institutions. At the meeting, the unitholders approved the financial statements of the Fund for the year ended June 30, 2017, while also applauding it for generating returns of 12.99% despite the challenging operating environment. They also unanimously endorsed the payment of a dividend of 11kobo per unit as well as the name change of the Fund from Legacy Short Maturity (NGN) Fund to Legacy Debt Fund, among other resolutions passed at the meeting.
In the audited results for the year ended June 30, 2017, Legacy Short Maturity (NGN) Fund recorded a profit after tax of N100.487million, as against N50.343 million realised in the previous Fund Year. In addition, total revenue generated by the Fund rose from N63.422 million, to N119.005 million.
Speaking on the performance of the Legacy Short Maturity (NGN) Fund at the AGM, the Chief Executive Officer of First City Asset Management Limited, FCAM), Mr. James Ilori, stated that although the return of 12.99% was lower than the 16.82% return of the Fund’s benchmark, the Fund carried significantly lower interest rate risk relative to its benchmark. Also, the Fund’s risk-rating was upgraded by Agusto & Co. Fund performance is expected to improve significantly in the new Fund year.
The Legacy Short Maturity (NGN) Fund seeks to preserve capital and generate consistent income for unit holders. The Fund pursues its investment objectives by investing in high quality, Naira-denominated Money Market Instruments and short maturity bonds rated by a Securities & Exchange Commission (SEC) registered credit rating agency. Trading and Settlement is done on a best execution basis. In addition, the Fund is highly liquid and well diversified. Proceeds to investors, at the point of exiting the Fund, are tax free the Legacy Short Maturity (NGN) Fund rating was, in December 2017, upgraded by two notches, from BBB+(f) to A(f), by Agusto & Co, the foremost pan-African rating agency. The higher rating of A(f) indicates that Legacy Short Maturity (NGN) Fund has a low to moderate exposure to downside risk (impairment to the net asset value) in the medium term. According to Agusto & Co, the new rating was on account of the Fund’s good quality assets, adequate liquidity management strategies, conservative approach to credit risk & enhanced risk management, and zero currency risk exposure.
In addition, the rating agency stated that interest rate risk in the Fund was moderate in the short term, and that the Fund has a high quality portfolio management team with over 18 years’ experience across various financial fields. FCAM, a subsidiary of FCMB Group Plc, provides services that cut-across collective investment schemes such as mutual funds, which are predominantly for retail investors, as well as specialised discretionary portfolio management, for ultra-high and high networth individuals and institutional investors. The company has consistently focused on delivering superior wealth and investment management services, aimed at meeting investors’ desire for safety of investments and good returns. In October 2017, Legacy Short Maturity (NGN) Fund was nominated for “Best Fixed Income Fund” and Legacy Equity Fund won the award of ‘’Best Managed Fund in Equity’’, at the BusinessDay Banking Awards. FCAM’s market counterparties include CSL Stockbrokers Limited and First City Monument Bank Limited.
Legacy Pension Managers reorganizes Board.
Lagos: January 8, 2018 – The appointments of Mr. Balogun and James Ilori to the Board of Legacy Pension Managers (“Legacy Pensions”) come in the wake of the acquisition by FCMB Group of 60 percent of the company, raising its interest to 88%. The Central Bank of Nigeria, the National Pension Commission, and the Securities and Exchange Commission approved the transaction in November 2017. The board appointments have also received the approval of the National Pension Commission. Legacy Pensions has over N230 billion assets under management, which grew by 22% in 2017. It has over 350,000 pension contributors, whom it serves from 48 locations across the country.
The new Chairman of Legacy Pensions, Mr. Balogun, was until March last year the Chief Executive Officer of First City Monument Bank (the retail and commercial banking subsidiary of FCMB Group). He has over 23 years’ experience in the financial services industries in Europe, the United States of America and Africa. Mr. Balogun also holds a Bachelor’s degree in Economics from the University of East Anglia, United Kingdom and a Masters in Business Administration (MBA) from Harvard Business School, United States of America. His appointment in 2007 as the Managing Director of First City Monument Bank Limited saw the transformation of FCMB from an investment bank to a prominent mid tier Nigerian commercial bank and financial services group. By 2017, the banking group had 10,000 employees and contract workers, 4.3 million customers, 200 branches and a banking subsidiary in the United Kingdom. During this period, FCMB also birthed what became the country’s leading micro-lending institution, Credit Direct Limited. Mr. Balogun now runs FCMB’s holding company: FCMB Group plc.
Mr. Balogun serves on the board of several FCMB Group companies and chairs the board of Credit Direct Limited. Mr. Balogun also serves as Chairman of Tenet Investment Company, a private equity investment firm, focused on the food and agri-business value chain in West Africa.
Mr. James Ilori on the other hand has vast experience in Research, Business Development, Risk Management, and all areas of the investment decision-making process acquired from leading organisations in Nigeria and the United Kingdom. Before his appointment as the Chief Executive Officer of First City Asset Management (FCAM) in 2014, he worked as a fixed income fund manager with Crown Agents Investment Management in the United Kingdom.
Mr. Ilori, who is a CFA Charter holder, has successfully propelled FCAM to become a top-rated wealth management company. It provides services that cut-across collective investment schemes such as mutual funds and investment plans predominantly for retail investors, as well as specialised discretionary portfolio management, for high net-worth individuals and institutional investors, within and outside Nigeria. Mr. Ilori will also serve on Legacy’s investment committee as the pension fund manager seeks to continue its strong investment performance track record, whilst diversifying its portfolio.
The appointments signal Legacy Pension’s intent of tapping into the investment and distribution synergies that FCMB Group brings to Legacy Pensions. Analysts anticipate that the company will be better positioned to grow its market share, compete effectively, and also fulfill its ambition of bringing pension savings to Nigeria’s vast informal market. The company will leverage on the network and pedigree of FCMB Group Plc and its subsidiaries, which include First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, First City Asset Management Limited, FCMB Microfinance Limited and now, Legacy Pension Managers Limited.
FCMB Millionaire Promo Season 4 Ends with Excitement as Customers Win Big
First City Monument Bank (FCMB) Limited, through its reward scheme tagged ‘’FCMB Millionaire Promo Season 4’’, has rewarded and empowered a total of 2,576 of its customers within the eight months the promo ran. This was disclosed at the grand finale draws of the promo which took place at the four Regions and 25 Zones of the Bank across Nigeria on Thursday, November 30, 2017. The promo which targeted all existing savings account customers of FCMB with monthly account balance ranging from N10,000.00 to N50,000.00 was designed to give extra value and empowerment to customers of the Bank, while encouraging financial inclusion and savings culture. It was also a part of various initiatives of the lender to enhance customer experience and reward them for their loyalty and patronage over the years. The first draw of the promo this year was held in May, followed by the second in July and the third in September. At each of the draws, 644 qualified customers won various gifts, including four of them who smiled home with N1million each.
At the colourful and exciting grand finale draws ceremony witnessed by thousands of people, including customers of the Bank and officials of regulatory bodies, another set of 644 customers emerged as winners. While four lucky customers were each rewarded with the star prize of N2million, a total of 640 other account holders smiled home with LED television sets, generating sets, decoders, tablets, smart phones and other consolation prizes, at the end of the electronic selection exercise.
Adelagun Mary won the star prize of N2million at the Lagos regional draws, while Musa Ele won the same amount at the Abuja & North region. In addition, Chika Anaelechukwu emerged winner of N2million at the South-East/South-South draws, just as Adelaja George was rewarded with same amount, being the star prize winner at the South-west regional draws. The winners, customers and officials of the regulatory bodies commended FCMB for sustaining its empowerment and the support to the populace in the society. One of the winners of N2million Musa Ele expressed gratitude to the financial institution for being a true partner in progress. In an excitement-laden voice, he stated that, ‘’I am very grateful tp FCMB for coming-up this promo, because without it I will not have the opportunity to win this money. I am very grateful to FCMB and I believe the Bank will continue to help many people’’.
In his comment, the Zonal Co-ordinator of the National Lottery Regulatory Commission in Oyo State, Mr. Tayo Fasuhanmi, hailed the Bank for conducting the exercise with integrity. He stated that, ‘’FCMB followed due process from the beginning of the promo till the emergence of the various winners. We give commend the Bank for all it has done through this promo to empower Nigerians and bring happiness to the lives of customers’’. Speaking on the concluded promotion and its grand finale, the Executive Director, Retail Banking, Mr. Olu Akanmu, said FCMB had fulfilled the promise it made customers to reward those who participated and qualified for the promo during the four draws organised at the Bank’s various zones and regions nationwide.
According to him, ‘’one of the major objectives which characterised the promo was our commitment to drive financial inclusion and promote savings culture in the society, particularly the unbanked segment. I can boldly say, we achieved our aim, looking at the number of new to Bank customers recorded. May I once again thank all FCMB customers for their loyalty and belief in our financial institution and also congratulate all prize winners. I want to use this opportunity to reinstate our commitment to exceptional customer experience and excellent service delivery’’. Mr. Akanmu encouraged them to make wise use of their prizes, particularly the star prize winners and added that, ‘’FCMB promo is credible. The draws which took place in all the zones of FCMB across Nigeria, brought about winners emerging from every region, spreading across cities, towns and neigbourhoods all over the country. The FCMB franchise is strong across Nigeria with millions of customers doing their savings and banking transactions, using all our channels daily. We will continue to reward our customers for their patronage’’.
He further assured that FCMB will continue to offer the best in service and product offerings in line with its value as a simple, reliable and helpful financial institution. However, it was also confirmed that following positive feedback from customers and the general public, the Bank is making arrangements to launch FCMB Millionaire Promo Season 5 as soon as possible and the modalities may not be different from the previous seasons. First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of personal and business aspirations of its customers.