The first draws of season 6 of the First City Monument Bank (FCMB) savings reward scheme tagged ‘’Millionaire Promo’’, took place nationwide on May 23, 2019. At the end of the draws, another set of four customers of the Bank each won the star prize of N1 million. Moreover, hundreds of other customers smiled home with various exciting prizes, ranging from LED televisions, power generating sets, decoders, tablets, smart phones, among others.
The winners emerged through random selection of qualified customers at a colourful ceremony held at the four regions and 19 zones that make up the Bank’s footprint in Nigeria. In attendance were officials of the National Lottery Regulatory Commission, Consumer Protection Council, community leaders, thousands of customers of the financial institution and other dignitaries.
The new millionaires are Olabisi Omotayo (Lagos region), Mustapha Egba (Abuja & North region), Helen Okon (South-east & South-south region) and Sholanke Olalekan (South-west region). One of the winners of N1million, Mrs. Helen Okon, commended FCMB for its commitment to the success of its customers through the ‘’Millionaire Promo’’ and other reward as well as empowerment initiatives.
According to her, “I am very surprised to win N1million in the Promo; it is unbelievable. I thank FCMB, I am very proud to be a customer of the Bank and very grateful. This prize is very special to me. Surely it is going to change so many things for me. I don’t regret being a customer. I appreciate the Bank’s quality of service, FCMB is the best”.
Another winner of N1million, Mr. Mustapha Egba, stated that, “FCMB is truly a friend and partner in progress. God bless FCMB”.
Speaking on the ‘’FCMB Millionaire Promo’’, and the draws, the Executive Director, Retail Banking of the Bank, Mr. Olu Akanmu, said, we are delighted to produce another set of millionaires and winners of other prizes in the first draws of the promo. Thousands of Nigerians have so far benefitted from this life changing initiative since it commenced in 2013. The season 6 of the promo will produce another set of 16 millionaires. Thousands of other lucky customers will be rewarded with various exciting prizes. We will continue to reward and enhance the experience of our customers through this promo and other offerings, aimed at further empowering and adding value to them in line with our core values. We are also committed to distinguish our offerings in the retail banking space by delivering exceptional products and services that would ultimately ensure the growth and achievement of the personal and business aspirations of our customers. All our customers need to do to win in the millionaire promo is to keep on saving with FCMB”.
On how to participate in the ‘’FCMB Millionaire Promo Season 6’’, Mr. Akanmu, explained that all existing or new customers of the Bank needs to do is to increase their respective balances by N10,000.00 in any of the eligible savings accounts and maintain it for 30 days to qualify for the Zonal and Regional electronic selection of winners where the star prize of N1million and other fantastic prizes will be won. Multiple savings of N10,000.00 will increase the probability of winning. To qualify for the grand finale draws in November 2019, where four customers will win N2million each, existing and new customers are to increase their balances up to N50,000.00 and maintain it for 30 days. Multiple savings of N50,000.00 will also increase the chances of winning. The second draws of the promo will hold in July, the third in September and the grand finale is in November.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, a leading financial powerhouse in Nigeria. With subsidiaries that are market leaders in their respective segments, the lender has successfully transformed to a retail and commercial banking-led group.
The Board and Management of Standard Chartered Bank are pleased to announce the appointment of Bola Adesola as Senior Vice-Chairman, Africa effective immediately following Statutory and Regulatory approvals. In this new capacity, Bola will be responsible for supporting the execution of the Bank’s strategic intent within the Africa region, including representing Standard Chartered Bank on various Boards in Africa. She will also lead as the Group’s Senior Banker on key relationships and transactions. Bola joined the Bank in March 2011 as the CEO OF Nigeria and subsequently became the CEO for Nigeria and West Africa in 2015. Prior to joining the bank, Bola was Executive Director, Corporate Banking in First Bank of Nigeria Plc, Nigeria’s biggest bank, and she also had oversight of the retail and commercial banking business in Lagos. Previously, she was CEO of Kakawa Discount House, Nigeria, a securities trading company where she drove record business performance. She also worked in Citibank for nine years in senior leadership roles in Nigeria and Tanzania.
Called to the Nigerian Bar in 1985, Bola has over 30 years of banking experience and expertise. Bola is an Honorary Fellow of the Chartered Institute of Bankers Nigeria (CIBN), sits on the board of the Nigerian Interbank Settlement Systems Plc, and also chairs the Central Bank of Nigeria Bankers’ Sub-Committee on Economic Development, Sustainability and Gender. She was appointed to the Board of the United Nations Global Compact in 2015 and appointed as the Co Vice-Chair of the Board in 2018. In Standard Chartered, Bola is a member of the Global Diversity and Inclusion Council, and is actively involved with women’s networks across the bank. She also sits on the boards of Standard Chartered in Ghana and Cote D’Ivoire respectively.
Bola will be succeeded by Lamin Manjang as Chief Executive Officer (CEO) Nigeria and West Africa, subject to Statutory and Regulatory approvals. Lamin joined the Bank in 1999 and has over the past 19 years, built up extensive experience including Cluster CEO for Kenya and East Africa, and CEO in Oman, Uganda and Sierra Leone. Kariuki Ngari replaces Lamin as the Chief Executive Officer (CEO) Kenya, subject to Statutory and Regulatory approvals. Kariuki brings 23 years of banking experience, having served more recently as Group Head, Service Quality in Group Retail Banking. Prior to this, he was Global Head, Retail Distribution, Head of Consumer Banking Kenya and East Africa, and Regional Head, Retail Banking, Africa. The appointment of Cluster CEO, East Africa will be announced in due course.
Sunil Kaushal, Regional CEO, Africa and Middle East, Standard Chartered Bank said: “In Africa and Middle East we have made investments in our people both in their career and personal development, and continue to support our People Strategy to build a high-performance culture through an integrated approach to talent and succession planning. These changes ensure a smooth and orderly succession which will allow us to continue our unrelenting focus on delivering our strategy and capturing opportunities across the region
Leading financial services provider, First City Monument Bank (FCMB) has once again demonstrated its commitment towards the empowerment of youths in entrepreneurship by sponsoring a capacity building programme for almost 1,000 members of the National Youth Service Corps (NYSC) in Abuja on July 30th, 2018. Tagged ‘’Youth Entrepreneurship and Empowerment Programme’’, it was in partnership with Activate Success Foundation. The highly engaging, interactive and exciting session provided a platform for the youth corpers to look inward, develop and deploy their business skills through practical trainings facilitated by experts and successful business owners.
According to the Bank, the development will go a long way to empower them with the requisite resources to start and grow successful businesses during and after their service year in order to become financially independent and contribute significantly to national development. Commenting on the initiative, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said it is in line with the commitment of the Bank to provide multiple opportunities that would inspire and enable youths to be actively engaged and eventually become successful business owners. According to him, ‘’FCMB Flexx account empowers Nigerian youths with the entrepreneurial and employability skills they need. Many youths set up their own businesses from their campuses. FCMB will be there with them to provide the necessary entrepreneurial and business skills they need to make great successes out of their businesses. FCMB will also provide great support for the youth businesses and work with them to nurture and grow the youth entrepreneurial ventures’’. Also speaking, the Founder of Activate Success Founder, Love Idoko, said, ‘’I have a penchant for motivating people. There are business-minded youths out there that are just looking for mentorship or business ideas as well as funds to start their businesses. The purpose is not just to give grants, it is to also empower and motivate as many youths as possible”.
Among the facilitators at the programme were a Member of the Lagos State House of Assembly, Hon. Desmond Elliot; Chief Executive Officer, Vodi Tailors, Mr. Seyi Adekunle and Executive Director, YIAGA Africa, Mr. Samson Itodo, of the #NotTooYoungToRun fame. At the end of the programme the sum of N2.7million was given as grant to some of the youth corpers with excellent business ideas to enable them start-up. FCMB has over the years developed various engagement programmes focused on empowering young Nigerians such as #FlexxYourCreativity, #FCMBFlexxtern and the Flexx Youth Entrepreneurship Masterclass. Through these initiatives, FCMB has given young entrepreneurs and students access to training, funding, mentorship, networking opportunities and jobs. The Bank’s Flexxzone (http://flexxzone.fcmb.com/) also provides useful resources to help young Nigerians build their business and career, while keeping up with latest trends in fashion, lifestyle and entertainment. The Bank’s youth product, Flexx, is one of its innovations to simplify and make banking services exciting. The Flexx proposition has continued to meet the overall financial and other socio-economic needs of young people from the age range of 16 to 30years. This is summarised in the description of Flexx as, “An app, a card, an account”. These features give account holders the freedom to bank on the go, using the Flexx Mobile App and also the Bank’s USSD code, *329#.
With a clear understanding of its market and environment, FCMB is well positioned to continue to create value by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
Lagos: July 31, 2018: FCMB Bank (UK) Limited, an independently incorporated subsidiary of First City Monument Bank Limited (which is a member of FCMB Group Plc), has introduced its Personal and Business banking proposition in London, United Kingdom and Lagos, Nigeria at an impressive ceremony attended by the top echelon of the business community within and from outside the country. The development follows the latest variation of permission obtained by the United Kingdom-based Bank to extend its services to include retail (investments) for individuals and business enterprises. This is in addition to the existing wholesale deposit taking activities, foreign exchange, treasury, corporate banking and trade finance offerings to corporate and institutional customers of FCMB Bank (UK) Limited. The variation of permission was granted by the Prudential Regulation Authority, the financial services regulatory body of the United Kingdom, and it became effective on June 8, 2018.
The Personal and Business banking proposition of FCMB Bank (UK) Limited is anchored on the Bank’s London Leverage and Africa Awareness. This will enable the financial institution deliver its promise of being the Corporate and Private Bank for African-oriented entrepreneurs, investors and professionals across all their banking needs. The Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, explained at the ceremony that the launch of FCMB Bank (UK) Limited’s personal and business banking proposition is as much a statement of substance as it is one of intent. According to him, “our successful UK platform has proven to be of great importance to the Nigeria stockbroking and international trade finance activities of FCMB Group. Leveraging our deep networks in Africa’s biggest economy, the importance of a London presence to many of our Personal and Business banking customers, and technological innovation, we welcome this opportunity to meaningfully serve more of our customers and grow the value of our UK franchise”. Also speaking, the Chief Executive Officer of FCMB Bank (UK) Limited, Mr. James Benoit, said, “with the extension of its services, the Bank is now able to receive deposits from both customer segments as well as provide them bank loans to enable them meet their financing needs. The deposit products on offer include current, notice savings and fixed deposit accounts at competitive rates; while its lending products include Buy-to-Let Mortgage Loans enabling target customers to acquire a piece of London and purchase property to include in their investment portfolios.’’.
He added that the Bank will be expanding its premises and entering into partnerships with Fintech providers to open up service options to its clients and enhance their overall banking experience Dignitaries at the launch commended the Board and Management of FCMB Group Plc for going the extra mile in ensuring the institution has a very strong presence in the United Kingdom through FCMB Bank (UK) Limited, which will go a long way to boost individual and business transactions between Nigeria and the United Kingdom, thereby enhancing customer experience. Operating in the City of London, FCMB Bank (UK) Limited began its operations as a BIPRU €50k investment firm in September 2009 with CSL Stockbrokers (another subsidiary of FCMB Group Plc), providing the services of “receiving and transmitting” institutional client orders for Nigerian listed securities. Subsequent to the variation of its permission on September 27, 2013, the Bank commenced wholesale deposit taking activities across various segments.
First City Monument Bank (FCMB) has rewarded another set of 644 lucky customers in its ongoing reward scheme, tagged ‘’FCMB Millionaire Promo Season 5”. The second set of winners emerged at the second draws of the promo held across Nigeria on Wednesday, July 25, 2018. This brings to a total 1,288 customers of the Bank who have so far won cash and other gifts since the promotions commenced in March this year. The FCMB Millionaire Promo Season 5, which runs till November this year, is an extension of the Bank’s previous promotions. It is designed to give extra value and reward to our customers, while encouraging financial inclusion and savings culture in the country. The promo is targeted at all segments of the society, especially existing and potential savings account customers of the Bank. This however, excludes salary and domiciliary account holders.
While four lucky customers won N1million each, 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. At the Lagos Regional draw held at Gbagada, a suburb in the State, Mercy Ailekhue was the lucky winner of N1million, while Hulera Zubairu won the same amount at the Abuja & North Regional draw which took place in Kano. The third N1million winner, Ukwuaba Aliu, came from the South-East/South-South Regional draw held in Port Harcourt, Rivers State, just as Williams Rotimi was also rewarded with N1million at the South-west Regional draw in Ijebu-Ode, Ogun state speaking on the promo draws, FCMB’s Executive Director, Retail Banking, Mr. Olu Akanmu, said, ‘’We are excited that more of our customers have continued to be rewarded and empowered through this exciting reward scheme. We are committed to impacting the lives of individuals and businesses by delivering valued-added products and quality service that translate to exceptional customer experience. Our existing and potential customers are encouraged to partake in the FCMB Millionaire Promo, because it is an avenue to turn dreams to reality’’.
On how to participate, Mr. Akanmu, explained that all an existing or a new customer of the Bank has to do is to increase his or her balance by N10,000.00 in any of the eligible savings account and maintain it for 30 days to qualify for the Zonal and Regional electronic selection of winners where the star prize of N1million and other fantastic prizes will be won. Multiple savings of N10,000.00 will increase the probability of winning. To qualify for the grand finale draws in November 2018, where four customers will each win N2million, existing and new customers are to increase their balances up to N50,000.00 and maintain them for 30 days. Multiple savings of N50,000.00 will also increase the chances of winning. The third draws of the promo will hold in September and the grand finale is in November.
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 the personal and business aspirations of its customers.
London, United Kingdom – 26th June, 2018 Individuals and Business Enterprises who seek to transact their banking services between Nigeria or other African countries and who desire to maintain a banking relationship in the City of London now have the opportunity to do so. FCMB Bank (UK) Limited recently obtained a variation of its banking permission to include retail (investments) services. The permission was granted by the Prudential Regulation Authority and became effective on the 8th of June 2018. Based on this approval, FCMB Bank (UK) Limited is now able to extend the level of excellent banking services its Corporate and Institutional Customers currently receive to High Net Worth Individuals (HNWI) and Small and Medium Business Enterprises.
Mr James Benoit, Chief Executive Officer of the Bank, said,
“This approval and extension of services is a major achievement which will enable the Bank deliver its promise of being the Corporate and Private Bank for African-oriented entrepreneurs, investors and professionals across all their banking needs. The Bank will be expanding its premises and entering into partnerships with Fintech providers to open up service options to our clients and enhance their overall banking experience.”
Mr. BC Achary, Chief Risk Officer of the Bank advises,
“With the extension of its services, the Bank is able to receive deposits from both customer segments as well as provide them bank loans to enable them meet their financing needs. The deposit products on offer include current, notice savings and fixed deposit accounts at competive rates; while its lending products include Buy-to-Let Mortgage Loans enabling target customers to acquire a piece of London and purchase property to include in their investment portfolios.”
Mr. Ladi Balogun, CEO of FCMB Group Plc added,
“Our successful UK platform has proven to be of great importance to the Nigeria stockbroking and international trade finance activities of FCMB Group. Leveraging our deep networks in Africa’s biggest economy, the importance of a London presence to many of our Personal and Business banking customers, and technological innovation, we welcome this opportunity to meaningfully serve more of our customers and grow the value of our UK franchise.” The Bank has completed arrangements to formally launch its Personal and Business Banking proposition on the 19th July, 2018 in London and subsequently on 31st July, 2018 in Lagos.
Mrs Stella Okuzu, Head, Personal and Business Banking explained,
“As a customer-centric business, both events will enable the Bank to meet with prospective customers, share the Bank’s Personal and Business Banking proposition and obtain first-hand feedback on their banking needs and requirements”. Operating in the City of London, FCMB Bank (UK) Limited is a UK incorporated bank and a wholly-owned subsidiary of First City Monument Bank Ltd (FCMB), a member of the FCMB Group PLC (Nigeria). FCMB Bank (UK) Limited began its operations as a BIPRU €50k investment firm in September 2009 with its CSL Stockbrokers division providing the services of “receiving and transmitting” institutional client orders for Nigerian listed securities. Subsequent to the variation of its permission on the 27th September 2013, the bank commenced wholesale deposit taking activities, offering a wide range of products including foreign exchange, treasury, corporate banking and trade finance services to corporate and institutional customers. With the bank’s Retail permission approval, the bank’s customers now include individuals and business enterprises.
Leading financial services provider, First City Monument Bank (FCMB), has unveiled a scheme tagged, ‘’FCMB Education Advisory Service’’, that would ensure convenient and affordable education support for its customers who or their children desire to study abroad and obtain undergraduate and post-graduate degrees. The support includes overseas admission information services, school fees remittance, school living allowances and travel fares, loans to support school fees payments, visa process, travels and examination preparation. Access to customers and other aspiring candidates is said to be available on FCMB website with branches where operational desks are currently located, listed. It is part of the Bank’s contributions towards developing a new generation of brilliant minds that would take Nigeria to the next level. The scheme is in partnership with MOD Group, a foremost international education promotion and marketing company with operations deeply rooted in Nigeria and covering the West Africa sub-region. Under the initiative which was launched at a ceremony on May 30, 2018 in Lagos, FCMB is offering a full range of core financial services, tailored to meet the needs of its customers in the area of acquiring education abroad. This is in addition to a wide range of benefits that the Bank is providing for potential and existing students under the Education Advisory Service initiative.
Among these are, up to N5million school fees support to customers from the Bank and Credit Direct Limited, one of the subsidiaries of FCMB Group Plc (the holding company), Flexx account (in foreign exchange) for students going abroad to study, prompt and secure international funds transfer through internet banking platforms for the payment of school fees and other educational expenses abroad. There is also the issuance of FCMB debit cards, including the pocket money card (pre-loaded) that can be used to withdraw cash from overseas ATMs and make payments at stores and supermarkets. On the other hand, MOD Group will provide advisory services, such as, school admission processing, visa processing and examination preparation for beneficiaries of the FCMB Education Advisory Service. Speaking at the launch of the initiative, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, stated the commitment of the Bank to champion and execute initiatives that would promote education and knowledge acquisition among Nigerians. According to him, ‘’at FCMB, we walk and work with our customers to fulfil their life aspirations for themselves, their families and their businesses, including the provision of the best education. The FCMB Education Advisory Services in partnership with MOD Services and international partners also covers school admission process, Visa processing, travel and examination Preparation. We recognise that knowledge of what to do and how to do it matters in securing good overseas education. FCMB will also be providing prompt school fees and living allowances remittance, loans to support school fees payment and international cards to support living overseas for Nigerian students
Mr. Akanmu also added, ‘’we have Lufthansa Airline, beside other partner airlines on board to offer students, discounted fares under this scheme. This also covers their guardians accompanying them. In addition, we have AXA Mansard coming on board to provide medical cover for the students to the tune of $60,000 a year’’. Also speaking at the ceremony, the Managing Director of MOD Group, Mr. Michael Dosunmu, expressed gratitude to FCMB for the partnership. According to him, ‘’one of the major challenges faced by Nigerians who desire to study abroad is funding and the necessary information to achieve this. We believe that with our partnership with FCMB, through the platform of the Education Advisory Service, this challenge will be addressed. By providing a platform for Nigerians, especially young ones to study abroad, we will be helping to develop a new set of manpower equipped with the required international exposure, knowledge and skills to champion the development of the country. We therefore urge all those who have big dreams for their children and families to take advantage of this opportunity’’. The Permanent Secretary/Tutor General, Ministry of Education in Lagos State, Mrs. Olufunmilayo Onadipe, described the Educational Advisory Service scheme as a step in the right direction. She stated that, ‘’education is the bedrock of any society. For FCMB and MOD Group to come up with this package is an indication that they are committed to providing the necessary support to assist families and our young ones develop academically. I will appeal to FCMB to also accommodate wards from public schools, as they also desire the same foreign education’’.
On his part, Head of Communications, British Council, Mrs. Edemekong Uyoh, said, ‘’we consider the FCMB Education Advisory Service as an initiative that would give opportunities for young Nigerians and enhance capacity. The more educated we are, the more we can add value to our lives, economy and the society. At the British Council, we are particular about providing young people with pathways for the future. This is one of the initiatives that also align with our objectives and we are happy to associate with it’’. Also commenting on the scheme, a Representative of the High Commission of Ireland, Tessa Bagu harped on the importance of education. She stated that, ‘’education is the key to the future and development of a country. It is knowledge that drives development. Ireland is one of the leading economies in Europe today because of the high level of education of the people. We are optimistic that through the partnership between FCMB and MOD Group, Nigeria will grow further’’.
Leading financial services provider, First City Monument Bank (FCMB), has been awarded the prestigious International Organisation for Standardisation (ISO) 9001:2015 certificate for Quality Management System. The Bank was presented with the certificate by the Standards Organisation of Nigeria (SON), following a comprehensive audit and evaluation exercise conducted by the Organisation. The exercise covered departments and branches of the lender, nationwide. The development is coming on the heels of the renewed strategic focus of FCMB, which has significantly deepened its core values of of Professionalism, Sustainability, Customer Focus and Excellence. Through this process, it was observed the Bank had successfully overhauled and streamlined its processes, procedures and systems to meet best global standards.
The ISO 9001:2015 is the most widely used quality management system globally. It provides a framework that ensures that organizations are able to meet customers’ and other applicable requirements consistently. It consists of policies, processes and procedures required for planning and execution that guarantee continuous improvement and operational efficiency in the core business areas of an organization. This helps to mitigate risks, optimise opportunities and the organization is able to deliver better products/ services and sustainable excellent stakeholders experience. The SON audit of FCMB covered key areas including context of the organisation, leadership, planning, support and operation. Others were performance evaluation and improvement. Following this, SON stated in its report that, it discovered that the Bank had put in place and implemented, ‘’good practices, high quality management system awareness and risk/mitigation inbuilt in each process activity’’. It added that the lender also ensured, ‘’adequate evaluation of performance monitoring, measurement, reporting and reviewing against key performance objectives, service provision was under control and customer satisfaction monitored and analysed’’.
In his comment at the certificate presentation ceremony on May 16, 2018 in Lagos, the Managing Director of FCMB, Mr. Adam Nuru, described the laurel as another milestone in the commitment of the Bank to attain excellence in all aspects of operations and service delivery. “The award of ISO 9001:2015 certificate is an endorsement of our ability to consistently demonstrate commitment to continuous improvement in order to match the ever-changing needs of our esteemed customers, and in response to market demands and the global dynamics. We regularly ensure the internal appraisal of the risks and opportunities inherent in our business and thereafter take proactive steps to mitigate the identified risks, while optimising the opportunities for the ultimate benefit of our customers, stakeholders and the country’’, he said.
While expressing appreciation to SON for the award, Mr. Nuru added that, ‘’this is another proof that the focused execution of our strategic plan, systems, processes and procedures are yielding the desired results and recognition. Our goal is to make FCMB the centrepiece of excellence’’. In his speech, the Director General/Chief Executive, Standards Organisation of Nigeria (SON), Mr. Osita Aboloma, commended FCMB for distinguishing itself as an organisation committed to a culture of continuous improvement, professionalism and best practices. According to him, ‘’this achievement is a demonstration of the Bank’s management system’s conformity to internationally acceptable standard requirements with focus on continual improvement’’.
Mr. Aboloma, who was represented by the Director of Standards, SON, Mrs. Chinyere Egwuonwu, added that, ‘’the ISO 9001:2015 Quality Management System approach now provides FCMB a robust, globally recognised and acceptable solution to address the challenges associated with consistently meeting requirements and addressing future needs and expectations of your customers in an increasingly dynamic banking and business environment. The adoption of the latest version of ISO 9001:2015 Quality Management System framework reflects your vision to be the leading financial services Group of African origin. This is an indication of focus on customer satisfaction too’’. 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 the personal and business aspirations of its customers.
Lagos: April 27, 2018: FCMB Group Plc is on a stronger pedestal and will continue to provide superior performance that would add significant value to stakeholders in a sustainable manner in spite of the challenging macroeconomic and regulatory environments. The financial institution added that its subsidiaries are well positioned to deliver more cutting-edge solutions that would provide the best customer experience in their respective target markets.
The assurance was given at the 5th Annual General Meeting (AGM) of FCMB Group Plc, a holding company comprising eight entities, namely First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, Legacy Pension Managers Limited, FCMB (UK) Limited, First City Asset Management Limited and Credit Direct Limited, held on Friday, April 27, 2018 in Lagos.
Going by its audited accounts for the year ended December 31, 2017, FCMB Group Plc recorded a gross revenue of N169.9 billion and a profit before tax (PBT) of N11.5billion, while profit after tax (PAT) was N9.4billion. In addition, deposits grew to N689.9billion as at the end of December 2017, an increase of 5%, from N657.6billion in the previous year. The Group’s capital adequacy ratio also improved to 16.9% from 16.7%, just as asset base increased to N1.19trillion, compared to N1.17trillion at the end of 2016. Non-interest income as at the end of 2017 was N32billion, while loans and advances stood at N649.8billion.
Presenting the Chairman’s report, Mr. Oladipupo Jadesimi said:
‘’We will continue to shore up the capital of the bank through profit retention in preparation for the growth opportunities that we expect as the economy recovers’’.
The new Chairman of the Board of FCMB Group Plc expressed gratitude to shareholders for their continuous support, adding that:
‘’Although we met with a number of challenges as a Group in 2017, I am pleased to say that we were able to surmount them, thanks to the commitment of all the personnel of our Group companies’’.
Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, said:
‘’In spite of the reduction in headline numbers, Group performance is an improvement over the previous year after adjusting for the significant FX (foreign exchange) revaluation income enjoyed in 2016. The key drivers of the Group’s performance include increase in income from our non-banking activities, lower impairment charges from the bank and its subsidiaries, and improved operating efficiencies through more pervasive use of technology’’.
Mr. Balogun assured that FCMB Group Plc’s successful acquisition of majority (88.2%) stake in Legacy Pension Managers Limited will go a long way to help achieve further diversification of service offerings and consequent earnings within the FCMB Group. He said:
“ We see significant growth opportunities in the Pension management industry in Nigeria as it is yet to achieve maturity and will support and facilitate strategic organic and inorganic growth initiatives that will position Legacy in the top-tier of its industry over the next few years’’.
Concerning the performance of the flagship of the holding institution, First City Monument Bank Limited, the Commercial and Retail Banking member of FCMB Group Plc, the Group Chief Executive told the meeting it:
‘’showed signs of improvement with growth in income levels (after adjusting for exceptional FX revaluation income in 2016), reduction in impairment charges and substantial growth in our UK business and consumer finance business (CDL), after a difficult 2016. Commercial and Retail Banking remains our largest group, contributing 76.2% of profits and 98.5% of total assets’’.
He, in addition stated that the Investment Banking arm:
‘’Exhibited improved performance, from a loss position in 2016 of N84.0million after tax to a profit position of N430.3million after tax in 2017, largely driven by CSL Stockbrokers Limited. Our stockbroking business remains a top-3 player in its sector and participated as the sell-side broker on the largest ever trade on the Nigeria Stock Exchange in December 2017. CSLS Stockbrokers Limited and FCMB Capital Markets Limited jointly accounted for 4.1% of profits’’.
FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, has again demonstrated its advisory and capital raising capability by acting as financial adviser and Lead Issuing House on the successful fundraising and listing of LAPO Microfinance Bank Limited’s N3.15 billion bond on the FMDQ OTC platform. The bond, the first ever by a microfinance bank to raise money in Nigeria’s debt capital market, was priced at 17.75% and has a tenor of 5 years. The Issue was rated A- by Agusto& Co and BBB+ by GCR, which are investment grade ratings.
LAPO is a leading Microfinance Bank in Nigeria which commenced operations in 2010. Its banking activities are targeted at micro, small and medium enterprises, particularly women and micro enterprise owners who it provides loans to build their businesses. FCMB Capital Markets acted as the Lead Issuing House on the transaction. As a financial adviser, FCMB Capital Markets was responsible for, amongst others, developing a robust transaction structure that ensures flexibility for the issuer and comfort for the investors, and assisting to obtain regulatory approvals. FCMB Capital Markets is one of the few financial institutions in the country to consistently demonstrate the ability to structure transactions of this nature, having successfully executed similar complex deals previously.
LAPO Microfinance Bank stated that the proceeds will be used to deepen its business in the country, strengthen its capital base, expand its branchless banking solutions and enter new market segments, including the launch of its agency banking model and the deployment of e-business solutions, among others. Speaking during the bond listing ceremony on Tuesday, March 27, 2018 in Lagos, the Executive Director of FCMB Capital Markets Limited, Mr. Tolu Osinibi, said, ‘’we are excited and grateful at having been given the opportunity by LAPO Microfinance Bank to have played a leading role on this landmark transaction, where FCMB Capital Markets acted as financial adviser and the Lead Issuing House on the first ever bond issuance by a microfinance Institution in Nigeria’s capital markets. The success of this transaction speaks to the institutional strength of LAPO and an affirmation of this strength by institutional investors that have trusted LAPO with the funds they manage. Following from the success of its capital markets debut, we at FCMB Capital Markets expect to see LAPO become a repeat issuer, and we also anticipate that this landmark transaction will open up the capital markets to other microfinance institutions that meet the criteria”.
Also speaking, the CEO of LAPO Microfinance Bank, Dr. Godwin Ehigiamusoe, said, ‘’the gap between the demand by micro, small and medium businesses and the little supply is still huge. LAPO Microfinance Bank was only able to deliver loans valued at N135.7 billion in 2017. The capital market remains one of the most viable and affordable options for medium and long term financing for on-lending. We have therefore made a very sound decision. With excellent corporate governance, experienced management, committed staff and extensive footprints across Nigeria, LAPO Microfinance Bank is poised to deliver its core mandate of enhancing financial inclusion. We will continue to enable the under-banked and economically active poor to become active participants in the national economy.’’ FCMB Capital Markets Limited has been involved in several landmark transactions in Nigeria over the past three decades. The firm provides comprehensive advisory services, combining innovative advice and proven execution skills to domestic and multinational clients. Its services include but are not limited to financial advisory, debt and equity capital raising including initial public offerings, mergers and acquisitions, project and structured finance. It has acted as an adviser and arranger of choice to Nigeria’s leading companies and public institutions.
Also, the decision to list the bond on FMDQ is based on the fact that, as a debt-focused securities exchange, FMDQ has shown strong commitment to facilitate growth and development in the financial market through its platform for the registration, listing, quotation and valuation of bonds. The leadership of the exchange continues to run an efficient, transparent and well-regulated market, which attracts and retains both domestic and foreign investors.