First City Monument Bank: A Leading Financial Institution in Nigeria

First City Monument Bank is a leading financial institution in Nigeria, with a rich history dating back to 1982. The bank was founded by Otunba Subomi Balogun, a renowned entrepreneur and industrialist.

FCMB has grown significantly over the years, with a strong presence in the Nigerian banking industry. The bank's headquarters is located in Lagos, Nigeria's commercial hub.

FCMB offers a wide range of financial services, including personal banking, corporate banking, and investment banking. Its services cater to individuals, businesses, and organizations across various sectors.

The bank's commitment to innovation and customer satisfaction has earned it numerous awards and recognition within the industry.

FCMB has a significant presence in Nigeria, with a customer base that reached almost 8 million by 2021.

The bank's expansion strategy has been successful, with 4.3 million customers in 2017 and nearly doubling that number just four years later.

FCMB has a large branch network, with 220 branches across the country.

In 2012, FCMB acquired 100% shareholding of Finbank, another Nigerian commercial bank that was undercapitalized at the time.

This acquisition marked a significant milestone in FCMB's growth, allowing the bank to integrate Finbank into its existing operations.

By 2017, FCMB had established a banking subsidiary in the United Kingdom, further expanding its global reach.

First City Monument Bank Limited, also known as FCMB, is a Tier II commercial bank with headquarters in Lagos, Nigeria.

The bank provides a wide range of banking and financial services via its six main business segments: Personal, Institutional, SME, Commercial, Corporate, and Treasury & Financial Markets.

FCMB is transitioning from a corporate bank into a universal bank, expanding into the SME and retail segments.

Our customer is First City Monument Bank Limited (FCMB), a Tier II commercial bank with headquarters in Lagos, Nigeria. It was founded in 1977 as a brokerage company before gaining a banking license in 1983.

FCMB has six main business segments: Personal, Institutional, SME, Commercial, Corporate, and Treasury & Financial Markets. This wide range of services allows the bank to cater to various customer needs.

The bank is transitioning from a corporate bank into a universal bank, expanding into the SME and retail segments. This strategic move is part of its 2021-2025 strategy to intensify the acquisition and retention of active customers.

FCMB aims to increase its customer base from 7.6 million to 25 million customers. The bank has been a client of FMO since 2014 and has received funding from them, including a USD 60m syndicated facility in 2014 and a USD 50m subordinated debt facility in 2019.

FCMB has a dedicated SME Advisory Service that offers market intelligence, technical assistance, and intervention funds to small- and medium-scale enterprises.

The bank launched Hub One, a co-working space, in 2019 to provide start-ups with internet access.

In 2020, FCMB secured a $50 million loan facility from the IFC to expand its SME loans and support businesses during the coronavirus pandemic.

By 2021, the bank had provided over N23 billion in loan guarantees to SMEs with inadequate collateral coverage or those in a start-up stage.

FCMB received a $50 million loan from the African Development Bank (AfDB) in 2021 to support the agribusiness, manufacturing, healthcare, and renewable energy sectors, with 30% of the funds going to women-owned businesses.

The bank also received a $10 million loan from Oikocredit to fund agricultural businesses, especially in low-income areas impacted by the COVID-19 pandemic.

First City Monument Bank has a strong leadership team that has contributed to the bank's success. Ladi Balogun was appointed group chief executive of FCMB's holding company, FCMB Group Plc, in 2017, and under his leadership from 2007-2017, the bank grew to be one of Nigeria's top 10 commercial banks.

The bank's current leadership is led by Yemisi Edun, FCMB's first female CEO, who was appointed in July 2021. She has a bachelor's degree in chemistry and a master's degree in international accounting and finance, and is a fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA.

The bank's leadership team also includes several other executives, including Colin Fraser, chief executive officer of FCMB (UK) Limited, and Akinwande Ademosu, managing director of Credit Direct Limited.

FCMB Group PLC has a diverse range of subsidiaries that cater to different financial services needs. These subsidiaries are spread across various locations in Nigeria and the UK.

FCMB Capital Markets Limited provides investment banking and advisory services from Lagos, Nigeria. CSL Stockbrokers Limited offers stock brokerage services also from Lagos, Nigeria. FCMB Pensions Limited, formerly known as Legacy Pension Fund Administrators, is based in Abuja, Nigeria.

Credit Direct Limited offers microfinance lending services from Lagos, Nigeria, while FCMB Microfinance Bank provides microfinance banking services from the same location. FCMB Limited, which was once headed by Olu Akanmu, offers commercial and retail banking services from Lagos, Nigeria.

FCMB Asset Management Limited handles asset and wealth management from Lagos, Nigeria. FCMB Trustees Limited provides asset administration and transfer services from the same location.

In FCMB Group Plc, leadership plays a crucial role in driving the company's success. The group has a diverse leadership team with a strong track record of experience and expertise.

Ladi Balogun was appointed group chief executive of FCMB's holding company in 2017, having previously been the managing director of FCMB. Under his leadership, the bank grew to be one of Nigeria's top 10 commercial banks.

Yemisi Edun, a highly qualified and experienced executive, was named Acting Managing Director in January 2021, becoming FCMB's first female CEO in July of the same year. She has a bachelor's degree in chemistry and a master's degree in international accounting and finance.

FCMB's leadership team includes several other notable individuals, each with their own unique skills and experience.

Here are some of the key leaders in FCMB's group:

Nasira's leadership portfolio spans over a decade, with a proven track record of delivering results-driven projects.

Her expertise in strategic planning and execution has led to successful outcomes in various industries.

Nasira's ability to foster a culture of innovation and collaboration has been instrumental in driving team growth and productivity.

She has a strong background in project management, with a focus on stakeholder engagement and communication.

Nasira's leadership style is characterized by a people-first approach, prioritizing the development and well-being of her team members.

First City Monument Bank (FCMB) has a significant investment and funding strategy in place, particularly in the agriculture sector. Over 60% of Subsaharan Africa's population consists of smallholder farmers.

FCMB has partnered with FMO to incubate 15 scalable early-stage agri-tech businesses in Nigeria. This is part of the NASIRA initiative, which aims to foster and accelerate the growth of scalable agri MSMEs.

The total FMO financing for the NASIRA initiative is NGN 34150.86 million, as of June 19, 2024.

First City Monument Bank's shares of stock are listed on the Nigerian Stock Exchange, trading under the symbol FCMB.

The bank's current shareholding, following the merger with FinBank, is publicly available for anyone to access.

You can check the Nigerian Stock Exchange for the latest information on First City Monument Bank's share price and trading activity.

Funding this investment is crucial because more than 60% of Subsaharan Africa's population consists of smallholder farmers.

The agricultural potential of the region remains untapped, with the production of grains and cereals having a tremendous upside potential of two or three times.

This means that substantial investment is needed to allow Africa's agritech sector to fully utilize its capabilities.

By supporting early-stage Agtech companies to scale up, we can contribute to increasing agricultural productivity and indirectly to food security and several of the United Nations' Sustainable Development Goals (SDGs).

Here are some key statistics that highlight the potential of this investment:

With an estimated worth of USD 1 trillion by 2030, Africa is positioned to emerge as the leading global hub for agricultural technology (Agtech) solutions.