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Tag: FCMB

FCMB appoints new MD/CEO as Adam Nuhu retires

FCMB appoints new MD/CEO as Adam Nuhu retires

Corporate Stories
The Board of Directors of FCMB Group Plc have announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited. This announcement is subsequent to the end of  service of the bank’s former Managing Director, Adam Nuru.  The Board had earlier reviewed media allegations made  in late 2020 against the former MD and did not establish any contravention of its policies. The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours. Prior to this appointment, the new Managing Director, Yemisi Edun was the Executive Director/ Chief Financial Officer of the bank and previously served as the acting Managing Director. With a work experience spanning nearly 35 years, Yemisi E...
African Development Bank bolsters women-empowered businesses with $50 million loan to FCMB bank

African Development Bank bolsters women-empowered businesses with $50 million loan to FCMB bank

Agriculture, Business, Innovation
The Board of Directors of the African Development Bank (AfDB.org) has approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors. Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses. In addition, the Bank will provide  a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will complement the loan by enabling First City Monument Bank to provide non-financial services, including tra...
Starsight presents sustainability award to FCMB for achieving 100 sites

Starsight presents sustainability award to FCMB for achieving 100 sites

Business
Starsight, the leading Commercial and Industrial (“C&I”) solar power provider in West Africa, presented its 2020 Sustainability Award to FCMB for achieving 100 sites with installed sustainable power, storage, and cooling solutions. This milestone marks a significant achievement for Starsight, FCMB, and the Nigerian C&I market. Starsight has completed over 500 sites in Nigeria since 2015. The company currently has 41 MW of installed generating capacity, 33 MWh of storage, and 16,320 HP in cooling capacity across Nigeria and Ghana, with new markets anticipated to come online in 2021. FCMB has been a Starsight client for six years and has benefited from Starsight’s end-toend power and cooling services at 110 of its branches across Nigeria. With power and cooling installatio...
Lender commits to value addition, excellent service

Lender commits to value addition, excellent service

Technology
First City Monument Bank (FCMB), has restated its commitment to providing the very best of service delivery and value-added offerings that will consistently enhance the experience of its teeming customers at every touchpoint.   The Bank further assured that it will continue to leverage on its solid business models, highly professional staff, innovation, bespoke solutions, and technology to turn the aspirations of customers into life-changing opportunities. FCMB gave the assurance in a statement to commemorate this year’s International Customer Service Week, holding from October 5 to 9, themed, “Dream Team”, which highlights the importance of teamwork in providing outstanding service to all customers at this challenging period. The Customer Service Week, which started 3...
Bellwethers lift stock indices further by N98 billion

Bellwethers lift stock indices further by N98 billion

Capital Market
Transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened upbeat yesterday, as more high capital stocks joined the league of gainers, resulting in a further rise in market capitalisation by N98 billion. At the close of trading yesterday, the All-Share Index (ASI), rose 188.50 absolute points, or 0.72 per cent to close at 26,507.84 points. Similarly, the overall market capitalisation gained N98 billion to close at N13.853 trillion. The upturn was impacted by gains recorded in large and medium value stocks, including Total Nigeria, MTN Nigeria Communications (MTNN), Okomu Oil, BUA Cement, and Lafarge Africa. On the market performance, United Capital Plc, said: “Going forward, we expect to see the bullish sentiment sustained in the equities market on the back...
Profit-taking drags stock indices further by N38 billion

Profit-taking drags stock indices further by N38 billion

Capital Market
Profit-taking continued to take a toll on the equities sector of the Nigerian Stock Exchange (NSE), extending negative sentiment to three consecutive trading days, causing market capitalisation to slide further by N38 billion. Yesterday, the All-Share Index (ASI) decreased by 72.41 absolute points, or 0.28 per cent to close at 25,424.91 points. Similarly, the overall market capitalisation shed N38 billion to close at N13.264 trillion. The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Okomu Oil, Unilever Nigeria, Zenith Bank, C&I Leasing, and UAC of Nigeria (UACN). Analysts at Afrinvest Limited said: “We expect investors to take positions in sound blue-chips in subsequent trading sessions. Nevertheless, we expect the equ...
Bargain hunting lifts NSE’s index by 0.06%

Bargain hunting lifts NSE’s index by 0.06%

Capital Market
Following bargain-hunting in some blue-chips, especially Airtel Africa and Sunu Assurance, the domestic equities market closed positive for the first time in the week, as the All-Share Index rose 0.06 per cent. At the close of transactions yesterday at the Nigerian Stock Exchange (NSE), the ASI increased by 15.67 absolute points or 0.06 per cent growth to close at 24,130.26 points. Similarly, the overall market capitalisation gained N8 billion, an increase of 0.07 per cent to close at N12.588 trillion as a result of the listing of Tranzact International Plc Rights Issue of 4.67 billion Ordinary Shares of 50 Kobo each at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares. The upturn was impacted by gains recorded in large and medium value stocks, ...
CBN may have to do more about NPLs as consumer loans account for a mere 10% of total credit

CBN may have to do more about NPLs as consumer loans account for a mere 10% of total credit

Finance
Individual and consumer borrowing from Nigerian banks account for a meagre twelve per cent of the total loan basket of banks and the central bank may need to do more to cut the sector’s level of non-performing loans. The size is even smaller at around five per cent of total loans for large banks according to analysts at FBNQuest Capital. Early this week, the CBN rolled out global standing instruction (GSI) guidelines for various classes of individual accounts including savings, current, domiciliary, electronic wallets and Investment accounts in a last resort to facilitate the recovery of past due obligations by creditor banks without recourse to the borrower. Once this platform comes online on August 1, 2020, creditor banks will be enabled to make direct debits from other deposit/invest...
Group acquires 96% stake in AIICO Pensions

Group acquires 96% stake in AIICO Pensions

Business
FCMB Group said it has notified the Nigerian Stock Exchange (NSE) that its pensions arm, FCMB Pensions Limited, has entered into an agreement to acquire 96 percent of AIICO Pensions Limited. This is part of a deliberate strategy to grow the Group’s investment management portfolio, and build on the inherent synergies between this and banking. Recall that FCMB Group increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 percent in 2019, and now has full control of the business. FCMB Pensions has since grown its assets under management (AUM) to N325 billion with 350,000 customers as at March 2020, while that of AIICO Pensions is estimated at N126 billion with over 240,000. A combined AUM of N451 billion and almost 600,000 customers will take the entire Group’s customer ...
FCMB Group records N188b revenue, N20.1b profit

FCMB Group records N188b revenue, N20.1b profit

Business
FCMB Group Plc has announced its financial results for the year ended December 31, 2019.  The audited results showed that the Group’s gross revenue increased to N188 billion compared to N177.2 billion in 2018. The strong performance also manifested in profit before tax, which rose by nine per cent to N20.1 billion.  Following this, the financial institution has declared a dividend of 14 kobo per share to shareholders. FCMB Group, a holding company divided along three business groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth...

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