Banking
FCMB Holds Virtual AGM as Shareholders Commend Performance and Approve Dividend
Shareholders of FCMB Group Plc have again applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment.
The shareholders, who gave the commendation at the 7th Annual General Meeting (AGM) of the Group on April 28, 2020 at its corporate head office in Lagos, also unanimously approved the payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.
The AGM was held by proxy, following the outbreak of the COVID-19 (novel coronavirus) pandemic, and streamed live via www.fcmb.com/AGM to shareholders of the financial institution who were unable to physically attend due to the lockdown imposed by the government.
The decision to hold the AGM by proxy was to avoid unnecessary physical contact among attendees and in line with the social distancing protocol to avoid the spread of the pandemic. The meeting was previously scheduled before COVID-19 hit Nigeria.
FCMB Group is 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); Corporate & Investment Banking (the Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Chairman of FCMB Group, Mr Oladipupo Jadesimi, along with the Group Chief Executive, Mr Ladi Balogun; Company Secretary/General Counsel, Mrs Funmi Adedibu; a Director, Mr Olusegun Odubogun; Chief Operating Officer of the Group, Mr Peter Obaseki; representatives of the Central Bank of Nigeria, Securities and Exchange Commission as well as leaders of shareholder Associations, were present at the meeting.
The Chairman noted that in compliance with the Companies and Allied Matters Act (CAMA), a quorum was formed at the meeting to carry on the business of the day.
Presenting the report for the year ended December 31, 2019, Mr Jadesimi stated that all the three business groups within FCMB Group Plc reported improved performances, in terms of higher earnings and profits, compared to what was achieved in 2018.
He expressed gratitude to shareholders for joining the meeting as well as their unflinching support, which has made FCMB to wax stronger.
According to him, “the Board of Directors have adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders”.
Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said, “Our businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and Assets Under Management (AUM), which grew by 13.1%, 14.7% and 28.3%, respectively.
“Our customer base also grew by 27.5% across the Group from 5.5 million to 7 million. Overall customer satisfaction has shown positive trends, with a net promoter score of 31 in Banking and 23 in Asset Management”.
Mr Balogun further reported that, “the Commercial and Retail Banking Group grew its profit by 20% driven by improved performance in our consumer finance business, as we continue to expand our digital products offerings and channels.
“Commercial and Retail Banking remains the largest contributor to the Group’s profits with 92%. Assets managed by our Asset and Wealth Management businesses increased by over 28% to over N403 billion at the end of the year”.
He assured that 2020 will see a number of the financial institution’s digital initiatives coming of age, adding that these are expected to be substantial.
Going by the results, FCMB Group’s gross revenue in 2019 increased to N188 billion compared to N177.2 billion in 2018. The strong performance also manifested in profit before tax, which rose by 9% to N20.1 billion.
The financial results also showed that net interest income increased by 5% Year-on-Year (YoY) to N76 billion for the twelve months of 2019 from N72.6 billion within the same period in 2018.
In demonstration of enhanced customers confidence in FCMB, deposits grew to N943.1 billion in December 2019, as against N863.4 billion in September 2019. Loans and advances disbursed by the Group as at the end of December 2019 stood at N715.9 billion, representing a rise of 12% (Quarter-on-Quarter, QoQ), compared to N638.1 billion in September 2019.
Total assets of the Group went up by 10% QoQ to N1.67 trillion in December 2019 from N1.52 trillion in September 2019, just as capital adequacy ratio remained steady at 17.2%, for the Commercial and Retail Banking Group.
Post-tax profit increased by 16% to N17.3 billion, this translates to a return on average equity (RoAE) of 9% and earnings per share of 87 kobo, an improvement on 8.2% and 75 kobo, respectively, in 2018.
Shareholders in attendance commended FCMB Group’s Board of Directors for the decision to go ahead with the AGM by proxy at a time when some other companies have decided to cancel their AGMs due to the COVID-19 pandemic.
The Co-ordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, praised the institution for efficiently running its affairs and the appreciable growth recorded in key operating areas.
According to him, “the fact that FCMB was able to hold the AGM, and a successful one for that matter, is a welcome development. It shows that the organisation is well prepared and very concerned about the interest of shareholders.
“We are happy about the result and the dividend payment. This will go a long way to provide some money for shareholders to survive the lockdown. We also note with appreciation the support provided by FCMB to the government, other bodies and businesses to mitigate the effect of COVID-19.”
On his part, the National Chairman, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said, “FCMB Group performed very well in the financial year ended December 31, 2019. The result is encouraging, and dividend is growing. We urge the Board, Management and Staff to continue in this positive direction. We look forward to see more value and gains this year”.
FCMB Group is a frontline financial services institution in Nigeria with subsidiaries that are market leaders in their respective segments. FCMB has continued to distinguish itself through innovation and delivery of exceptional offerings.
By Aduragbemi Omiyale
In 2025, Access Holdings Plc lowered its operational emissions by 28.47 per cent by growing its green asset portfolio to N92.15 billion, though still far from its N475 billion target.
Details of its 2025 Sustainability Report showed that operational emissions fell to 49,352 tonnes of carbon dioxide equivalent from 57,176 tonnes in 2024, supported primarily by branch solarisation across 263 locations and the deployment of 323 solar-powered ATMs, largely across Access Bank in Nigeria.
The organisation applies the operational-control approach under the Greenhouse Gas Protocol, accounting for emissions across its African footprint, with Access Bank representing the largest share.
The report reinforces its strategic shift from scale to value by showing how sustainability is being embedded in capital allocation, risk management, product development and operations.
During the year, Access Holdings deployed N72.3 billion under its Sustainable Finance Framework to eligible environmentally beneficial projects and grew its cumulative sustainability-focused loan book to $1.269 billion.
Beyond environmental outcomes, the report highlights the group’s contribution to inclusive economic participation.
In 2025, Access Holdings extended access to finance to 2,528,117 low-income individuals and onboarded 78,438 new MSMEs onto its financing platform.
Across the institution, 2.8 billion transactions were processed during the year, underscoring its role as core financial infrastructure for Africa’s real
economy. Gender-lens lending also progressed, with 354,156 loans extended to women and women-owned businesses, totalling N67.4 billion, equivalent to 24 per cent of the relevant loan portfolio.
Its Corporate Social Investment programmes reached 2,439,480 beneficiaries across education, health, entrepreneurship and the environment, delivered with partners, including UNICEF, HACEY Health Initiative and the Kenya Forest Service.
Employees recorded 359,500 volunteer hours with 100 per cent participation, while more than 50,000 trees were planted. The group notes that 2025 community figures follow a board-mandated tightening of its impact-measurement methodology and are not directly comparable with prior years. Women represent 49 per cent of the workforce, and the Access Holdings board comprised nine directors with 44.4 per cent female representation. Employee satisfaction rose to 87 per cent against an 80 per cent target, while attrition eased from about 13 per cent to about 11 per cent.
For the second straight year, Access Holdings reported zero material regulatory penalties relating to sustainability and zero cybersecurity breaches.
It mobilised $185.38 million, equivalent to N266.83 billion, in concessional funding from development finance institutions during the year and allocated a sustainability budget of N4.8 billion from profit before tax.
Sales-facing staff in the banking subsidiary carry green-portfolio targets within their individual performance measures, linking strategic sustainability goals to day-to-day execution across governance, strategy, risk management, capital allocation, products and operations.
To strengthen credibility and comparability, the report was prepared using the IFRS Sustainability Disclosure Standards, specifically IFRS S1 and IFRS S2, as the primary framework, with the GRI Standards (2021) and the SASB Standards applied as complementary references.
“Our 2025 Sustainability Report reflects the discipline with which we are converting scale into value. We reduced operational emissions by 28.47 per cent,
grew our green asset portfolio to N92.14 billion and extended financial access to about 2.5 million low-income individuals.
“These outcomes show that sustainability is not separate from our business; it is central to how we create value, manage risk and support inclusive growth across Africa,” the chief executive of Access Holdings, Mr Innocent Ike, stated.
Looking ahead, the company promised to deepen the measurable impact of its sustainability agenda, accelerate the transition of its portfolio towards low-carbon and climate-resilient assets, and grow the green asset portfolio towards the N475 billion target.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) says it has paid the insured deposits of about 700,000 customers of the defunct Heritage Bank and has commenced the reimbursement of depositors of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The chief executive of NDIC, Mr Oludare Sunday, made this known on Wednesday during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.
He said the corporation immediately began settling the insured deposits of customers after the CBN revoked the licences of the 46 microfinance banks and appointed the NDIC as their provisional liquidator.
“We are working on those. The CBN revoked the licences, and we were appointed as the provisional liquidator. We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said.
Mr Sunday explained that the NDIC’s responsibility extends beyond paying insured deposits to recovering outstanding loans owed to the failed institutions and disposing of their assets to generate funds for the settlement of uninsured depositors.
“Our function as liquidator involves the payment of guaranteed sums. Thereafter, we go after those who owe the institutions and have not paid. We also ensure that we sell the available assets and realise their investments towards paying the uninsured portion of the deposits. So, we have started paying the guaranteed deposits. What we are doing now is also realising the assets of those institutions,” he stated.
Although he declined to disclose the exact number of depositors of the failed microfinance banks who had been reimbursed, Sunday said the Corporation was working with the Nigerian Interbank Settlement System (NIBSS) to identify depositors through their Bank Verification Numbers (BVN) to ensure seamless payments.
“So, the more accounts we discover, the more payments we make,” he added.
Providing an update on the liquidation of Heritage Bank, the NDIC chief said about 700,000 depositors had already received their insured deposits, while efforts were ongoing to trace other customers whose identities could not be verified from available records.
He attributed the challenge to legacy accounts created before the introduction of the BVN system, as well as incomplete customer records inherited from banks that were later merged into Heritage Bank.
“If you know Heritage Bank, you know it is an amalgamation of several banks, including the acquisition of Enterprise Bank in 2014. So, if you think of banks like Guardian Express and Spring Bank, they are all part of Heritage Bank.
“There are depositors we have not been able to trace, and this is an opportunity for them to come forward. I am sure many of us did the National Youth Service Corps (NYSC) and may have left some money in an account, but there was no BVN then.
“Even the addresses we had were sometimes things like ‘opposite filling station.’ How do you trace such a person? Once they come forward, and for those we have been able to identify from the institution’s database, we have been paying them,” he explained.
Mr Sunday added that the Corporation would continue to recover outstanding loans and dispose of Heritage Bank’s assets to generate funds for the payment of liquidation dividends to depositors whose balances exceeded the insured limit.
Earlier in his remarks, he described the NDIC as a critical pillar of Nigeria’s financial safety net, stressing the need for stronger collaboration between regulators and the National Assembly as the banking sector responds to recapitalisation efforts and rapid financial technology developments.
According to him, while the ongoing banking recapitalisation programme has strengthened the resilience of financial institutions, it must be complemented by sound corporate governance, effective risk management, strict regulatory compliance and robust supervision to safeguard long-term financial system stability.
He also disclosed that more than 98 per cent of depositors, representing over 281 million accounts across insured financial institutions, are fully protected under the NDIC’s deposit insurance scheme.
By Adedapo Adesanya
Zenith Bank Plc is investigating an incident involving unauthorised access to customers’ data, noting that the breach does not involve financial information and has not compromised its banking services or digital channels.
In an email sent to customers on Wednesday, the bank stated that the incident was part of a broader global cyberattack affecting multiple international organisations across various sectors.
The lender stated that it immediately activated its incident response protocols and intensified its cybersecurity and remediation efforts upon discovering the incident.
“This incident is part of a broader, global cyber-attack targeting multiple international organisations across various sectors. Upon discovery, we promptly activated our incident response protocols, cybersecurity actions and remediation efforts,” the bank said.
The bank reassured customers that its banking services and digital channels remain secure and fully operational.
As a precautionary measure, Zenith Bank advised customers to remain alert to potential phishing attempts and other forms of social engineering.
“As a precaution, we encourage our customers to remain vigilant against phishing emails, text messages, or phone calls, and never to disclose their password, PIN, One-Time Password (OTP), or other security credentials to anyone,” the bank said.
The incident is the latest in a series of cybersecurity challenges facing Nigerian financial institutions, with banks in recent months suspending their social media operations over impersonation and other fraudulent activities.
Earlier in April, the Nigeria Data Protection Commission (NDPC) said it was investigating alleged data breaches involving Sterling Bank, Remita and the Corporate Affairs Commission (CAC).
Nigerian banks have long been prime targets for cybercriminals because of the vast amounts of customer data and financial transactions they handle every day.
While many attacks have traditionally sought to steal funds, cybercriminals are increasingly targeting personal information, which can be used for identity theft, phishing schemes, account takeovers and other forms of financial fraud.
Cybersecurity threats have increasingly targeted Nigerian banks in recent years. In 2025, Union Bank of Nigeria warned customers about fraudulent websites and phishing campaigns designed to steal login credentials and personal information by impersonating the bank.
In August 2024, Guaranty Trust Bank experienced a domain-related security incident that temporarily disrupted access to its official website, although the lender assured customers that their deposits and banking services remained secure while it resolved the issue.
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