Banking

FCMB Shareholders Expect More Value, Gains in FY 2020

Published

6 years ago

01/05/2020

By Dipo Olowookere

Shareholders of FCMB Group Plc have applauded the management and board for the impressive results churned out by the company in the 2019 financial year.

National Chairman of the Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said at the company’s Annual General Meeting (AGM) held this week that the performance was encouraging.

“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 seeing more value and gains this year,” Mr Okezie said at the meeting, which took place by proxy.

Another shareholder who spoke at the virtual AGM, Mr sunny Nwosu, who doubles as the Co-ordinator of Independent Shareholders Association of Nigeria (ISAN), praised the institution for efficiently running its affairs and the appreciable growth recorded in key operating areas.

“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,” he said.

Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, 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.

“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 percent, 14.7 percent and 28.3 percent, respectively.

“Our customer base also grew by 27.5 percent 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,” he said.

Mr Balogun further stated that, “The Commercial and Retail Banking Group grew its profit by 20 percent 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 percent. Assets managed by our Asset and Wealth Management businesses increased by over 28 percent to over N403 billion at the end of the year.”

Chairman of FCMB Group, Mr Oladipupo Jadesimi, while speaking at the gathering held at the company’s corporate head office in Lagos, 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.

“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,” he said.

Business Post reports that at the AGM, the 7th, shareholders 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.

Banking

Secure IT, StockMed, 18 Others Make Wema Bank Hackaholics 6.0 Top 20 List

Published

2 days ago

18/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.

The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.

The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.

They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.

They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.

The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.

In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.

The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.

After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.

“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.

“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.

“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.

“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.

“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.

Banking

Customs to Penalise Banks for Delayed Revenue Remittance

Published

2 days ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.

This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.

“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.

“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.

“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”

Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.

He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.

“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.

“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.

Banking

First Bank Deputy MD Sells Off 11.8m First Holdco Shares Worth N366.9m

Published

2 days ago

18/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.

A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.

It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.

The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.

Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.

He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.

Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.

He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.

He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.

At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.