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 Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
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