Banking
FCMB Promises to Sustain Impressive Performance
By Dipo Olowookere
The Group Chief Executive Officer of First City Monument Bank (FCMB), Mr Ladi Balogun, has assured shareholders of the company a sustainable growth. This assurance was given during the Annual General Meeting (AGM) of FCMB held in Lagos, where shareholders approved the 2018 financial results and payment of a cash dividend of 14 kobo per ordinary share, totaling N2.8 billion.
Mr Balogun, while addressing the shareholders, outlined that the commercial and retail banking group, which includes First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited, grew its profit by 61 percent, driven by improved performance in consumer finance business and increase in fees and commissions.
He added that commercial and retail banking remains the largest group, contributing 83 percent of profit while the group’s banking franchise continued to grow as reflected by a 20 percent increase each in deposits and customer base, which rose to 4.9 million customers.
He pointed out that the pre-tax profit of investment banking group, which includes FCMB Capital Markets Limited and CSL Stockbrokers Limited, increased by 24 percent in 2018, a performance driven by higher conversion of investment banking deal pipeline as well as cost efficiencies.
He said the asset and wealth management franchise, which includes FCMB Pensions Limited, First City Asset Management Limited and CSL Trustees Limited, increased combined assets under management to over N310 billion, an increase of 24 percent.
According to him, in spite of the reduction in fees charged by pension fund administrators by the primary regulator, asset management businesses increased pre-tax profits by 15 percent while the group also acquired additional shares in FCMB Pensions Limited to increase its stake from 88.2 percent to 91.6 percent in 2018.
He assured shareholders and other stakeholder that 2019 would see continued growth along all key indices for the Group, especially those around profitability, deposits, customer numbers and assets under management.
Chairman of FCMB, Mr Oladipupo Jadesimi, in his address, said the group has continued to move forward on the path of good governance, strengthening and improving its corporate governance structure and bringing it into line with its long-term strategy and the highest international standards.
He said the group has taken initiatives to increase the confidence of its shareholders, investors and other stakeholders in an environment that is demanding even more transparency.
‘’The board of directors, fully engaged and committed to the group’s corporate culture and strategy, has the experience, knowledge, dedication and diversity needed to accomplish our objective of making FCMB one of the leading financial services groups of African origin, helping people and businesses prosper and upholding our adopted of execution, professionalism, innovation and customer focus,’’ Mr p ppJadesimi said.
At the meeting, shareholders of the company commended the board for the impressive performance in the 2018 financial year, urging them to do more so as to result to more dividend payout.
Chairman, Trusted Shareholders Association of Nigeria, Mr Mukhtar Mukhtar, said the increased dividend payment was a delight to shareholders given the low economic activities in the country.
“I am highly impressed with the group’s balance sheet quality which witnessed a high growth. This shows vigorous policies that have positively impacted on and optimised the balance sheet.
“Another significant aspect of the performance of FCMB is the growing contributions of the subsidiaries in the profit margin. The 14 kobo dividend declaration signals FCMB’s commitment to improving the lots of shareholders,’’
Progressive Shareholders Association of Nigeria (PSAN) Chairman, Mr Boniface Okezie, said FCMB and its subsidiaries have done very well in terms of dividend payment and the overall performance.
According to him, the loans portfolio of the bank is also encouraging while the fact that it has been able to increase its branch network is an indication that it is expanding.
“I believe that FCMB will build on this performance,’’ Mr Okezie said.
Key extracts of the audited report and accounts of FCMB Group for the year ended December 31, 2018 showed that profit before tax rose by 73 percent to N18.4 billion in 2018 as against N11.5 billion in 2017.
Also, gross revenue grew to N177.4 billion, an increase of 4.3 percent compared with N169.9 billion in 2017. Net interest income rose by three percent to N72.6 billion while deposits also increased by 19 per cent to N821.7 billion. Loans and advances stood at N633 billion while total assets grew by 21 percent to N1.43 trillion. Capital adequacy ratio stood at 15.9 percent.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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