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 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.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
