Banking
Why We Are Intensifying Support to Small Businesses—FCMB
First City Monument Bank (www.fcmb.com) has explained that its increased and consistent support to Small and Medium Scale Enterprises (SMEs) is aimed at further empowering them to take the lead in the growth and development of Nigeria’s economy.
According to the bank, this is because SMEs are one of the key drivers of the country’s push for economic prosperity due to their potential to create jobs, reduce poverty, boost production and economic activities.
Towards this end, the lender has urged business owners to keep pace with current and emerging realities in order to make their respective businesses productive and competitive, which will lead to progress for them and the nation.
FCMB made this known in a statement to commemorate this year’s International MSME Day, which holds every June 27.
The annual event provides an opportunity to raise public awareness of the contributions of such businesses towards ensuring sustainable development, poverty alleviation, empowerment and other benefits.
A recent survey conducted by the National Bureau of Statistics (NBS) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) indicates that SMEs in Nigeria accounts for about 96% of registered businesses, employ about 84% of the entire labour force and contribute 48% to the country’s Gross Domestic Product (GDP).
FCMB, as a leading financial powerhouse in Nigeria, has built a strong base and dominated the SMEs segment by consistently offering various cutting-edge solutions through its key pillars of support. These are access to capital, capacity building, advisory services, networking opportunity and technology.
The FCMB SME Advisory Service provides market intelligence and technical assistance support to businesses, access to intervention funds in partnership with Development Financial Institutions (DFIs), as well as provision of credit enhancement facilities to mitigate the credit risk and collateral gaps experienced in lending to SMEs.
Commenting on the significance of the International SMEs Day and commitment of FCMB to businesses, the Group Head, Business Banking of the Bank, Mr George Ogbonnaya, said the Day is very important to the financial institution as a major operator in the global business community.
According to him: “We recognise the role of SMEs as catalysts for sustainable development. SMEs in Nigeria have what it takes to compete at the highest level in the international market, but without the requisite exposure and support, it can be very difficult to succeed. We strongly believe that SMEs need genuine support to play a frontal role in the development of individuals, communities and the country in general, especially as the world battles to overcome the negative effects of COVID-19”.
He added that: “We are also inspired by the fact that our market-leading propositions and support to SMEs have consistently made a real impact on businesses and the economy in general. We will continue to provide the right platform and opportunities to empower our customers to take their businesses to greater heights”.
Last year, FCMB secured a $50 million loan facility from the International Corporation (IFC), a member of the World Bank Group, to help it expand lending to SMEs to ensure their sustainability following the disruptions caused by the COVID-19 pandemic.
The IFC facility, which is a demonstration of the strong confidence reposed in FCMB by global organisations and the market, has enabled it to support several businesses with trade financing and working capital loans.
So far, the bank has provided over N23 billion loan guarantee support to SMEs with inadequate collateral coverage or those in the start-up stage.
The bank has also taken the lead in digitisation by automating its lending process for SMEs through the FCMB Quick loans platform. Through this channel, the lender has so far disbursed more than N90 billion in loans to entrepreneurs. It processes over 25,000 digital loans with disbursements hitting an average of N7.5 billion in a month.
For female-owned SMEs, FCMB has in place a robust proposition known as SheVentures, which offers enhanced support through access to finance, training and mentoring with the unique benefit of zero-interest-rate for an initial period of three months.
Hundreds of female-owned SMEs have benefitted from zero-interest loans, which range between N500,000.00 and N5 million.
Overall, since 2019, almost 15,000 such businesses have benefitted from various FCMB SheVentures initiatives, in terms of funding and training.
It is also worthy to note that FCMB has been very active in the renewable energy sector through capacity building sessions, access to funding and provision of opportunities for developers and end-users to connect in meaningful, productive ways.
The bank has executed credit enhancement agreements worth N20.9 billion to support renewable and energy-efficient projects. This is meant to improve the supply of energy, enhance cost efficiency and access to clean energy.
In addition, the lender has consistently grown its loan portfolio to mini-grid developers, commercial and industrial energy efficiency providers, and solar home system distributors.
For instance, it is on track to finance projects that would deliver over 10,000 new solar-powered electricity connections to households and businesses across various communities by the end of 2021.
The bank has also developed a product for Mini-Grid developers, under the World Bank/Rural Electrification Agency (REA) of Nigeria scheme. Through this, businesses in the renewable energy sector can access loans of up to 70% of the project cost without collateral.
The financial institution set up FCMB Business Zone, an online community where SMEs can interact amongst themselves and utilize the services of various business enablers and professionals for their benefit, including various e-learning programmes.
The bank assists SMEs to leverage technology by providing them with access to Fintech solutions that can aid the growth of their business.
These giant strides, among several others by FCMB have been recognised and applauded by the market as well as other stakeholders. The Bank won the prestigious award of “Best SME Bank in Africa” at the Asian Banker Middle East and Africa Regional Awards held in November 2020.
First City Monument Bank (FCMB) Limited, with over 200 branches spread across Nigeria, is a member of FCMB Group Plc. The Group is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
Having successfully transformed into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
For more information about FCMB, please visit www.fcmb.com.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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.
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