FCMB - Business Metrics

FCMB boosts renewable energy support with N20.9bn credit

Jun 14, 2021 Business Metrics

FCMB boosts renewable energy support with N20.9bn credit First City Monument Bank (FCMB) said it has executed credit enhancement agreements worth N20.9 billion to support renewable and energy efficient projects in Nigeria. The bank disclosed this in a statement to commemorate this year’s World Environment Day (WED) with the theme, “Ecosystem Restoration”. It said 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…

CBN gets court’s approval to freeze 11 FCMB accounts

Apr 8, 2021 Banjo Olaniran

CBN gets court’s approval to freeze 11 FCMB accounts Justice Ahmed Mohammed of the Federal High Court, Abuja, has granted an interim order allowing the Central Bank of Nigeria (CBN) to direct FCMB to freeze 11 bank accounts linked to an individual and five firms for a period of 45 days pending the outcome of an investigation being carried out by the apex bank. According to a copy of the judge’s ruling posted on CBN’s website, owners of the affected accounts are Albert Austin Ugochukwu, Belfour Energy & Allied…

Paternity scandal: FCMB MD embarks on leave as probe begins

Jan 5, 2021Jan 6, 2021 Banjo Olaniran

Paternity scandal: FCMB MD embarks on leave as probe begins The Managing Director, First City Monument Bank Limited (FCMB), Adam Nuru, has volunteered to go on leave to enable the bank to investigate the paternity allegations against him. This was disclosed in a statement by the bank on Tuesday. The statement read, “We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru; a former employee, Mrs Moyo Thomas, and her deceased husband, Mr Tunde Thomas. “While this is a personal matter,…

My Bank. My Wife and The New Social Order

Jan 4, 2021Jan 4, 2021 Banjo Olaniran

My Bank. My Wife and The New Social Order Let me first out myself. I am a former Employee of FCMB. I worked there for a bit in the securities trading arm, CSL. CSL is a legendary institution that continues to be the corner piece of the Nigerian Capital Market. I was the Head of Local Business. One thing that attracted me to the firm was its legacy. Its founder, Chief Subomi Balogun was a hero of sorts to young Stockbrokers like myself. He had built the institution from…

FCMB set to acquire AIICO Pensions

Jun 26, 2020 Banjo Olaniran

Two pension funds administrators (PFAs) are ready to become one through acquisition as the FCMB Pensions Limited, a subsidiary of First City Monument Bank (FCMB) Group commenced the process to buy AIICO Pensions Managers Limited. In separate filings at the Nigeria Stock Exchange, the duo Wednesday notified the investing public of the deal saying that FCMB has entered into discussions with shareholders of AIICO Pension Managers Limited. FCMB intends to acquire the 70 per cent stake held by AIICO Insurance Plc and 26 per cent held by some other shareholders…