First City Monument Bank Limited is growing stronger

By Nurudeen Adeyemi

 

In 1977 Oloye Subomi Balogun established City Securities Limited and on 20 April 1982 he incorporated First City Monument Bank  Limited. as a private limited liability company, in which it was granted a banking licence on 11 August 1983 and became the first bank to be established in Nigeria without government or foreign support. On 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by an introduction on 21 December 2004.

In November 2010, both FinBank and First City Monument Bank (FCMB) announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank, another Nigerian commercial bank that was undercapitalized and in February 2012, following regulatory approval, FCMB acquired 100% shareholding and began integration of Finbank in its existing operations.

In its financial results for the year ended December 31, 2018, FCMB Group grew its profits by 76% and its banking franchise continued to grow as reflected by a 19% rise in deposits and its customer base also grew by 20% to 4.8 million customers.

As FCMB has grown its customer base in 2018, likewise, other banks did and that simply means more Nigerians have more money.

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