First City Monument Bank (FCMB) Group Plc has recorded a strategic milestone in its growth trajectory as it closed the 2024 financial year with total assets of N7.1 trillion and customer deposits rising to N4.3 trillion. These figures were disclosed during the Group’s 12th Annual General Meeting (AGM), held on April 29, 2025, in Lagos, where shareholders endorsed the company’s financial performance and approved strategic resolutions aimed at bolstering future expansion and governance.
A key highlight of the Group’s 2024 performance was the accelerated growth in digital revenue, which surged to N101.9 billion—representing 13 per cent of the Group’s gross earnings. Lending activities also saw notable momentum, with the total loan portfolio growing by 28 per cent year-on-year to N2.4 trillion.
Beyond its core banking operations, FCMB’s diversified structure continues to drive robust returns. The Group’s non-banking businesses collectively contributed over 30 per cent of total profits. In particular, the Investment Management division grew its Assets Under Management (AUM) by an impressive 35 per cent to N1.4 trillion, while the Capital Markets business recorded a 57 per cent increase in gross earnings and a 62 per cent rise in profit before tax.
Reflecting its commitment to inclusive economic development, the Group expanded credit to key underserved sectors. Lending to small and medium-sized enterprises (SMEs) crossed N425 billion, agricultural financing reached N271 billion, and support for women-owned businesses hit N30 billion. These figures reflect year-on-year growth of 31 per cent, 33 per cent, and 68 per cent respectively—underscoring FCMB’s strategic focus on empowering critical growth drivers in the Nigerian economy.
Speaking during the AGM, Mr. Oladipupo Jadesimi, Chairman of FCMB Group, praised the institution’s resilient workforce and strategic diversification. “As we navigate an evolving economic landscape, we remain resolute in our mission, leveraging our Group structure and collective strengths to build a future where excellence is not only measured by our achievements but by the positive and sustainable impact we create,” he said.
Jadesimi added that the Group’s long-term strategy is anchored on “the deliberate consideration of facilitating sustainable business growth and capital requirements, with the overarching goal of optimising long-term value for our shareholders.”
Group Chief Executive, Ladi Balogun, attributed the Group’s strong 2024 performance to the unwavering dedication of its teams and the resilience of its subsidiaries. “Despite the challenging business landscape, our performance in 2024 was sustained by the commitment and professionalism of our talented staff, as well as the resilience demonstrated by each of our operating companies,” he stated.
Looking ahead, Balogun outlined key areas of focus for 2025 and beyond. “We expect more significant and diversified contributions from digitisation with a focus on digital onboarding, payments, and artificial intelligence. We will also reinforce our culture of excellence and extend the power of the Group in building a supportive ecosystem in fulfilment of our purpose,” he said.
“With the collective support of our ecosystem, including our people, investors, regulators, customers and partners, we will remain committed to carrying forward the vision of our Founder—building an institution, nation and continent in which future generations can take pride.”
At the meeting, shareholders passed several key resolutions. These included the re-election of Ms. Muibat Ijaiya to the Board by rotation, reaffirming the Group’s commitment to board continuity and governance excellence. Shareholders also authorised the Board to determine the remuneration of Deloitte & Touche, the external auditors, and approved disclosures relating to senior management remuneration in the Annual Report. Other resolutions included the election of Audit Committee members and the declaration of a final dividend of N0.55 kobo per share, payable to shareholders on the register as of April 8, 2025.
Analysts remain optimistic about FCMB’s strategic direction, particularly in light of its recapitalisation roadmap and its central role in promoting economic stability.
The Group is on course to complete the second phase of its Public Offer in the first half of 2025, which includes a N22.5 billion convertible note currently under capital verification by the Central Bank of Nigeria (CBN). Future stages of the capital raising plan will involve the sale of minority stakes in two subsidiaries and an additional equity offering. These steps are aligned with FCMB’s broader objective to ensure that First City Monument Bank Limited meets the required regulatory capital thresholds necessary to retain its International Banking License by the March 2026 deadline.