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Family Businesses in Nigeria: FCMB Group

First City Monument Bank Limited is a full-service banking group that offers personal, business and corporate themed financial services to customers. FCMB Group aspires to become Africa’s premier provider of financial services by delivering superior and sustainable returns to its shareholders.

Founder of FCMB Limited, Oloye Subomi Balogun was born into a Yoruba noble family at Ijebu-Ode in Ogun State, Nigeria on March 9, 1934. After obtaining a Law degree at the London School of Economics, he returned to Nigeria and worked at the Ministry of Justice as a Crown Counsel and later on Parliamentary Counsel before eventually joining the banking industry in 1966.

His first job in the Nigerian financial sector was at the Nigerian Industrial Development Bank (NIDB) culminating in an appointment as head of operations under ICON, a subsidiary of NIDB. He eventually left to establish City Securities in 1977 as a stockbroking firm.

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Building a Competitive Bank

Soon after applying for a merchant banking license in 1979, City Securities were granted authorization to set up First City Merchant Bank. The bank became Nigeria’s first privately pioneered bank. In time, the company emerged as a major platform for investment banking.

After becoming a full-fledged bank in 2001, First City Merchant Bank changed its name to First City Monument Bank. In 2004, FCMB became a public limited liability company, was listed on the Nigerian Stock Exchange, and raised ₦16 billion in share capital the following year. The establishment witnessed significant growth following its acquisition of Midas Bank, Nigerian American Bank, and Cooperative Development Bank.

In 2010 FCMB declared interest in acquiring FinBank. The latter, having failed to meet the Central Bank of Nigeria’s capital base benchmark, was available to prospective shareholders. FCMB grew even larger following its merger with FinBank PLC in 2012 and subsequently reorganized into a holding company. In 2018, FCMB Limited obtained banking licenses to operate in the United Kingdom.

Services by FCMB Group

FCMB Group provides stock brokerage services by way of its subsidiary CSL Stockbroker Limited (CSLS) administered through its offices in Lagos, New York, and London. The group also has a subordinate company in the United Kingdom – FCMB Bank (UK) Limited- offering a full range of banking services to local businesses, career persons, and investors.

Another extension of FCMB’s services is the provision of retirement benefits for individuals under the auspices of FCMB Pension Limited. There’s also FCMB Capital Market Limited (FCAM), which provides advisory support on equity capital and debt management for public and private establishments.

Other auxiliaries of the FCMB holding company include First City Asset Management Limited (FCAM) a wealth and investment management company set up in 1997; and FCMB Microfinance Bank offering petite loans to micro, small, and medium enterprises.

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Philanthropic Projects

FCMB Group has been involved in various corporate social responsibility efforts. They have made donations of Braille machines to the Federal Nigerian Society of the Blind (FNSB) in Lagos State. From 2009, FCMB has collaborated with the Tulsi Chanrai Foundation (TCF) on a poverty alleviation program targeted at the blind and less-privileged in rural Nigerian communities.

Subomi Balogun, the FCMB founder, has also initiated personal philanthropic projects, including a pediatric center in Ijebu Ode, which he donated to the University of Ibadan.

Featured image source: Olatorera Consultancy Limited

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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