Tuesday, January 19

Tag: FCMB

FCMB Appoints Acting Managing Director, Yemisi Edun
Business

FCMB Appoints Acting Managing Director, Yemisi Edun

The First City Monument Bank (FCMB) has announced the appointment of Yemisi Edun as its acting managing director. Edun takes over the running of the bank from the Managing Director, Adam Nuru, who on Tuesday, January 5, proceeded on leave amid allegations of marital infidelity involving him and a former staff of the bank, Moyo Thomas. There are allegations that Moyo's estranged husband, Tunde Thomas, 45, died on December 16, 2020, from a heart attack after battling with depression upon discovering that the two children from their marriage were allegedly fathered by Mr Nuru. A statement from the bank announcing Edun's appointment reads in part “In line with normal corporate practice, Mrs Yemisi Edun is acting as the managing director of FCMB in the interim period while Mr Adam Nu...
FCMB Names Yemisi Edun As Acting MD
Business

FCMB Names Yemisi Edun As Acting MD

First City Monument Bank (FCMB) has appointed an acting Managing Director and she is Mrs Yemisi Edun, an executive director on the board of the bank. She is taking over from the Mr Adam Nuhu, who stepped aside from the exalted position to allow for an investigation into the allegation of unethical behaviour by him. He was accused of having a romantic affair with a former employee of the financial institution, Mrs Moyo Thomas. The alleged romance produced two children, according to reports. Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter ho...
DNA Scandal: “I’m Innocent” – Late Tunde’s Wife, Moyo Thomas Breaks Silence
Scandals and Rumours

DNA Scandal: “I’m Innocent” – Late Tunde’s Wife, Moyo Thomas Breaks Silence

Moyo Thomas, the lady in the sex scandal story involving the Managing Director of First City Monument Bank, Nuhu Adams, has spoken on the incident that was alleged to have led to the death of her husband, Tunde Thomas. Moyo’s response, authored by her family, however, did not state the involvement of her former boss in FCMB in the saga. She, however, said in the statement that her two kids belong to Tunde and that they were not legally divorced before her husband’s death despite the fact that she had relocated to the United States of America. The response, signed by Adetunji Iromini, on behalf of the family, said in part: “This is quite unfortunate in many ways. It does not augur well for the memory of the departed soul especially as we are all grieving the loss of Tunde, who ...
My Bank. My Wife and The New Social Order
Lifestyle

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 his boot straps to the behemoth it is today with over 50,000 Shareholders. My first day at work, I was taken in a ride by the then Managing Director Ladi Balogun on his way to a meeting with Aliko Dangote and in those few minutes he perfectly situated the values that drove the institution. Ethical standards and integrity were the words he kept repeating as...
FCMB Reports Man To EFCC After $54,000 Deposit
Crime

FCMB Reports Man To EFCC After $54,000 Deposit

The Federal High Court in Lagos has fixed March 27, 2020 for judgment on a motion on notice filed by the Economic and Financial Crimes Commission , seeking the permanent forfeiture of the sum of $54, 000 found in the domiciliary account of a firm, Asej Global Services , operated by one Ojo Temitope Francis. The anti - graft agency told Justice Muslim Hassan that the funds were reasonably suspected to be proceeds of cyber fraud. In a 20- paragraph affidavit filed in support of the motion on notice , an investigative officer with the EFCC, Peter Chimdinma, said the anti -graft agency commenced action against Asej Global Services following a petition against the firm and Francis by First City Monument Bank. FCMB , according to the investigator , reported the firm and Francis to the EFCC fo...
FCMB Launches Hub One
News

FCMB Launches Hub One

The Nigerian Tech industry has grown in leaps and bounds over the years. Many innovative ideas, platforms and more have been developed, which have provided more job opportunities. However, certain infrastructural gaps created a need for affordable tech spaces and enabling environment where tech start-ups can thrive, collaborate and share ideas without having to deal with exorbitant overhead costs. To address those gaps, FCMB has created Hub One, a tech-themed co-working space. Hub One is a space that allows for partnerships, collaborations and possible investments. It is a professional office space with unlimited internet, constant power supply, free coffee and a community of like minds. Speaking at the official launch of Hub One, Adam Nuru, Managing Director of FCMB, said the Ba...
UBA Wins 2018 Nigeria Bankers Games Football Title
Sport

UBA Wins 2018 Nigeria Bankers Games Football Title

The 2018 edition of the Nigeria Bankers Games came to a climax at the weekend at the YabaTech Sports Complex, Yaba,  as United Bank for Africa (UBA) emerged champions of football event the of Games. Samir Bello capitalised on Fidelity Bank defensive blunder late in the second half to give UBA their first football gold since 2014. The colourful closing ceremony was graced by Mr. Tony Elumelu – Chairman, UBA, Nnamdi Okonkwo – Managing Director Fidelity Bank, Desmond Anumkua – Divisional Head, Internal Control Compliance, Fidelity Bank, Charles Aigbe – Divisional Head, Corporate Communications, Fidelity Bank, Shina Atilola – Group head, Strategy and Innovation, Sterling Bank, Atilade Adeyinka – Unit Head, IT Budget and Control Management, FCMB, Uyi Uhunmwangho – Team Manager, Stanbic IB...
FCMB Rewards 2,576 Customers With Millions, Gifts in Millionaire Promo Season 5
News

FCMB Rewards 2,576 Customers With Millions, Gifts in Millionaire Promo Season 5

A total of 2,576 customers of First City Monument Bank (FCMB) have won millions and various gifts at the end of the Bank’s reward scheme tagged ‘’FCMB Millionaire Promo Season 5’’. The promo, designed to reward and empower customers, ran from March to October this year with four regional and zonal draws, including the grand finale, on November 28, 2018.   Of the 2,576 winners, 16 lucky customers won cash ranging from N1million to N2million, while the remaining 2,560 were rewarded with LED televisions, generating sets, decoders, tablets and smart phones. At the grand finale draws of the ‘’FCMB Millionaire Promo Season 5’’ on November 28, four customers smiled home with N2million each, just as 640 others received gift items.   The promo which targeted all existing savin...
Senate Passes FMCN Establishment Bill
News

Senate Passes FMCN Establishment Bill

The Nigerian Senate has passed into law the Facility Management Council of Nigeria (FCMB) (Est. etc) Bill 2018 (SB.340). In an interview with our Abuja Bureau Chief, the President of the Institute of Global Facility Management, co-promoters of the Bill, Mr. Paul Abbey congratulated the members of the facility management professionals over the passage of this very fundamental bill to the practice of facility management in Nigeria. Mr. Abbey said the quest for professionalism and wealth creation in the facility management profession will be accomplished with the passage of this bill. He commended the dedication and astuteness of Senator Ahmed Abubakar and Senator Baba Kaka who sponsored the Bill and saw to its being passed as worthy friends of the facility management professionals ...
Banks Stop Cash Withdrawal From Overseas ATMs
News

Banks Stop Cash Withdrawal From Overseas ATMs

Banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally, The Nation has learnt. Banks have been encouraging travellers to open and fund dollar accounts, which aside from having no spending limits, provide them the flexibility to spend at all times. The lenders are also raising their card spending limits on Point of Sale (PoS) and online card transactions abroad, an indication of increased dollar liquidity and rising exchange rate stability. Guaranty Trust Bank (GTBank) and First City Monument Bank (FCMB) at the weekend raised their monthly card spending limit on overseas PoS and online transactions from $1,000 to $3,000 and around $2,000 to $5,000. GTBank infor...
FCMB Opens Flexx Hub in LASPOTECH Ikorodu, Set To Thrill Students With Small Doctor Live In Concert
Celebs

FCMB Opens Flexx Hub in LASPOTECH Ikorodu, Set To Thrill Students With Small Doctor Live In Concert

Nigerian lender, First City Monument Bank, known for its strong youth empowerment and development drive, on Monday, April 09 2018 formally opened its Flexx Hub in LASPOTECH Ikorodu Main Campus to cater to the banking needs of the students.  Not only that, the Bank reconstructed the main gate of the school, as part of its Corporate Social Responsibility (CSR) initiatives. [/img] The grand opening on Monday marked the start of a week of exciting activation activities, where youths have been stopping by the Flexx Hub to #FlexxWithFCMB. There has been great music, games shows, talent contests and social media giveaways which have seen various students and other youths win fantastic gifts. To cap it all, popular Nigerian singer Small Doctor will be live in concert at LASPOTECH on Thursday, A...
Subomi Balogun @ 84: Portrait Of A Rare Bridge Builder
News

Subomi Balogun @ 84: Portrait Of A Rare Bridge Builder

It is difficult, if not out-rightly impossible to read the story of his life and not be eminently inspired. This is for the simple reason that each chapter of that life leaves sundry lessons. It is all about the impact, visionary commitment to courses, transparent honesty in dealings with others, as well as diligent pursuit of purpose, human limitations notwithstanding. In fact, say it that Otunba Michael Olasubomi Balogun (CON), the man they call the Asiwaju of Ijebu Christians, is a lesson to life, and you would be stating the obvious. From the perspective of entrepreneurship, he is a front-liner, visionary leadership, he is there; manager of men and materials, he has a tall reputation; a philanthropist of note the same way he is an outstanding bridge builder. For example, it was h...
N3.2b Fraud: Court Admits Exhibits Against Former Abia State Governor
News

N3.2b Fraud: Court Admits Exhibits Against Former Abia State Governor

Justice Mohammed Idris of the Federal High Court in Lagos has admitted in evidence two documents tendered against a former governor of Abia State, Orji Uzor Kalu by the Economic and Financial Crimes Commission (EFCC). Justice Idris admitted the two documents, the first titled, “Financial Regulations of Abia State and another one containing details of salaries paid to Dr. Kalu while in office as Abia state governor. The EFCC had attempted to tender the documents on Monday but the move was opposed to by defence team led by Chief Awa Kalu (SAN). The lawyer argued that apart from not being certified, the documents were not front- loaded by the prosecution as mandated by Section 379 (1) (a) (5) of the Evidence Act. He further argued that there was also an indication that the documents are not f...
Market Indices, Volume Nosedive On Nigerian Stock Exchange
News

Market Indices, Volume Nosedive On Nigerian Stock Exchange

Activities on the Nigerian Stock Exchange (NSE) opened for the week on Monday in red, with market indices losing 0.85 percent and volume of shares dropping by 20.25 percent. The News Agency of Nigeria (NAN) reports that major blue chips recorded price depreciation, with Dangote Cement topping the losers’ chart with N8 to close at N270 per share. Forte Oil came second with a loss of N2.40 to close at N46.05, while Julius Berger was down by N1.35 to close at N28.65 per share. Lafarge Wapco declined by N1 to close at N53, while Cadbury decreased by 50k to close at N15.50 per share. Consequently, the All-Share Index dipped 378.27 points or 0.85 percent to close at 44,261.72 compared with 44,639.99 achieved on Friday. Similarly, the market capitalisation which opened at N16.019 t...
Nigerian Stocks Hit 9-Year High In Third Straight Day Of Gains
News

Nigerian Stocks Hit 9-Year High In Third Straight Day Of Gains

Nigerian stocks hit a nine-year high on Wednesday, extending gains for a third straight session. The main index rose 1.89 percent to close to 45,000 points, a level last reached in October 2008.  Nigerian stocks have gained strongly in January, extending 2017’s 42 percent rise. The central bank floated the naira for foreign investors in 2017, a move that has lured back funds that had pulled out of Nigeria at the peak of a currency crisis. Oscar Onyema, CEO of the Nigerian Stock Exchange, said on Wednesday he expected corporate earnings to lift equities this year, despite currency and political risks. Cement Company of Northern Nigeria (CCNN), Diamond Bank and Sterling Bank gained the maximum 10 percent allowed on Wednesday. Transcorp, Fidelity Bank, FCMB, Caverton and Skye Ba...
Watch a New Episode Of Dare2Dream Season 4 Masterclass With Dakore Egbuson Akande On BN TV
Celebs

Watch a New Episode Of Dare2Dream Season 4 Masterclass With Dakore Egbuson Akande On BN TV

Nollywood actress Dakore Egbuson Akande was one of the speakers in the Dare2Dream Masterclass series hosted by FCMB, as a part of the FCMB challenge and mentorship programme which provides young dreamers the chance to listen and learn from the movers of the business and entertainment world. This masterclass saw Dakore enlighten the youths about taking deliberate steps in life. She said, “Everything in life is ordained, there are no coincidences, your interest is what helps you gravitate towards your destiny“. She also emphasized the need for the youths to be enthusiastic about life even amidst all circumstances limiting their creativity. “ Be your best self, write your life goals and always go back to read them so that you do not get discouraged amidst all the difficulties you may encoun...
Zenith Bank Provides For 30% Of 9mobile’s Loan
News

Zenith Bank Provides For 30% Of 9mobile’s Loan

Zenith Bank says it has made a provision on 30 percent of its loan to 9mobile, telecommunications company formerly known as Etisalat. According to Reuters, Peter Amangbo, chief executive officer of the bank, made this known in a conference call on Monday. “We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing restructuring to prepare for a new investor.” A lender makes provision for a loan if it perceives that the debtor will default on the loan. A provision is an allowance set aside to cover loan losses. The company, which is Nigeria’s fourth largest telecommunications company, had been in the news for its inability to repay a $1.2 billion loan it took from a consortium of 13 banks. First Bank of Nigeria (FBN), one of...
Nigerian Banks Want To Reposition 9mobile Before Sale – FBN
News

Nigerian Banks Want To Reposition 9mobile Before Sale – FBN

First Bank of Nigeria (FBN) says the Nigerian Banks who took over 9mobile — formerly known as Etisalat Nigeria — are stabilising the telecommunication company before looking for new investors to buy into the company. Quoting First Bank, Reuters said the country’s fourth largest telecoms group will keep stability until they can find new investors, adding that there is no need to impair loans made to the company because of its cash flows. “On the part of lenders, we are trying to reposition the company till we find new investors. With the level of cash flow we believe there will be no need for impairment,” a bank official said on an analysts’ call. Another lender, FCMB, said on Tuesday lenders had agreed to extend a $1.2 billion loan which the mobile operator took out four years ago...
Etisalat Debt Will Have ‘Manageable Impact’ On Banks – Exotix Capital
News

Etisalat Debt Will Have ‘Manageable Impact’ On Banks – Exotix Capital

London-based investment banking services firm, Exotix Capital, has released a new report that says the $1.2 billion Etisalat Nigeria debt burden will have ”manageable impact” on the 13 Nigerian banks involved. The analysts estimate a minus 12 percent impact on the lenders’ net profit in the 2017 financial year, a negative two percent impact on their equity and, a modest 0.3 percent hit on their capital adequacy ratio. The report says a bailout of Etisalat Nigeria by the Central Bank and Asset Management Corporation of Nigeria is unlikely. Among the group of banks involved in the Etisalat loan crisis, the biggest contributors are Zenith Bank with N80 billion, GTBank with N42 billion and Access Bank with N40 billion. The lowest amount of loan in the consortium was FCMB at N4.5 bi...
Etisalat’s Licence Not Transferable Without Approval – NCC
News

Etisalat’s Licence Not Transferable Without Approval – NCC

The Nigerian Communications Commission (NCC) says that the operating licence issued to Etisalat cannot be transferred without its approval. Etisalat, Nigeria’s fourth largest mobile network, had transferred control of the company to a consortium of banks after failed debt repayment talks. The banks, which include Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, FirstBank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, EcoBank, United Bank for Africa (UBA) Plc and Union Bank of Nigeria Plc, among others, said they would take over Etisalat’s operations through its legal representative, United Capital Trustees. A statement by Tony Ojobo, director, public affairs, NCC, assured customers of the network that it would do everything within its powers to en...
Ogun SS2 Student Finds Purse Filled With Cash On Her Way Home
News

Ogun SS2 Student Finds Purse Filled With Cash On Her Way Home

A great event happened on May 16th,2017 in Remo Land specifically in Sagamu, Ogun state when Miss Samson Omolabake, sixteen years of age, a student of Muslim High School Senior Secondary School 2 (Art) located at Lateefat Ogunkoya Avenue, Sabo was on her way home after the close of the school saw a purse filled with money and ATM cards on the road at ever busy road in Isale Oko around 2:25 pm. She picked it up and opened the purse and saw that there was money and ATM cards inside the purse. She discovered that the ATM is for First City Monument Bank( FCMB). She took the purse back immediately to the branch of the Bank which is at Akarigbo Road after First Bank Plc Sagamu. When she got there, she told them what happened and requested that they should help her to trace the owner of the...
CBN Injects $388.66m Into Foreign Exchange Market As FCMB Increases Sales
News

CBN Injects $388.66m Into Foreign Exchange Market As FCMB Increases Sales

The Central Bank of Nigeria (CBN) has released an additional sum of $388.66million to ease pressure on the naira, stimulate business activities and make foreign exchange (Forex) accessible to local operators. Confirming the numbers, the Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, disclosed that the sum of $87.885million was for spot sales, while $300.8 million was sold as forwards. Mr. Okorafor further explained that the forwards were sold into three tenors of 30, 45 and 60 days respectively. According to him, the Bank sold $100.95 as 30-day forwards; $110.48 million as 45-day forwards and $99.37 as 60-day forwards. Meanwhile, First City Monument Bank (FCMB) has increased its sale of Forex to all customers and members of the public who play in...
FCMB Staff Dies Using Phone’s Torch To Operate Generator
News

FCMB Staff Dies Using Phone’s Torch To Operate Generator

The guy above, Bode Akinsanya was a staff of FCMB Ogba Branch, he passed on yesterday as a result of burnt suffered why operating his generator with his phone's torch. Please never operate a gen set with phone's torch. Educate all your friends and family please.
78 Bank Directors Get N10.34bn Dividend In 2016
News

78 Bank Directors Get N10.34bn Dividend In 2016

78 bank directors get N10.34bn dividend in 2016 *Zenith, Access, UBA account for 64% of dividend *Ovia, Wigwe, Elumelu get 89.5% AT the backdrop of the recession the nation’s economy slipped into last year alongside inflationary pressures, corporate results from the banking sector so far released indicate significant increases in fortune for the investors. Jim Ovia, Tony Elumelu & Herbert Wigwe While the general shareholders of the first batch of seven banks announcing results so far received a total dividend income of N162 billion, indicating a rise by 13 per cent against N143.3billion in 2015, directors of the banks numbering 78 recorded 20.5 per cent rise in their dividend income at N10.34 billion as against N8.58 billion in 2015. The banks are Zenith Internati...
FCMB Nigeria Salary Scale: How Much Does First City Monument Bank Pay
News

FCMB Nigeria Salary Scale: How Much Does First City Monument Bank Pay

This article is approximately the basic level salary for First City Monument Bank, FCMB. It's the wish of most graduates to work in a bank or company due to the sort of salary they pay their employees. First City Monument Bank, FCMB Nigeria is not an exclusion as their basic level basic salary is reasonable compared to what other top companies in Nigeria pay their employees. The Bank sector is similar to the oil and gas has one of the best paying company in conditions of salary. Although there are some distinctions in how much banking institutions in Nigeria pay their staff as no specific regulation compels them to truly have a fixed amount for their staff. For its basic level personnel salary, FCMB pays sum of N115,000, regular according to section and unit. Your income may also sur...
Etisalat May Leave Nigeria Over $1.2bn Loan Default
News

Etisalat May Leave Nigeria Over $1.2bn Loan Default

  Abu Dhabi telecoms group, Etisalat, may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2bn loan, but wants the company’s debt restructured before it does so, Reuters quoted two sources as informing it on Monday. The Central Bank of Nigeria and the Nigerian Communications Commission on Friday agreed with local banks to pursue a default deal rather than a receivership for Etisalat Nigeria so as not to deter investors and to avoid a wider debt crisis. Etisalat is due to meet with creditors on Tuesday (today) or Wednesday to discuss the default, the sources said. It was not clear whether Etisalat, which has a 45 per cent holding in the Nigerian unit after converting a loan to equity in February, would divest completely. The Senior Vice-President of Etisal...
2017 First City Monument Bank Recruitment For Entry Level Graduate Analysts
News

2017 First City Monument Bank Recruitment For Entry Level Graduate Analysts

First City Monument Bank (FCMB) is a full service banking group, passionate about growing a world class financial services group focused on value adding strategies and processes through professionalism and excellent operating standards. There exists unique employment opportunity for intelligent and business minded Nigerian graduates both at home and Diaspora who are keen on growing in a banking career, to fill the position below at First City Monument Bank (FCMB): Job Title: Graduate Analysts - Investment Banking Location: Nigeria Requirements Qualification: BA/BSc/HND Analysts with 1-2 years experience in investment banking. Role is to build models and work on pitches, IMs and teasers. How to Apply Interested and qualified candidates should send their CV's to: uzo.ekw...
FCMB Group Announces Leadership Changes
News

FCMB Group Announces Leadership Changes

FCMB Group Plc has announced the re-organisation of its leadership at the Group level, as well as its flagship company First City Monument Bank Limited (FCMB Limited). Effective March 20th, 2017, Ladi Balogun, having served as Group Managing Director of the commercial banking arm, FCMB Limited for 10 years, will be stepping down in this capacity. He will assume the role of Group Chief Executive of the holding company, FCMB Group Plc.. The holding company comprises FCMB Limited, FCMB Capital Markets, CSL Stockbrokers and CSL Trustees. Under Ladi Balogun’s leadership, FCMB Limited has undergone a successful transformation from a merchant bank to a top 10 commercial bank in Nigeria across key metrics. During this period the bank has emerged as a leader in consumer finance, agricultur...
Man Who Called Policemen ‘Cowards’ At FCMB Alagbado Lagos Assaulted (Pictures)
News

Man Who Called Policemen ‘Cowards’ At FCMB Alagbado Lagos Assaulted (Pictures)

According to reports, a man got more than he bargained for after allegedly calling police men stationed at FCMB, Alagbado, Lagos 'cowards'. According to a witness (Eyes of Lagos), the alleged statement was not heard directly by the police men but was reported by the bank security to the police. The man was beaten and severely injured by three police men,and was taken to custody as seen in the pictures.
Breaking: Crisis Rocks Abia Chapter Of APGA, SWC Suspends Chairman
News

Breaking: Crisis Rocks Abia Chapter Of APGA, SWC Suspends Chairman

CRISIS has erupted in the leadership of Abia State chapter of All Progressives Grand Alliance [APGA] with the State Working Committee [SWC] suspending the party’s state chairman, Rev Austin Ehiemere, alleging misconduct and violation of the party rules. The Secretary the party, Mr. Sunday Onukwubiri, who announced the suspension in Umuahia, Ehiemere was alleged to be working against the directives of the national chairman of the party. According to Onukwubiri, the national chairman of the party had directed that aspirants should pay all monies for nomination forms into the party’s National Bank account at Fidelity Bank, but Ehiemere allegedly directed otherwise that the monies should be paid into the party’s state account at FCMB. “The acts of misconduct include compilation of list of cand...
FCMB Manager Shoots Himself Dead Over Debt
News

FCMB Manager Shoots Himself Dead Over Debt

A manager at the First City Monument Bank (FCMB) Plc, Mr. Olisa Nwakoby has shot himself dead. Mr Olisa shot himself dead in the presence of his Priest at the Lekki area of Lagos Island, Lagos State. According to New Telegraph, Nwakoby was the approving officer of a loan that the debtor was not paying back and was in trouble with the bank. With pressure mounting on all sides and apprehension over sullying his family name, the banker and father of a 10-year-old girl shot himself. The banker had met with his priest and told him to inform his wife to take care of their child and then proceeded to literally blow his brains out. “It was later discovered that he took money from the bank, N350million and the money started creating problems for him. He killed himself.” said the sourc...