First City Monument Bank


First City Monument Bank Ltd is a banking group, headquartered in Lagos., the bank's total assets were valued at US$4.4 billion.

History

The entity from which the bank was founded City Securities Limited, was established in 1977 by Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu, a Yoruba traditional aristocrat. First City Merchant Bank was incorporated as a private limited liability company on 20 April 1982 and granted a banking licence on 11 August 1983. It was the first bank to be established in Nigeria without government or foreign support. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank following the bank's transformation to a universal bank. 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 by introduction on 21 December 2004.
In November 2010, both FinBank and First City Monument Bank announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank, another Nigerian commercial bank that was undercapitalized. In February 2012, following regulatory approval, FCMB acquired 100% shareholding and began the integration of Finbank in its existing operations.

Subsidiaries

First City Monument Bank has a number of active non-bank subsidiaries, which together with the bank, form the First City Group. Members of the group include the following companies:
  1. FCMB Capital Markets Limited - Investment banking & Advisory services - Lagos, Nigeria
  2. FCMB Limited - Investment banking - London, United Kingdom
  3. CSL Stockbrokers Limited - Stock brokerage services - Lagos, Nigeria
  4. FCMB Pensions Limited - Abuja, Nigeria
  5. Credit Direct Limited - Microfinance lending - Lagos, Nigeria
  6. FCMB Microfinance Bank

    Ownership

The shares of stock of First City Monument Bank are listed on the Nigerian Stock Exchange, where they trade under the symbol: FCMB. The current detailed shareholding in the bank, following the merger with FinBank, is not publicly available.

Governance

FCMB Group Plc remains committed to institutionalising corporate governance principles as part of the Group's corporate structure. It continues to ensure adherence to the implementation of corporate governance rules of the Central Bank of Nigeria, the Nigerian Stock Exchange and the Securities and Exchange Commission.
The Board of Directors of FCMB Group Plc is composed of a chairman and nine directors in line with international best practice, which requires the number of non-executive directors to be more than the executive directors. There is a clear separation of duties between the Group Chief Executive and the Chairman of the Board.
The Board meets regularly to set broad policies for the Group's business and operations, and it ensures that an objective and professional relationship is maintained with the Group's auditors in order to promote transparency in financial and non-financial reporting. Directors' emoluments, as well as their shareholding information, are disclosed in the Group's Annual Report and Accounts.