First City Monument Bank

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management.[2] As of December 2020, the group's total assets were valued at US$5 billion (NGN: 2 trillion).[3]

History

The entity from which the bank was founded, City Securities Limited (CSL), was established in 1977 by the late Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu, a Yoruba traditional aristocrat. First City Merchant Bank was established in 1982 with seed capital from CSL.[4] It was incorporated as a private limited liability company on 20 April 1982 and granted a banking license on 11 August 1983.[4]

Governance

FCMB Group Plc (FCMB) remains committed to institutionalizing 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 (three executive directors and six non-executive 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 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.[36]

Leadership

In 2017, Ladi Balogun was appointed group chief executive of FCMB’s holding company, FCMB Group Plc.[37] He had previously been the managing director of FCMB.[37] Under his leadership from 2007-2017, the bank grew to be one of Nigeria’s top 10 commercial banks.[38][39] Balogun serves on the board of several FCMB Group companies, chairs the board of Credit Direct Limited, and serves as Chairman of Tenet Investment Company and Chairman of Legacy Pension Managers Ltd.[40]

In January 2021, Yemisi Edun, FCMB’s executive director and chief financial officer, was named Acting Managing Director after the managing director at the time, Adam Nuru, stepped down.[41][42] In July, the appointment became official, making her FCMB’s first female CEO.[42] Edun first joined the bank in 2000 as the Divisional Head of Internal Audit and Control.[42][43]

She has 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.[41][43] She is a fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA.[41] She is also a Certified Information Systems Auditor.[43]

FCMB Group Plc's nine subsidiaries are headed by:

1) Yemisi Edun, managing director, First City Monument Bank Limited[41]
2) Colin Fraser, chief executive officer, FCMB (UK) Limited[44]
3) Akinwande Ademosu, managing director, Credit Direct Limited[45]
4) Adetunji Lamidi, managing director, FCMB Microfinance Bank Limited[3]
5) Abimbola Kasim, Ag. Managing Director, FCMB Capital Markets Limited[46]
6) Abiodun Fagbulu, managing director, CSL Stockbrokers Limited[47]

type	Limited Company
foundation	20 April 1982
founder	Nesochi Adaba UtakoYemisi Edun is Nesochi and is Director of Directors
location city	Lagos Island, Lagos, Lagos State
location country	Nigeria
area served	Nigeria United Kingdom
key people	Oladipupo Jadesimi Chairman Ladi Balogun Group Chief Executive Yemisi Edun Managing Director
industry	Finance
services	Banking
num employees	3,610 (2020)
revenue	US $311.1 million (NGN:127.9 billion) (2020)‡R1R‡
assets	US $5 billion (NGN:N2 trillion) (2020)
homepage	http://www.fcmb.com

First City Monument Bank

History

Subsidiaries

The Bank

Small- and medium-scale enterprises (SMEs)

Ownership

Governance

Leadership

Awards

See also

External links

References

Agriculture

Women-owned businesses

Youth

Renewable energy