FCMB Group Plc held its 12th Annual General Meeting (AGM) on April 29, 2025, in Lagos, where shareholders approved the Group’s audited 2024 financial statements and passed key resolutions aimed at driving long-term growth and enhancing governance.
The Group ended the 2024 financial year with total assets of ₦7.1 trillion and customer deposits of ₦4.3 trillion, reflecting its continued financial strength and strategic focus.
Digital innovation remained a growth engine for FCMB, with digital revenues rising to ₦101.9 billion 13% of gross earnings. The Group’s loan portfolio expanded by 28% to ₦2.4 trillion, while non-banking subsidiaries contributed over 30% of total profits, demonstrating a strong performance across diversified business segments.
The Group’s Investment Management arm posted a 35% year-on-year growth in Assets Under Management, reaching ₦1.4 trillion. FCMB’s Capital Markets division also delivered robust results, with gross earnings and profit before tax growing by 57% and 62% respectively.
Consistent with its commitment to inclusive growth, the Group significantly increased lending to key sectors: over ₦425 billion to SMEs, ₦271 billion to agriculture, and ₦30 billion to women-owned businesses representing year-on-year growth of 31%, 33%, and 68% respectively.
At the AGM, Chairman, Mr. Oladipupo Jadesimi lauded the Group’s diversified model and workforce resilience. He said: “As we navigate an evolving economic landscape, we remain resolute in our mission leveraging our Group structure to create not just value but lasting impact. Our focus is on sustainable growth and long-term value for shareholders.”
Group Chief Executive, Ladi Balogun, highlighted the resilience behind the 2024 performance, crediting the dedication of staff and strategic execution across subsidiaries.
Ladi said; “Looking ahead, we anticipate greater contributions from digitisation, including digital onboarding, payments, and artificial intelligence. We are also reinforcing our culture of excellence while nurturing a supportive ecosystem aligned with our founding vision.”
At the meeting, shareholders approved a final dividend of ₦0.55 per share for those on the register as of April 8, 2025. Other resolutions included:
- Re-election of Ms. Muibat Ijaiya as a Director by rotation
- Authorisation for the Board to determine the remuneration of external auditors, Deloitte & Touche
- Approval of senior management remuneration disclosure in the Annual Report
- Appointment of members to the Audit Committee
Looking forward, FCMB’s recapitalisation efforts are gaining momentum. Analysts express optimism over the Group’s plans to sustain growth and meet regulatory capital requirements. The second tranche of a ₦22.5 billion convertible note under its Public Offer is currently undergoing verification by the Central Bank of Nigeria (CBN), with completion expected in H1 2025.
Further phases of capital raising including minority stake sales in two subsidiaries and an additional equity offer are underway to ensure that First City Monument Bank Limited meets the capital thresholds for retaining its International Banking License by the March 2026 deadline.
