FCMB closes 2024 with stunning N7.1 trillion in assets, declares dividend

FCMB Group Plc held its 12th Annual General Meeting (AGM) in Lagos on April 29, 2025, where shareholders approved the Group’s 2024 audited financial statements and key resolutions aimed at driving long-term growth and strengthening corporate governance.

The Group ended the 2024 financial year with total assets of ₦7.1 trillion and customer deposits of ₦4.3 trillion.

FCMB’s digital transformation initiatives yielded strong results, with digital revenues rising to ₦101.9 billion — 13% of total earnings. Lending rose by 28% to ₦2.4 trillion.

Non-banking subsidiaries played a significant role in the Group’s performance, contributing over 30% of total profits. Investment Management saw Assets Under Management grow 35% year-on-year to ₦1.4 trillion.

The Capital Markets division posted a 57% rise in gross earnings and 62% growth in profit before tax.

The Group also demonstrated a strong commitment to inclusive finance. Loans to small and medium-sized enterprises (SMEs), the agricultural sector, and women-owned businesses totalled ₦425 billion, ₦271 billion, and ₦30 billion respectively, with year-on-year growth of 31%, 33%, and 68%.

Chairman of FCMB Group, Mr. Oladipupo Jadesimi, praised the Group’s diversified structure and resilient workforce.

“We are focused on sustainable value creation through a business model that balances financial strength with positive social and economic impact,” he said.

Group Chief Executive, Mr. Ladi Balogun, acknowledged the tough operating environment but highlighted the dedication of the Group’s staff and subsidiaries.

He noted that future growth would be driven by digital innovation, particularly in onboarding, payments, and artificial intelligence.

“We will continue building a robust ecosystem supported by our people, partners, regulators, and investors to fulfil our vision of shaping a sustainable future,” he added.

Key resolutions passed at the AGM included: re-election of Ms. Muibat Ijaiya as a Director, approval of ₦0.55 final dividend per share for shareholders on the register as of April 8, 2025

Authorisation of Deloitte & Touche’s remuneration as external auditors and approval of the Audit Committee members and senior management remuneration disclosures

Looking ahead, FCMB Group is progressing with its recapitalisation plan. The second phase of its Public Offer — a ₦22.5 billion convertible note — is currently undergoing verification by the Central Bank of Nigeria (CBN).

Further steps include divesting minority stakes in two subsidiaries and launching an additional equity raise. These efforts are geared towards ensuring that First City Monument Bank meets the capital requirements to retain its international banking licence by March 2026.