FCMB Group Plc’s 12th AGM affirms dividend, closes FY 2024 with N7.1trn in total assets

FCMB Group Plc held its 12th Annual General Meeting (AGM) in Lagos on 29 April 2025, where shareholders endorsed the company’s financial performance for 2024 and approved a series of resolutions aimed at strengthening its governance framework and accelerating future growth.

The Group concluded the 2024 financial year with total assets of ¦ 7.1 trillion and customer deposits totalling ¦ 4.3 trillion.

FCMB’s push towards digital innovation continued to gain momentum, as digital revenues reached ¦ 101.9 billion, representing 13 per cent of gross earnings. The Group’s loan portfolio expanded by 28 per cent to ¦ 2.4 trillion, reflecting broad-based lending activity across key sectors.

Notably, the Group’s non-banking subsidiaries delivered strong results, contributing more than 30 per cent of total profits. The Investment Management division saw its Assets Under Management rise by 35 per cent year-on-year to ¦ 1.4 trillion. Meanwhile, the Capital Markets arm maintained a positive trajectory, with gross earnings and profit before tax increasing by 57 per cent and 62 per cent, respectively.

The Group continued to demonstrate its commitment to inclusive finance, with lending to small and medium-sized enterprises (SMEs), the agricultural sector, and women-owned businesses surpassing ¦ 425 billion, ¦ 271 billion, and ¦ 30 billion, respectively. These figures mark annual growth rates of 31 per cent, 33 per cent, and 68 per cent in each category.

Addressing shareholders, FCMB Group Chairman Mr Oladipupo Jadesimi praised the resilience of the Group’s workforce and the strength of its diversified business model.

“As we adapt to a constantly changing economic environment, our mission remains unwavering,” he said. “We will continue to harness the strengths of our Group structure to create not only exceptional results, but also a sustainable and positive impact across the communities we serve.

This commitment reflects a deliberate strategy to support sustainable growth and capital formation, all while creating long-term value for our shareholders.”

Group Chief Executive Ladi Balogun also spoke at the meeting, attributing the Group’s strong performance in 2024 to the dedication of its employees and the robust performance of its operating businesses.

“Despite a tough economic landscape, our teams remained focused and professional. Each operating company rose to the challenge,” he said.

Looking ahead, Balogun underlined the Group’s ambition to expand its digital footprint. 

“From 2025 onward, we anticipate more diversified contributions from digitisation, particularly in the areas of digital onboarding, payments, and artificial intelligence.

“We intend to reinforce our culture of excellence while unlocking the full potential of the Group to support our ecosystem. With the support of our employees, investors, regulators, customers, and partners, we are determined to uphold our Founder’s vision by building an institution, a nation, and a continent that future generations can be proud of.”

At the AGM, shareholders approved several resolutions, including the re-election of Ms Muibat Ijaiya to the Board by rotation, preserving continuity and experience at the Board level. They also authorised the Directors to set the remuneration of external auditors Deloitte & Touche.

Other resolutions included the approval of senior management remuneration disclosures within the Annual Report, the election of members to the Audit Committee to provide oversight on financial reporting and risk management, and the declaration of a final dividend of ¦ 0.55 kobo per share to shareholders on the register as of 8 April 2025.

Market analysts have noted that FCMB’s recapitalisation efforts and its strategic role in economic development position the Group as a key player in shaping financial stability and growth in Nigeria.

The Group aims to complete the second tranche of its Public Offer in the first half of 2025, via a convertible note issuance of ¦ 22.5 billion, which is currently under capital verification by the Central Bank of Nigeria (CBN). 

Additional phases are also underway, including the planned sale of minority stakes in two subsidiaries and a further Equity Offer. These steps form part of FCMB’s broader strategy to ensure that First City Monument Bank Limited meets the CBN’s revised capital requirements for retaining its International Banking Licence ahead of the March 2026 deadline.