FCMB Group Confirms Dividend At 12th AGM, Reports ₦7.1 Trillion In 2024 Assets

FCMB Group Plc held its 12th Annual General Meeting (AGM) in Lagos on April 29, 2025, where shareholders endorsed the Group’s 2024 financial results and approved key resolutions to drive future growth and enhance corporate governance.

The Group ended 2024 with total assets of ₦7.1 trillion and customer deposits of ₦4.3 trillion. Its ongoing digital transformation gained momentum, with digital revenues reaching ₦101.9 billion—representing 13% of gross earnings—while total loans rose by 28% to ₦2.4 trillion.

Non-banking segments contributed significantly, generating over 30% of total profits. Investment Management recorded a 35% year-on-year increase in Assets Under Management to ₦1.4 trillion. The Capital Markets division also performed strongly, with gross earnings and profit before tax growing by 57% and 62%, respectively.

In line with its commitment to inclusive growth, FCMB provided over ₦425 billion in loans to SMEs, ₦271 billion to the agriculture sector, and ₦30 billion to women-owned businesses—representing annual growth rates of 31%, 33%, and 68%, respectively.

At the AGM, Chairman Mr. Oladipupo Jadesimi praised the Group’s diversified business model and resilient workforce. “We are focused on creating long-term value and delivering sustainable impact by leveraging our group structure and collective strengths,” he said.

Group Chief Executive Ladi Balogun highlighted the Group’s resilience amid a tough business climate. “Looking ahead, we anticipate greater contributions from our digital initiatives, particularly in onboarding, payments, and AI. We remain committed to building an ecosystem that supports long-term growth and reflects the vision of our Founder,” he noted.

Shareholders approved several key resolutions, including:

• The re-election of Ms. Muibat Ijaiya to the Board

• Authorization for the Directors to set Deloitte & Touche’s remuneration as external auditors

• Disclosure of senior management remuneration in the Annual Report

• Appointment of members to the Audit Committee

• Declaration of a final dividend of ₦0.55 per share for shareholders registered by April 8, 2025

Analysts remain optimistic about FCMB’s growth outlook, citing its recapitalisation efforts and role in supporting financial stability. The Group plans to complete the second phase of its Public Offer in the first half of 2025 through a ₦22.5 billion convertible note, currently undergoing capital verification by the Central Bank of Nigeria. Additional steps—including a minority stake sale in two subsidiaries and an Equity Offer—are underway to ensure that First City Monument Bank Limited meets the capital requirements to retain its international banking license by March 2026.