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FCMB Group PLC held its 12th Annual General Meeting (AGM) in Lagos on April 29, 2025, shareholders acknowledged the group’s financial results for 2024 and approved key resolutions to drive future growth and enhance governance.
The FCMB group is closed in 2024, with total assets of 7.1 trillion yuan and sediments of 4.3 trillion yuan. With digital revenue reaching 1001.9 billion, the group’s digital transformation reached a pace, accounting for 13% of total revenue, while loans rose 28% to 2.4 trillion.
The company’s non-banking sector also achieved impressive growth, accounting for more than 30% of the group’s total profit. Investment Management’s assets grew by 35% to N1.4 trillion. Performance performance, total revenue and PBT of the capital market business increased by 57% and 62% respectively.
Lending to small and medium-sized enterprises, agriculture and women-owned enterprises over 425 billion guilds, 271 billion guilds and 30 billion guilds, up 31%, 33%, and 68% year by year, indicating that FCMB is committed to promoting inclusive growth.
Mr. Oladipupo Jadesimi, Chairman of FCMB Group, spoke at AGM, praising the group’s diversified business model and the resilience of its workforce. “As we drive an evolving economic landscape, we are unwavering in our mission to leverage our group structure and collective strengths to build a future in which excellence is measured not only by our achievements but by the positive and sustainable impacts we create. This commitment is based on intentional considerations to promote sustainable business growth and capital requirements, with the overall goal of optimizing long-term value for our shareholders. ”
Group CEO Ladi Balogun said:Despite the challenging business landscape, our performance in 2024 is still dominated by the commitment and professionalism of our talented employees and the resilience shown by each of our operating companies. ”
He emphasized this:As we move into 2025 and beyond, we expect digitalization to provide more important and diversified contributions from digitalization, payments, payments and artificial intelligence. We will also strengthen our culture of excellence and expand the power of the group in building supportive ecosystems to achieve our goals. With the collective support of our ecosystem, including our employees, investors, regulators, clients and partners, we will continue to work to advance the vision of our founders, establish an institution, nation and continent where future generations can be proud of. ”
Resolutions adopted at the AGM included a rotational election for Ms. Muibat Ijaiya, ensuring the continuity, expertise and expertise and mandate of the board to determine the remuneration of Deloitte & Touche as an external auditor. In the annual report, other matters related to senior management compensation disclosure have been approved; members of the Election Audit Committee oversee financial reporting and risk management; and approved a dividend of 0.55 per share, which should be paid to registered shareholders as of April 8, 2025.
Analysts believe that FCMB’s regression program and the group’s key role in driving growth and stability give people optimism.
FCMB Group is expected to end the second part of H1 2025 public quotation through a convertible note of 22.5 billion, currently under capital verification by CBN. Subsequent stages, including the sale of minority shares in its two subsidiaries, and additional equity offers, are currently in line with the group’s objectives to ensure that the banking sector (First City Monument Bank Limited) meets the regulatory capital thresholds required to maintain its international banking license by March 2026.
