Echotitbits – Nigeria News

Tag: FCMB

  • FCMB targets a ₦400bn capital raise as Nigerian banks brace for tougher buffers

    FCMB targets a ₦400bn capital raise as Nigerian banks brace for tougher buffers

    Photo credit: THISDAYLIVE — FCMB logo

    2025-12-20 12:20:00

    According to Punch, FCMB Group is preparing a major capital-raising programme reportedly up to ₦400 billion as the sector responds to recapitalisation pressures and risk-buffer expectations.

    The move reflects a wider banking reality: growth ambitions now require bigger cushions amid FX volatility, higher compliance costs and tougher risk management demands.

    Investors will be watching the structure—rights issue, public offer, private placement or a mix—because dilution and pricing will shape sentiment.

    In the broader market, large raises can act as a confidence test: strong subscription signals trust in earnings outlook, while weak uptake raises questions about macro risks and sector fundamentals.

    An NGX filing referenced shareholder authority to “raise up to N400,000,000,000,” aligning with the reported target.

    Leadership also reported FCMB’s recapitalisation-driven raise plan as part of a broader sector-wide capital push.

    Echotitbits take: Timing and pricing will matter. If offers are priced aggressively, investors may demand clearer earnings visibility. Also watch for consolidation pressure among mid-tier banks—recapitalisation cycles often trigger mergers and strategic exits.

    Source: THISDAYLIVE — December 20, 2025 http://thisdaylive.com/2025/12/19/fcmb-group-secures-shareholders-approval-to-raise-n400bn-fresh-capital/

  • Extramarital Allegations: Nigerian Bank Replaces Embattled MD with Acting Managing Director

    Extramarital Allegations: Nigerian Bank Replaces Embattled MD with Acting Managing Director

    To protect its image in view of the ongoing allegations of extramarital affairs with an ex-staff of the bank, First City Monument Bank (FCMB) has announced that Yemisi Edun would act as Managing Director/Chief Executive Officer, while the embattled Adam Nuru would proceed on leave.

    “In line with normal corporate practice, Mrs. Yemisi Edun is Acting as the Managing Director of FCMB in the interim period, while Mr. Adam Nuru is on leave.

    “She (Edun) has not been appointed as the substantive Managing Director,” said a statement by the bank’s management.

    It would be recalled that Nuru has been embroiled in an extramarital crisis involving a former staff of the bank, Moyo Thomas and her late husband, Tunde Thomas.

    READ ALSO:

    Lagos Govt Makes U-turn on Resumption of Schools Below Tertiary Level

    Edun holds a first degree in Chemistry from University of Ife, Ile-Ife (now Obafemi Awolowo University) and a Master’s degree in International Accounting and Finance from University of Liverpool, United Kingdom.

    She is a Fellow of Institute of Chartered Accountants of Nigeria and a CFA Charter holder. She is also an Associate Member of Chartered Institute of Stockbrokers; an Associate Member of Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

    READ ALSO: Nigerian Opposition Figure Sells $100m Intels Shares, Blames Buhari-led Govt for Woes

    The acting managing director began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus in Corporate Finance activities.

    Edun joined FCMB in year 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the bank and now as the Managing Director/CEO.

    Idowu Sowunmi

  • Magu Probe: FCMB mistakenly transferred ₦573m to Prophet Omale – Bank MD

    Magu Probe: FCMB mistakenly transferred ₦573m to Prophet Omale – Bank MD

    The Managing Director of First City Monument Bank (FCMB), Adam Nuru has appeared before the Presidential Committee on Audit of Recovered Assets (PCARA), which is probing former Accting Chairman of the Economic and Financial Commission (EFCC), Ibrahim Magu for alleged embezzlement and mismanagement of recovered looted funds.

    The FCMB chief during his testimony explained that the his bank made an error by transferring ₦573 million into the church account of one Pastor Emmanuel Omale.

    The ex-EFCC huncho was accused of allegedly using Omale, founder of the Divine Hand of God Prophetic Ministry, to launder funds abroad.

    The accusation against Magu read that he had purchased a property in Dubai using Omale’s name as a front— an allegation the pastor has denied.

    Nuru was reported to have said in his testimony last Thursday, that FCMB only just discovered the mistake upon invitation by the committee, which is four years after the money was posted.

    “On January 16, 2016, we made a return to NFIU which indicated that there was a transaction of an inflow of well over N573million. (N573,228,40),” the bank MD said.

    “This return was said to be in favour of Divine Hand of God Prophetic Ministries Account No 1486743019.

    “After that report, we conducted an investigation and discovered that the lodgement which we reported to NFIU was an error.

    “The error was as a result of the fact that we were using a bank application called Pinnacle-7. However, we migrated from that application to a newer version called Pinnacle-10.

    “Usually, when the bank intends to migrate from one application to another, we utilize weekends to carry out the exercise. The migration involves moving all the balances of customers from the previous application to the new application. The account of the Divine Hand Ministries was moved during that migration.

    “It was that balance of N573million that was wrongly posted as an inflow into Divine Hand Ministries as reported to NFIU. This error was not peculiar to Divine Hand of God Prophetic Ministries alone but was also ascribed to 27 other accounts”, FCMB said.