First City Monument Bank

The story of First City Monument Bank begins with its founder, Oloye Subomi Balogun, who established City Securities Limited, a stock brokerage firm, in 1977. This venture laid the groundwork for what was to come. In 1982, Balogun took a significant step by founding First City Merchant Bank, notable for being the first bank in Nigeria established without government or foreign backing. The bank was officially incorporated as a private limited liability company on April 20, 1982, and received its banking license the following year. A pivotal moment arrived in 2001 when First City Merchant Bank transitioned to a universal bank and changed its name to First City Monument Bank (FCMB). This transformation set the stage for major growth. In 2004, FCMB went public, listing its shares on the Nigerian Stock Exchange and raising significant capital through a private placement. This was followed by a successful Initial Public Offering (IPO) in 2005, which helped the bank meet the new capital requirements set by the Central Bank of Nigeria. FCMB's journey of expansion included key acquisitions. In 2012, the bank acquired FinBank, which expanded its branch network considerably. Further demonstrating its strategic growth, FCMB Group was formed in 2013, creating a holding company structure for the bank and its various subsidiaries, which now include investment banking, asset management, and a microfinance institution called Credit Direct. Today, FCMB stands as a diversified financial services group, a testament to its evolution from a small brokerage firm to a major player in the Nigerian financial industry.