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FCMB Expands Operations

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FCMB
  • FCMB Expands Operations

First City Monument Bank (FCMB) Limited said it has opened two additional branches in Lagos and Ogun states.

The bank in a statement, explained that the latest touch points are located at Oniru, Victoria Island in Lagos and within the RCCG Redemption Camp (popularly known as Redeem Camp) along the Lagos-Ibadan Expressway in Ogun state. These bring to 205 the number of branches of the Bank spread across Nigeria.

FCMB explained that the development was part of its strategic expansion plan to ensure that existing and potential customers continuously enjoy the excellent service offerings.

It added that the location of the branches at Oniru and Redemption Camp took into consideration convenience for people in Oniru, parts of Victoria Island and Lekki in Lagos and Mowe, Ibafo and adjoining areas in Ogun state along the Lagos-Ibadan Expressway, which is a major gateway to other parts of Nigeria.

Speaking on the opening of the new branches, the Managing Director of First City Monument Bank, Mr. Adam Nuru said ththn ank is pleased to open additional branches in Lagos and Ogun states to further extend the lender’s reach and promote financial inclusion by bringing the Bank’s services closer to customers, businesses and the general public in line with its position as a leading retail and commercial bank.

“Though most of our customers prefer to carry out transactions from wherever they are, using our alternate channels such as FCMBMobile, FCMBOnline, USSD Quick Recharge and ATMs widely spread across the country, some customers still prefer human interactions when banking. These additional customer touch points will deepen our commitment in providing customers with simple, helpful and reliable banking services’’, he stated.

Adam assured that FCMB, ‘’will continue to raise the bar in the manner in which customers are served and the kind of environment under which such services are rendered so as to effectively empower Nigerians and our customers in particular’’.

In his comment, the Vice President and Divisional Head, Service Management and Technology of FCMB, Mr. Oluwakayode Adigun, reiterated the bank’s commitment to deploy smart branching and technology to attain its strategic network expansion.

Foreign Exchange Gains Boost FCMB’s Profit to N14.3 Billion

FCMB Group Plc yesterday reported a profit after tax (PAT) of N14.3 billion for the year ended December 31, 2016, showing a jump of 204 per cent from N4.7 billion in 2015.

However, the profit was boosted by N27.8 billion other income that came from foreign exchange gain. According to the audited results released by the Nigerian Stock Exchange (NSE), FCMB Group posted gross earnings of N125.1 billion, compared with N123.5 billion in 2015.Net interest income stood at N69.53 billion, from N63.9 billion in 2015. Net fee and commission income fell from N15.83 billion to N14.2 billion, while net trading income was N5.68 billion, up from 940 million the previous year.

But other income (foreign exchange gain due to the devaluation of the naira) soared from N8.8 billion in 2015 to N27.85 billion in 2016.Consequently, net operating income rose from N9.9 billion to N33.53 billion. Although net impairment loss also rose by 136 per cent from N15 billion to N35.5 billion, profit before tax remained high at N16.2 billion in 2016, compared with N77 billion in 2015. FCMB ended the year with PAT of N14.33 billion, up from N4.7 billion in 2015. The board of directors has recommended a dividend of N1.9 billion which translates to 10 kobo per share.

The financial institution had given an indication of the impressive full year performance when it reported an increase of 453 per cent in PBT for the nine months ended September 30, 2016.

The Managing Director of FCMB Group Plc, Mr. Peter Obaseki had then said the performance reflected their focus on key soundness ratios and the need to maintain buffers against a sustained adverse operating environment.

Also, Group Managing Director of FCMB Limited, Mr. Ladi Balogun commented: “The nine months audited results of the bank reveal that the extraordinary performance of Q2 2016 offset the loss recorded in Q3 of N2.4 billion, thereby resulting in strong year-on-year profit growth of 913 per cent.

In order to avoid an unsustainable, non-cash, spike in earnings from further revaluation gains in Q3, the bank also significantly stepped up its loan loss provisions. The macroeconomic climate is taking a significant toll on the bank’s borrowing customers across all segments.

Accordingly, the bank will maintain high provision coverage ratios (currently 131 per cent), continue to strengthen our capital adequacy ratio (currently 16.9 per cent) and our liquidity ratio (currently 36.8 per cent).”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Experts to Provide Insights on Tech & Digital Transformation at MSME Dialogue 3.0

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The third edition of MSME Dialogue will take place on Saturday, April 24, 2021 at 10am (WAT). Experts at the virtual event will provide insights while discussing the theme: Powering MSMEs with Technology and Digital Transformation.

The event, which is organized by MSME Africa, is expected to have owners and managers of Micro, Small and Medium Enterprises, Entrepreneurs and Business owners from different sector in attendance.

MSME Dialogue which holds every quarter, seeks to address, burning and relevant  issues about entrepreneurship and running a small business as well as proffering solutions to those issues.

The event aims to provide the right knowledge and know-how for MSMEs, Entrepreneurs, and Startups to enable them to grow and thrive and features subject matter experts, seasoned entrepreneurs, professionals, and players within the MSME Ecosystem.

The speakers expected at the event are: Akeem Lawal, Divisional CEO, Interswitch Group, Rex Mafiana: CEO, FPG Technologies, Fatma Nasujo, Global Head of Operational Excellence at Sokowatch, Kenya, David Lanre Messan, CEO, FirstFounders, Bisoye Coker, CEO/Co-founder, Kiakia FX. The session will be moderated by Solape Akinpelu: CEO/Founder, HerVest.

According to the convener of the event who is also the founder of MSME Africa, Seye Olurotimi “Every business owner who is serious with their business would agree with me that technology and digital transformation are important factors for business growth and success. We all can’t all run or won Tech startups but we can always drive our businesses and operations with Technology and Digital Tools”

“Tech-driven Businesses are making waves and turning in almost unbelievable results against all odds. Businesses who have embraced technology, automation and digital transformation are enjoying unquantifiable advantages. It is because of this that I am calling on business owners and managers to join us at the 3rd Edition of MSME Dialogue, on Saturday April 24, 2021 at 10am ( WAT), as we bring in experts to provide insights on this theme” Olurotimi added.

MSME Africa is a multi-faceted resource platform for Micro, Small, and Medium Enterprises (MSME) in Africa providing capacity development, news, opportunities, business articles and other resources for MSMEs, entrepreneurs, and startups.

Olurotimi said the platform was poised to build the biggest network and community of MSMEs in Africa in the nearest future.

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Ericsson Launches Automation Hub in Nigeria

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Ericsson announces plans to create an Automation Hub in Nigeria to support operators for improved consumer experience.

Ericsson Automation Hub is an open innovation platform, inspired by lean startup methodology in which the Ericsson team works in close dialog with customers, users and partners to showcase and reach the high potential that network automation allows in configuration, provisioning, assurance and orchestration of network services.

This will enable service providers to gain the ability in their environments to govern, manage and orchestrate hybrid networks holistically and in real time and as a result, offer an enhanced consumer experience.

Fields to be covered include but not limited to 5G and Internet of Things (IoT) use cases, Network Slicing and Orchestration, Hologram Calls, Complex Standalone, Business Support System (BSS) and Operations Support System (OSS), Cloud and Core product cases, Automated Acceptance Tests demonstration and enhancements as well as complex charging scenarios for 5G and 4G networks.

Lucky La Riccia, Vice President and Head of Digital Services at Ericsson Middle East and Africa at Ericsson says: “As Industry 4.0 accelerates in Africa, automation in operations is proven to boost customer experiences. Ericsson continues to support the telecom industry players in setting #AfricaInMotion, and with the Ericsson Automation Hub in Nigeria, we will focus on driving business outcomes for our partners in Africa as they aim to leverage digital transformation to turn complexities into opportunities while offering a greater experience and value to consumers.”

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Chevron To Invest In The Offshore Wind Sector

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Chevron’s venture capital arm and Moreld Ocean Wind have agreed to invest in Ocergy Inc.’s development and commercialization of floating offshore wind turbines.

The investment by Chevron Technology Ventures is it’s first in offshore wind. The size of the investments wasn’t disclosed. Floating turbines would be useful in ocean areas that are too deep for fixed turbines.

A senior analyst at Wood Mackenzie Ltd, Anthony Logan said: “To my knowledge, this is the first investment by a U.S. oil major in offshore wind”

Logan said, floating wind turbines will become important as the U.S. electrical grid increasingly depends on offshore wind power.

“If you can get into those deeper waters, chances are you can build a system of offshore wind production that isn’t vulnerable to low wind or no-wind events.”

The investment will also fund the development of an environmental monitoring buoy that will gather data and support biodiversity, Ocergy said in a news release Tuesday. The company has previously invested in onshore wind. Moreld is owned by HitecVision, a private equity investor that specializes in European renewable energy.

Chevron’s deal with Ocergy doesn’t mark a strategic pivot to renewable energy, but part of a $300 million-a-year plan to invest in early-stage technologies that may play a future role in the energy transition. The company is unwilling to erode returns by investing aggressively in an unfamiliar business where it doesn’t have a competitive advantage and sees oil and gas as its core products for years to come.

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