FCMB LIMITED ANNOUNCES APPOINTMENT OF MRS YEMISI EDUN AS THE NEW MANAGING DIRECTOR AND SUCCESSOR TO MR ADAM NURU

The Board of Directors of FCMB Group Plc have announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited.

This announcement is subsequent to the end of service of the bank’s former Managing Director, Adam Nuru.

The Board had earlier reviewed media allegations made in late 2020 against the former MD and did not establish any contravention of its policies. The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours.

Prior to this appointment, the new Managing Director, Yemisi Edun was the Executive Director/ Chief Financial Officer of the bank and previously served as the acting Managing Director.

With a work experience spanning nearly 35 years, Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

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

Source: https://lailasnews.com/fcmb-announces-appointment-yemisi-edun-new-managing-director-successor-to-mr-adam-nuru/

Written by Lai Mohammed

Facebook has deleted President Buhari’s civil war statement for violating Facebook’s Community standards against inciting violence

He had threatened punishment for regional secessionists blamed for attacks on government buildings.

Buhari, who served in the army stated on Tuesday that many people misbehaving today were too young to remember the deaths and destruction from the civil war.

Facebook has now removed the post from their platform, as a quick check by LailasNews confirmed, as the whole statement, has been removed from the social media platform.

This is coming after we had earlier reported that the content remained on their platform, despite users reporting it.

In response to LailasNews, Facebook wrote that President Buhari’s post has been removed from their platform in line with their global policies.

The social media giants also went on to state that they removed a post from President Buhari’s Facebook page for violating our Community Standards against inciting violence.

Reiterating commitment to remove any content, from individuals or organisations that violates Facebook policies.

“In line with our global policies, we’ve removed a post from President Buhari’s Facebook page for violating our Community Standards against inciting violence. We remove any content, from individuals or organisations that violates our policies on Facebook.” A Facebook Spokesperson

Source: https://lailasnews.com/facebook-deletes-buharis-civil-war-statement-for-violating-policy/

Okay, so they couldn’t deny this one…and this statement makes it seem like they are not ready to change as they keep deflecting the truth

fuckingAyaya:
he will train those goats till dey die,you think say na African man abi

Olodo…Mark dey chop goat…he only eats meat he kills…

First City Monument Bank (www.fcmb.com), in partnership with Tulsi Chanrai Foundation (TCF) of India, has so far carried out free eye surgeries, correctional testing services and provided glasses to over 300,000 Nigerians under the Bank's Corporate Social Responsibility (CSR) programme, tagged Priceless Gift of Sight. Out of this number, the sight of almost 17,000 visually impaired Nigerians have been restored through surgeries, while the rest underwent tests to correct various eye defects and also received glasses.

The yearly intervention, which started in 2009, is designed to combat cataracts and other eye defects that could lead to blindness among underprivileged adults and children across various communities in Nigeria. FCMB has sustained this programme for thirteenconsecutive years (2009 till date) by offering free testing, surgeries and glasses in partnership with TCF in Kebbi, Cross River, Imo, Abuja, Katsina and Adamawa.

The FCMB Priceless Gift of Sight initiative has also raised awareness on the magnitude of the problems associated with cataract in Nigeria. The Bank's support to address the problem has gone a long way to improve the socio-economic well-being of the over 300,000 beneficiaries and their respective families. In addition, the programme serves as an avenue for indigenous medical and para-medical personnel to build their capacity through the training offered by the team of doctors provided by TCF that conducts the exercise.

The surgeries involve treatment of cataract with inter-ocular lens implantation to those who would otherwise be unable to access quality and affordable surgeries. Modern surgical techniques, using state of the art equipment, are in use in all the designated hospitals.

The exercise also includes, screening of patients by trained para-medical staff in the communities, transporting patients to the hospitals, full ophthalmic and medical examination of patients prior to surgery and the eventual surgery performed by the surgeons.Other measures put in place by FCMB and the Foundation are admission of screened patients for between 2 and 3 days before surgery, observation of the patients for at least 24 hours post surgery, check-up on patients within six weeks after the surgery in their respective communities, and random post operative audit by independent ophthalmologists to confirm the efficiency of the surgery and state of health of the beneficiaries.

The Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo, explained that the Priceless Gift of Sight programme is a key aspect of the Bank's CSR initiatives. According to him, "the importance of sight to the well-being of an individual and nation cannot be under-estimated. We are proud to sustain the execution of this initiative with Tulsi Chanrai Foundation, because it has continued to positively touch and transform the lives of thousands of people, homes, businesses and the entire society. There is no gift in the world better than giving sight to the visually impaired. We believe that all communities in which we operate should benefit from our presence through our contribution to their sustainable development. We hope to extend this programme to more communities and states soon’’.

Also speaking on the initiative, the Chief Operating Officer of Tulsi Chanrai Foundation, Mr. Shravan Kasam, said, "FCMB has been a long-standing partner with TCF under the Mission for Vision programme across Nigeria. The continued partnership for over a decade reiterates the Bank's commitment to the society and is best demonstrated by the Gift of Sight to those who would have avoidably gone blind in their lifetime. The interest shown by FCMB in the programme and the impact on beneficiaries are highly commendable. The need to address avoidable visual impairment in Nigeria is huge. We look forward to scaling up the programme and bringing the benefits to many more who are in need".

In his testimony, a beneficiary of the project in Kebbi state in 2015, Malam Labaran Danjo, commended FCMB and the Foundation for coming to his aid and thousands of others suffering from cataract through the Priceless Gift of Sight programme. The 52 year old farmer said, "for 13 years I battled with poor sight and at a point, it became so serious that I could barely see and my source of livelihood was affected. I lost hope of seeing again and this affected my farming and ability to cater for my family until I heard about this free eye surgery programme. I went through the necessary tests and the surgery which was very successful. Since then, my life and economic situation have become better".

FCMB has a long history of community and human development intervention activities nationwide. The Bank's CSR philosophy is centred on a commitment to the well-being of its customers and communities, while contributing to their sustainable development. Over the years, FCMB has fulfilled this philosophy by implementing several initiatives within its three CSR focal areas, which are Poverty Alleviation, Economic Empowerment and Environmental Sustainability.

For more information about FCMB, please visit www.fcmb.com.

Source: https://lailasnews.com/fcmbs-priceless-gift-of-sight-over-300000-nigerians-with-eye-defects-benefit/

nairamaniac:
This isn't possible. They had both done a song together on mi's first album which was 2008.

The title of track was FAST MONEY FAST CARS.

Tweets cannot be edited unlike Facebook

Fynestboi, MissyB3

A throwback tweet of Nigerian superstar, Wizkid begging legendary rapper M.I Abaga for attention on the social media platform as far back as 2010 is catching the attention of Nigerians.

Wizkid inked a record deal with Empire Mates Entertainment in 2009. He co-wrote “Omoge You Too Much”, a song from Banky W.’s The W Experience album. He also worked with Naeto C, Ikechukwu and M.I while developing his craft.

Taking to Twitter in the first month of 2010, Ayodeji Ibrahim Balogun, known professionally as Wizkid, pitched his talent to M.I Abaga.

https://twitter.com/wizkidayo/status/7639609494?s=21

At that time, Jude Abaga was already a star, he won Best Hip Hop and Best New Act at the 2009 MTV Africa Music Awards, and was nominated in the Best International Act category at the BET Awards 2010. He rose to prominence in 2006 when his song “Crowd Mentality” became popular in Jos, plateau state, Nigeria.

Source; https://lailasnews.com/throwback-tweet-of-wizkid-begging-m-i-abaga-for-attention-in-2010/

EgunMogaji2:


My job is not to educate you.

You have a smartphone in your hand. Use it to validate and come to your own conclusion.

I don’t spoon feed people.

Have a nice Sunday.

I wasn’t seeking education from you...

You made a claim you can’t defend...this doesn’t Mean the claim is wrong, but proves you as shallow..

Good at criticism without solution or reason.

EgunMogaji2:


You can as well do your own unbiased research. Sir.

This is Nigerian mentality and it is bad bad bad.

Someone came here with his information, which I had no prior knowledge...

Then you say it is false

Someone then asks you to give the ‘right’ information...then you bait.

Its a bleeped up pattern that many people keep exhibiting...if you had a different view, you can share...

Debate

Then it is left to us to decide which we feel is correct, but you can’t just puff a smoke up without a backup.

���

The recent happenings in schools in Kwara state and other unfortunate incidents across the country shows how high religious intolerance is at play in our country.

Source: https://www.facebook.com/100001104864074/posts/3880335832013207/?d=n

OAM4J, lalasticlala

.

A video sighted by KikioTolu News has shown the moment the Olukere of ikere Ekiti Hrm Ayodele Oba Ganiyu Obasoyin organised a prayer in his ikere Ekiti palace on behalf of Sunday Igboho.

He has been in the news lately for his controversial moves against insecurity in the South Western Region of Nigeria, and the quit order he issued that criminals should quit Ibarapa within seven days.

Watch the video; https://twitter.com/kikiotolunews/status/1353255717126483968?s=21

Source: https://kikiotolu.com/olukere-of-ikere-ekiti-offers-ancestral-prayer-on-behalf-of-sunday-igboho-video/

The Bank Customers Association of Nigeria (BCAN) late Sunday detested in unequivocal terms the attempt by some social media commentators and publishers to disparage the image of the First City Monument Bank (FCMB) in the face of the ongoing controversies over alleged extra-marital affairs of the bank’s Managing Director, Mr. Adam Nuru, describing the act of the commentators as unjustifiable.

The National President of the umbrella body of bank customers in Nigeria, Dr. Uju Ogubunka, in a chat with BRTNews.ng, condemned the ongoing efforts of some agents on social media platforms to denigrate the FCMB brand through photo-shopped posts that don’t represent the ideals the bank had been noted for over the years.

The chartered banker and former Registrar/Chief Executive Officer of the Chartered Institute of Bankers of Nigeria (CIBN), while reacting to enquiries by our correspondent on the alleged infidelity of the bank’s chief and raging calls for his sack and other issues relating to the saga, said most of the calls were not logical when analysed within the context of professional ism and implications for the financial system.

According to him, since the issues being raised remain just allegations there is need for everyone to wait until investigations promised by the bank’s board on the matter are completed and the findings made known that passing judgment on the embattled Mr. Nuru can be reasonable.

He said: “This is, according to you, an allegation. No right thinking person relies on allegation to take action. Perhaps, the exception is investigative action. As per the question on people calling the CBN to sack the MD, CBN is not the employer of the CEO. So, action, if there is any to be taken, is not for the CBN to take.

“Again on the denigrating postings by some Nigerians or commentators on social media about FCMB, I want to say it is not the business of bank customers to take position on issues that are said to be allegations. So, it will be honourable for BCAN members to ‘mind their business’

“The Nigerian banking industry has a Code of Ethics which can situate the issue when or if investigated and results show a breach of the ethical code. I suggest that premium should not be placed on the unverified and unconfirmed “allegation”. Science and technology have advanced that determination of paternity can easily be ascertained.

“There is no need to tarnish or damage peoples’ and institutions’ names, based on allegation(s)”, Ogubunka stressed.

Over the past few days, some social media abusers and commentators have thrown caution to the winds by ‘photo-shopping’ the FCMB logo and inscribing ‘Your wife and I’ rider on it thereby portraying the bank in bad light.

Commenting on such acts from a legal perspective, a legal practitioner, who spoke on the condition of anonymity, said “all those engaging in that type of act are actually ignorant of the law.

“In all honesty, such acts are libelous and if the FCMB board or even shareholders decide to take legal action against any of them, including those sharing such detestable messages through their platforms, they will all be in serious trouble.

“For God sake, how could anybody descend so low to be tampering with the image of a legal person all in an attempt to validate an allegation against the MD which is yet to be legally proved?”, the lawyer queried.

Source: https://lailasnews.com/bank-customers-condemn-vilifying-posts-about-fcmb-on-social-media/

Let me first out myself. I am a former Employee of FCMB. I worked there for a bit in the securities trading arm, CSL. CSL is a legendary institution that continues to be the corner piece of the Nigerian Capital Market. I was the Head of Local Business.

One thing that attracted me to the firm was its legacy. Its founder, Chief Subomi Balogun was a hero of sorts to young Stockbrokers like myself. He had built the institution from his boot straps to the behemoth it is today with over 50,000 Shareholders.

My first day at work, I was taken in a ride by the then Managing Director Ladi Balogun on his way to a meeting with Aliko Dangote and in those few minutes he perfectly situated the values that drove the institution. Ethical standards and integrity were the words he kept repeating as he stressed the need for me to join as he attempted to reclaim market share in the Local Securities market.

I stayed with the Bank for over 15months and having worked in several financial instutions including about four Banks and several stockbroking and Asset Management Firms, I can safely say that the ethical standards at FCMB stand shoulder high above its peers. The FCMB woman is well regarded, with access to the very top to discuss her issues. They even have the FCMB Woman Platform which seeks to build cohesion and gives the FCMB woman the much needed push to fulfil whatever it is is her career goals.

That said, the news of the alleged dalliance between the well regarded MD Mr. Nuru and the former staff leading to the supposed siring of two kids by him while still in her marriage and ultimately leading to her husbands passing has captured the imagination of Nigerians powerfully.

Daily the keen observer is assailed with all sort of social media commentary, memes and the rest on the matter. I hear an online petition has been in circulation with varied numbers being quoted as signatures asking both the FCMB and the CBN to act on the matter. A memo allegedly sent out by Group Managing Director Ladi Balogun quoting that the issue could derail the achievements’ of the Bank in the just concluded year is leaked, fueling calls for his removal.

All these have thrown up very important questions on the ethical behaviors of Bankers and its effect on the Bank’s public image and much more importantly the profitability of the Bank on the one hand and the safety of public funds in its custody on the other. It is also putting the regulator to task on the issue.

But tarry awhile. Why all these fervor on an unsigned petition innocuously posted on social media. How do we move against a Man based on a mere allegation without anybody coming out to own up to the allegations. Up until this point as I write, I have not seen a signed petition accusing the man of all of these allegations. What we are seeing so far are online petitions from people on the back of the anonymous triggerr post. Should we now then hang a man based on this? Based on public push which is as is the case quite emotional.

The arbitrariness of this matter and others like this especially on social media is scary. What this portends is that if Nuru falls then anybody can fall based on any story thrown up there just by anybody. Before I am castigated, please note that I am not taking a stand as to Mr. Nuru’s innocence or not or if he breeched Banks ethical rules or what not. All I am just saying is that there has been no concrete complaint from either the Mr. Thomas accusing this man of this heinous crime, nor an official complaint from the Woman alleging rape, forceful sex or any type of abuse using his power as a boss over her. We have not even seen DNA certification confirming the parentage of the children. All that is in the public domain are pictures of children who have an uncanny resemblance to Mr. Nuru. Are there sufficient factual and legal evidence to begin to push for the Mr. Nurus head.

In the last five years, Nigerians have witnessed the growth of what some of us have called digital mobs who unlike their physical counterparts who roast with used tyres and bonfires, these ones do thier with words on social media. The arbitrariness and disregard for processes and institutionalized structures for arbitration continues to weaken the levers that hold society together pushing us closer to anarchy.

The FCMB I know have well tested and well-ordered structures for getting relieve if your rights have been trampled. I have gone through it as a boss. I had lost my temper during a heated meeting and unwittingly threw a pencil at a junior staff. She went through the process and I faced a disciplinary Committee and was found guilty. The system didn’t care that as at that time I Was number 3 in hierarchy in our subsidiary and that this lady was very near the bottom in hierarchy, I was made to face the music. Same I am very confident would be the case if there is an official approach to this matter by any complainant even if it is me being Mr. Thomas Landlord.



The major issue here is not even Mr. Nuru and his supposed errant private member but our societies’ eagerness to throw caution and common sense into the gutters in matters like this while putting on the toga of arbitrariness in pushing this types of issues. I fear that our institutions for fear of Market share can bow to public pressure and take decisions that would further weaken them and infringe on the human rights of their people.

Please in conclusion, where is Mrs Thomas in all of these for only she can solve this problem. Her position would either indict or free Mr. Nuru, she has to answer some very salient questions – was she in an affair with Mr. Nuru while at FCMB, was she in that affair willingly or not and who truly is the father of the child and where she has no answer to the last question, would she willingly take a DNA test on this matter.

My advise to FCMB is to stand firm by its rules, do not be pressured to take hasty decision by a fickle social media crowd who will move on to the next hot gist, while you would have destroyed not only the career of a man who is possibly innocent and in the same vein destroy the fabrics that hold your institution together. Seek the facts and base your decision on those facts.

I wish you a fruitful review of the matter. But will I close my account with FCMB cos the MD has two children with a married staff? I think not. Thank you

*Written By Joseph Edgar

Source: https://lailasnews.com/my-bank-my-wife-and-the-new-social-order/

lalasticlala, mynd44

Get your company profile for just N30,000 from KikioTolu Solutions

Click the below link to order yours now and get it delivered in 48hours

https://kikiotolu.com/company-profile-nigeria/

Ekiti State University, Ado Ekiti has announced the resumption of academic activities as newly admitted students are set to resume on Monday, 23rd of November 2020.

This was made known in a recently released statement by Bode Olofinmuagun, the Head, Directorate of Information & Corporate Affairs.

See the statement below;

Breaking:
PRESS RELEASE

RESUMPTION OF ACADEMIC ACTIVITIES IN EKSU

The management of Ekiti State University, Ado Ekiti has directed all newly admitted students for the 2019/2020 academic session to resume for academic activities on Monday, 23rd November, 2020.
In a Press Release signed by the Head, Directorate of Information & Corporate Affairs, Mr Bode Olofinmuagun, the students are expected complete their registration exercise and resume for other academic activities.
According to the Release, all pre-degree, diploma and 100 level students of the university are expected to be on campus as from Monday, 23rd November, 2020.
The Vice Chancellor, Professor Edward Olanipekun has assured parents, guardians and all the returning students of adequate COVID-19 precautions and protocols which have been put in place by the university management.
All returning students are hereby advised to take personal COVID-19 precautions by ensuring that they have their face masks and hand sanitizers with them at all times on campus.
The Vice Chancellor wishes all the students safe travels.

Bode Olofinmuagun,
Head, Directorate of Information & Corporate Affairs.

Source: https://kikiotolu.com/eksu-announces-resumption-of-academic-activities-details/

Lalasticlala, mynd44

Hosanna is inspired gospel song that shows God’s superiority, mightiness, greatness and sovereignty.


Click here to listen and download song

DAVE ONIKS – HOSANNA LYRICS

Hosanna
Hosanna
Hosanna
We lift up your holy name
We bow before your throne
Hosanna

Verse one
You are the mighty God
There is none like you
From age to age
You remain the same
Perfect in all your ways
Awesome is your wonder
You are the great I am
Jehovah Elohim
You are welcome in this place
You are welcome in this place

Chorus
Hosanna
Hosanna
Hosanna
We lift up your holy name
We bow before your throne
Hosanna

Verse two
Standing here in awe of you
I worship you my everlasting king
Praise the lord! Oh my soul
And all that…that is within me
Bless his holy name
Bless his holy name

You are the mighty man in battle
Victorious is the lord
He works in signs and wonders
Marvelous you are
You are welcome in this place
You are welcome in this place

Chorus
Hosanna
Hosanna
Hosanna
We lift up your holy name
We bow before your throne
Hosanna

Refrain
Hosanna (5x)
You are the lord
Wonderful (5x)
You are the lord
Awesome (5x)
You are the lord
Oh oh!!

Chorus
Hosanna (hosanna)
Hosanna
(Oh….we worship) Hosanna
(We sing hosanna to you our king)
We lift up your holy name (we lift our voice to sing)
We bow before your throne (we have come to bow before you lord)
Hosanna
(Hosanna! Hallelujah!!)

Source: https://kikiotolu.com/download-mp3-dave-oniks-hosanna-audio-and-lyrics/

There is an ongoing bank robbery in Iyin-Ekiti, a town close to the state capital, Ado Ekiti.

According to reports reaching us at KikioTolu News, the robbery is ongoing at a WEMA bank branch in the town.

There have been sporadic shootings leading to tension in the community.

The police is yet to confirm the incident, and several calls put to the police PPRO by Ekiti Progress Update were not answered.

Source: https://kikiotolu.com/breaking-ongoing-bank-robbery-in-iyin-ekiti-details/

Lalasticlala, mynd44

In his reaction to the purported suspension of Governor Kayode Fayemi by an unknown group, the Chief Press Secretary to the Governor, Mr Yinka Oyebode, described it as a joke taken too far.


Oyebode said the All Progressives Congress (APC) as a party is governed by laws, adding that members of the group cannot hide under their recent suspension to announce a dubious suspension they lack the locus to handle.

While one would have dismissed their claims as another failed attempt to polarise the party in the state, it is also important to put it on record that the action of the group smacks of criminal impersonation as none of those who signed the purported suspension letter were executive members of the party at ward, Local government or state level.

The action is but a joke taken too far as they never had such power they want to arrogate to themselves while they were members of the party, much less now that they have been suspended.

Governor Fayemi however remains unperturbed by this antics of suspended members.

Well meaning members of the public as well as members of APC are urged to disregard the news of the purported suspension as it only exists in the imagination of members of the group.

Dr Kayode Fayemi remains the indisputable leader of the APC in the state.

Source: https://kikiotolu.com/governor-fayemis-purported-suspension-a-joke-taken-too-far-cps/

Lalasticlala, mynd44

Freelance journalist, Oluwatosin Adeshokan, has penned down an apology to all the young girls he sexually harassed in the past, as he felt it was all sexual banter.

Kiki Mordi had yesterday accused the freelance journalist whose works have been published in The New York Times, The Los Angeles Times, VICE, CNN, Quartz, The Africa Report and more of being a sex predator who harasses young girls.

Taking to her Twitter page, Kiki Mordi claimed Oluwatosin Adeshokan, pretends to be “asexual” just to gain women’s trust before taking advantage of them.

In response to Kiki Mordi’s post, many ladies came forward revealing the inappropriate chats he had with them, as a teenager revealed he once sent her his dick pics.

Early this morning, Oluwatosin Adeshokan took to his Twitter page to pen an apology to his victims, as he said he was truly sorry for making some people feel uncomfortable.

Taking full responsibility for his behaviour, he stated that he deeply regrets those conversations and hoped they go away with time.

See what he wrote below;

Source: https://lailasnews.com/oluwatosin-adeshokan-apologises-for-sexually-harassing-young-girls/

First City Monument Bank [FCMB] sustained new strengths in operations in the second quarter despite the challenges of the Covid-19 economic lockdown. The bank kept all the growth levers up from the closing levels in 2019.

The addition of new strengths and retention of some key capabilities of the preceding year constitutes the operating advantage for the bank this year. It is maintaining the elevated revenue outlook seen in the first quarter, which is happening for the first time since 2017.

Both interest and non-interest incomes are contributing to revenue improvement but non-interest earnings keep leading the way. Against a drop of 11 percent in 2019, non-interest income grew by 13 percent year-on-year at half-year ended June 2020.

Interest income is still accelerating from 4 percent at the end of last year to 8 percent at half-year though slowing down from 15 percent growth in the first quarter. This remains the highest growth rate in interest income for the bank at any time since 2014.

The good behavior of interest expenses seen in the first quarter improved to better in the second quarter. From a moderated growth of 4 percent in the first quarter, interest expenses proceeded to a 3 percent decline year-on-year at half-year. Accelerating interest income and a decline in interest expenses enabled an increase of 17 percent in net interest income from less than 5 percent improvement at the end of 2019.

This marks the first reasonable improvement in revenue the bank is seeing since 2017. Last year ended with only a 2 percent increase in gross income to a little over N181 billion. Revenue growth at half-year represents the highest in four years.

The retained strength in revenue is keeping the bottom line on the upbeat at which the bank began the year in the first quarter. Profit improvement remains quite good at 29 percent year-on-year for FCMB at half-year – still one of the best growth records in the banking sector. This is an accelerating growth from the 16 percent profit improvement at the end of 2019.

The ability to convert revenue into profit improved both on a year-on-year basis and from the 2019 closing mark. At the end of half-year, the net profit margin stretched out from 8.4 percent in the same period last year and from 9.5 percent at the end of 2019 to 10 percent. This is a step back however from 11 percent in the first quarter but yet remains the highest net profit margin for the bank since 2015.

The bank’s operating strength for the 2020 financial year is anchored on growing revenue and improving profit margin. The strength to grow profit more than two and a half times as fast as revenue at half-year points to a reasonable cost saving achieved by management. This came from a decline in interest expenses and a moderated operating cost during the period.

The loss in the first quarter of a key strength of last year – which is a drop in net loan impairment expenses for the third straight year, remained in place at half-year. Loan loss expenses rose by close to 41 percent to N7.8 billion at the end of June 2020. The increase follows an increase of 13 percent in the loan portfolio last year and by another 10 percent over the first half of the current financial year to N795 billion.

Half-year operations ended with gross earnings of slightly over N98 billion for FCMB, an accelerated growth from 2.3 percent at the end of 2019 to 9 percent year-on-year. This marks the first reasonable improvement in revenue since 2017.

An improvement of 8 percent in interest income to over N76 billion is one of the new strengths for FCMB in 2020. This reflects the expansion of earning assets with loans and advances growing by N80 billion over the 2019 closing figure of N715 billion and investments rising by N60 billion to N300 billion over the same period. The second is a rebound in non-interest earnings that were a drag for the bank last year to N22 billion at the end of half-year.

At slightly N30.8 billion, interest expenses improved further its disciplined behavior – declining by 3 percent against an increase of 4 percent in the first quarter. The share of interest income devoted to interest expenses went down from 45 percent to 40 percent over the review period. The result is an increase of 17 percent in net interest income to over N45 billion at half-year.

FCMB closed the half-year operations in June 2020 with an after-tax profit of N9.7 billion, an increase of 29 percent year-on-year. The bank is maintaining the path of growing profit for the third consecutive year since it lost 40 percent of profit in 2017.

Earnings per share amounted to 49 kobo at the end of half-year operations, improving from 38 kobo per share in the same period last year.

The ability to maintain an elevated performance in earnings through the economic lockdown in the second quarter is a bullish point for FCMB going forward to the second half. The bank is expected to retain the key strengths of growing revenue, moderating interest expenses, and improving profit margin to stay the course of rebuilding profit for the third straight year in 2020.

Source: https://lailasnews.com/fcmb-sustains-new-strengths-in-q2/

IFC, a member of the World Bank Group, today announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis. The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans.

FCMB’s Chief Executive, Adam Nuru, said, "IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including in the health, pharmaceutical, food and trading industries.”

IFC’s Country Manager for Nigeria, Eme Essien Lore, said, “Supporting financial institutions like FCMB is vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19. Although Nigeria has a strong and dynamic private sector, it needs liquidity now to ensure it remains viable during and after COVID-19.”

IFC’s $8 billion global COVID-19 fast track facility was launched in March 2020 to support existing clients through direct lending to affected companies and to financial institutions so they can continue lending to their clients and help to preserve and create jobs.

With a network of 205 branches, FCMB serves more than 4.5 million customers in Nigeria. IFC’s portfolio in the country stands at $1.3 billion in sectors including manufacturing, financial services, infrastructure and technology.


About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than US$19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

About FCMB

FCMB is the retail and commercial banking arm of FCMB Group Plc, a financial services Group with operations in Nigeria and the United Kingdom. From its early origins as an investment bank, FCMB transitioned into a full-fledged commercial bank in 2012 and has since grown to become one of the top 10 banks in Nigeria by total assets. Through its network of 205 branches, FCMB serves more than 4.5 million customers across Nigeria.

Source: https://lailasnews.com/ifc-supports-nigerias-fcmb-to-finance-smes-facing-covid-19-related-challenges/

As the COVID-19 (novel coronavirus pandemic) takes an intense twist, with its prevalent negative effect on individuals, households, businesses and health systems, leading financial services provider, First City Monument Bank (FCMB), is stepping up the tempo of its interventions through various humanitarian gestures.

As a caring and responsive Bank, FCMB has ensured the stability of its robust digital channels thereby enabling customers to have full access to financial transactions and other services, while also helping the government, communities and individuals to mitigate the impact of the pandemic.

The institution’s intervention has been hinged on providing relief across a range of areas spanning across testing, the provision of PPEs (personal protective equipment), food for the very needy and ease of doing business for small and medium scale firms.

By far, FCMB’s most significant contribution – of N250 million – has been to the intervention initiative set up by the Central Bank of Nigeria (CBN), in partnership with the private sector, to assist the Federal Government respond effectively to COVID-19, known as the Private Sector Coalition Against COVID-19 (CACOVID) . The fund will also support households and businesses to mitigate the impact of the virus, through the building of isolation and treatment centres, providing personal protective equipment and distributing food to over 10 million of the most economically vulnerable Nigerians.

Also, FCMB is providing relief items to challenged individuals and households across Nigeria affected by the lockdown by working with various charities and state governments. The palliatives include Personal Protective Equipment for health workers and food items to sustain a large section of the population whose means of livelihood have been affected by COVID-19 and the prevalent lockdown.

In addition, the Bank has provided support to givefood.ng coalition, coordinated by Babban Gona Farmer Services Nigeria (an agricultural franchise), which aims to provide meals for 1 million vulnerable Nigerians every week. This will go a long way to sustain a large section of the population whose means of livelihood have been affected by COVID – 19 and the prevalent lockdown.

In partnership with 54gene, FCMB is also sponsoring the testing of 3,000 people in Ogun state to determine their COVID-19 status. This support is complementing the State’s effort to determine and mitigate the extent of the spread of the pandemic.

The financial institution is equally supporting borrowing customers by providing payment moratoria during this period, to ensure they are able to survive and continue to pay their workers.

FCMB has continued to distinguish itself through innovation and the delivery of exceptional offerings and the institution firmly believes that the nation will emerge stronger and much more resilient at the end of the pandemic.

https://lailasnews.com/covid-19-fcmb-sustains-support-to-government-and-nigerians-with-multi-dimensional-intervention-strategy/

The executive governor of Kwara State, Mr Abdulrahman Abdulrazaq said that the National Youth Service Corps is a leading impetus in the war against the deadly coronavirus, COVID-19 in the country.

The Governor said this earlier today through the Deputy Governor, Mr Kayode Alabi who also doubles as the chairman of the technical committee on COVID-19 , while receiving Hand Sanitizers, Antiseptic Liguid Soap and other surge materials produced by NYSC Kwara to support the state in the war against the pandemic.

Governor Abdulrazaq said the efforts of the scheme since the COVID-19 broke out is a catalyst in the fight against the global pandemic.

Governor Abdulrazaq therefore appreciated the scheme as a front liner in the fight against corona virus, and promised to make judicious use of the items donated by the patriotic corps members.

The State Coordinator of NYSC Kwara state, Mrs Francisca Olaleye, who led the team in the presentation of the items elucidated the fact that the Director-General and management of the scheme have been supporting and complementing the efforts of the government at all levels in the fight against the pandemic.

The State Coordinator assured the governor of the readiness of the scheme in curtailing the spread of Coronavirus in Kwara State.

Furthermore, the leader of the team Oropo Enitan KW/19B/3045, pledged, on behalf of his colleagues, to always identify with the state government in the fight against Coronavirus.

You may recall that about two weeks ago, a group of Corps members produced a thousand bottles of hand sanitizers and liquid soap at the Skills Acquisition and Entrepreneurship Development centre domiciled in the NYSC State secretariat.

Source: https://ekitireporters.com/nysc-a-major-catalyst-in-the-fight-against-pandemic-gov-abdulrazaq/

The National Youth Service Corps, Kwara State produced hand sanitizers, antiseptic liquid soap as part of the effort of the scheme in curtailing the spread of Corona virus in the state.  


The State Coordinator,  NYSC Kwara, Mrs Francisca Olaleye commended the Director-General of the scheme , Brig Gen Shuaibu Ibrahim and management of the scheme for their support in ensuring that the intellectual capabilities of the corps member's coupled with the training in  Cosmetology through Skill Acquisition and Entrepreneurship Development is put to bear in curtailing the spread of the deadly virus .


 Corps members in the state also embarked on sensitization and distribution of the items led by the state coordinator .This she assured will be done on regular basis  in solidarity   with the people and government of the state  during this  period of war against the hydra-headed virus.


She added that the National Youth Service Corps has also prepared the orientation camp at Yikpata as an isolation centre in collaborating with government against the global pandemic.  


Mrs Olaleye implored the people to cooperate with the government in the fight against the virus by total submission to the laid down directive. According to her,

healthy living of the people is the major priority of the NYSC Scheme.

Source: https://kikiotolu.com/covid-19-nysc-produces-sanitizers-soaps-sensitises-kwara-communities/

Lalasticlala, mynd44

The National Youth Service Corps, Kwara State today started the 2020 batch A orientation course lecture series at the NYSC Permanent Orientation Camp, Yikpata, Kwara State, with sensitization of Corps Members on Coronavirus, CONVID-19.


While declaring the lecture open, the State Coordinator NYSC Kwara, Mrs Francisca Olaleye stated that the sensitization is part of the effort put in place by the scheme to avert the deadly disease in the orientation camp.


Mrs Olaleye stated that the scheme has prioritised the safety of all corps members for safe healthy living in the service year. She reiterated that the hand sanitizers have been put in all strategic places on camp and therefore enjoined Corps Members and all other members of camp community to make use of it every time.


The State Coordinator who cautioned all members of the camp community to be conscious of unnecessary panic , however advised them to make sure to immediately report to the camp management any noticeable form of discomfort person around them.


Meanwhile, the guest lecturer for the sensitization on CONVID 19 who also doubles as medical Consultant at the University of Ilorin Teaching Hospital, Dr. Olaitan Dele allayed the fears of corps members on the issue of virus.


Dr Dele listed the symptoms of the CONVID-19 to be Fever, abdominal pains, cough amongst others . He therefore advised them to approach camp clinic anytime they notice any of such symptoms.


He also stated some preventive measures for the virus. He said the Corps Members should endeavour to be washing their hands frequently with the strategic placed sanitizer on camp.


The doctor further advised them to avoid unnecessary handshake and try as much as possible to cover both their mouths and noses while coughing.


He further enlightened that the virus can only survive for ten minutes outside the host and therefore affirmed that using alcoholic sterilizer to rub hands immediately after handshake is also a proper way to avert contacting the virus.

Source: https://kikiotolu.com/nysc-kwara-kick-starts-lectures-with-convid-19-sensitization/

Lalasticlala, mynd44