Wednesday, July 2, 2025
23.3 C
Lagos

FCMB Plans African Expansion in 2 Countries

As Nigeria suffers from the actual global plunge in oil price, the Nigerian banking group, First City Monument Bank (FCMB) plans on expanding to at least two African countries, Bloomberg reported.

“We have identified a key market in East Africa and another key market in West Africa”, FCMB’s Chief Financial Officer, Patrick Iyamabo told Bloomberg without giving details.

During the nine first months on 2015, FCMB’s pre-tax profit fell to N1.87 billion ($9.4 million) against N14.2 billion over the same period in 2014, mainly as a result of depreciated investment in the oil and gas industry but also because of lower revenues from trade funding.

This year, the Nigerian Stock Exchange listed-bank intends to reduce its exposure to the oil and gas sector and prioritise loans to companies operating in the retail and large-scale distribution as well as exporting firms.

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank Nigeria PMI: Output Growth Slows but Business Confidence Rises Sharply

The Nigerian private sector remained in growth territory as...

NIA: Insurance Week Designed to Boost Industry Awareness in Nigeria

Mr. Kunle Ahmed Chairman Nigerian Insurers Association (NIA) The Nigerian Insurers Association...

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

SEC Canvasses Advanced Financial Inclusion by 2030

The Securities and Exchange Commission (SEC) has stressed the...

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has...

Topics

PayU Nigeria Upgrades Online Payments with PayU Receive

Businesses in Nigeria can securely request and receive payments...

Leadway Assurance, Leadway Pensure Partner Nollywood on Insurance/Pension

Leadway Assurance Company Limited; Leadway Pensure PFA and Pinewood...

Afrinvest, FSDH, Others Place “Buy” on Fidelity Bank Stock

Highly-rated, independent investment advisory firms have picked Fidelity Bank...

First Bank, AIICO CEOs Lead Media Performance Audit in Aug

An independent analysis of the media performance and prominence...

African Economic Outlook 2016 Launched in Nigeria

The 2016 African Economic Outlook (AEO) was launched by...

Stanbic IBTC Rewards More Nigerians with Cash Prizes at Monthly Draws

L-R: Vincent Okereke, Portfolio Manager, Blue Segment, Stanbic IBTC...

NLNG: Sophia Horsfall Resumes as GM, External Relations, Sustainable Dev

Dr. Sophia Horsfall, the former Manager of Corporate Communications...

Modernise Service Stations to Survive, BCG Advises Fuel Retailers

Oluseun Solanke Partner and Associate Director BCG Nigeria Fuel retailers have been...
spot_img

Related Articles

Popular Categories

spot_imgspot_img