E-Financial
FCMB Shareholders Approve ₦150 billion capital Raise to Drive Future Growth Plans
FCMB Group Plc’s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from ₦9,901,355,390.50 to ₦19,802,710,781.00 and authorised a ₦150 billion capital raise to drive future growth plans. The shareholders also approved a 100% increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023, reflecting the Group’s commitment to delivering shareholder value.
L-R: Group Chief Executive, Mr. Ladi Balogun; Chairman, Mr. Oladipupo Jadesimi; Company Secretary/General Counsel, Mrs. Funmi Adedibu; Non-Exectuive Director, Professor Oluwatoyin Ashiru; Executive Director, Coverage & Investment Banking, Mr. Olufemi Badeji and Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua, all of FCMB Group during the 11th Annual General Meeting (AGM) of the Group held on May 24, 2024 in Lagos.
Chairman, Mr. Oladipupo Jadesimi, commended the workforce’s contribution to the company’s strong operating performance. He said, “FCMB Group Plc demonstrated resilience, the result of which has given me the great pleasure of being able to inform you that for the full year ended 31 December 2023, the Group declared a profit before tax of N104.4 billion, up 185.6% from the full year 2022.
“The diligence exhibited by our workforce across the country have been remarkable. I commend everyone who contributed to this strong operating performance for the year under review.
“As we navigate through the challenges and opportunities that our mission presents, the Board and Management remain steadfast in their commitment to cultivating a culture that will inspire excellence in our employees, customers, partners, and every member of our ecosystem.”
This would be the first Annual General Meeting of FCMB Group Plc without the presence of the Founder, the late Otunba Michael Olasubomi Balogun, CON. A minute’s silence was observed at the commencement of the meeting and tributes were paid in his honour. Shareholders lauded the management for honouring and perpetuating the Founder’s legacy and the accelerating growth in most key indices, expressing optimism for a more rewarding future.
In his comments, Chief Timothy Adesiyan of Nigeria Shareholders Solidarity Association said: “We are happy that FCMB Group and its subsidiaries are growing in leaps and bounds. Of note are the strong corporate governance structures, succession plan and the commitment of the Bank to support key sectors of the economy, including corporate social responsibility programmes.
“However, the Bank should expand its interventions to artisans and other underserved sectors. We were grateful that from the 25 kobo dividend paid last year, and now we are receiving 50 kobo this year, a 100% increase.
“The Board, Management and Staff should continue to sustain the legacy of the late Founder, Otunba Subomi Balogun.”
In seeking approval for the N150 billion increase in share capital, the Group on behalf of its flagship bank, made clear its aspirations to retain its international license, with this year’s capital raise being the first step in that process.
Also speaking, the Secretary General of the Independent Shareholders Association of Nigeria (ISAN), Mr. Eke Emmanuel, applauded FCMB Group’s results and endorsed the capital raising programme. He said:
“The 2023 financial results of FCMB Group Plc show that the institution is in a healthy position and ready to transform challenges into opportunities. The recapitalisation plans are commendable and achievable. We are optimistic that FCMB will scale the hurdle and be better positioned to deliver more value to shareholders and Nigeria.”
The AGM concluded with renewed confidence among shareholders and stakeholders in the financial institution’s leadership and strategic direction. Board members reassured shareholders of their commitment to maintaining high governance standards and delivering consistent value while highlighting ongoing efforts to enhance risk management frameworks and ensure full regulatory compliance to safeguard the Bank’s reputation.
Federal Capital Territory High Court has ordered Stanbic IBTC Bank Limited to pay N15 million in damages to two former customers after finding that the bank unlawfully retained and processed their personal information after they had terminated their banking relationship.
In a judgment delivered on July 29, Justice Kayode Agunloye also directed the bank to erase all personal data belonging to the claimants that it is not legally required to retain and restrained it from further processing or using such information without lawful authority or the customers’ consent.
The court held that the bank breached the Nigeria Data Protection Act (NDPA) 2023, the claimants’ constitutional right to privacy under Section 37 of the 1999 Constitution (as amended), and provisions of the Federal Competition and Consumer Protection Act (FCCPA).
The suit, marked CV/2190/25, was filed by David Ogundipe and Salami Tolulope Ibrahim, who argued that Stanbic IBTC continued to process their personal data for marketing purposes even after they had closed their corporate account with the bank.
According to the claimants, the account was shut following unresolved issues with the bank.
Despite the closure, they alleged that Stanbic IBTC continued sending promotional emails and text messages to their personal and corporate email addresses as well as their telephone numbers.
The customers said their solicitors later wrote to the bank demanding that all marketing communications cease and that their personal data should no longer be processed for promotional purposes.
Although the bank reportedly acknowledged the request and assured them that the messages would stop, the unsolicited communications allegedly continued, prompting them to seek judicial intervention.
In his ruling, Justice Agunloye held that once the banking relationship had ended and the customers had withdrawn their consent, the bank no longer had any lawful basis to process their personal data for marketing activities.
The judge ruled that the continued use of the claimants’ information amounted to an infringement of their constitutional right to privacy and constituted an unfair trade practice under the FCCPA.
The court consequently ordered Stanbic IBTC to delete all personal information relating to the claimants that it is not legally required to retain and to cease every form of data processing except where permitted by law or regulatory obligations.
Justice Agunloye also granted a perpetual injunction restraining the bank, its officers and agents from retaining, processing, transmitting or using the claimants’ personal data for marketing, promotional or any other unauthorised purpose.
While the claimants sought N250 million as damages, the court awarded N15 million as general damages, describing the amount as adequate compensation for the persistent unsolicited communications, the bank’s failure to honour requests for data erasure and the violation of the customers’ privacy rights.
The bank was further ordered to pay N500,000 as the cost of the suit, while the claim for N7 million as litigation expenses was dismissed for lack of sufficient proof.
Justice Agunloye directed that all monetary awards would attract 10 per cent post-judgment interest annually until fully settled.
However, the court declined to order the complete deletion of every record relating to the claimants, holding that banks remain under statutory obligations to retain certain customer records in compliance with financial regulations and anti-money laundering laws.
Reacting to the verdict, counsel to the claimants, O.E. Oluwadamisi of Earnest Attorneys LP, described the decision as a landmark judgment for data protection in Nigeria.
He said the ruling reinforces the mandatory nature of compliance with the Nigeria Data Protection Act and makes it clear that organisations cannot continue processing customers’ personal information after consent has been withdrawn unless authorised by law.
One of the successful claimants, David Ogundipe, welcomed the judgment, saying it represented a victory not only for the litigants but also for millions of Nigerians whose personal information is held by corporate organisations.
He expressed hope that the ruling would encourage institutions across the country to strengthen compliance with data protection laws and place greater respect on customers’ privacy rights.
The number of Bank Verification Numbers (BVNs) on the Nigerian banking industry’s fraud watchlist reached 13,117, according to the Central Bank of Nigeria (CBN).
This is coming as banks strengthen efforts to detect and prevent financial crimes.
According to the CBN’s 2025 Annual Report and Statement of Accounts, the number of BVNs on the banking industry’s fraud watchlist increased from 9,476 in 2024 to 13,117 in 2025. This represents a 38.4 per cent increase.
The apex bank explained that commercial banks, including Access Bank, Zenith Bank, United Bank for Africa (UBA), and other financial institutions, added 3,641 new BVNs to the watchlist during the year.
The report said the increase reflects stronger fraud monitoring, improved compliance, better risk management, and enhanced systems for detecting suspicious transactions.
It added that the higher number does not necessarily mean fraud has increased, but shows banks are becoming more active in identifying and blocking suspicious activities.
The report also revealed that consumer lending declined for the first time since 2019.
Outstanding consumer credit dropped by 19.89 per cent, falling from N4.72 trillion in 2024 to N3.78 trillion in 2025.
The CBN attributed the decline to high interest rates, which made borrowing more expensive for many Nigerians.
Personal loans recorded the biggest drop, falling to N1.85 trillion.
However, retail loans rose by 63.77 per cent to N1.94 trillion, making them the largest category of consumer credit for the first time in several years.
Central Bank of Nigeria (CBN), has ordered banks to refund a total N19.12 billion to customers for illegal deductions and poor complaint handling.
This is coming as bank customers lodged 23,129 complaints against financial institutions in 2025, representing 11 per cent increase over the previous year.
The apex bank also imposed N1.69 billion in penalties on financial institutions for regulatory breaches, poor complaint handling and failure to comply with its directives, according to its 2025 Annual Report.
The CBN attributed the increase in complaints to growing public confidence in its consumer protection framework rather than a deterioration in banking services.
The report stated: “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53 per cent above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
The apex bank added: “A total of 18,824 complaints were resolved, indicating a 9.36 per cent increase over the 17,213 complaints resolved in 2024.”
On the value of disputed transactions, the CBN said: “Total claims in local currency increased to N40.61 billion from N17.13 billion in 2024. Foreign currency claims also rose, reaching $344.2 million compared with $1.06 million in the preceding year.”
According to the report, “Based on the resolved complaints, the sums of N19.12 billion and $329.3 million were refunded in 2025, compared with N9.66 billion and $0.67 million in 2024.”
The CBN said it strengthened enforcement against erring financial institutions during the year.
It stated: “During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches and failure to respond to regulatory queries.”
The report further disclosed: “In addition, the Bank imposed 21 penalties on financial institutions to the tune of N430 million for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
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