FCMB Group Concludes FY 2024 With N7.1trn in Assets, Affirms Dividend at 12th AGM

FCMB Group Plc held its 12th Annual General Meeting (AGM) in Lagos on April 29, 2025, where shareholders approved key resolutions and endorsed the group’s financial results for the year ended December 31, 2024.

The group has reported total assets of N7.1 trillion and customer deposits of N4.3 trillion. Digital revenues hit N101.9 billion, representing 13 percent of gross earnings, while total loans grew 28 percent to N2.4 trillion.

In a further show of strength, non-banking subsidiaries contributed over 30 percent of group profits. Investment Management grew assets under management by 35 percent year-on-year to N1.4 trillion, while the Capital Markets unit posted a 57 percent rise in gross earnings and 62 percent in profit before tax.

During the AGM, shareholders approved a final dividend of N0.55 kobo per share, payable to those on the register as at April 8, 2025. Other resolutions passed included the re-election of Ms. Muibat Ijaiya, approval of senior management disclosures, and authorisation for the Board to fix Deloitte & Touche’s remuneration.

Chairman, Mr. Oladipupo Jadesimi, commended the group’s resilience and diversification, while Mr. Ladi Balogun, Group CEO, reiterated a forward-looking focus on digitalisation, AI, and inclusive growth, with loans to SMEs, agriculture, and women-owned businesses rising 31 percent, 33 percent, and 68 percent respectively.

Looking ahead, FCMB plans to finalise a N22.5 billion convertible note in H1 2025 as part of its broader recapitalisation strategy to meet the Central Bank’s requirements for its international banking license.