Corporate History - A story of Resilience, Evolution and Growth


FCMB acquires Cooperative Development Bank, Midas Bank and Nigerian American Bank (for Nigerian subsidiary of Bank Boston).

From 26 branches in 2005 (pre-consolidation), the bank grows to 150 branches by 2007. The bank attracts sizeable foreign shareholding. Tier 1 capital raised through public offering from just over N31bn to N133bn.

Strategic alliance with Sabre Capital Worldwide (Mauritius) Limited.


Through an initial public offering in 2005, FCMB raises over N16bn towards the N25bn share capital target stipulated by the Central Bank of Nigeria, becoming one of only 25 banks to achieve this target.


Private placement of shares raises over N7bn, followed by conversion to public liability company in 2004.

Lists on the Nigerian Stock Exchange in the same year.


Name change from First City Merchant Bank to First City Monument Bank in 2001, following FCMB’s transformation to a universal bank.


The first and, at that time, the largest loan syndication of N70m for the National Fertiliser Company of Nigeria (now NOTORE) is a landmark achievement in 1996.


By the turn of the decade, the bank is a clear leader in investment banking and increasingly attracts and develops highly skilled staff.



First City Merchant Bank is licensed in 1982, becoming the first local bank in Nigeria to be established without government support.


City Securities Ltd is established.