Nigerian banker Ladi Balogun-led FCMB Group joins efforts to expand non-oil sector trade

Timilehin Adejumobi -

Key Points

  • FCMB has facilitated over $900 million in export flows and $140 million in remittances, supporting Nigeria’s economic diversification efforts.
  • Managing Director Yemisi Edun highlights FCMB’s focus on improving export infrastructure and leveraging opportunities from the AfCFTA.
  • FCMB Group enhances its leadership with new board appointments, strengthening its strategic growth and market positioning.

First City Monument Bank (FCMB), the flagship banking unit of FCMB Group, a Lagos-based financial services holding company led by Nigerian banking executive Ladi Balogun, is intensifying its efforts to fortify the country’s non-oil sector, positioning it as a key pillar of the nation’s economic growth.

At the sixth edition of its seminar titled “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” FCMB reiterated its commitment to enhancing non-oil exports. The bank announced it has facilitated over $900 million in export flows and $140 million in remittances as of June 2024, supporting the government’s diversification efforts and driving economic growth.

FCMB’s managing director pushes for export growth

Yemisi Edun, FCMB’s Managing Director, detailed the bank’s efforts to create a conducive operating environment and enhance export infrastructure. “By working together, we can pave the way for the enduring success of Nigeria’s export sector,” Edun said. She noted Nigeria’s strong position as a major grower of cash crops and the potential benefits from the African Continental Free Trade Area (AfCFTA). Edun affirmed FCMB’s dedication to supporting businesses in leveraging the opportunities presented by AfCFTA.

In her keynote address, Nonye Ayeni, Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), highlighted the necessity for exporters to scale up production and improve product quality to remain competitive on the global stage. Ayeni introduced the NEPC’s ‘Export 35 Refined’ initiative, which focuses on supporting Nigeria’s top 20 agricultural products poised to generate significant revenue. “Nigeria’s non-oil export sector holds immense untapped potential,” Ayeni stated, expressing optimism about the country’s economic prospects.

FCMB reinforces board with experienced professionals

Under Ladi Balogun, FCMB Group continues to diversify and expand its operations across various financial services. The group operates through three primary segments: commercial and retail banking, investment banking, and asset & wealth management. In addition to its Nigerian operations, FCMB Group maintains a presence in the United Kingdom.

Its flagship subsidiary, FCMB, serves over 7.1 million customers through more than 200 branches across Nigeria. Recently, FCMB enhanced its leadership team with new board appointments, including Ademola Adebise and Olufunmilayo Adedibu, further solidifying its strategic growth and market positioning.