First City Monument Bank (FCMB) has announced the appointment of Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors following regulatory approval from the Central Bank of Nigeria.

The appointment brings one of Nigeria’s most recognized economists and financial analysts into a key leadership position at the bank as it seeks to strengthen its governance framework and strategic direction.

Rewane has over 40 years of experience spanning macroeconomic research, investment banking, financial advisory services, and corporate strategy. He currently serves as the Managing Director of Financial Derivatives Company Limited, a leading economic research and financial consulting firm.

Throughout his career, he has held senior leadership positions within the financial services industry, including roles at International Merchant Bank Nigeria Limited and First National Bank of Chicago. His expertise has made him a respected voice in economic policy discussions and financial market analysis.

A graduate of Economics from the University of Ibadan, Rewane is a Fellow of the Nigerian Economic Society and the Chartered Institute of Bankers of Nigeria. He is also an Associate of the Institute of Bankers in England and Wales.

His boardroom experience extends across several major corporations and multinational organizations. Over the years, he has served on the boards of companies including Guinness Nigeria Plc, British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited, and Africa Infrastructure Plus Partners.

Rewane also served as a member of the Presidential Steering Committee established to address the global economic crisis. In addition, he has completed executive management programmes at internationally recognized institutions, including Oxford International Capital Markets Programme, the Euromoney Institute of Finance, and IMD Lausanne in Switzerland.

FCMB stated that the appointment reflects its commitment to strong corporate governance and sustainable growth. The bank expressed confidence that Rewane’s experience in macroeconomics, strategic management, and corporate governance will support its long-term objectives and enhance value creation for shareholders and other stakeholders.

According to the bank, his appointment comes at a significant period in its growth journey and is expected to strengthen leadership oversight while supporting future expansion plans.

First City Monument Bank Limited operates as a member of FCMB Group Plc, a diversified financial services group with interests in banking, consumer finance, investment management, pensions, and financial technology services.

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Nigeria attracted $10.37 billion in capital importation during the first quarter of 2026, representing an 83.8 per cent increase compared to the $5.64 billion recorded in the corresponding period of 2025, according to the latest data released by the National Bureau of Statistics (NBS).

The report showed that capital inflows also increased by 61 per cent from the $6.44 billion recorded in the fourth quarter of 2025, reflecting growing foreign investor confidence in Nigerian financial assets.

Portfolio investments remained the dominant source of inflows, accounting for $9.86 billion or 95.1 per cent of total capital imported during the period. This represented an 89.5 per cent increase compared to the first quarter of 2025 and a 79.8 per cent rise from the previous quarter.

Within the portfolio investment category, money market instruments attracted $6.50 billion, while bond investments accounted for $3.23 billion, jointly contributing more than 98 per cent of total portfolio inflows.

Despite the strong overall performance, Foreign Direct Investment (FDI) remained relatively weak. Nigeria recorded FDI inflows of $135.08 million, representing only 1.3 per cent of total capital importation. Although this was seven per cent higher than the figure recorded a year earlier, it declined by over 62 per cent compared to the previous quarter.

Other investments contributed $374.48 million, accounting for 3.6 per cent of total inflows. Loans represented the largest component at $364.43 million, while trade credits accounted for approximately $10 million.

Banking Sector Dominates Capital Inflows

Sectoral analysis revealed that the banking sector remained the largest recipient of foreign capital during the quarter, attracting $7.55 billion or 72.8 per cent of total inflows.

The financing sector followed with $2.43 billion, representing 23.4 per cent, meaning the two sectors accounted for more than 96 per cent of all capital imported into the country during the period.

The production and manufacturing sector received $152.27 million, while investments in shares amounted to $75.34 million.

Other sectors attracted significantly lower inflows, including trading ($65.79 million), agriculture ($37.28 million), information technology services ($11.33 million), and telecommunications ($7.24 million).

Notably, sectors critical to economic diversification recorded minimal investment. The oil and gas sector attracted only $460,000, while construction received $100,000. Education and healthcare recorded inflows of $70,000 and $120,000 respectively.

UK Leads Source Countries

The United Kingdom emerged as the largest source of capital imported into Nigeria during the quarter, contributing $5.08 billion or 49 per cent of total inflows.

The United States followed with $3.18 billion, accounting for 30.7 per cent, while South Africa contributed $983.83 million, representing 9.5 per cent of total capital importation.

Mauritius and the United Arab Emirates contributed $390.07 million and $194.51 million respectively.

Standard Chartered Tops Receiving Banks

Among financial institutions, Standard Chartered Bank Nigeria processed the highest volume of capital inflows, receiving $4.41 billion or 42.6 per cent of total importation.

Stanbic IBTC Bank followed with $2.78 billion, while Rand Merchant Bank handled $930.82 million.

Other major receiving institutions included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank Nigeria and Fidelity Bank.

Analysts say the latest figures highlight sustained foreign investor preference for short-term financial instruments, particularly bonds and money market assets, while long-term productive investments such as manufacturing, agriculture, construction and oil and gas continue to attract relatively low levels of foreign capital.

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Abbey Mortgage Bank Plc is seeking shareholders’ approval to raise up to N164.5 billion through a combination of equity and debt instruments as part of its expansion and restructuring plans.

The proposal is contained in the notice for the bank’s 34th Annual General Meeting scheduled to hold virtually on May 25, 2026.

According to the notice filed with the Nigerian Exchange Limited, shareholders will consider resolutions covering fresh capital raising, debt issuance, and broader corporate restructuring initiatives.

Bank Plans N64.55bn Equity Raise

According to the AGM notice signed by Company Secretary Geoff O. Amaghereonu, the bank intends to raise approximately N64.55 billion through a private placement of 26.56 billion ordinary shares priced at N2.43 per share.

If approved and completed, the exercise would significantly increase the bank’s issued share capital from about N5.08 billion to approximately N18.36 billion.

The proposed shares will rank equally with existing shares in all respects.

Abbey Mortgage Targets N100bn Debt Programme

In addition to the equity raise, the bank is also seeking approval for a N100 billion debt issuance programme.

The programme may include several instruments such as:

• Senior unsecured or secured notes
• Subordinated debt
• Convertible securities
• Commercial papers
• Medium-term notes
• Bonds

The bank said the fundraising would be executed in tranches and subject to approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited.

Capital Raise To Support Expansion

According to the bank, the capital raise forms part of a broader restructuring strategy aimed at strengthening capital adequacy, improving operational efficiency, and supporting long-term growth.

The lender stated that the fresh funding would help refinance existing obligations, expand its loan portfolio, and improve resilience within Nigeria’s evolving financial services sector.

“This will support the bank’s ability to meet minimum capital thresholds while ensuring continued compliance with industry regulations and sustaining business continuity,” the notice stated.

Shareholders To Receive Dividend

Shareholders will also consider approval for a dividend payment of 12 kobo per 50 kobo ordinary share for the 2025 financial year.

If approved, payment will be made on May 25, 2026, to shareholders whose names appeared in the register as of May 12, 2026.

The proposed dividend represents a 100 per cent increase from the 6 kobo dividend paid in 2024.

Profit Rises By 154%

In its audited 2025 financial results, Abbey Mortgage Bank reported a pre-tax profit of N3.12 billion, representing a 154.32 per cent increase compared to N1.22 billion recorded in 2024.

Post-tax profit rose to N2.16 billion, while interest income increased from N11.95 billion in 2024 to N18.97 billion in 2025.

The bank’s earnings per share also improved to 21 kobo from 11 kobo in the previous year.

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Nigeria’s financial system experienced a significant liquidity squeeze at the start of 2026 after the Central Bank of Nigeria withdrew N13.41 trillion from circulation in January, signalling a strong push to tighten monetary conditions and curb inflation.

New data released by the Financial Markets Dealers Association (FMDA) show that the volume of funds removed from the banking system was nearly five times higher than the N2.77 trillion mopped up in the same month in 2025.

The aggressive liquidity sterilisation coincided with declines in key financial indicators, including money supply, bank reserves and private sector credit, reflecting a deliberate tightening strategy by the apex bank at the start of the year.

Money Supply Records Decline

According to the January 2026 monetary statistics, Nigeria’s broad money supply (M3), which measures the total volume of money circulating within the economy, declined by 0.8 percent month-on-month.

The figure dropped to N123.36 trillion in January from N124.41 trillion recorded in December 2025.

Similarly, narrow money (M2), which represents more liquid forms of cash and deposits readily available for spending, also slipped slightly to N123.35 trillion from N124.40 trillion in the previous month.

The contraction came after a strong expansion in December 2025, when currency in circulation surged during the festive season and year-end financial activities.

Private Sector Credit Slows

The tightening liquidity environment also affected credit flow to businesses.

Data show that private sector credit moderated by 0.8 percent to N75.24 trillion in January, down from N75.83 trillion in December 2025.

Credit to government also recorded a marginal decline, easing by 0.1 percent to N34.19 trillion from N34.22 trillion.

Financial analysts say the slowdown reflects cautious lending behaviour by banks as monetary authorities attempt to stabilise inflation and manage excess liquidity within the economy.

Bank Reserves Drop Sharply

The liquidity withdrawal had a more visible impact on banking sector reserves.

Total bank reserves fell by 5.5 percent to N30.26 trillion in January, compared with N32.04 trillion in December 2025, highlighting the direct effect of the central bank’s aggressive mop-up operations.

Currency outside banks also declined by 3.7 percent to N5.21 trillion from N5.41 trillion, while currency in circulation remained largely stable at N5.73 trillion.

These trends suggest tighter interbank liquidity conditions during the month.

Foreign Assets Decline as Domestic Assets Rise

A deeper breakdown of the data shows diverging movements between foreign and domestic assets in Nigeria’s banking system.

Net foreign assets dropped by 6 percent to N29.61 trillion in January from N31.51 trillion in December 2025.

Over a six-month period, foreign assets declined significantly from N41.66 trillion recorded in September 2025.

In contrast, net domestic assets continued to expand. The figure increased by 0.9 percent to N93.76 trillion in January, compared with N92.90 trillion in the previous month.

The steady growth in domestic assets has been largely supported by continued expansion in local credit and government financial activity.

Policy Outlook Signals Possible Shift

Despite the tightening seen in January, Nigeria’s monetary policy outlook may be entering a new phase.

The Monetary Policy Committee of the Central Bank of Nigeria reduced the benchmark interest rate from 27 percent to 26.5 percent on February 24, suggesting that the peak of the tightening cycle may have passed.

Throughout 2025, the central bank maintained an aggressive policy stance, relying heavily on treasury bill issuances and open market operations to absorb excess liquidity from the banking system.

Even with these interventions, liquidity levels remained high during the final months of the year, particularly in November and December.

Economic analysts believe the sharp liquidity withdrawal recorded in January reflects the apex bank’s effort to rebalance the system before gradually easing policy conditions.

If the current trajectory continues, improved liquidity and slightly lower policy rates could begin to influence lending activity and credit expansion from the second quarter of 2026.

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FCMB Group Plc has again raised its capital raise ceiling—this time to N400 billion, a move that is deepening anxiety among shareholders, who say the bank’s rapidly shifting targets could dilute existing holdings and shake confidence in its long-term strategy.

The new proposal, disclosed in a filing with the Nigerian Exchange (NGX) on Friday, gives the board sweeping authority to source capital using multiple instruments. These include ordinary and preference shares, bonds, loans, and both convertible and non-convertible notes, across local and international markets.

Investor groups say the continuous recalibration of FCMB’s capital targets raises questions about strategic clarity—especially after the bank launched several capital-raising initiatives within just 18 months.

Concerns Over Strategy and Shareholder Dilution

FCMB has rolled out aggressive fundraising campaigns since 2024, including:

• N144.56 billion raised in an oversubscribed 2024 public offer
• An increase in its capital raise ceiling from N150 billion to N340 billion
• A further jump to N370 billion in a November 14 filing
• Conversion of a $15 million mandatory convertible loan into equity
• An ongoing 2025 public offer targeting N160 billion, also expected to attract strong subscriptions

Now, with a proposed ceiling of N400 billion, shareholders fear that the influx of new shares could significantly dilute earnings per share unless the bank delivers proportionate returns.

Investor groups warn that although recapitalisation is necessary to meet the Central Bank of Nigeria’s (CBN) deadline, FCMB’s shifting targets signal planning gaps that could weaken trust in management decisions.

Market Performance

FCMB’s share price closed at N10.70 on Friday, November 21, 2025, after reaching a year-high of N11.85 in August. The stock has gained 13.8% year-to-date.

With a market capitalization of N458 billion, FCMB has recorded 2.23 billion traded shares valued at N23.6 billion across more than 45,000 deals so far this year.

Regulatory Pressure Intensifies

Banks across Nigeria are scrambling to meet the CBN’s recapitalisation timeline—one of the most aggressive in the country’s banking history. While FCMB says investor appetite is driving the upward revision, critics insist that capital plans should be clearer and more stable to prevent uncertainty in the market.

For shareholders, the biggest question remains: How much capital does FCMB truly need? And how will the new capital translate into long-term returns?

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