FCMB Posts Reduced Profit

FCMB Group Plc on Wednesday declared a profit after tax of N8.3bn for the half-year ended June 30, 2015, 13 per cent lower than the N9.576bn it made in the same period last year.

Although the group grew its gross earnings by 11 per cent from N69.620bn to N77.353bn in the review period, higher expenses led its profit before tax to dip by 14 per cent from N11.140bn to N9.565bn.

FCMB’s financial statements, which it filed with the Nigerian Stock

Zumax Nigeria drags FCMB to Court over N1 Bbillion Monumental Fraud

Zumax Nigeria has dragged FCMB to court over improper management of it account and the diversion of N1 Billion,resulting in what it called monumental fraud.

• There have been amazing revelations in the Lagos State High Court, where FCMB is currently defending allegations that it is responsible for the massive defrauding of a corporate customer.  (The suit no. in the

SUBOMI BALOGUN LAUDS FCMB MD IN LAGOS

Reported by Niyi Tabiti

Otunba Subomi Balogun the group chairman of one Nigerian’s leading bank, First City Monument Bank (FCMB) has once again described his son, Ladi as a man after his heart.
The septuagenarian made this known at the 9th sharing experience series of the Harvard Business School Association of Nigeria, which took place on Wednesday 26 November 2008 in Lagos, Nigeria. As a recap, Subomi has never hidden his likeness for Ladi whom he described as a perfect for his shoes when he retired from active service in the bank.
At the event, Balogun disclosed that Ladi did not climb to the top in one day because the bank was founded by his father; rather he was a man who learnt the rope and made a name for himself in the financial sector. Balogun said, Ladi schooled and worked in financial institutions abroad yet he was prepared to learn when he started work in FCMB.
http://www.niyitabiti.blogspot.com/ watched as guests at the event applauded Ladi who was also present. It goes a long way to show that Ladi is indeed a chip of the old bloc.Ladi is an alumnus of Harvard Business School. The Alumni association in Nigeria is led by Professor Herbert Onye Orji.
According to one of the guests, one of the biggest problems faced by most rich families in Nigeria is continuity.“Most billionaires just bring their children to become head of their businesses in one day without putting them through the various stages. At the end, the business collapses. Examples abound in different sectors of the Nigerian economy”
“How many children of Nigerian billionaires could sustain their father’s businesses when they are alive not to talk of when the founder passes over and he left it in the hand of prodigal family members?” the guest asked rhetorically.
Citi Express Bank, Metropolitan Bank and Societe Generale Bank (SGMB) are three examples of family banks in Nigeria that are no more in existence due to what regulators tagged unhealthy financial state.
Apart from Ladi who is happily married to Banke (Iya Ibeji),Subomi other sons are Bolaji, one of the directors at West African Portland Cement Plc, and Babajide. Subomi is sits atop a financial conglomerate. The list include First City Monument bank, Primrose Investments Limited, City Securities (Registers) Limited,CSL Stockbrokers, First City Assets Management Limited and FCMB Capital Markets Limited.