Not compliant
FCMB does not pass Shariah screening under the AAOIFI Standard.
NGX: FCMB · Financial services · Screened 4 Sept 2026
FCMB Group Plc traces its origins to 1977 with the founding of City Securities Limited, a stockbroking and issuing house established by Otunba Michael Olasubomi Balogun. This success led to the establishment of First City Merchant Bank Limited in 1982 as Nigeria's first independent merchant bank founded by a Nigerian. The group has since evolved into a financial services holding company providing banking products, retirement savings, stockbroking, research, capital markets and treasury services to individuals, corporates, high net worth clients and SMEs through its subsidiaries. The group employs approximately 4,932 people as of 2025.
It holds seven direct subsidiaries: First City Monument Bank Limited, FCMB Bank UK Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited, FCMB Trustees Limited, FCMB Microfinance Bank Limited, FCMB Pensions Limited at 91.28%, FCMB Asset Management Limited, and Credit Direct Limited. The group reports six segments covering Retail Banking, Business Banking, Corporate Banking, Treasury and Financial Markets, Institutional Banking and Investment Banking.
In December 2024, the group successfully completed a public offer raising N147.5 billion with 33% oversubscription. Key subsidiary performances in H1 2025 included: FCMB Pensions with N1.06 trillion in assets under management and profit of N1.44 billion; Credit Direct, Nigeria's top consumer finance platform, with revenues from digitally originated loans up 140% year-on-year to N38.4 billion in 2024 and profit after tax of N5.98 billion in H1 2025; FCMB Capital Markets, ranked first on the FMDQ league table in H1 2025, with profit up 210% to N664 million; CSL Stockbrokers, consistently ranked top five, with profit after tax of N1.122 billion; and FCMB Trustees and Microfinance with profit after tax of N128 million and N176.5 million respectively.
Six reported segments: Retail Banking, Business Banking, Corporate Banking, Treasury and Financial Markets, Institutional Banking and Investment Banking.
No. As of 4 September 2026, FCMB (FCMB) does not pass Shariah screening under the AAOIFI Standard.
Qistal re-screens every NGX ticker when new audited or interim accounts are filed. This page always shows the date of the most recent screen.
Yes. Compliance drifts as a company borrows, raises cash, or changes its business mix, so a verdict describes a moment rather than a permanent status.