Thirty years ago, the man whose official 
signature is simply known as surebanker, Otunba Subomi Balogun, began a 
dream when he established the first privately owned merchant bank in 
Nigeria, originally called First City Merchant Bank. Today, 30 years on,
 his son, Ladi Balogun, currently Group Managing Director of what has 
now become First City Monument Bank Group, knows he has a task on his 
hands. The task is to begin another 30-year journey of leading this bank
 to even greater heights.
For if you are sitting on the chair as 
chief executive of any organisation with a history as long as three 
decades, some of those years of which you were a part of, there are 
likely to be at least two emotions running inside you. The first would 
be one in which you see yourself as being lucky. And that’s in the sense
 that you will find in the history of the organisation, parameters to 
benchmark whatever you hope to achieve as chief executive. The second 
emotion that is likely to be running inside you is one that would 
power-charge you, because you would be keen to set your own benchmark, 
sometimes selfishly telling yourself: “This must be a benchmark no one 
else can surpass.” Hey, you had better not tell that to shareholders, 
public or private; otherwise they would have your skin! Of course, they 
want to see yesterday’s profits made bigger today and then tomorrow and 
the day after!
But could these emotions be running 
right now inside of Ladi Balogun, the group chief executive of First 
City Monument Group, owners of First City Monument Bank along with a 
host of other financial services firms?
“The future is one in which we must 
attain our vision. We must become the premier financial service group of
 African origin, being a top three franchise in Nigeria and delivering 
the best customer experience. We must live by our values of excellence, 
professionalism, sustainability and customer focus,” the younger Balogun
 said.
That comment suggests that Balogun is 
aware of the whole notion of history and how in the world of business it
 has to be bettered. For even though the FCMB Group has grown in the 
last 30 years to what it is today, it is still a business that must 
continue to grow. He seems to recognise that the ingredients of growth 
are in building the FCMB franchise to a significant position in Nigeria 
and in a way that allows its customers have a unique experience. It is 
why he talks about values of excellence, professionalism, sustainability
 and customer focus.
Balogun has been in the group for more 
than a decade. In fact, he has been in banking since 1993 and as such 
knows how important the pursuit of growth as a strategy has helped the 
bank make progress. “Over the last three turbulent and eventful decades 
in our industry and economy, we have evolved from a privately owned 
merchant bank to a full service banking group with over 500,000 
shareholders and two million customers. But on this significant occasion
 as we advance towards another 30 even more remarkable years, it is 
important to also hold fast to some of the enduring virtues and gifts 
that have brought us this far: visionary and the courageous leadership 
exemplified by our Founder, a culture of excellence: settling for 
nothing but the very best, integrity, hard work and the grace of God”.
The bank has indeed made great progress 
since it opened for business 30 years ago. For instance, in 1996, it 
made a landmark loan syndication of N70 million, at the time the 
largest, for the then National Fertilizer Company of Nigeria. Ladi 
Balogun became chief executive in 2005 and has made a lot of push that 
has contributed to the bank’s growth and development since then.
Early on in 2005, it embarked on an 
initial public offering (IPO) towards meeting the N25 billion share 
capital base and raked in N16billion. It would later go on to become one
 of only 25 banks which achieved this target. Under Balogun, the bank 
went on to acquire three banks, Cooperative Development Bank, Midas Bank
 and Nigerian American Bank (the former Nigerian subsidiary of Bank of 
Boston). This had at the time significantly announced the ambitious 
intentions of both the bank under Balogun.
Growth has also come by way of numbers. 
From just 26 branches in 2005, before the consolidation exercise, they 
grew to 150 branches in 2007. It attracted sizable foreign shareholding 
and entered into a Management Service Agreement with Sabre Capital the 
same year, which provided requisite technical support primarily in the 
area of consumer banking. The bank also raised its Tier 1 capital from 
just over N31 billion to N133 billion as a result of another public 
offer in 2007.
Significantly, Balogun, who had honed 
his teeth in the area of corporate banking, has helped to midwife a 
total turn around, with the bank consolidating its focus on universal 
banking and in particular, seeing it develop an expertise in consumer 
banking. In fact, it has developed deep interest in consumer banking 
that it is now difficult for those who are familiar with its antecedent 
to tell that it started off as a full-fledged merchant bank.
He thinks that this push in the 
direction of consumer banking is good for business, citing recent and 
frequent policy changes as underscoring the need to build “a robust 
business with a strong retail presence at its core.”
“I foresee the bank building more 
enduring relationships, acquiring 100,000 customers monthly and 
solidifying our leadership position in consumer loan origination. I see 
us taking our service standards in all ramifications to the highest 
levels,” he said.
 He is very positively bullish about how
 he thinks the bank will be relating with its customers. “I see us being
 a more helpful bank to businesses of all sizes. I see us creating a 
truly competitive corporate bank distinguished by empowered and highly 
skilled relationship managers, and I see us consolidating our investment
 banking business and using its synergies to offer a more complete 
service to our customers than competition. I urge us to believe it, play
 our role and it will come to pass”.
That is why Balogun has overseen the 
bank’s launch of several consumer products, implementation of a world 
class central processing centre (CPC) and robust Transaction Banking 
platform, offering of end-to-end solutions to corporate bodies, a 
successful piloting of the Direct Sales Agent Scheme (DSA) and the 
enhancement of both its SME and Public Sector business. These represent 
growth and this growth is also showing up in the balance sheet as well.
In this year of celebrating 30 years, 
half year result for 2013 that was recently released showed how much 
desire the Ladi Balogun-led management wants to grow the numbers. For 
instance, total earnings stood at N63.3 billion, 17.4 percent higher 
than the N53.9 billion earnings made within the corresponding period of 
2012. Profit before tax also rose to N10.647 billion from N7.799 
billion.
Apart from the growth in earnings, the 
statement shows positive growth in deposits within the first six months 
of 2013. Deposits surged by 10 per cent to N680.426 billion from N615.6 
billion in 2012. The bank’s profitability was also looking up and 
reassuring, considering the fact that some first generation banks 
comparatively performed marginally despite their large asset base. Group
 account for the period saw the bank record an asset base of N923 
billion, a growth of seven percent.
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