Otunba Olasubomi Balogun, founder of First City Monument Bank (FCMB), has passed away in a London hospital. Here are seven things to know about him: he was born in 1934, studied law in London, founded FCMB, held chieftaincy titles, and made significant contributions to education and healthcare.
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Nigeria: FCMB asset finance facility expands lending to SMEs
So far, over 25,800 Nigerian SMEs have accessed a new asset finance facility managed by First City Monument Bank. FCMB has awarded a total of N42.4 billion in loan guarantees to SMEs that lack sufficient collateral coverage. The bank has also issued over N637.08 billion in loans to entrepreneurs. The bank’s asset finance facility offers SMEs a repayment period of up to four years to purchase new equipment or replace depreciating assets, which Mr. George Ogbonnaya, Group Head of Business Banking, said is critical for SMEs to thrive. In recognition of its commitment to SMEs, FCMB has received several awards, including “Best Bank with the Highest Impact on SMEs in Nigeria” for the second year in a row.