First City Monument Bank (FCMB) has announced the appointment of Olufemi Badeji as its new Executive Director – corporate and investment banking.
In a statement made available to the investing public, the lender disclosed that Badeji’s appointment had been approved by the Central Bank of Nigeria (CBN), with effect from October 2, 2019.
His Profile: Olufemi Badeji holds a BSc. degree (magna cum laude) in Electrical Engineering, with a minor in mathematics, from the University of Hartford, Connecticut, USA and an MSc. in Electrical Engineering, with a specialization in computer and communications networks from Worcester Polytechnic Institute, Manchester USA. After working for 5 years as a system software Engineer, he obtained his MBA in Finance and Accounting from Wharton School, the University of Pennsylvania in 2006.
Femi has over 15 years of investment banking experience in the United States, Nigeria and South Africa. He worked for the now-defunct Lehman Brothers and Houlihan Lokey in the USA and upon moving back to Nigeria in 2009, he worked as a Vice President in FCMB Capital Markets Limited. He joined Rand Merchant Bank in September 2011 where he rose to the position of Head, Corporate Finance for Nigeria, responsible for growing and developing client relationships, as well as the origination, execution and management of transactions.
Femi’s transaction experience includes capital raising (both debt and equity), corporate restructuring, private equity transactions and providing financial advice to institutions in industries spanning architecture, business services, fast-moving consumer goods, financial services, infrastructure, telecoms, IT services, oil & gas, the public sector, real estate and specialize finance.
Femi comes with varied experience in investment banking and his joining the FCMB Group Plc Board will have a positive impact on the FCMB Group as a whole.
A look into the firm’s financial results: FCMB recorded gross revenue of N177.4 billion in 2018 against N169.9 billion in 2017. The company’s revenue grew by 4.3% year-on-year.
The company’s profit before tax stood at N18.4 billion in 2018 as against N11.5 billion in 2017. This represented a 73% increment.
Profit after tax stood at N14.9 million in 2018 against N8.6 million in 2017, representing another increment of 73.8%.
First City Monument Bank Plc (FCMB) also declared and paid a dividend of 14 kobo per ordinary share, translating to N2.77 billion for the financial period ended Monday, December 31, 2018.