FCMB Appoints Wema Bank Ex-MD As Director

First City Monument Bank (FCMB) has welcomed a new member to its board of directors, Ademola Adebise, a well-respected figure in the Nigerian financial industry.

The bank is also addressing gender inequality in Nigeria’s business sector with its SheVentures programme.

In a statement, the bank said that Adebise’s appointment marks a significant addition to the company’s leadership team and a seasoned banker with over three decades of experience. The appointment follows the approval of the Central Bank of Nigeria.

“Adebise, who most recently served as the Managing Director of Wema Bank Plc, brings a wealth of knowledge and expertise to FCMB. Recently, he was appointed by the federal government as the Chairman of the Board of Directors of Family Homes Funds Limited. His career spans various sectors of the financial industry, including technology, risk management, and strategic planning. He has also held key positions at prominent Nigerian banks and non-banking financial institutions, including the legacy Chartered Bank, Nigeria Inter-Bank Settlement System Plc and Accenture (a global Consulting firm). Adebise currently serves on the Board of AIICO Insurance, AIICO Capital and Duchess International Hospital.

“With a BSc in Computer Science from the University of Lagos and an MBA from Lagos Business School, Adebise blends technical expertise with business acumen. He is also a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers. He has completed executive programmes at prestigious institutions such as the University of Cambridge and Harvard Business School,’’ the statement read.

Meanwhile, by providing interest-free loans of up to N10 million and tailored support to female entrepreneurs in the export and agricultural sectors, the bank said, it is fostering a more inclusive economic environment.

Beneficiaries will also receive exclusive business management training and mentorship opportunities, creating a comprehensive support system for business growth. This initiative aligns with the bank’s mission of promoting inclusive and sustainable development by connecting people, capital, and markets across Africa.

“Our revamped zero-interest loan offering is tailored to offer sustainable benefits.
It marks another milestone in our commitment to empower Nigerian businesswomen to contribute more to export trade, agribusiness, and the economy,” said managing director of FCMB, Yemisi Edun.

She added that, “the enhanced intervention is part of our Export Readiness Programme aimed at supporting women in the SME ecosystem to scale beyond their local markets by connecting them with other businesses globally and leveraging the vast opportunities of globalisation.”

Head of SheVentures, Nnenna Jacob-Ogogo, described the zero-interest loan offering as a game-changing opportunity for female entrepreneurs.

“SheVentures addresses a critical need, as 52 per cent of women-led firms identified lack of access to funding as a major constraint. We are passionate about empowering female entrepreneurs, helping them build their businesses, and improving the overall success rate of women-owned or run businesses. We urge them to take advantage of this opportunity,” she stated.

A recent National Bureau of Statistics (NBS) report revealed that women comprise 49.2 per cent of Nigeria’s adult population. The report also showed that over 41 million SMEs operate in Nigeria, of which women own 40 per cent. Women’s businesses are expected to create about 10 million jobs in the next five years, contributing significantly to the country’s economy.

Over the past five years, FCMB SheVentures has significantly impacted the female economy through various initiatives. The bank has offered nearly N780 million in zero-interest loans to 334 women-owned SMEs nationwide since 2019.