Critics Question FCMB’s Focus on Foreign Property Deals Amid Nigeria’s Economic Struggles

Critics have questioned FCMB’s focus on foreign property deals amid Nigeria’s economic struggles.

NewsOnline Nigeria reports that First City Monument Bank (FCMB) has partnered with global property consultancy Knight Frank to promote investment opportunities for wealthy Nigerians seeking to buy real estate in foreign markets, a move critics say underscores how Nigeria’s elite are increasingly channeling their wealth abroad rather than supporting local development.

Unveiled at a property roadshow in Abuja, the initiative aims to connect high-net-worth clients with developers in the UK, Dubai, and parts of Europe, with FCMB offering mortgage financing to facilitate offshore property purchases.

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According to the bank, the partnership which also involves Gallons Consulting, is designed to help clients diversify their portfolios and “preserve wealth” amid rising demand for stable assets overseas. But industry watchers say the project reflects a growing confidence gap in Nigeria’s own economy, where inflation, naira depreciation, and a weak housing sector have eroded investment appetite.

While FCMB touts the scheme as a way to “make life easy” for its premium customers, critics argue that such initiatives widen Nigeria’s wealth gap, offering tailored financing for the elite while millions of citizens struggle to secure affordable housing at home.

“It’s troubling that a Nigerian bank is prioritizing mortgages for luxury apartments in London and Dubai when ordinary Nigerians can’t access credit to buy homes in Lagos or Abuja,” said one Lagos-based financial analyst who spoke on condition of anonymity.

Opeyemi Makinwa, FCMB’s Head of Premium Banking, defended the program as an opportunity to simplify global property acquisition for the bank’s wealthy clients.

“We are trying to make that a reality by being the bridge and the conduit, bringing developers abroad to the doorstep of customers in Nigeria,” she said.

The mortgages, benchmarked to the Bank of England’s interest rate, will be processed through FCMB UK, a subsidiary of the Nigerian bank — further raising questions about the local economic benefit of the venture.

Observers note that the timing of the initiative amid rising unemployment, record inflation, and widespread hardship sends a poor signal to Nigerians who expected domestic banks to support local real estate development and stimulate homegrown economic growth.

“FCMB’s energy would be better spent financing local housing estates, mortgage cooperatives, and SMEs,” said real estate economist Chijioke Odenigbo. “Encouraging capital flight under the banner of diversification weakens our economy.”

The Abuja showcase, which FCMB says will be followed by similar events in Lagos and Port Harcourt, featured luxury properties valued in foreign currencies — further fueling the perception that the bank’s latest strategy caters only to the ultra-rich.

Despite the criticism, FCMB insists that the partnership reflects a forward-thinking wealth management approach, emphasizing the bank’s commitment to helping clients build and preserve assets globally.

However, many Nigerians see it differently as another reminder that while ordinary citizens face mounting hardship, local banks appear more interested in serving the global ambitions of the few than addressing domestic economic realities.