First City Monument Bank Limited (previously First City Merchant Bank Limited) was established as the first privately owned merchant bank in Nigeria in August 1983. It developed from the successful securities issuance business of City Securities Limited, which was formed in September 1977.
In 2001, the various capital market expertise and capabilities of the different companies, within the First City Group including CSL Stockbrokers Limited and City Securities (Registrars) Limited were amalgamated under the umbrella of FCMB Capital Markets.
FCMB Capital Markets Limited was subsequently registered with the SEC in 2004, to act as the flagship company for the FCMB Capital Markets sub-group comprising CSL Stockbrokers Limited, City Securities (Registrars) Limited and First City Asset Management Limited.
FCMB Capital Markets Limited commenced operations in May 2005 as a wholly owned subsidiary of FCMB Group.