What Happened to FinBank Shares?
FinBank, formerly First Inland Bank, was acquired by FCMB in February 2012 and merged into it that October. Holders received 1 FCMB share for every 60 FinBank shares. Here is how to trace them.
FinBank Plc, which traded as First Inland Bank until it changed its name in 2008, was acquired by First City Monument Bank Plc (FCMB) on 10 February 2012. FinBank shareholders received 1 FCMB share for every 60 FinBank shares. The two banks then merged under a scheme sanctioned by the court in October 2012, and in 2013 FCMB shares were exchanged one for one into FCMB Group Plc, the listed holding company today.
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From First Inland Bank to FCMB
First Inland Bank was renamed FinBank in September 2008. It was one of the five banks whose chief executives the Central Bank of Nigeria removed in August 2009. In May 2011 FCMB agreed to acquire it, the CBN approved the transaction in July 2011, and shareholders of both banks voted for it on 29 September 2011. FCMB completed the acquisition on 10 February 2012, from which date FinBank was a wholly owned subsidiary. The Federal High Court sanctioned the merger of the two banks on 22 October 2012; FinBank's share capital was cancelled, its assets and liabilities passed to FCMB, and it was dissolved without being wound up.
What FinBank Shareholders Received
- Ratio: 1 new FCMB share for every 60 FinBank shares held.
- Form: the consideration was FCMB shares rather than cash.
- Later change: FCMB Group Plc was listed on the Nigerian Stock Exchange in June 2013 in place of the bank, and FCMB shareholders received one FCMB Group share for each FCMB share.
As an illustration of the arithmetic only, 60,000 FinBank shares became 1,000 FCMB shares, which became 1,000 FCMB Group shares in 2013, before any later bonus or rights issues. How fractions below 60 shares were treated is set out in the scheme document, and the registrar can confirm it for a particular holding.
A 1-for-60 ratio means a small FinBank holding became a very small FCMB holding. A certificate for a few thousand FinBank shares may correspond to only a few dozen FCMB Group shares today, though dividends on them may still have been declared every year.
Who Holds the Records Now
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The successor shares are on the register of FCMB Group Plc. FCMB Group's dividend notices name CardinalStone Registrars Limited as its registrar, including the notice for the dividend paid in June 2026. Its website is cardinalstoneregistrars.com. That is where to ask what a FinBank holding became and whether FCMB or FCMB Group dividends are unclaimed.
What an Old FinBank or First Inland Certificate Means Today
The certificate no longer represents a share that exists. It is evidence of a holding that was exchanged into FCMB shares in 2012. If the holder had no Central Securities Clearing System (CSCS) account, the successor shares are likely to be recorded directly on the FCMB Group register rather than with a stockbroker, and they can still be traced.
A missing certificate does not mean a missing holding. The register kept by the registrar, not the paper, is the legal record of who owns the shares. Families who only know that a parent "had First Inland shares" can still trace them with the registered name and an old address, and the registrar will explain what it needs before replacing a lost certificate or crediting the shares to a CSCS account.
What to Do Next
- Collect every FinBank and First Inland Bank certificate and dividend warrant, and note the exact registered name and old addresses.
- Write to CardinalStone Registrars and ask what FCMB Group holding resulted, and whether any dividends are unpaid.
- Complete the registrar's identity and e-dividend mandate forms.
- If you want the shares in a stockbroking account, arrange for them to be dematerialised and credited to your own CSCS account.
A Find My Shares search checks across the registrars for holdings in your name, including FCMB Group shares from an old FinBank holding, for ₦10,000. Found shares can be moved into your Shares Saver account free.
Start a Find My Shares searchFrequently Asked Questions
Were FinBank shareholders wiped out?
No. They received FCMB shares at 1 for every 60 FinBank shares, which later became FCMB Group shares.
Are First Inland Bank and FinBank the same company?
Yes. First Inland Bank changed its name to FinBank in 2008, so certificates under either name lead to the same FCMB Group holding.
The holder has died. Can the family claim the FCMB Group shares?
The registrar will deal with the executor or administrator named in a grant of probate or letters of administration. Shares Saver does not handle estates.
Important disclaimer. This article is for general information and educational purposes only. It does not constitute financial advice, investment advice, or any recommendation to buy, sell, or hold any security. The value of investments can fall as well as rise. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
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