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 extensive capital markets expertise 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 incorporated with the Corporate Affairs Commission on 4 April 2002 as a wholly owned subsidiary of First City Monument Bank Limited, and subsequently registered with the Securities &Exchange Commission 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.

Following a corporate restructuring exercise in 2012, FCMB Capital Markets Limited and First City Monument Bank Limited were split, both became wholly owned subsidiaries of FCMB Group Plc, which was newly incorporated