Using venues like the Ibadan Cultural Festival, First City Monument Bank (FCMB) is utilizing culture as an economic engine to assist small businesses, increase financial inclusion, and link regional companies to larger markets.
The Bank, a main partner in the festival run by the Central Council of Ibadan Indigenes (CCII), stated that cultural events are becoming more and more successful commercial ecosystems, bringing together thousands of merchants, artists, and service providers to stimulate genuine economic activity.
FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, stated during a press conference in Ibadan that the Bank’s strategy is to facilitate involvement, encourage company expansion, and collect transaction flows inside these ecosystems.
We consider culture to be an active marketplace. Such events bring talent, entrepreneurship, and demand together in one location. Through visibility, financing, and the infrastructure that facilitate transactions and expansion, our job is to assist companies in connecting with that,” he stated.
He pointed out that the festival draws diaspora participation that boosts remittance flows and local investment, as well as activity in the hospitality, retail, transportation, and creative industries.
The Okebadan Festival, also known as the Ibadan Cultural Festival, draws tourists, locals, and indigenous people, causing a boom in business activity throughout the city.
According to Ajeniyi Ajewole, President-General of the CCII, the festival has developed into a forum for both culture and commerce.
He added that FCMB’s participation represents the increased interest of the private sector in culture-led development. “It drives tourism, supports local businesses, and creates an opportunity for Ibadan indigenes in the diaspora to return, reconnect, and contribute to the city’s growth.”
The 2026 edition, according to Planning Committee Chairman Gbolagade Akeres, is designed to boost Ibadan’s reputation as a travel and investment destination by combining artistic expression with economic involvement.
According to FCMB, their participation is part of a larger plan to create ecosystems that link small and informal firms to markets, capital, and scale prospects.
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