News
Guaranty Trust Holding Company Plc’s (GTCO) remarkable financial performance in 2024 is a testament to the company’s strategic execution and commitment to financial discipline. The company achieved a record-breaking profit before tax of N1.266 trillion, more than doubling its previous year’s profit of N609.3 billion. This impressive growth is attributed to a well-diversified revenue base, …
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Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja, Lagos, on Thursday, May 15,2025, convicted and sentenced one Ajanaku Oluwatomilola to three years imprisonment for N14.5m fraud. The convict was re-arraigned by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, on April 14, 2024 on a …
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Fidelity Bank has confirmed a Supreme Court judgment involving G. Cappa and Sagecom Concepts Limited, with the bank estimating the settlement figure to be around N14 billion. The bank’s clarification comes after a report claimed that the Supreme Court had ordered Fidelity Bank to pay N225 billion in damages to Sagecom. According to Fidelity Bank, …
Fidelity Bank’s 2024 financial results paint a complex picture, with a remarkable 210% surge in pre-tax profit to N385.215 billion, fueled by robust interest income and fee-based revenue. However, beneath the surface, concerning trends in asset quality and risk management raise red flags. One of the most striking aspects of Fidelity Bank’s 2024 performance is …
Access Holdings, the parent company of Access Bank, has achieved a remarkable feat in becoming Nigeria’s largest bank by assets. However, despite its impressive growth and size, the company has lost the battle where it matters most: resourcefulness. In the business world, resourcefulness , a company’s ability to generate returns on investment, create value for …
Aigboje Aig-Imoukhuede, chairman of Access Holdings, says the company will slow down its expansion drive as it consolidates recent acquisitions across its footprint. Speaking on Wednesday during the company’s 3rd annual general meeting (AGM), Aig-Imoukhuede said the firm is in alignment, with a focus on completing ongoing transactions — a process he said would take …
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Nigeria’s headline inflation rate declined to 23.71% in April 2025, down from 24.23% in March, with a 0.52% drop on a month-on-month (M-o-M) basis. On a year-on-year (Y-o-Y) basis, the Headline inflation rate was 9.99% lower than the rate recorded in April 2024 of 33.69%. This shows that the Headline inflation rate Y-o-Y decreased in …
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This week, on the recapitalisation watch, we review the recapitalisation status of selected banks regarding their capital raise programmes. Analysts at Proshare note that investors’ response to bank recapitalisation has been enthusiastic. The success of some of the offers reflects market confidence in the stability and long-term growth of the banks. However, the ongoing and …
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The Central Bank of Nigeria (CBN) has taken a significant step towards expanding financial inclusion for Nigerians in the diaspora with the launch of the Non-Resident BVN (NRBVN) platform. This initiative, developed in partnership with the Nigeria Inter-bank Settlement System (NIBSS), aims to provide Nigerians abroad with secure access to financial services, including accounts, remittances, …
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The Central Bank of Nigeria (CBN) has launched the Non-Resident Bank Verification Number (NRBVN) platform, a groundbreaking initiative designed to expand financial access for Nigerians in the diaspora. Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), this innovative digital gateway enables Nigerians abroad to obtain a BVN remotely, eliminating the need for physical …
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