Business

Cornerstone Insurance Plc Foundation Donates Solar-Powered Borehole to NDLEA

Published

3 hours ago

June 9, 2026

Preport

Cornerstone Insurance Plc Foundation (CIPLCF), has donated a solar-powered borehole to the National Drug Law Enforcement Agency (NDLEA) in Abuja, reaffirming its commitment to providing access to clean sustainable water.

The project, commissioned recently, reflects Cornerstone’s vision of protecting lives and property by promoting health, and sustainability. It also aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 6 – Clean Water and Sanitation and SDG 13 –Climate Action.

Speaking at the handover ceremony, the Head of Marketing and Corporate Communications Cornerstone Insurance Plc, Cordelia Ekeocha, who represented the MD/CEO Stephen Alangbo. said the initiative emphasises its commitment to supporting communities and promoting sustainability. We believe that all our initiatives should have a lasting impact in the lives of the recipients.

The CIPLCF is committed to promoting community support, education, and health & safety, hence this borehole project is significant.

Receiving the project on behalf of the NDLEA Chairman, Brigadier-General Mohammed Buba Marwa (Rtd), the Director of Technical Services, DCG Ambrose Umoru, commended the Foundation for the donation, noting that the borehole would provide reliable access to clean water for the agency.

The post Cornerstone Insurance Plc Foundation Donates Solar-Powered Borehole to NDLEA appeared first on Business Today NG.

Related Topics:Borehole Cornerstone Donates Foundation Insurance NDLEA Plc SolarPowered

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FCMB Group’s annual profit hits record N177 billion

Published

11 hours ago

June 9, 2026

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Mid-tier lender FCMB Group reported on Monday a 147.7 per cent lead in net profit to the highest level on record, supported by a remarkable improvement in interest income, its primary source of revenue.

After-tax profit accelerated to N177.3 billion from N73.3 billion a year ago, according to its audited earnings report filed at the Nigerian Exchange.

Shares in the financial services group had jumped by 7.6 per cent on Lagos’ Customs Street as of 11:30 WAT, following the release of the results.

FCMB Group has operations in asset management, pensions, trusteeship and microfinance in addition to its core commercial banking business.

The board of directors has proposed a cash dividend of N0.35 per unit, translating into a potential payout of N23.1 billion. That compares to the dividend per share of N0.55 paid for the 2024 financial year.

Gross earnings for the period under review rose 42.5 per cent to N1.1 trillion. Net interest income, a profitability metric that measures the difference between the cash lenders generate on interest-bearing assets and what they pay out to deposits, expanded by 124.5 per cent to N505.9 billion.

Boosting revenue, net fee and commission income was up 30.4 per cent at N76.7 billion, driven by higher service fees and commissions as well as account maintenance fees.

The group set aside N81.7 billion to cover impaired assets, largely bad loans, which compares to the N41.2 billion it allocated for that purpose a year ago.

Profit before minimum tax and income tax advanced 80.6 per cent to N200.9 billion from N112.1 billion.

Total assets as of 31 December 2025 stood at N7.6 trillion, up from N7.1 trillion on the back of a sharp rise in investment securities.

FCMB Group also released on Monday its first quarter earnings results, which showed that profit after tax surged to N76.5 billion from N32.2 billion. Gross earnings for the period increased by 26.7 per cent to N320.2 billion.

Business

United Capital Secures Landmark Investment Banking Licenses in Ethiopia and Rwanda

Published

19 hours ago

June 9, 2026

Preport

Pan-African financial services conglomerate United Capital Group has secured investment banking licenses in Ethiopia and Rwanda, achieving a historic milestone in its East African expansion strategy.

With the approval from the Ethiopian Capital Market Authority, United Capital becomes the first foreign institution permitted to offer investment banking, financial advisory, securities brokerage, and portfolio management services in Ethiopia. The development marks a major turning point for Ethiopia’s emerging capital market ecosystem.

According to the regulator, the operational license was granted following a rigorous review process that involved multiple government institutions and extensive cross-market due diligence.

The milestone follows closely on the heels of another regulatory approval from the Capital Market Authority (CMA) of Rwanda, which cleared United Capital to provide trust services, investment banking, and portfolio management services in Kigali. Together, the two licenses increase United Capital’s operational footprint to 12 countries across West, East, and Central Africa, including Nigeria and the West African Economic and Monetary Union (WAEMU) region.

Commenting on the expansion, Peter Ashade, Group Chief Executive Officer of United Capital Group, described both nations as vital growth frontiers for the continent.

“Ethiopia and Rwanda represent two of Africa’s most significant growth opportunities, and we are pleased to receive these licenses at an important moment in the region’s capital market development journey,” Ashade said. “The region’s strategic location as an international trade route connecting Africa and the East, a large youthful workforce, and ongoing reforms are expected to continue attracting foreign investment.”

Ashade lauded the visionary reforms led by Ethiopian Prime Minister Abiy Ahmed and Rwandan President Paul Kagame, noting that the cross-border expansion represents “Africapitalism in action.” He emphasized that the group intends to leverage its expertise to build robust, inclusive capital markets, facilitate efficient capital allocation, and unlock long-term economic value in East Africa.

Ejikeme Okoli, United Capital’s Director for Africa, highlighted the broader economic implications of the entry, noting that the group brings over six decades of financial services experience to the region.

“Our journey from Nigeria to Ethiopia, from Abidjan to Kigali, is a single pan-African strategy, built on the conviction that African capital, mobilized and structured through African institutions and regulated within African frameworks, is the most sustainable foundation for the prosperity of this continent,” Okoli stated.

The dual expansion reinforces United Capital’s long-term commitment to advancing Africa’s integrated capital markets agenda by delivering tailored financial and investment solutions to governments, corporations, and private investors across the continent.