Business

FCMB Group’s annual profit hits record N177 billion

Published

4 months ago

June 9, 2026

Preport

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.

Related Topics:annual billion FCMB Groups hits N177 Profit record

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Court set to hear suit on turf battle between ICAN, forensic fraud investigators institute

Published

5 hours ago

September 22, 2026

Preport

Federal high court abuja e1694386328728.jpg.webp

The Federal High Court in Abuja on Tuesday fixed Nov. 24 for hearing in a suit filed by the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) against the Institute of Chartered Accountants of Nigeria (ICAN).

CIFCFIN is challenging the power of ICAN to train and issue qualifying certificates to forensic professionals.

The matter, which is before Justice Joyce Abdulmalik, was initially scheduled for mention on Tuesday but the case was adjourned to enable parties appear properly before the court.

The News Agency of Nigeria (NAN) reports that CIFCFIN, through its counsel, Shaibu Aruwa, a Senior Advocate of Nigeria (SAN), sued ICAN as the sole defendant in the suit marked FHC/ABJ/CS/1559/2026.

CIFCFIN argued that ICAN cannot offer a “Certification Programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN).”

It submitted that this was in line with the combined interpretation of Sections 2(a) – (i),3(1)(a) and 4(a) – (c), 6(2), 12(2), 13, (1) () and (g), 17(1l) (a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45, 2022,

Mohammed Arafat, the Head of Legal and Corporate Services of CIFCFIN, maintained in a supporting affidavit that ICAN’s invitation to applicants for a seven-day professional certification programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN), is outside its mandate and could confuse the general public.

The plaintiff alleged that ICAN had invited applicants in the fields of knowledge of chartered accountants, compliance managers, bankers, investment analysts, auditors, and anti-corruption agencies staff and other institutions to register for the programme.

CIFCFIN, therefore, prayed the court for an order setting aside and nullifying the award of the qualification or the CFAN certificate, or any other qualification or certificate in the field and practice of forensics in Nigeria by ICAN.

It urged the court to make an order for the defendant to withdraw, retract or cease any publication, gazette notice, or public representation asserting that it has power to certify or license.

CIFCFIN also sought an order of perpetual injunction restraining ICAN, its council, etc, from issuing, advertising or recognising CFAN qualification, designation, licence or certification or any title or award identical or similar to those created under the provisions of its Act.

It further sought a declaration that “by the combined provisions of Sections 2(a) -(i), 3(1)(a) and 4(a)- (c), 6(2), 12(2), 13, (1)(0) and (g), 17(1)(a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45. 2022, the defendant cannot offer ‘Certification Programme’ culminating in the award of CFAN.”

(NAN)

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Business

How Bauchi Accountant-General Transferred State Funds to PrivateCompany – Witness

Published

13 hours ago

September 22, 2026

Preport

Trial of the Accountant-General of Bauchi State, Sirajo Muhammed Jaja continued on Monday, September 21, 2026 at the Federal High Court in Abuja presided over by Justice Obiora Egwuatu with a witness revealing how Jaja diverted state funds to a private company.

Jaja is facing prosecution by the Economic and Financial Crimes Commission, EFCC , alongside Aliyu Abubakar, Abubakar Muhammed Hafiz, Ari Manga and Muhammed Aminu Bose, for alleged corruption.
The defendants are being prosecuted by the EFCC on an amended five-count charge ofmoney laundering, diversion of public funds, and criminal misappropriation of funds to the tune of N1,635,270,350.9 (One Billion, Six Hundred and Thirty-five Million, Two Hundred and Seventy Thousand, Three Hundred and Fifty Naira, Nine Kobo).
Prosecution counsel, Ekele E. Iheanacho, SAN told the court that the matter was for trial before calling in the first witness, PW1to testify in the court. The prosecution witness, Williams Abimbola, a compliance officer with the United Bank for Africa, UBA, said her line of duty include among others receiving requests from law enforcement agencies, responding to enquiries and any other duty assigned to her by the bank’s Chief compliance officer.
The EFCC produced the state account statement and written statement of the bank to support its claim in the court.
It is alleged that the defendants, as signatories to Bauchi State sub-treasury accounts transferred monies from the state Sub-Treasury Accounts to JASFAD Resources Enterprises managed by the first defendant, Aliyu Abubakar.
When the prosecution counsel asked the witness to explain the transaction that happened on 29 October 2024, as well as further transactions, she said, “My Lord, on the 29 of October 2024, we have three credit transfers into the account of JASFAD from the Sub-treasury Bauchi Account. We have a transfer of N13,144,500, we also had a transfer of N17,169,300, and there is a transfer of N46,030,500.
Providing details of the transactions in the account, the UBA staff said: “On the seventh of November 2024, we had a credit transfer of N17,886,250, but the teller’s details were not captured. It just showed that transfers were made. On 15 November, we had two credit transfers transferred by order of the Sub-treasury, Bauchi Account the amount is N12,215,000 and N16,919,750 respectively.
“ On 19 November, 2024, we had another transfer by order of the sub-treasury Bauchi account for N90,373,550. On November 22,2024, we had a credit transfer from sub-treasury Bauchi account for N140,087,500. Then on 24 December, 2024, we had two credit transfers by order of sub-treasury Bauchi Account, the first one is for N24,192,000 and the second transfer is N48,892,500. On 27 December, 2024, we had two credit transfers by order of sub-treasury Bauchi account into JASFAD, the first is N335,040,000 and the second transfer is for N300,000,000.
“On the 31 December, we had two transfers by order of the Sub-treasury Bauchi Account of N14,285,527.20k. The second transfer is for N26,975,000.
On 25 February, 2025 we had a credit transfer by order of sub-treasury, Bauchi Account to JASFAD Resources of N19,840,000, and N13,020,000. On March 3, 2025, we had a credit transfer by order of sub-treasury, Bauchi account for N16,105,223.70k. On March 5, 2025, we had a credit transfer of N56,642,500. On March 7, 2025, we had a credit transfer of N45,923,790, on March 10, 2025, we had a transfer of N11,253,500. On March 12 2025, we had two credit transfer from sub-treasury Bauchi account to JASFAD Resources Enterprises, the first transfer is for N49,280,000, the second transfer is for N30,720,000, while on March 14, 2025, we had a credit transfer by order of sub-treasury, Bauchi account of N28,262,500.
The witness informed the court that on 25 February, 2025, there were two credits from the Subtreasury Bauchi account to JASFAD Resources account

The post How Bauchi Accountant-General Transferred State Funds to PrivateCompany – Witness appeared first on Business Today NG.