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FCMB Group’s annual profit hits record N177 billion

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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.

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Verify Approved Devices Before Buying, NCC Urges Nigerians

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The Nigerian Communications Commission (NCC), apex regular in the communications industry, has called on consumers to confirm that SIM-enabled devices are Type Approved before paying for them.

Speaking recently in Abuja, Engr. Edoyemi Ogoh, Director, Technical Standards and Network Integrity, during a press briefing, on the Commission’s implementation of enhanced Type Approval Compliance.

“When buying a phone, tablet, modem, POS terminal or any device that uses a SIM,” consumers should ask the seller whether it is NCC Type Approved, he said.

He explained that the framework enables electronic verification of the Type Approval status of SIM-enabled devices. It is meant to help identify non-compliant, cloned or fake devices and stop them from connecting to Nigerian networks. Devices already in stock are being onboarded, and future imports will be verified and authenticated.

Under Section 132(2) of the Nigerian Communications Act 2003, service providers, facilities providers, equipment manufacturers and suppliers must obtain Type Approval before equipment is sold or used in Nigeria.

On privacy, Ogoh said the framework is not a surveillance tool. It holds only device identification information, such as IMEI numbers, for regulatory purposes. It gives the Commission no access to the content of communications, photographs, messages, contacts, financial information or other personal data on users’ devices.

He said the Commission developed the approach after the August 2024 Type Approval Business Rules, through consultations with original equipment manufacturers, importers, dealers, service providers, government agencies and industry associations. It continues to work with the Nigeria Customs Service and market associations, and will intensify public awareness activities.

The post Verify Approved Devices Before Buying, NCC Urges Nigerians appeared first on Business Today NG.

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Why Nigeria is lucky to have Tinubu as leader now – Oyedele

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Nigeria’s Finance Minister and the Coordinating Minister of the Economy, Taiwo Oyedele, on Wednesday said the country is fortunate to have President Bola Tinubu at the helm of affairs at a time of economic challenges and global uncertainty.

Mr Oyedele made the remark on Wednesday on the sidelines of the World Bank/International Monetary Fund (IMF) meetings in Bangkok, Thailand, where he praised the president for his willingness to implement difficult economic reforms and his understanding of economic and monetary policy issues.

“I say to myself every time that Nigeria is lucky to have a leader like Mr President,” the minister said.

“A leader that says ‘I’ll do the right thing, even when it’s not popular’. There are so very few of them, and our president is not saying it; he’s doing it, he’s doing it even with pre-election (concerns),” he added.

Since assuming office in May 2023, the Tinubu administration has introduced a series of economic reforms, the impact of which international institutions like the World Bank and the IMF have acknowledged

The reforms include the removal of costly petrol subsidies, which had been a major drain on public finance for years, the unification of the foreign exchange rates and the sharp devaluation of the naira to attract foreign capital.

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Although abolishing fuel subsidies has boosted government revenue and is seen as an investor-friendly move, it has triggered a cost-of-living crisis and spurred inflationary pressures.

Reforms in the foreign exchange market have helped increase accretion to external reserves, which stood at $55.1 billion as of 9 October, its peak level in over 18 years.

The banking sector also underwent a recapitalisation exercise that ended in March and helped Nigerian banks raise N4.7 trillion in new capital.

According to the Central Bank of Nigeria, the recapitalisation strengthened banks’ capital adequacy ratios, keeping the sector above international Basel benchmarks.

Mr Oyedele said President Tinubu possesses two attributes uncommon among leaders, notably those of democratic governments.

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The first is his willingness to do what he considers right, even when the decision is unpopular or politically difficult.

“I remember at least three issues that were discussed with him recently, and on my own I would offer to say ‘maybe we wait until after the election’. And his question is always, ‘Is it the right thing to do?’ Yes, yes, it is. Why do we have to wait?” Mr Oyedele said.

“Number two attribute is that our President gets it. It’s not easy to understand issues to do with the economy, finance, monetary policy, like respect for the independence of the monetary authority. For Mr President, it’s 100 per cent,” he added.

The minister added that the president’s position on such matters has made it unnecessary for officials to discuss the issue with him repeatedly.

“We don’t even talk about it. So, I feel like we are so blessed, we cannot afford to wait even one minute,” he said.


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