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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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N10million Damages: EFCC Appeals Judgment Against Agunloye

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The Economic and Financial Crimes Commission, EFCC, has filed a notice of appeal at the Court of Appeal, Abuja, against the judgment of Justice Peter Kekemeke of the Federal Capital Territory, FCT, High Court, Abuja, finding it liable for defaming former Minister of Power, Olu Agunloye over a social media publication of an alleged $6billion Mambilla Power Project fraud.

The Notice of Appeal was filed on Friday, July 10, 2026 by counsel to the EFCC, Wahab Shittu, SAN.

In the appeal contained in Suit No: FCT/HC/CV/1199/2024, the EFCC expressed dissatisfaction with the “whole of the judgment of the High Court of the Federal Capital Territory, sitting at Maitama, Abuja, Coram: Hon. Justice Peter O. Kekemeke, delivered on the 8th day of July, 2026….”

Specifically, the appeal was hinged on 11 grounds and four different orders. The orders the Commission is seeking in the appeal, are orders allowing the appeal, setting aside the whole of the judgment, dismissing Agunloye’s claim before the trial court in entirety and any other order the court may deem fit to make in the circumstances of the appeal.

Justice Kekemeke had declared in his judgment that the EFCC’s publication on Agunloye was false, defamatory and injurious to the former Minister’s reputation and awarded N10 million in damages against the Commission.

Shittu, in the appeal, also filed a stay of execution of the judgment of the trial court.

No date has been fixed for the hearing of the appeal.

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CCTV Footage: Keyamo demands apology, N25,000 fine from Peter Obi over airport parking claim

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has demanded a public apology from the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, over claims that his vehicle was “unjustly” clamped at the Nnamdi Azikiwe International Airport, Abuja, describing the allegation as false.

Mr Keyamo, in a statement posted on his X page on Friday, also asked Mr Obi to pay the N25,000 fine prescribed for violating airport parking regulations, warning that failure to do so within one week could lead to further action by the Federal Airports Authority of Nigeria (FAAN).

The minister said he ordered an internal investigation after Mr Obi alleged that the incident formed part of a broader campaign of political persecution against him.

According to Mr Keyamo, CCTV footage from the airport showed that Mr Obi’s vehicle was parked unattended for about 30 minutes in a designated drop-off zone, contrary to airport regulations.

“Politics aside, every Nigerian is entitled to fair treatment under the law,” the minister said.

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He added that, “I therefore instituted an internal inquiry over the issue.”

Minister disputes Obi’s account

Mr Keyamo said the footage showed that Mr Obi arrived at the airport on 4 July at about 8:28 p.m. and entered the terminal with two other occupants after alighting from the vehicle, which was being driven by a police officer.

According to him, the police officer also left the vehicle unattended after briefly returning to collect an item, prompting airport security personnel to clamp its tyres.

He said the officials were unaware the vehicle belonged to Mr Obi when they carried out the enforcement action.

The minister further alleged that after discovering the vehicle had been clamped, the police officer contacted Mr Obi by telephone and handed the phone to an airport manager.

Mr Keyamo claimed Mr Obi identified himself and requested the release of the vehicle, which was eventually released without payment of the prescribed fine.

He argued that leaving a vehicle unattended in a drop-off zone constitutes a security risk, particularly at an international airport.

“What has emerged from this is a clear case of an opposition candidate trying to whip up unnecessary sentiments for a wrong he committed with his driver,” Mr Keyamo said.

He dismissed Mr Obi’s claim that other improperly parked vehicles were ignored, describing the allegation as false.

Demands

The minister said Mr Obi should publicly apologise to airport personnel whom he accused of persecuting him while carrying out their lawful duties.

He also asked the former Anambra governor to return to the airport voluntarily and pay the N25,000 penalty for wrongful parking.

“If these demands are not met within one week, I will be giving the necessary directives to the Federal Airports Authority of Nigeria (FAAN) to take the next steps against him,” Mr Keyamo said.

Background

Earlier, Mr Obi, during an appearance on the With Chude podcast last week, alleged that he might not survive to contest the 2027 presidential election, citing what he described as a pattern of harassment against him and his associates.

Among the incidents he referenced was the airport episode, where he claimed his vehicle was clamped while other vehicles parked in the same area were left untouched. He also alleged that some of his associates had become reluctant to publicly associate with him for fear of government reprisal.

READ ALSO: Presidency reacts to Peter Obis safety concerns

The Presidency rejected the allegations, with President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, saying the airport incident stemmed from a breach of parking regulations rather than any act of political persecution.

Mr Obi, a former governor of Anambra State and the Labour Party’s presidential candidate in the 2023 general election, defected to the Nigeria Democratic Congress in December 2025 and is now the party’s presidential candidate for the 2027 election.

As of the time of filing this report, Mr Obi had not publicly responded to Mr Keyamo’s demands.


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