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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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Why Capital Base Alone Won’t Attract Foreign Investors to Insurance Sector — SEC Commissioner

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BY NKECHI NAECHE-ESEZOBOR—The successful completion of recapitalization exercise in  Nigeria’s insurance sector marks a new beginning and a new phase of growth for the industry.

However, experts warn that attracting Foreign Direct Investment (FDI) and institutional investors will require a longer track record of reliable dividend payouts and stricter regulatory enforcement.

Mallam Kasimu Garba Kurfi is a veteran Nigerian stockbroker, and the Managing Director/CEO of APT Securities and Funds Limited, disclosed this to BusinessTodayNG in an interview.

According to him, while the increased capital base positions underwriters to take on high-value risks in primary economic drivers—such as oil and gas, petroleum refineries, and aviation—investor confidence hinges heavily on sustained profitability.

He notes that institutional funds typically demand proof that newly injected capital yields regular, substantial dividends before committing fresh capital to the market.

Beyond financial capacity,he  emphasize that market expansion relies on mandatory policy compliance. Regulatory bodies and enforcement agencies must aggressively implement mandatory coverage across commercial buildings, market fire policies, and motor vehicles.

Kurfi who also doubles as a Non-Executive Commissioner on the board of the Securities and Exchange Commission, argued  that as policyholders experience clear, tangible value for their premiums, voluntary compliance will naturally rise, expanding the sector’s premium pool.

“Central to this transformation is the seamless execution of claims management. Operators face growing pressure to streamline payout processes, eliminate unnecessary administrative bottlenecks, and prioritize rapid claims settlement.

“By pairing enhanced underwriting capacity with hassle-free claims resolution, the insurance sector aims to build the public trust necessary to transform its increased balance sheets into long-term commercial growth.”

He noted that the expected return for 2026 will likely to be at least 50% with All share index now at 58% and expected to hit 100% by the listing of Dangote Refinery.

In pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, a as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.

The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.

It represents a major step towards building a stronger, more resilient, adequately capitalized, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilize long-term investment capital, and contribute meaningfully to the stability of Nigeria’s financial system.

Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.

To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria. The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.

Through a comprehensive process of review, verification, and validation, the recapitalization exercise has delivered a major boost to the Nigerian insurance industry. It has enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence.

The verified outcome of the exercise indicates that Forty-three (43) insurance and reinsurance companies successfully met the prescribed Minimum Capital Requirements. However, Eight (8) insurance companies that submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review. This would be concluded within fourteen days.

The post Why Capital Base Alone Won’t Attract Foreign Investors to Insurance Sector — SEC Commissioner appeared first on Business Today NG.

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TMDK Group celebrates 25th anniversary, vows to continue building Nigeria’s Energy, agro-industrial future

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Diversified Nigerian conglomerate, TMDK Group, has marked its 25th anniversary with a renewed commitment to expanding investments in Nigeria’s energy, agriculture, manufacturing and industrial sectors.

The silver jubilee celebration brought together employees, business associates, customers, partners, financial institutions and other stakeholders who joined the Group in reflecting on its journey and celebrating a quarter-century of enterprise, resilience and investment.

Founded 25 years ago by Alhaji Amadu Sule Leda, TMDK Group has evolved from a small real estate investment company into a diversified investment group with significant interests spanning downstream petroleum, petroleum infrastructure, logistics, agro-processing and manufacturing.

The milestone, according to the company, represents not only an opportunity to celebrate its achievements but also a platform to reaffirm its commitment to investing in sectors capable of strengthening Nigeria’s productive capacity, creating employment and supporting sustainable economic development.

Speaking at the anniversary celebration, Suhailu Ismaila, Acting Managing Director of TMDK Agro Park, described the Group’s 25-year journey as one defined by resilience, strategic investment and an enduring commitment to Nigeria.

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He said the company’s next phase would build on the foundation established over the past two and a half decades by pursuing investments that create long-term economic value.

“Twenty-five years is a significant milestone. It reflects years of resilience, strategic investments and commitment to national development. We are celebrating what has been achieved, but we are equally focused on what lies ahead,” he said.

TMDK Group celebrates 25th anniversary, vows to continue building Nigeria’s Energy, agro-industrial future

Expanding Nigeria’s Energy Infrastructure

Over the past 25 years, TMDK says it has established a growing presence in Nigeria’s downstream petroleum industry through investments in petroleum storage, distribution and logistics infrastructure.

The Group’s petroleum operations are focused on strengthening the supply chain and improving the availability and efficient distribution of refined petroleum products to industrial and commercial customers.

Through its investments in storage and logistics infrastructure, TMDK has continued to contribute to the development of Nigeria’s downstream petroleum value chain at a time when efficient storage, transportation and product distribution remain critical to the country’s energy security.

The company said it intends to deepen these investments as part of its broader strategy to support Nigeria’s evolving energy needs and strengthen the resilience of the downstream petroleum supply chain.

From Agriculture to Agro-Industrial Processing

TMDK’s diversification into agriculture has also become a major component of its growth strategy.

At the TMDK Agro Park in Kaduna State, the company is developing an integrated agro-industrial food-processing platform designed to serve both human and animal consumption, while connecting agricultural production with large-scale industrial processing and value addition.

The facility processes maize, soybeans and other agricultural commodities into a range of products, including corn flour, corn grits, edible vegetable oil and animal feed. The company is also developing capacity for the production of pasta and noodles.

David Onabajo, Chief Operating Officer of the Agro Park, said the integrated nature of the facility was designed to create stronger links between farmers, processors and consumers.

According to him, the objective is to move beyond the production and sale of raw agricultural commodities by creating additional value within Nigeria.

“The Agro Park is designed to strengthen local value addition, provide reliable markets for farmers and contribute to Nigeria’s food security by reducing dependence on imported food products,” he said.

The investment is expected to support farmers by creating more reliable off-take opportunities while strengthening domestic processing capacity and expanding employment opportunities across the agricultural value chain.

Investment, Employment and Local Value Creation

The company said its diversification strategy is driven by the belief that sustainable economic growth requires investment in productive sectors capable of generating employment and creating value locally.

The Group’s operations now bring together different elements of the economy, including energy infrastructure, logistics, agriculture and industrial processing.

The anniversary therefore marks a transition from the company’s first 25 years of establishment and consolidation into what management describes as a new phase focused on expansion, innovation and deeper investment.

The Group expressed appreciation to its employees, customers, business partners, financial institutions, regulators and host communities for their contributions to its development.

Tamwakat Barde, Human Resource Manager, said TMDK would continue to prioritise responsible business practices, innovation, operational excellence and employee welfare.

She said the company recognises that its people remain central to its ability to achieve its long-term objectives.

TMDK Group celebrates 25th anniversary, vows to continue building Nigeria’s Energy, agro-industrial future

Recognising Employees

The anniversary also provided an opportunity for TMDK to recognise employees whose contributions have supported the company’s growth.

Bilkisu Suleiman, an employee of the Group, recalled receiving the Chairman’s Award Silver Category after joining the company in January 2025.

“I started working with TMDK in January 2025, and by December 2025, I was awarded the Chairman’s Award Silver Category. This award gave me great joy because it meant the time and effort I put into the growth of the company was seen and acknowledged,” she said.

She urged management to sustain initiatives that recognise and reward employees who demonstrate commitment and excellence.

The company said employee welfare and recognition would remain important components of its corporate culture as it enters its next phase of growth.

Giving Back to Host Communities

Beyond its commercial activities, TMDK said it remains committed to supporting communities connected to its operations.

Abba Aminu, Site Operations Manager at the Agro Park, commended the management for its contributions to society through donations and the provision of food supplies during important festive periods, including Sallah, Christmas and New Year celebrations.

He said such initiatives demonstrated the company’s recognition of its responsibilities to the communities in which it operates.

READ ALSO: In Kaduna, TMDK Group is strengthening Nigerias energy, food security

Looking Ahead

The 25th anniversary comes at a critical period for Nigeria, as the country seeks to attract greater private-sector investment into energy, agriculture, manufacturing and other productive sectors to accelerate economic diversification and improve national productivity.

For TMDK Group, the anniversary is therefore both a celebration of the past and a statement of intent for the future.

The Group said it plans to build on its existing investments by pursuing projects capable of improving energy infrastructure, expanding agro-industrial processing, creating jobs and strengthening domestic value chains.

For Alhaji Amadu Sule Leda, the founder of the Group, the next chapter is anchored on a continuing belief in Nigeria’s potential and the capacity of Nigerian businesses to build globally competitive enterprises from within the country.

Onabajo described the founder as a businessman whose vision continues to shape the Group’s direction.

“Our CEO is a visionary who believes in Nigeria. He is a resilient Nigerian patriot who believes in the Nigerian enterprise,” he said.

As TMDK Group begins its next 25 years, the company says its ambition remains firmly rooted in investment, enterprise and national development — with a strategy centred on building productive assets, creating employment and contributing to the transformation of Nigeria’s energy and agro-industrial landscape.


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