Business
Sterling Financial Holdings posts 75% jump in annual profit
Sterling Financial Holdings reported a 74.8 per cent increase in net profit for 2025, compared to the preceding year, amid improvement across the group’s key revenue streams, according to its audited results released on Friday.
The financial services group, which has operations in commercial banking, non-interest banking as well as fund & portfolio management, posted N76.3 billion in profit after tax, up from N43.7 billion a year earlier.
Gross earnings rose 44.4 per cent to N486.8 billion, the highest on record, supported by a jump in interest income and fees & commission income.
Net interest income advanced to N208.7 billion from N134.8 billion, while fees & commission income climbed to N60.3 billion from N44.3 billion.
Sterling Financial Holdings made a provision of N32.9 billion to cover credit loss expense, more than three times the amount it laid aside for the same purpose a year earlier.
Impairment on loans to corporate entities accounted for 83.1 per cent of that sum, climbing to N27.4 billion from N2.6 billion.
Other operating income more than doubled to N37.4 billion on the back of a dramatic rise in income from direct commodity trading.
ALSO READ: Sterling Financial Holdings reports 102% profit growth in 2024
Profit before tax surged by 89.2 per cent to N86.8 billion, while total assets expanded to N3.9 trillion from N3.5 trillion, supported by higher loans and advances to customers.
Also on Friday, the banking group issued its unaudited report for the first quarter of the year, showing a 35.5 per cent leap in post-tax profit to N23.4 billion, compared to the same period of 2025.
Gross earnings for the period climbed to N134.8 billion from N95 2 billion.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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