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Economy

FCMB Records N111.9bn Profit Before Tax In 2024

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FCMB, FMO Unveil N20m AgriTech Investment

FCMB Records N111.9bn Profit Before Tax In 2024

FCMB records N111.9bn profit before tax in 2024. First City Monument Bank recorded a Profit Before Tax of N111.9 billion for the December 31, 2024 financial year.

First City Monument Bank recorded a Profit Before Tax of N111.9 billion for the December 31, 2024 financial year.

This was confirmed in a statement released through the Nigerian Exchange Ltd.

The statement revealed that PBT grew by 71 per cent, impacted by a 56.6 per cent decline in revaluation income and a 1.9 per cent fall in net interest margin.

The bank’s gross revenue stood at N794.4 billion for the period ending December 2023, marking a 53.9 per cent increase from N516.4 billion in the previous year.

This growth was driven by a 75.2 per cent rise in interest income and an 8.7 per cent increase in non-interest income.

Non-interest income growth was constrained by a 55.7 per cent year-on-year drop in other gains, from N89.3 billion to N39.6 billion. Net interest income rose by 27.6 per cent, from N176.6 billion in the prior year to N225.3 billion by December 2024.

Yield on earning assets improved to 16.2 per cent. However, net interest margin declined by 1.9 per cent due to a 122 per cent rise in funding costs.

Operating expenses increased by 45.7 per cent year-on-year to N229.1 billion, driven by higher personnel costs, regulatory costs, foreign currency-linked expenses, and inflationary pressures.

The cost-to-income ratio closed at 59.9 per cent for the period ending December 2024.

Net impairment loss on financial assets declined by 30.7 per cent year-on-year to N41.2 billion, down from N59.5 billion, lowering the cost of risk to 1.8 per cent from 3 per cent.

The bank’s divisions recorded year-on-year growth, with consumer finance rising by 83.5 per cent and investment management by 27.9 per cent, while the banking group declined by 7.7 per cent.

The bank’s earnings remained diversified, with non-bank subsidiaries accounting for over 30 per cent of profits.

Loans and advances increased by 28 per cent year-on-year from N1.84 trillion to N2.36 trillion at the end of December 2024.

Total assets grew by 59.5 per cent year-on-year, from N4.42 trillion to N7.05 trillion at the end of December 2024.

Customer deposits rose by 39.4 per cent year-on-year, reaching N4.30 trillion from N3.08 trillion by December 2024.

FCMB

FCMB

 

“We completed the first phase of our capital-raising programme, securing N144.6 billion through a public offer. This doubled issued shares from 19.8 billion in 2023 to 39.6 billion in 2024, impacting EPS,” the bank stated.

It added, “Subsequent phases of FCMB Group’s capital programme are in progress to ensure First City Monument Bank Limited meets the minimum capital requirement to retain its International Banking Licence.

“The capital injection has enabled First City Monument Bank Ltd. to secure its National Banking License and raise its capital adequacy ratio to 18 per cent. This has created essential buffers to support asset creation in select segments.”

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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