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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

Government Deploys CNG Buses to Cut Transport Fares by 50% in Ekiti

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Ekiti

Government Deploys CNG Buses to Cut Transport Fares by 50% in Ekiti

The Ekiti State Government has commenced the deployment of Compressed Natural Gas buses as part of measures to reduce transport fares by 50 per cent and ease the burden of transportation costs on residents.
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Governor Biodun Oyebanji announced the initiative on Thursday during the official flag-off of 15 CNG buses at the premises of the Ekiti State Transportation Agency in Ado-Ekiti.

The deployment, which coincided with Nigeria’s Independence Day and the 30th anniversary of Ekiti State, is part of efforts by the state government to provide affordable and accessible public transportation in line with the directive of President Bola Ahmed Tinubu.

Oyebanji, who was accompanied by the Senate Leader, Senator Opeyemi Bamidele, said the 15 buses, donated to the state by the Federal Government, represented the pilot phase of the initiative.

He said the state government would expand the fleet to ensure that more residents benefit from the intervention.

According to the governor, reducing transportation costs remains essential to easing the economic burden on citizens.

“The President charged all state Governors that by October first, we should find a way of reducing transportation cost because most of the implications we are witnessing, transportation contributes a lot to it and what we have done today is just the pilot: 15 CNG buses, which are going to be distributed to the unions, and the agency will manage it,” Oyebanji said.

He urged transport unions to ensure that the benefits of the CNG buses were passed directly to commuters through reduced fares.

“My appeal is to the Unions; they should allow the gains to translate to the commuters because this will reduce transportation cost by 50 percent,” he said.

Oyebanji also expressed appreciation to President Tinubu for the Federal Government’s intervention, saying the provision of the buses would contribute significantly to reducing the transportation burden on residents.

The governor further said the administration’s economic policies had created opportunities for states to implement programmes and projects that directly affect the lives of citizens.

“No matter how visionary a leader is, if there are no resources to work with, it will just stay in the realm of a vision,” Oyebanji said.

“But the President has been helping and supporting us not only in Ekiti State but in all the states in the country to translate our vision into action and impacts for the people.”

Speaking on the deployment, the Director-General of the Ekiti State Transportation Agency, Tajudeen Akingbolu, said routes had already been mapped out for the CNG buses.

Akingbolu said the initiative would provide residents with more affordable and reliable interstate transportation while reducing the impact of high transport fares on commuters.

The state government said it would continue to explore measures aimed at reducing transportation costs and improving access to affordable public transportation across Ekiti State.

Ekiti

CNG, Ekiti

Gilbert Ekugbe
Gilbert Ekugbe is a journalist at Punch Newspapers with over a decade of experience reporting on business and economic affairs. He covers markets, corporate developments, finance, and Nigeria’s broader economic landscape.

His reporting is informed by extensive newsroom experience and a strong commitment to accuracy and responsible journalism, helping readers understand complex business issues.
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Akwa Ibom

Gov Eno Flags Off Ikot Ekpene International Market, Targets Trade, Jobs, Economic Growth

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Ikot Ekpene International Market

Gov Eno Flags Off Ikot Ekpene International Market, Targets Trade, Jobs, Economic Growth

Akwa Ibom State Governor, Pastor Umo Eno, has officially unveiled the design and performed the groundbreaking ceremony for the construction of the Ikot Ekpene International Market, describing the project as a strategic investment in trade, employment and economic development.
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The ceremony, held on Wednesday, September 30, as part of activities marking the 39th anniversary of Akwa Ibom State, took place in Ikot Ekpene Local Government Area.

Speaking at the event, Governor Eno said the project demonstrated his administration’s commitment to delivering tangible infrastructure across the state.
He recalled earlier questions from the opposition regarding the number and location of the 39 projects promised as part of the anniversary activities.

“When we first started, the opposition asked, ‘Where are the 39 projects?’
“Today, we can gladly tell them to come and see,” the Governor said.
Governor Eno explained that the project was not merely about constructing a market but about investing in the economic future of Akwa Ibom State.

“Today, we are not just laying a foundation or turning the sod for this market; we are laying a foundation for prosperity, building infrastructure for opportunities, and creating a platform upon which our traders, entrepreneurs, artisans, manufacturers, and young people can build their dreams,” he said.

Also speaking, the Commissioner for Trade and Investment, Captain Iniobong Ekong (Rtd.), said the project reflected the administration’s efforts to position Akwa Ibom as a hub for trade, tourism and industrialisation.
According to him, the first phase of the market comprises 30 blocks of double-deck structures containing 108 shops, alongside two warehouses, restaurants, cold rooms, a police station, asphalt and concrete roads.

Ekong said the strategic location of the market would attract traders and customers from neighbouring states and beyond, particularly Cross River, Abia and Rivers states, as well as Cameroon.
“Upon completion, this market is going to generate income and revenue, create employment, and connect us with the trade hubs of the Gulf of Guinea,” he said.

The Director-General of Campaigns, Ambassador Chief Assam Assam (SAN), commended Governor Eno for initiating the project, noting that its strategic location would make it accessible to communities across the state.
He recalled the Governor’s earlier promise to establish an international market in Ikot Ekpene, describing the project as the fulfilment of that commitment.

“I remember that the Governor was in Ikot Ekpene Stadium when he said he was going to build an international market in Ikot Ekpene. This market is this Governor’s dream child,” Assam said.
Speaking on behalf of stakeholders in the area, Senator Emmanuel Ibokessien said the project was conceived by the people of Ikot Ekpene in 2010 but remained unrealised through successive administrations.
He commended Governor Eno for actualising the project.

“This project started in 2010 when it was conceived by the people of Ikot Ekpene. And through three administrations, this project did not see the light of day, but when you came with the finisher’s anointing, this project is now actualised,” he said.

Earlier, the Chairman of Ikot Ekpene Local Government Area, Hon. Elder Aniefiok Nkom, expressed appreciation to Governor Eno for commencing the long-awaited project.
Nkom recalled previous discussions on the economic importance of the market, noting that its location was expected to redirect commercial traffic and attract traders who ordinarily travel to other commercial centres.

He described the Governor as “a man of his word,” saying the people of Ikot Ekpene were excited by the commencement of the project.

Ikot Ekpene International Market

Ikot Ekpene International Market

The Paramount Ruler of Ikot Ekpene Local Government Area, His Royal Majesty, Okuku Okon Udo Ukut, also expressed gratitude to the Governor, describing the project as a significant development for the area.

Upon completion, the Ikot Ekpene International Market is expected to strengthen commercial activities, create employment opportunities and expand Akwa Ibom State’s trade links with neighbouring states and the wider Gulf of Guinea region.
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Economy

NAF Boosts Grassroots Economic Development, Commissions Special Intervention Project in Benue

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Benue

NAF Boosts Grassroots Economic Development, Commissions Special Intervention Project in Benue

A new chapter in community development was opened in Oklenyi, Okpoga, Benue State, as the Nigerian Air Force (NAF) commissioned a Chief of the Air Staff (CAS) Special Intervention Project, executed in honour of one of its distinguished senior officers and an illustrious son of the State, Air Vice Marshal Patrick Owoicho Obeya.
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The CAS, Air Marshal Sunday Kelvin Aneke, represented by the Chief of Civil-Military Relations, Headquarters NAF, Air Vice Marshal Edward Gabkwet, said the initiative reflects the NAF’s commitment to winning hearts and minds, strengthening public trust and deepening cooperation with host communities. He noted that it is one of 21 similar interventions executed nationwide in honour of distinguished senior officers in their respective homelands.

The CAS said the newly commissioned market sheds, administrative block and water facilities are designed not only to provide essential infrastructure, but also to stimulate economic activity and improve livelihoods at the grassroots. He commended AVM Obeya for facilitating the intervention and urged the Oklenyi community to take ownership of and protect the facilities.

He further emphasised that sustained civil-military cooperation and the timely sharing of actionable intelligence remain critical to supporting the Armed Forces in tackling security threats and safeguarding Nigeria’s territorial integrity.

For AVM Obeya, the intervention represents a meaningful opportunity to give back to his community. The facilities comprise two market sheds capable of accommodating up to 48 traders, a furnished administrative block and a solar-powered water reticulation system supported by two deep wells.

Benue

NAF

The Executive Governor of Benue State, Rev. Fr. Hyacinth Alia, represented by the Secretary to the State Government, Dcns. Serumun Deborah Aber, commended the NAF for complementing its traditional defence role with community development, noting that the intervention aligns with the State Government’s rural transformation agenda.

He urged the people of Okpoga to protect and sustain the facilities for the benefit of present and future generations.
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