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2023 HALF YEAR RESULT: FBNHOLDINGS POST N206BN PRE-TAX PROFIT

FBN Holdings Plc, has reported a profit before tax of N206 billion for the half year ended June 30, 2023.

FBNHoldings disclosed the figures in its second-quarter statement released yesterday on the Nigerian Exchange.

The increase in second-quarter profits helped its half-year profit before tax to rise by 213% compared to N65.7 billion in the same period last year.

This is also the Bank Holding Company’s best half-year performance since it was listed on the Exchange.

A breakdown of the company’s impressive financial results shows that the bank’s two-quarters of outstanding performance means a profit after tax of N174.9 billion, which is a 228.3% increase from the N53.3 billion reported in the first half of the previous year.

The first half 2023 profit has also surpassed the N136.173 profit reported in the full year of 2022 (January to December).

The Group’s gross earning of N656.6bn represents a growth of 82.8% from the N359.2bn reported in the first half of the previous year. Al impressive records are Net interest income of N232.6bn, up 52.1% y-o-y (Jun 2022: N152.9bn); Non-interest income of N229bn, up 112.0% y-o-y (Jun 2022: N108.1bn); Operating expenses of N222bn, up 24.7% y-o-y (Jun 2022: N178bn).

Profit before tax of N188.8bn, up 214.6% y-o-y (Jun 2022: N60bn); Profit after tax of N174.9bn, up 228.3% y-o-y (Jun 2022: N53.3bn)

Total assets grew by 34.8% y-t-d to hit N13.6 trillion, Customers’ loans and advances (net) of N5.2trn, up 39.9% y-t-d (Dec 2022: N3.7 trn); and Customers’ deposits of N8.8trn, up 26.9% y-t-d (Dec 2022: N6.9trn)

The Group Managing Director, FBNHoldings, Nnamdi Okonkwo, while commenting on the results stated that: “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management and execution capabilities. On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the Group delivered strong growth in gross earnings and profit before tax resulting in N656.6 billion and N206.3 billion respectively, for the first half of 2023 financial year”.

He noted that the company will continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practises to anticipate and creatively deliver products and services that delight the different customer segments that we serve.

While noting that the current operating environment remains challenging, he maintained that the company is confident of successfully navigating the terrain.

Commenting on the results, Chief Executive Officer of FirstBank (Commercial Banking Group), Dr. Adesola Adeduntan, added: “In the first half of 2023, FirstBank Group delivered the strongest financial performance in the almost 130 years of the Bank’s history; with solid business momentum, increased revenue, and excellent returns. The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing and transforming the Group. The result also highlights the resilience of our business model, customer relationships and institutional capabilities”.

Access Bank Polo 2023: A Grand Affair for Education and Philanthropy

The annual Access Bank Polo and Charity event at the Guards Polo Club in Egham, Surrey was once again a remarkable gathering of royalty, diplomats, political leaders, the business community, and supporters of Access Bank. This prestigious event not only showcases the elite sport of polo but also serves as a fundraising platform to support underprivileged children’s access to quality education.

The Access Bank Polo event is held in partnership with the Fifth Chukker Resort, with the primary objective of empowering underprivileged children through education. The proceeds from the event go towards building the much-needed infrastructure and facilities, ensuring that these deserving children have the opportunity to dream, learn, and grow.

This year’s event witnessed an incredible milestone, with an astonishing 100 classroom blocks being pledged by generous contributors. This achievement is a testament to the unwavering commitment of Access Bank, its partners, and donors to make a lasting impact in the lives of underprivileged children. With these new classroom blocks, countless more children will have access to a safe and nurturing educational environment.

Since the inception of the initiative, over 80,000 children have already benefitted from the schools built as a result of the fundraising efforts. These facilities not only provide education but also serve as a beacon of hope for the future generations, inspiring them to aspire for a brighter future.

Access Bank takes great pride in being a driving force in championing equal education opportunities. The organization firmly believes that every child, regardless of their socio-economic background, should have the chance to thrive and succeed.

With the success of the Access Bank Polo event, Access Bank remains steadfast in its commitment to creating a world where every child has the opportunity to access quality education. The ongoing support and collaboration of its partners, sponsors, and attendees will continue to play a crucial role in changing lives and uplifting communities.

The Access Bank Polo with this noble Charity event has established itself as an extraordinary corporate event in London, bringing together influential individuals and organizations for a noble cause. The commitment to providing underprivileged children with access to education is commendable, and the results speak for themselves. With each passing year, more lives are transformed, and the potential for a brighter future becomes a reality for countless children. Access Bank’s endeavors are a beacon of hope, highlighting the power of collective efforts to make a meaningful difference in society.

In attendance His Majesty, Ogiame Atuwatse Ill, the Twenty-First Olu of the Warri Kingdom; Her Majesty, the Queen Consort of Warri Kingdom, Olori Atuwatse IlI; HH, The 14th Emir of Kano, Muhammadu Sanusi; Babajide Sanwo-Olu, Governor of Lagos State; Mosun Belo-Olusoga, former Chairman, Access Bank PIc (2015-2019); Dr. Ajoritsedere Awosika, former Chairman, Access Bank PIc (2019-2023); Paul Usoro (SAN), Chairman, Access Bank Plc and Chairman, Coronation Capital, Aigboje Aig-Imoukhuede; Herbert Wigwe, Group MD/CEO, Access Holdings PIc; Roosevelt Ogbonna, Group Managing Director, Access Bank Plc and Amaechi Okobi, Chief Brand and Communications Officer, Access Holdings Plc among other dignitaries.

Adron GMD Aare Adetola and Olori Aderonke Greets Ogun State First Lady, Bamidele Abiodun on 57th Birthday

The Group Managing Director of Adron Homes and Properties; Aare Adetola Emmanuel-King and his beautiful wife, Olori Aderonke Emmanuel-King has felicitated with the First Lady of Ogun state, Her Excellency, Chief Mrs. Bamidele Abiodun on the occasion if her 57th birthday today.

Via a statement signed by his Senior Special Adviser on Media, Aare Adetola appreciates the good work of her excellency as a mother in ensuring that Ogun state gets the very best in terms of women and children empowerment using her pet projects as a bait. He also extolled her for being a woman of virtues, a supportive wife who is passionate about development and a supportive mother who has made Governor Dapo Abiodun function optimally bringing peace and tranquility to their home.

Aare Adetola further said; “Our wives plays a pivotal role in our overall performance. If the house is not at peace, don’t expect Governor Abiodun to perform well but in the case of Mrs Abiodun, she has been a supportive wife and a dear mother to our state. She has prioritize health care, children education, women empowerment through her SHEVENTURE initiative and through philanthropy she has reached out to many downtrodden within the state. This has further proven that she is a mother indeed and she is worth celebrating on her birthday today. On behalf of me and my family, I want to wishing her many more years in good health and wealth. I also want to pray for more grace to be able to intensify the good works in putting our dear state on the map in women empowerment among other.”

Olori Aderonke also hailed Mrs Bamidele Abiodun, refers to her as a symbol of hope for womanhood. She also added that; Mrs Bamidele is a beacon of hope and also a woman everyman should always have beside them as a co-pilot in any journey. “Our First lady is a type of woman everyman should pray for. Her strength, resilience, prayers and positive energy has helped made things easier for our Governor in Ogun State. She is also a role model to many women with her heart of Gold. Celebrating her on her birthday today is a clarion call for all women across the county to emulate her and also be supportive to their husband in achieving their dreams. She has been a solid rock and I pray that; the power to remain strong and firm like a pillar, may Almighty God grant her. I also pray for Good life in health and wealth for her. Happy Birthday Your Excellency ma.”

Breaking: Lagos Assembly Demands Constitutional Amendment To Accommodate State Police

The Lagos State House of Assembly on Tuesday held its first plenary since its inauguration with a call on the National Assembly to commence actions that would lead to the establishment of state police.

The House also called on Governor Babajide Sanwo-Olu to urgently equip the Neighbourhood Safety Corps of the State so that its personnel could effectively perform the task of community policing.

These actions, Speaker of the House, Rt. Hon. Mudashiru Obasa, said, would stem the increasing spate of insecurity in the country.

Dr. Obasa noted with concern, recent attacks on communities in some states of the federation with many citizens losing their lives and belongings.

Recalling some of the latest attacks, the Speaker said he read about the killing of some residents in Plateau State. He also noted the abduction of the Chairman of the All Progressives Congress (APC) in Ekiti State, Mr. Paul Omotoso.

Obasa said though the Lagos Assembly had consistently clamoured for the establishment of state police, it is an appropriate time for the Senate and the House of Representatives to begin an amendment of the Constitution to contain the creation of the alternative policing system.

“While I commend the ninth National Assembly for doing a lot to amend the constitution, there is a need for us to call on the 10th National Assembly to see it as a matter of urgency to make the issue of state policing a major factor of development,” Obasa said.

Supporting the Speaker, Hon. Gbolahan Yishawu, commended the Speaker for bringing up the issue of state policing again.

“We remember very well that it was you that sponsored the bill on Neighbourhood Safety Corps and we see what it has done for our State and how other states are copying it,” Yishawu said.

While noting that President Bola Tinubu started well with moves to rejig the economy, Hon. Yishawu said security remains at the heart of a country’s progress urging for more focus this area.

The motion was supported by other lawmakers who complained about the inadequate number of police personnel in Lagos and also suggested police reforms at the national level.

The lawmakers argued further that the establishment of state police would boost employment across the country.

Meanwhile, the House, through Speaker Mudashiru Obasa, has congratulated President Bola Tinubu over his election as Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS).

The House said it believes in Tinubu’s capacity to bring the countries under ECOWAS to work together.

At the plenary, the House also resolved a report relating to issues of legislative compliance on appointment of some Governor’s nominees without approval of the House of Assembly. The lawmakers called on the Executive arm to henceforth act in conformity with the law.

Eromosele Ebhomele
Media aide to the Speaker.

Billionaire ‘Jite Okoloko, Ex-wife Fight Dirty over Multimillion Dollar Debt

Billionaire Oil Mogul, Onajite Okoloko, and his estranged wife, Salma Okoloko, are currently at war over outstanding contract debt his company, Eroton Exploration and Production Company is owing his wife’s company, Tectonic Oil Tools Limited (TOTL) for job executed for Eroton’s OML 18.

Court papers and documents detailing correspondence between both companies on one hand and between Tectonic and NNPC Limited (new owners of OML 18 oil field) showing that the original debt owed Tectonic by Eroton was $37million and N5.3 billion respectively has emerged

A letter from Tectonic dated April 6, 2023 and addressed to the Group Managing Director of NNPCL, said the money was for contract awarded Tectonic by Eroton dated May 1, 2016 for the provision of Coiled Tubings, Pumping, and Nitrogen Lift Services with contract No. EEP 16-0125.

The letter stated that TOTL has since executed the contract but is yet to be fully paid by Onajite’s Eroton.

It will be recalled that NNPCL took over operatorship of the OML 18 Asset from Eroton Exploration and Production Company. It was gathered that while NNPCL has duly paid Eroton all its dues, Eroton was yet to pay off TOTL the balance of $14 million and N2.9 billion for the said contract executed.

It was also gathered that following a court order, Eroton had in a letter dated 2nd July 2021, addressed to The Vice President Operations, Tectonic Oil Tools Limited, No 4, Okunola Martins Close, Off Awolowo Road, Ikoyi, Lagos, Nigeria, admitted to owing TOTL a balance “sums (net of taxes) of NGN 2,969,754,531.07 (Two Billion, Nine Hundred and Sixty Nine Million, Seven Hundred and Fifty Four Thousand, Five Hundred and Thirty One Naira, Seven Kobo Only) and USD 14,030,212.87 (Fourteen Million, Thirty Thousand, Two Hundred and Twelve United States Dollars and Eighty Seven Cents Only) due and payable to your company.”

The letter which detailed a Payment Plan to liquidate the debt owed TOTL by Eroton read in part: “We also recognize that some other claims have been submitted and confirm that same are currently undergoing verification and reconciliation. These additional claims would be included in the outstanding sums detailed above upon completion of the reconciliation exercise. The payment plan will be amended accordingly to include the additional claims and paid within the same time frame.

“In respect of the reconciled outstanding sums referenced above, please find below our payment plan,” the letter said.
While the letter listed how the outstanding debt will be paid between Q3 2021 and Q3 2022 for the N2.9 billion, it also listed how the outstanding $14 million will be liquidated between Q4 2021 and Q3 2022.

The letter signed by Ibironke Olaniyi, Chief Financial Officer (CFO) for Eroton Exploration & Production Company, ended with “Please be advised that we would notify you of the payments as they are made in line with the specified timelines and assure you of our highest regard.”
However, it was reliably learnt that despite the tone of camaraderie of the letter, Eroton has reneged on the payment terms and agreement.

“We are shocked that in spite of our mutual respect for and patience with Eroton, they have reneged on a mutually agreed payment plan which was the aftermath of a court order. We have laid our complaint with appropriate authorities including the NNPCL. We will use every legal means available to us to recoup our money,” a source at TOTL told our reporter.

Onajite and his wife, Salma, had been locked in a divorce drama. Onajite had filed for a divorce in 2020, threatening to send his wife out of their Florida (United States) home with their two kids.

But rather than filing for divorce in Florida where they got married and where he confirmed as his place of residence, he went to a court in Badagry, Lagos. The divorce case is currently at the Appeal Court.

Recall that NNPCL recently announced acquisition of Eroton’s OML 18 in what industry watchers said was a move to maximise productivity of the oil field which had suffered deep slump recently just before the acquisition

Tinubu Presidency: A Truly Renewed Hope – PRINCE DAPO ADELABU

Tinubu Presidency: A Truly Renewed Hope

– PRINCE DAPO ADELABU

The swearing in of Asiwaju Bola Tinubu as the 16th president of Nigeria on May 29th, 2023, brought a ray of hope that things would change for the better very soon. Nigerians were waiting with bated breathe to see whether or not the new administration would be a marked departure from what they had become used to – dashed hopes.

Happily, there are great signs that there is light at the end of the tunnel after all. In fact, the way it is going, we may not wait to get to the end of the tunnel to see the light, as there have already been flickers since the inception of the Tinubu administration, a very clear indication that things are turning around for good.

Putting it succinctly, going by the appointments so far announced by the Presidency, it is quite clear that Nigeria is on the march again. Square pegs are readily being fitted into the square holes, and round pegs are equally settling into the round holes.

A pattern is beginning to emerge in Mr. President’s choice of men to work with. He seems to be going for the best in their class. And this started with the list of the highly cerebral and internationally exposed special advisers, which include the likes of Mr. Wale Edun, Mr. Yau Darazo, Mr. Dele Alake and Nuhu Ribadu who has since resumed as National Security Adviser.

We saw yesterday what appears to be a monumental win for Nigeria if indeed Dr. Ali Pate is joining this government. Dr. Ali Pate is a world-renowned medical doctor and public health expert who has garnered awards and accolades from almost every health organization in the world, top of the pack being Harvard health leader, awarded him in 2012.

Dr. Pate had earlier served Nigeria in the capacity of minister state for Health. He was also the global director for Health, Nutrition and Population and Director of the Global Financing Facility for Women, Children and Adolescents (GFF) at the World Bank Group.

These are great signs of things to come and we are here, ready and eagerly anxious to celebrate our nation’s rebirth. Well done Mr. President.

– Prince Adelabu is an Abuja-based businessman.

Speaker Obasa Congratulates Sanwo-Olu At 58, Celebrates Gbajabiamila On Birthday

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has congratulated Governor Babajide Sanwo-Olu and Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, as they mark their birthdays.

While Governor Sanwo-Olu is 58, Gbajabiamila, immediate past Speaker of the House of Representatives, is 61.

In a message celebrating Sanwo-Olu, Dr. Obasa described the Governor as a Lagosian whose background and experience in the corporate world have helped in sustaining the position of Lagos as the yardstick for measuring development in Nigeria.

Obasa described Sanwo-Olu as an exemplary Governor with a sense of purpose and commitment to the ideals that make Lagos great.

“You have constantly ignited the passion for the sustenance of the dream, vision and the inclusiveness that have kept us achieving more for the people of our dear State.

“Your life speaks a volume of blessings, God’s favour and, because you are a technocrat of repute, our State of excellence will continue to benefit from your wealth of knowledge and experience as you increase in age.

“Indeed, this is just the beginning of greater years to come,” the Speaker said in a statement by his media office.

Rejoicing with Gbajabiamlia, Dr. Obasa described the former Speaker as a compassionate person and one who breathes life into every task to which he finds himself assigned.

“You have consistently displayed genuineness of purpose and leadership.

“We witnessed this in the various positions you held at the House of Representatives and more especially as Speaker. History will always throw you up as the leader of one of the most peaceful periods of the House of Representatives in Nigeria.

“Your leadership skills, diligence and commitment to nation-building are few of your radiant and remarkable attributes that will continue to help you meet the tasks ahead as you support Mr. President in his pursuit for a greater Nigeria.

“On behalf of my family, colleagues, management and staff of the Lagos legislature, I pray that Almighty Allah will always empower you to remain of service to Him and humanity, amin,” Speaker Obasa prayed.

Eromosele Ebhomele

FIRSTBANK WINS FINANCIAL INSTITUTION OF THE YEAR AT THE AFREXIM BANK PAN-AFRICAN BUSINESS AND DEVELOPMENT AWARDS

The award was bestowed on FirstBank in recognition of the Bank’s role in promoting trade and investment endeavours across the continent.

With its subsidiaries across the FirstBank Group, FirstBank has continued to play a leading role in boosting cross-border businesses, including trade and investment opportunities, essential to enhancing trade relations amongst countries. Continue reading FIRSTBANK WINS FINANCIAL INSTITUTION OF THE YEAR AT THE AFREXIM BANK PAN-AFRICAN BUSINESS AND DEVELOPMENT AWARDS

BUA Foods to maintain rice prices across Nigeria…restates commitment to supporting Local Rice Farmers for Food Security in Nigeria

In a remarkable display of commitment to the Nigerian agricultural sector and the economy, BUA Foods has informed distributors of its rice products that it would maintain prices of its BUA Rice to support efforts at making rice more affordable in Nigeria. According to a statement by the company, this is due to the strong sales potential from the company’s newly upgraded 200,000tonnes per annum rice mill in Kano using locally sourced rice paddy.

According to the company, this decision to maintain prices is as a result of the little reliance on FX for rice production. Prior to the BUA Foods business integration which saw its listing in 2022, the BUA Group Chairman, Abdul Samad Rabiu, had stated that BUA’s goal would be to focus areas where raw materials can be sourced locally across all its business areas including rice in order to promote food security in Nigeria and support the government in National development.

According to a key distributor in Kano, he said distributors were excited by this development and were sure that BUA Foods in its usual fashion would crash the rice prices further as it had consistently done with its other food products like flour, sugar, and pasta.

By prioritizing local agricultural resources, BUA Foods is not only supporting Nigerian farmers but also contributing to the nation’s self-sufficiency in rice and sugar production through backward integration.

BUA Foods steadfast commitment to its vision has gained recognition and appreciation from stakeholders across the industry. The company’s efforts to bolster the Nigerian agricultural sector have garnered praise, positioning BUA Foods as a leader in the drive towards sustainable food production.

The upgraded rice mill and parboiling plant will further enhance BUA Foods’ rice production capacity, enabling the company to meet the growing demand for its high-quality rice products whilst remaining committed to delivering excellence and ensuring that consumers have access to top-notch rice that is locally produced.

As BUA Foods continues to make significant strides in advancing the Nigerian rice industry, the company remains focused on building strong relationships with farmers, empowering local communities, and contributing to the overall development of the nation’s agricultural landscape.

Heritage Bank Engulfed in Leadership Crisis …MD Akinola George-Taylor goes on vendetta sacking to oust ‘owners’

* Bank battles liquidation, struggles to stay afloat

A seeming boardroom crisis that may rock troubled Heritage Bank to its foundation is currently brewing in the bank, THE WITNESS exclusively reports.

Competent sources within the bank told THE WITNESS that the imbroglio involves the current managing director and chief executive of the bank, Mr. Akinola George-Taylor and some board members.

Less than one year after assuming office as bank’s head honcho, the new bank chief may have plunged the distressed bank into further boardroom crisis, compounding the lender’s many challenges.

George-Taylor, who joined Heritage Bank as acting managing director/chief executive officer on September 12, 2022, succeeded Ifie Sekibo, the bank’s founder and pioneer managing director who served out his 10-year tenure in September 2022. George-Taylor was, however, confirmed by the Central Bank of Nigeria (CBN) as the substantive managing director of the lender in April 2023.

But while the bank’s shareholders may have been expecting that the new helmsman would change its fortunes and drive growth, sources say he has instead, allegedly, instigated internal crisis, in an attempt to rid the bank of those suspected to be loyalists of some board members, and employ his own people. The move, sources disclosed were unconnected with the new bank chief’s plan to oust some board members who are said to be at loggerheads with him, from the bank.

The bank’s chief is said to be enjoying the support of a top shareholder of the bank whom sources say is allegedly determined to solely take over the bank and get rid of the owners.

Top sources in the bank, which has been struggling to stay afloat in recent months, informed THE WITNESS that not less than 70 senior staff members have been sacked, while a number of others were asked to resign. Besides those who were forced to leave, sources say that some resigned voluntarily over poor working conditions, while the once active branches of the bank are as quiet as graveyards. THE WITNESS further gathered that the affected staff were disengaged without paying them their accrued entitlements and allowances.

This development comes despite an order by the Central Bank of Nigeria (CBN) barring deposit money banks from mass sack of their workers.

“I can tell you that there is war at Heritage Bank as we speak. Over 70 persons have been asked to go, while some were asked to resign. Mind you, those who were asked to go have not been paid any compensation,” said a management staff who preferred anonymity.

“The mission of the new managing director is to ease out those who are loyal to some board members whom the managing director is not in tune with, so he could employ his own people,” one of the sources said.

The latest crisis comes amid persisting financial distress in the bank.

THE WITNESS gathered that the bank has been struggling to pay workers’ salaries for some time now, even as depositors have not been able to access their funds.

The apex bank, it would be recalled, had come under pressure to withdraw the bank’s license over its alleged bankruptcy issues, and inability to meet obligations to depositors.

Many had wondered why the Nigeria’s banking regulator had not wielded its hammer on the bank despite its troubled and distressed state.

Further investigations by THE WITNESS however revealed that apart from the issues of “Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR), the commercial bank is also grappling with many other crises that tend to threaten its survival.

One of them is its poor services which are staring its customers in the face. Already, most of its branches are awash with complaints of unsatisfied customers whose singsong is their plans to close their accounts due to long hours they experience to get services from Heritage Bank staff.

In our fact-finding mission, THE WITNESS contacted Ozenna Utulu, the head of Corporate Communications of Heritage Bank for the bank’s angle.

In her response, Utulu said: “These things are not true, there is no boardroom crisis at the bank. Of course, organizations everywhere restructure from time to time.”