society
2023 HALF YEAR RESULT: FBN HOLDINGS POST N206BN PRE-TAX PROFIT
2023 HALF YEAR RESULT: FBN HOLDINGS 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”
society
Dr Chris Okafor’s Prophetic Warning Precedes Gas Explosion in Agege Lagos
Dr Chris Okafor’s Prophetic Warning Precedes Gas Explosion in Agege Lagos
Barely four days after the Generational Prophet and Senior Pastor of Grace Nation Global, Dr Chris Okafor, warned about a possible gas explosion, an incident involving a gas explosion reportedly occurred around the Ile-Zik Junction Agege motor road, Lagos, on Monday.
According to reports, no casualty was recorded from the incident, a development many members of Grace Nation attributed to prayers offered following the prophetic warning issued during the church’s midweek Prophetic, Healing, Deliverance and Solutions (PHDS) service held at the international headquarters of Grace Nation Worldwide in Ojodu Berger, Lagos.
During the service, Dr Okafor had cautioned Nigerians, particularly those involved in gas-related businesses, to pray and remain vigilant after disclosing that he foresaw a gas explosion affecting a business environment and nearby properties.
Church members described the incident as evidence of the importance of early warning, prayer, and preventive action.
They maintained that intercessory prayers helped avert what could have resulted in a major tragedy.
The cleric had earlier emphasized that divine revelations are often given to enable people pray and take precautionary measures before disasters occur.
He urged business owners and residents to continue observing safety standards while seeking God’s protection.
The incident around the Ile-Zik in Agege motor road has since renewed conversations among worshippers about the role of prayer, vigilance, and public safety awareness in preventing disasters.
society
Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State
Governor Dauda Lawal Hails Troops for Successful Fight against Banditry, Terrorism across Zamfara State
Governor Dauda Lawal has commended the troops of the Joint Task Force (North West) Operation Fansan Yamma for achieving significant operational successes against bandits in Zamfara State. The troops of the Joint Task Force launched an elaborate and coordinated onslaught in the early hours of Thursday, May 7, 2026, in the Kaura Namoda and Birnin Magaji Local Government Areas of Zamfara State. Following the encounter, troops effectively neutralised three gang leaders and recovered a cache of weapons and ammunition, which included an AK-47 rifle, a machine gun, a locally fabricated handgun, seven rifle magazines and a total of 571 rounds of ammunition.
Governor Lawal described the renewed military offensive as timely, particularly due to the successful operation recorded on May 10, 2026, which disrupted a significant gathering of notorious terrorist leaders and neutralised several commanders. The troops acted on an intelligence report that confirmed that the terrorists had converged at a concealed location in Tumfa Village, Shinkafi Local Government Area, with the intention to coordinate attacks and criminal activities targeting innocent communities in the state. The Air Component launched a precision airstrike on the identified terrorist hideout that successfully destroyed the structure, which served as the terrorists’ meeting point. The governor further reiterates Zamfara State Government’s commitment to ongoing support and logistics for the military and other security agencies operating in the state.
society
Old Students Association rejects alleged commercialisation of Unity School land
Old Students Association rejects alleged commercialisation of Unity School land
By Ifeoma Ikem
The Unity Schools Old Students Association (USOSA) has rejected the alleged commercialisation of any unity schools land under the Public-Private Partnerships (PPP) initiative.
The association made its displeasure known during their awareness walk to protest the concession of the 33 hectares of land belonging to Federal Government College (FGC) Kano yesterday in Lagos.
The members were carrying placards, some of which read “PPP: Save the Future”, “Protect Unity Schools”, “PPP must serve Education not land conversion” and “Schools are not for Real Estate”.
President-General of the Unity Schools Old Students Association USOSA Michael Magaji says Public-Private Partnerships (PPP) was designed to improve public institutions, and not strip them of assets or reduce their land.
Over 60 Unity schools members were drawn from across the nation for the awareness walk to protest against the alleged sale of the school lands.
The P-G said the association was advocating for a sustainable funding model that would preserve educational assets while improving infrastructure, manpower and learning conditions.
“Our coming together is to restore the lost glory of Unity Schools and strengthen Nigeria’s education system. Unity schools are nation-building institutions that have produced leaders across various sectors.
“Unity Schools were not just about education, they were about integration built not by spectators but by active citizens that believe in one nation.
“ The alumni support PPP but oppose the sale of educational assets. Unity never happens by chance but designed, nurtured and protected,’’ he added.
He added that the awareness walk brought about by the alumni across the nation was also to have a stronger network to revive the vision of the Unity Schools.
Mr Humphrey Nwafor, Lagos Chapter President, Federal Government College, Kano Old Students Association said that they are pushing back against the alleged commercialisation of Unity School lands.
Nwafor pointed out that the 33 hectares of land belonging to FGC Kano was concessioned without adequate consultation with stakeholders.
“We are saying there is a better option. Instead of selling our lands and assets, we would rather fund the schools ourselves.
“If the government says it does not have enough money to run the schools, the old students can provide support without taking one inch of the land,” he said.
According to him, the concession arrangement involving the school’s land will undermine the future of unity schools, which were established in the first place to promote national integration.
“These schools were established to unite Nigerians from different ethnic and religious backgrounds and we are appealing to President Bola Tinubu to intervene and ensure that public educational assets are protected,” he added.
He called on the Federal Government to leverage alumni networks in addressing funding challenges confronting unity schools.
“We are in solution mode and impact mode and we believe alumni associations should be integrated into the process of repositioning these schools.
“We recently met with officials of the Federal Ministry of Education and discussions are ongoing toward finding mutually beneficial solutions,” he said.
Mr Alex Akindumila, President of FGC Idoani Alumni Association said the concession controversy was a national test of how public assets and educational institutions are being managed.
He said that they are concerned that reducing lands allocated to unity schools could limit future expansion, agricultural projects, sports facilities, technical workshops and staff accommodation.
“The lands allocated to unity schools were deliberate and visionary.“They were designed to ensure that the schools remain self-sustaining and adaptable to future needs.
According to him, when you shrink the land of a unity school, you do not just reduce space, but reduce possibility , reduce ability to run agricultural programs that can feed students and teach enterprise, even the space required for sports facilities that build discipline, health and national pride.
Also, Mrs Ifeoma Okeke, an alumna of FGC Nsukka, called for transparency, due process and stakeholder engagement in any PPP arrangement involving educational institutions.
She said PPP agreements should align with the public purpose of the schools and not diminish their long-term capacity.
“There must be transparency, competitiveness and proper stakeholder engagement in any concession process involving public educational assets,” she said.
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