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2024FY: Sterling Financial Holdings Company declares N43.68bn profit, shareholders get N0.18 kobo
Sterling Financial Holdings Company Plc on Thursday declared N43.68 billion profit after tax in 2024 financial year ended December 31, 2024, about 102.4 per cent growth from N21.58billion profit after tax reported in the full year ended December 31, 2023. The lender on the Nigerian Exchange Limited (NGX) announced N45.86billion profit before tax in 2024FY, about 102.1 per cent growth…
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Business
Fidelity Bank to exit CBN forbearance H1 2025, paving way for dividend payout
Fidelity Bank has announced its commitment to exit Central Bank of Nigeria (CBN) forbearance arrangements by the end of the first half (H1) of 2025, ensuring compliance with regulatory requirements and positioning itself for a dividend payout to shareholders for the 2025 financial year. CBN issued a directive instructing banks under regulatory forbearance to suspend dividends, defer executive bonuses, and…
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Business
First HoldCo commits to dividend payment, complying with CBN’s forbearance guidelines
First HoldCo Plc on Thursday expressed commitment to paying a dividend in the 2025 financial year and complying with the Central Bank of Nigeria (CBN) forbearance prudential guidelines. The Company Secretary, First Holdco, Adewale Arogundade, disclosed in a statement by the lender on the platform of the Nigerian Exchange Limited (NGX). The HoldCo is one of the banks impacted by…
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Business
Agusto & Co upgrades Wema Bank rating to A-
Agusto & Co has upgraded Wema Bank’s credit rating from BBB+ to A-, citing improved profitability, stronger operational efficiency, a solid liquidity profile, and substantial shareholder support. The rating upgrade underlines Wema Bank’s strengthened business risk profile, driven by sustainable earnings growth and strategic financial positioning.One of the key factors contributing to the enhanced rating is the bank’s successful rights…
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Business
Dangote Refinery, an industrial revolution liberating Nigeria, says C’tee on domestic crude oil sales
The $20 billion Dangote Petroleum Refinery & Petrochemicals has been hailed as a symbol of industrial revolution, driving Nigeria’s economic emancipation. This commendation was made by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative during a tour of the facility on Tuesday. Members of the Technical Committee of the One-Stop…
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Economy
Tinubu committed to food security, revitalising MSMEs, says Bagudu
Minister of Budget and Economic Planning, Senator Abubakar Bagudu on Wednesday said President Bola Tinubuv is committed to supporting the vulnerable by ensuring food security and aiding the recovery of micro and small enterprises (MSMEs), as outlined in his government’s Renewed Hope Agenda. Bagudu spoke in Abuja during the stakeholders’ meeting concerning the Nigeria Community Action for Resilience and Economic…
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Business
Zugacoin, Samzuga GPT not licensed in Nigeria, says SEC
The Securities and Exchange Commission (SEC) has issued a stern warning regarding two cryptocurrency products—Zugacoin and Samzuga GPT—stating that they are not licensed to operate within Nigeria’s financial market. In an official statement on Wednesday, the commission disclosed that it became aware of online promotions advertising Zugacoin, including variants such as SZCB and SZCB2, alongside Samzuga GPT. SEC clarified that…
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Business
FCMB Group clarifies CBN’s N538.8bn forbearance package
FCMB Group Plc on Wednesday clarified its position on the Central Bank of Nigeria (CBN) N538.8 billion forbearance package, maintaining that the proceeds are expected to be settled July 31, 2025. The Group responded to the recent directive from the CBN on enhanced prudential measures for banks operating under regulatory forbearance, reassuring its investors, analysts, and stakeholders of its strong…
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Business
Zenith Bank to exit CBN’s forbearance package June 30
Zenith Bank Plc on Wednesday announced that it plan to exit from the Central Bank of Nigeria’s (CBN) regulatory forbearance regime by June 30, 2025, signalling improved asset quality and stronger financial footing. The bank is also optimistic about dividend payments to shareholders this year.The bank in a statement by its Company Secretary, Michael Otu, also pointed out that it…
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Business
CBN restricts Zenith Bank, others under forbearance from distributing capital
The Central Bank of Nigeria (CBN) has imposed temporary restrictions on capital distributions, including dividends and bonuses, on Zenith Bank, other banks under its regulatory forbearance to support the retention of their internally generated funds and enhance their capital adequacy. The temporary restrictions and other measures announced by the apex bank are additional regulatory measures for a small group of…
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