Banking
Ecobank Bounces Back, Nets N18.7b as Profit in Q1 2017
By Modupe Gbadeyanka
As part of its re-engineering effort and coming from a loss position in 2016, Ecobank Transnational Incorporated (ETI) has announced 15 percent increase in profit after tax to N18.7 billion for the first quarter (Q1) ended March 31, 2017. The financial institution in the first quarter of 2016 posted N16.2 billion profit after tax.
In the 2016 financial year, Ecobank had announced a loss before tax of $131 million in contrast to profit before tax of $205 million recorded in 2015, attributable to higher loan impairment charges taken in fourth quarter of 2016.
But in its unaudited result and accounts to the Nigerian Stock Exchange (NSE) on Thursday, the lender stated that its pre-tax grew by 11 percent to N22.9 billion in Q1 2017 from N20.6 billion recorded in Q1 2016.
Also, Gross Earnings rose by 36 percent from N131.39 billion in Q1 2016 to N178.4 billion in Q1 2017, while operating profit before impairment losses gained 36 percent from N33.89 billion to N46 billion in first quarter of 2017.
Commenting on the results, the Group Chief Executive Officer of ETI, Mr Ade Ayeyemi, stated that, “Our performance in the first quarter was encouraging despite continued macroeconomic headwinds.
“All of our businesses made meaningful progress in executing our strategy by continuing to focus on cost discipline, stringent credit risk practices, and digitisation of processes to enhance the customer experience.
“Our first quarter revenues of $425 million (N130 billion), increased three percent in constant dollars, while operating expenses were flat, year-on-year.
“Pre-impairment income increased 10 percent in constant Dollars, reflecting positive operating leverage.
“The cost-to-income ratio of 64.5 percent was an improvement on the 66.1 percent for 2016, reflecting strong efficiency gains.
“However, pre-tax profits decreased 17 percent in constant Dollars, mainly because impairments remain elevated as we forecast, for which we continue to aggressively address in our ongoing overhaul of credit risk management. We delivered a return on tangible equity of 16 percent.
“Our diversified business model and pan-African footprint is a competitive advantage for us. It allows us to meet the trade finance, cash management, and online and mobile financial needs of our clients across Middle Africa with unique financial products and services.
“Together with the more than 17,000 Ecobankers, I am proud of what Ecobank continues to do for its customers.”
ETI’s total assets rose by 36 percent from N4.6 trillion in 2016 to NN6.26 trillion as at March 2017, driven by 28 percent increase in loans and advances to customers to N2.8 trillion as at March 2017 from N2.2 trillion recorded in 2016 financial year results.
Other key contributors to the financial institution balance sheet include 32 percent increase in deposits from customers to N4.15 trillion as at March 2017 and 12 percent increase in total equity from N505.5 billion in 2016 to N565.7 billion as at March 2017.
Market watchers are expecting the commencement of the proposed $400 million convertible bond issue this year.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
