Banking
FBN Holdings Grows Profit by 62.7% in Three Months
By Dipo Olowookere
FBN Holdings kicked off the first quarter of this year on a positive note, going by its unaudited earnings for the period ended March 31, 2020.
On Monday, the company released its financial statements to the Nigerian Stock Exchange (NSE), the first lender to do so, especially among its peers.
In the results briefly analysed by Business Post, the firm declared a pre-tax profit N28.7 billion compared with N17.8 billion achieved in the same period of 2019.
It also announced a post-tax profit of N25.7 billion as against N14.5 billion recorded in the first three months of last year, indicating an improvement by 62.7 percent.
FBN Holdings further said it generated N104.9 billion from interest income, lower than N109.5 billion as a result of decline in investment securities (N38.5 billion in Q1’20 versus N42.2 billion in Q1’19) and loans and advances to banks (N2.5 billion versus N10.7 billion).
The company recorded a higher interest expense in the period under review, N44.7 billion as against N37.9 billion, and a net interest income of N60.3 billion in contrast to N71.7 billion recorded in the corresponding quarter of 2019.
The impairment charge for losses stood at N9.7 billion, lower than N13.9 billion in Q1 2019, while the net interest income after impairment charge for losses dropped to N50.6 billion from N57.8 billion.
In the period under consideration, the fee and commission income increased to N25.8 billion from N23.0 billion. The major driver for this rise were growth in electronic banking fees, fund management fees, custodian fees, commission on bonds and guarantees, credit related fees and letters of credit commissions and fees. However, there were decline in the account maintenance fees as well as funds transfer and intermediation fees.
For the fee and commission expense, this flew to N5.0 billion from N3.6 billion, while fewer revenue was generated from foreign exchange income (N2.6 billion in Q1 2020 as against N2.9 billion in Q1 2019).
The firm said it had N13.5 billion from net gains on sale investment securities in the first three months of this year in contrast to N1.6 billion raked in the first three months of last year, while dividend income improved the purse of the organisation with N4.0 billion as against N2.0 billion in the same time of 2019.
It further said in the Q1 earnings that operating income brought in N471.0 million to the coffers of the company, compared with N671.0 million in the corresponding period of last year.
FBN Holdings said while its personnel expenses increased to N24.0 billion from N22.9 billion, its operating expenses grew to N41.9 billion from N38.9 billion, leaving it with an operating profit of N28.7 billion in the first quarter of this year as against N17.8 billion in the first quarter of last 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.
