Banking
Infinity Trust Mortgage Bank to Raise Fresh Capital
By Adedapo Adesanya
The management of Infinity Trust Mortgage Bank Plc (ITMB) has hinted that it could generate more funds for the company by offering its shares to interested investors.
This hint was dropped on Monday by Managing Director/CEO of Infinity Trust Mortgage Bank, Mr Onabanjo Obalaye, during the bank’s Facts Behind The Figures at the Nigerian Stock Exchange (NSE).
The company, which had the honour of beating the closing gong yesterday, was at the exchange to give explanation on its audited full year ended December 31, 2018, and the unaudited results for the seven months ended July 31, 2019.
Business Post reports that during the presentation, Mr Obalaye rolled out the bank’s expectations, results of operations, business prospects and opportunities considering the challenging operating environment, which he described as “very tough.”
According to Mr Obalaye, “Rising insurgency and terrorist activities in the North East and spreading South is affecting every business not only mortgage business.
“Concerns about safety and security of persons and goods is taking its toll on business operations.
“Also, lengthy court processes, absence of unified foreclosure law and government right to land.
“The policy initiative of government equally needs to be addressed if home ownership in Nigeria needs to be redeemed.”
Also looking at regulations, he noted that many regulators failed to understand the dynamics of the business environment leading to poor policy implementation.
Looking at the rising cost, Mr Obalaye said, “The drive of government to generate revenue without knowing if it kills businesses or not is equally adding to the cost of operating businesses in this environment.”
He, however, noted that despite the unfriendly factors, Infinity Trust Mortgage Bank has been able to move its total assets to N11 billion from was N7.39 billion in 2013 when it was listed on the exchange.
Mr Obalaye also disclosed that the Shareholders Funds has moved to N6 billion while its loans and advances is currently at N5.5 billion.
Looking at what the company has achieved when it became a public company in January 2013 to date, Mr Obalaye said, “We have moved our shareholders from 150 to 500 and we became a national mortgage bank.”
He said in recognition of the support of its shareholders, the bank has declared and paid dividends every year.
Analyzing the bank’s financials based on its Key Performance Indicators (KPIs) from 2013 to the full year of 2018 and inclusive of its seven months performance in 2019, the Managing Director said, ‘Total Assets in 2013 was N7.39 billion which moved to N10.35 billion in 2018 and is currently at N11.23 billion. Loan and Advances in its first year as a public company was at N1.31 billion which moved up to N3.8 billion in 2018 and is now at N5.05 billion so far, with investments rowing to N2 billion as at the period calculated in 2019.’
Speaking on the issued share capital, which has remained at N2.085 billion since 2013, Mr Obaleye said, “We are working on how we are going to increase this”, disclosing that the bank was working with its investment partners, Cordros Capital.
Remarking on the performance, Obalaye noted that the growth was due to strong brand presence, improved customer confidence, efficient corporate governance, public and private housing initiatives among other drivers.
By Adedapo Adesanya
The African Energy Bank (AEB) will now officially launch in September in Abuja after failing to meet its targeted first-half 2026 commencement date, marking a fresh timeline for the continent’s energy financing institution.
The Secretary General of the African Petroleum Producers’ Organisation (APPO), Mr Farid Ghezali, as per Argus Media, acknowledged “several postponements” but said the new deadline is “to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view”.
A planned April start was pushed back to June before APPO members were again mobilised around a third-quarter deadline. At a recent meeting, the Nigerian government reiterated the country’s commitment to the African Energy Bank’s formal commencement of operations.
The bank was established by the APPO and the African Export-Import Bank (Afreximbank) to address the critical financing needs of Africa’s oil, gas and broader energy sectors and mitigate the global funding pressure against hydrocarbon investments in Africa.
The APPO scribe said funding has remained a major challenge even when the Nigerian government said the headquarters of the bank was ready since 2025.
Mr Ghezali called on APPO members to redeem their pledges towards the $500 million start-up capital before the end of June.
Argus quoted sources as saying that 91 per cent of the capital had been raised and that the Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Content Development and Monitoring Board (NCDMB) would make up the balance.
Mr Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60 per cent of its oil products consumption and producing only 12 per cent of global upstream liquids while being home to many of the world’s largest national oil and gas reserves.
He stated that the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40 per cent of AEB’s loan book, and priority will be given to projects that contribute towards the creation of “500,000 to 1 million direct and indirect jobs in the energy value chain”.
Speaking at a Nigerian energy summit in February, Mr Ghezali said the bank plans to raise $15 billion in its first three years of operations to fund strategic energy projects.
He also unveiled the three-phase road map for the AEB, including “Phase one, which, as I said in the first half of 2026, launches the African Energy Bank platform with 10-pillar projects involving countries such as Nigeria, Angola, and Libya. APPO certification and integration of IOCs such as Shell or ENI.”
“Phase two, in 2027, we plan to start a regional gas-oil trade, integrating the principles of the Bassari Declaration for 15 per cent local content.”
Phase three, reaching 2030, the African Energy Bank will be a true African financial hub, with $200 billion mobilised.”
By Modupe Gbadeyanka
Zenith Bank Plc has joined other global corporations to commemorate the 2026 World Environment Day with a two-phase environmental clean-up initiative in Lagos State.
The financial institution participated in the commemoration under the global theme Inspired by Nature. For Climate. For Our Future through a two-day event.
In the first phase, which was a morning clean-up conducted by staff of the Bank on Wednesday, 3 June 2026, along Ajose Adeogun Street, Victoria Island, Lagos, employees of the lender cleared waste, sensitised residents on proper disposal practices, and reinforced the bank’s culture of community service and environmental stewardship.
The second day, participants engaged in a waterways clean-up at the Falomo Waterways, Ikoyi, Lagos. This was in collaboration with the Lagos Waste Management Authority (LAWMA) and the Lagos State Waterways Authority (LASWA). The joint effort focused on removing marine debris, promoting cleaner waterways, and supporting the state’s broader climate-resilience agenda.
“At Zenith Bank, sustainability is integral to how we operate. Clearing our streets and our waterways is a practical reminder that protecting the environment is a shared responsibility – and one we are proud to take up alongside LAWMA and LASWA.
“Through these exercises, we are taking deliberate action to preserve our communities, support climate action, and inspire others to act. Our operations will continue to align with global environmental standards as we build a more sustainable future for Nigeria and Africa,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.
Zenith Bank says it remains committed to embedding Environmental, Social and Governance (ESG) principles across its operations, investing in green initiatives, energy efficiency, and community-focused programmes, in line with its commitment to environmental sustainability and responsible business practices.
These efforts advance the United Nations Sustainable Development Goals – particularly SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action). Sustainability remains an operational imperative across the Bank’s Nigerian base and its broader African, UK and European footprints.
By Modupe Gbadeyanka
The need to consider the usage of transaction data to design credit products for millions of small businesses in Nigeria has been emphasised by the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda.
Speaking at a panel session at the launch of the Nigeria Payments System Vision 2028 (PSV 2028) by the Central Bank of Nigeria (CBN) recently, the Moniepoint chief said transactions from the payments ecosystem could be tracked to unlock economic survival for millions of underserved businesses that have been historically shut out of formal credit markets.
PSV 2028 is a framework aimed at setting priorities and direction for the country’s payments infrastructure over the coming years, with financial inclusion, resilience, and innovation among its core pillars.
According to the CBN governor, Mr Yemi Cardoso, the new framework builds on Nigeria’s progress in digital payments and seeks to accelerate the country’s transition towards a more inclusive, technology-driven ecosystem as it continues to lead Africa’s digital payments ecosystem.
At the panel, Eniolorunda noted that “I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions.”
Speaking on the power of payment infrastructure as a foundation for broader financial services, he argued that the data generated by payment systems, when used responsibly, holds the key to making credit faster and more accessible for underserved businesses.
“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier,” he said.
“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Mr Eniolorunda added, echoing Governor Cardoso’s warning against the country’s historic “start-stop” policy cycles.
“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent. While this progress has not always been fully reflected in global narratives, its impact on economic activities, financial inclusion, and system resilience is evident across our economy,” he said.
Business Post learned that the panel was moderated by the chief executive of Sterling Bank, Mr Abubakar Suleiman, and also featured the chief executive of the Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr Premier Oiwoh; his counterparts at Remita Payment Services Limited (RPSL), Mr Deremi Atanda; and Shared Agent Network Expansion Facilities (SANEF) Limited, Mrs Uche Uzoebo, among others.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn