Banking
Shareholders Furious Over FBN Holdings High NPL Ratio of 22.8%
By Modupe Gbadeyanka
The board and management of FBN Holdings Plc have been tasked to make efforts within their reach to recover almost all the Non-Performing Loans (NPLs).
Expressing their frustrations at the firm’s Annual General Meeting (AGM) in Lagos on Tuesday, the shareholders said the bad loans were affecting performance of the company.
They said the N150.4 billion reflected in the group’s 2017 financial statements as payment for impairment charges was too high despite being lower than the N226 billion paid in 2016.
As at December 31, 2017, the NPL of FBN Holdings stood at 22.8 percent, which shareholders said was very high.
But responding to this issue, Group Managing Director of FBN Holdings Plc, Mr Urum Kalu Eke, assured shareholders that something would be done to address the NPLs.
He said the company was also worried about the issue because it had affected its performance in the past.
According to him, the management was taking necessary strategies to recover the bad loans, saying these steps were yielding results as seen in the reduction of the NPL to 22.8 percent in 2017 from 24.4 percent.
“Even though we have not recorded a full resolution of our NPLs, we have made significant progress in dealing with a number of these names and more fundamentally, ensured a strong asset quality from recent credits.
“As a result, NPL for the period declined from 24.4 percent in 2016 to 22.8 percent in 2017,” the bank chief said at the meeting.
On his part, Chairman of FBN Holdings Plc, Mr Oba Otudeko, said the institution made significant progress last year.
According to him, the group’s flagship subsidiary, First Bank Nigeria Limited, sustained its leadership position in the e-payment space, emerging as the first financial institution in Nigeria and West Africa to issue 10 million cards to customers.
He added that the bank was recognised as the first financial institution in Nigeria to achieve an electronic transaction volume of 100 million in a month.
Mr Otudeko said FBN Holdings would consolidate on the progress made in the previous year to deliver a strong and sustainable performance that enhances returns to shareholders.
Also at the Tuesday’s event, the shareholders approved the payment of N8.974 billion dividend proposed by the board. This represents 25 kobo per share for the 2017 financial year.
A look at the firm’s performance last year showed that its gross earnings grew by 2.3 percent to N595.4 billion from N581.8 billion in 2016, while its profit before tax appreciated to N56.3 billion from N22.9 billion.
Furthermore, its customer deposits went up to N3.14 trillion from N3.10 trillion in 2016, while the total assets increased to N5.2 trillion from N4.7 trillion two years ago.
Also, the group posted a net-interest income of N331.5 billion against N304.4 billion in 2016, while the non-interest income dropped by 31.3 percent to N113.7 billion from N165.5 billion a year earlier.
The operating income during the year went down to N444.8 billion from N469.9 billion in 2016, while the operating expenses increased by 7.7 percent to N238 billion from N220.9 billion two years ago.
Last year, its impairment charge for credit losses stood at N150.4 billion in contrast to N226 billion in 2016, while the profit after tax went up by 178.8 percent to N47.8 billion from N17.1 billion in 2016.
As at the close of transactions on the floor of the exchange yesterday, shares of the company were traded at N11.50k per share.
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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