Business
First HoldCo doubles H1 2026 profit to N459.9bn
By Philippine Duru
philippineobetoduru@gmail.com
0⁸034905774
First HoldCo Plc has reported a remarkable financial performance for the first half of 2026, with profit after tax (PAT) nearly doubling to N459.9 billion, driven by robust trading income, improved operational efficiency, and a significant decline in loan impairment charges.
The group’s unaudited financial results for the six months ended June 30, 2026, underscore the resilience of its diversified business model despite the challenging macroeconomic environment, rising competition in the banking sector, and evolving regulatory landscape.
According to the financial statement released to the Nigerian Exchange (NGX), the holding company posted a profit after tax of N459.9 billion, representing a sharp increase from the corresponding period of 2025.
The impressive earnings performance was primarily supported by strong growth in trading and investment income, higher interest earnings from loans and advances, and improved contributions from its non-banking subsidiaries.
The group’s net interest income remained resilient during the review period as higher yields on earning assets helped offset funding costs. At the same time, non-interest revenue received a significant boost from increased foreign exchange trading, fixed-income securities transactions, and other financial market activities.
A major highlight of the results was the substantial reduction in loan impairment expenses, reflecting stronger asset quality, improved credit risk management, and better recoveries from previously impaired loans. Lower provisions for bad loans enabled the group to retain a larger share of its operating income, significantly enhancing overall profitability.
Operating income also rose on the back of increased customer transactions across retail, corporate, and commercial banking segments, while the group’s continued investment in digital banking platforms helped expand transaction volumes and improve customer engagement.
Despite inflationary pressures and higher operating expenses, First HoldCo maintained healthy cost management through technology-driven efficiency initiatives and disciplined expense control, allowing revenue growth to outpace increases in operating costs.
The group’s balance sheet also remained strong during the period, supported by healthy customer deposits, improved liquidity, and adequate capital buffers. Management noted that the company continues to maintain a conservative risk management framework while expanding lending to critical sectors of the Nigerian economy.
Analysts say the strong first-half performance positions First HoldCo for another robust full-year result, particularly as improved market conditions, higher trading opportunities, and stable credit quality continue to support earnings.
The performance comes at a time when Nigerian banks are benefiting from higher interest rates, stronger treasury operations, and ongoing reforms within the financial services sector. Institutions have also intensified efforts to strengthen their capital positions ahead of the Central Bank of Nigeria’s new minimum capital requirements.
Industry observers believe First HoldCo’s ability to grow earnings while reducing loan losses demonstrates the effectiveness of its balance sheet management strategy and diversified revenue base.
Looking ahead, the group is expected to focus on expanding digital financial services, deepening financial inclusion, supporting businesses across key sectors of the economy, and sustaining prudent risk management to preserve asset quality.
With a strong capital position, improving asset quality, and diversified income streams, First HoldCo appears well positioned to maintain its growth momentum through the remainder of 2026, reinforcing investor confidence and strengthening its position as one of Nigeria’s leading financial services groups.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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