Business
FCMB profit hits ₦202bn on first quarter performance
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
FCMB Group Plc has reported a robust financial performance, recording a full-year profit of ₦202 billion, supported by a strong first-quarter showing of ₦87 billion, underscoring the banking group’s resilient earnings capacity amid a challenging macroeconomic environment.
The latest results highlight continued growth across key revenue lines, driven by improved interest income, expanded lending activities, and stronger performance from non-interest income streams, including digital banking and transaction-based services.
The group’s first-quarter profit of ₦87 billion set the tone for the year, reflecting sustained momentum in core banking operations and enhanced efficiency across its subsidiaries. Analysts say the performance signals FCMB’s ability to navigate inflationary pressures, currency volatility, and tightening monetary conditions while maintaining profitability.
The strong earnings were largely supported by increased interest income, as higher benchmark interest rates boosted returns on loans and investment securities. FCMB also benefited from improved asset yields and disciplined risk management practices that helped contain credit losses.
Non-interest revenue also contributed meaningfully to overall performance, driven by growth in electronic banking transactions, fee-based services, and increased adoption of digital platforms across its retail and corporate customer base.
The group’s diversified structure—spanning commercial banking, asset management, investment banking, and consumer finance—has continued to provide a buffer against sector-specific risks, allowing it to maintain stable earnings growth despite economic headwinds.
Market analysts noted that FCMB’s results reflect broader trends within Nigeria’s banking sector, where rising interest rates and ongoing financial system reforms have supported stronger profitability for well-capitalized institutions.
However, they also cautioned that elevated inflation, regulatory changes, and foreign exchange volatility could continue to pose risks to asset quality and cost management in the coming quarters.
Despite these challenges, FCMB’s performance has been viewed positively by investors, with the group demonstrating consistent earnings growth and improved operational efficiency over recent reporting periods.
The banking group has also continued to invest in digital transformation initiatives aimed at expanding financial inclusion, improving customer experience, and strengthening its competitive position in Nigeria’s increasingly technology-driven financial services landscape.
Analysts believe FCMB’s strong quarterly and full-year results could support improved investor sentiment, particularly as the bank continues to optimize its balance sheet and expand its lending portfolio in key sectors of the economy.
The results further reinforce the resilience of Nigeria’s banking sector, which has benefited from monetary tightening, improved pricing of risk assets, and increased demand for financial services amid a recovering economy.
Looking ahead, FCMB is expected to focus on sustaining earnings momentum, managing cost pressures, and strengthening its capital position as regulatory expectations around banking recapitalization continue to evolve.
With a full-year profit of ₦202 billion and a strong ₦87 billion quarterly performance, FCMB Group has signaled its continued strength in Nigeria’s competitive banking landscape, positioning itself for further growth in the months ahead.
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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