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FCMB Group Reports ₦79.3 Billion PBT For H1 2025

August 1, 2025

FCMB Group Plc (“FCMB Group”) has announced its unaudited financial results for the six months ended June 30, 2025. The Group reported a ₦79.3 billion profit before tax (PBT), representing a 23% year-on-year increase, driven primarily by improved net interest income and asset yields.

Gross revenue for the period rose to ₦529.2 billion, reflecting a 41.3 per cent year-on-year increase from ₦374.5 billion recorded in the first half of 2024, supported mainly by a 70.3 per cent growth in interest income. However, non-interest income declined by 35.1 per cent due to a ₦36.6 billion drop in currency revaluation gains compared to last year.

Net interest income almost doubled, rising from ₦106.2 billion in the previous year to ₦207.4 billion by June 2025. The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3per cent in the 2024 financial year.

The Group’s digital business—payments, lending, and wealth services—grew strongly. Digital revenues increased by 60 per cent year-on-year, rising from ₦46 billion in June 2024 to ₦73.6 billion in June 2025. Digital services now account for 13.9% per cent of total earnings.

Operating expenses rose by 46.1 per cent to ₦153.2 billion. The increase was due to higher personnel costs, regulatory expenses, technology costs, and general inflationary pressures. Despite this, cost-to-income ratio improved to 57 per cent at the end of June 2025, compared to 59.9 per cent recorded at the end of 2024.

Net impairment losses on financial assets grew significantly to ₦36.2 billion on a quarterly basis, following FCMB Group’s banking subsidiary exit from the Central Bank of Nigeria’s loan forbearance programme. This led to a rise in the cost of risk to 2.8 per cent, up from 1.8 per cent in the 2024 financial year.

After tax, profit increased by 23 per cent year-on-year, closing at ₦73.4 billion.
Each business division contributed to overall performance. Consumer Finance reported a profit before tax growth of 54.5 per cent, Banking Group reported a profit before tax growth of 41.3 per cent, and Investment Management recorded a 10 per cent growth. Investment Banking recorded a 48.9 per cent decline due to an exceptional one-time gain from a divestment in the previous year. In terms of contribution to Group’s PBT, the Banking Group accounted for 82 per cent, Consumer Finance for 11.6 per cent, Investment Management for 4.8 per cent, and Investment Banking for 1.4 per cent.

The Group’s balance sheet also showed improvement. Total assets increased by 6.9 per cent to ₦7.54 trillion, up from ₦7.05 trillion as of December 2024. Loans and advances grew modestly by 1.1 per cent to ₦2.38 trillion, impacted by currency revaluation, loan write-offs and concentrated paydowns, while customer deposits rose by 5.6 per cent to ₦4.55 trillion. This growth was supported by a stronger mix of low-cost deposits, which now account for 69.3 per cent of total deposits, up from 57.5 per cent at year-end 2024.

Assets under management increased by 15.5 per cent, reaching ₦1.58 trillion, compared to ₦1.37 trillion in December 2024. FCMB’s investment banking business, which includes advisory services and capital market transactions, recorded a significant increase in capital raised for its clients —growing by over 600 per cent year-on-year to ₦2.97 trillion.

The Group also reported improved balance sheet efficiency. A more favourable deposit mix and better deployment of recently raised capital helped reduce funding costs for the second consecutive quarter. As a result, the net interest margin rose from 7.9 per cent in the first quarter to 10.1 per cent in the second quarter of 2025, contributing to the 9.1 per cent margin for the half-year. Management expressed confidence in sustaining this trend and exceeding its full-year NIM guidance.

Following its ₦144.6 billion public capital raise in 2024, FCMB confirmed that the Central Bank of Nigeria has completed verification of the second phase of the programme—a ₦22.5 billion mandatory convertible note expected to increase the number of issued shares to approximately 42.8 billion. Subsequent phases of the capital programme are ongoing and aim to ensure First City Monument Bank meets the new minimum capital requirement to retain its international banking license.

FCMB Group remains focused on improving operational efficiency, expanding its digital and retail business, and continuing its strong earnings momentum through the second half of the year.

“PDP Is Neither Potent, Nor Capable, I Quit” – Dino Melaye

Adesina Soyooye

August 1, 2025

By Adesina Soyooye

Senator Dino Melaye has quit the Peoples Democratic Party, PDP. The Senator, who once represented Kogi West Senatorial District in the National Assembly, did not do so quietly.

While quitting, Melaye stripped the once powerful Party of its dignity. He described the PDP, literally, as an empty shell, an empty drum. He said the Party lacks potency and capacity, and therefore, incapable of withstanding and/or challenging the ruling All Progressives Congress, APC, in the 2027 Presidential Election.

This will be the second time Melaye will quit the PDP. In the months which led to the 2015 General Elections, Melaye, a then member of the Party, was one of those who dumped it to put up camp with the then, newly formed fledgling APC.

They swept PDP away and formed the Government at the centre. Later, however, in the run-up to the 2023 General Elections, Melaye decamped from the APC and rejoined the PDP.

He, thereafter contested for the Governorship seat of his State, Kogi, under the PDP umbrella, but was trounced by the APC Candidate, now Governor Usman Ododo.

Given his subtle, and, atimes, not too subtle criticism of the PDP in recent times, and considering that a number of his friends, including former Vice President Atiku Abubakar and Chief Dele Momodu, have left the Party, many were not surprised that Melaye has finally quit the Party which umbrella is gradually, but steadily, being torn to pieces from all sides.

In his resignation letter dated 4, 2025, but which became public on July 31, Melaye held nothing back while disclosing his loss of confidence in the PDP.

Addressed to the PDP Chairman, Ward 1, Aiyetoro Gbede, Ijumu Local Government Area, Kogi State, Melaye said he has withdrawn from all activities concerning the PDP. He wrote:

“I hereby tender my resignation from the Peoples Democratic Party (PDP) at all levels of involvement.

“This decision has become imperative due to the lack of potency and capacity by the Party to deliver the Nigerian people from the political cankerworms that have eaten deeply into the fabric of our dear nation”

After a deep reflection, he could no longer, he noted, “in good conscience participate in the activities of the parties or lend my support to her agenda.

“In view of the above, please, consider this as my formal withdrawal from the party and all its activities at all levels with immediate effect.

“Thank you for the opportunity to serve under the platform during my period of membership.”

Even though the Senator did not disclose where he is headed to, there is no doubt that it is to the African Democratic Congress, ADC, in which house he has been wining and dining with his friends who already are members of the party.

Chibok Girls Not Meant To Blackmail Jonathan’s Administration – Fmr Presidential Aide

Ayodele Oni

August 1, 2025

By Ayodele Oni

Former Political Adviser to President Bola Tinubu, Hakeem Baba-Ahmed, has revealed that former President Goodluck Jonathan and his wife, Patience never believed the report of the abduction of 276 school girls from Government Girls Secondary School, Chibok, Borno state.

Baba-Ahmed, in an interview on TVC, Thursday, pointed out this while dismissing insinuations that the kidnap story was planted to blackmail Jonathan.

On the night of April 14, 2014, Boko Haram kidnapped 276 schoolgirls from the Government Girls Secondary School in Chibok, Borno State. While some of the girls have been rescued, others are still unaccounted for.

Baba-Ahmed insisted that Jonathan’s handling of insecurity during his tenure was weak.

According to Baba-Ahmed, Boko Haram became full blown during his tenure.

The former Presidential Aide also insisted that Nigeria is yet to get leaders who will tackle insecurity headlong.

“I think we haven’t had leaders who will take on security headlong, Jonathan served for six years and his handling of the security situation was very weak.

“It was under him that we had a full blown Boko Haram all the way to 2005.

“Chibok wasn’t to blackmail Jonathan, it was real, he and his wife didn’t believe it.

“As we speak, Chibok girls are still missing and nobody can say where they are, let’s not make light of this.

“Some of the girls were taken from their families and nobody knows where they are, there was no blackmail. Boko Haram kidnapped girls from Chibok town waiting for exams, so let’s not kid with this.”

“Don’t Play With Fire, Stop Street Renaming”, Senator Ojudu Cautions Lagos State

The Source

July 31, 2025

By Gideon Njoku

Senator Babafemi Ojudu, a former Political Adviser to late President Muhammadu Buhari, has warned on the implications of renaming streets in Lagos State.

Ojudu, in a strong appeal to President Bola Tinubu to intervene in the matter and put a stop to it said that Lagos State is playing with fire by embarking on Streets’ renaming.

Recall that, in particular, the recently outgone Chairman of Bariga Development Council, in one of his activities before he vacated office, renamed some streets, especially those which bore names of non-Yoruba indigenes to names of those of Yoruba extraction.

The action has been met with outrage in many quarters and the question is: Why?

In answering that question, Senator Ojudu put it firmly on the defeat of then Candidate Bola Tinubu, Presidential Candidate of the All Progressives Congress, APC, in Lagos by the Presidential Candidate of the Labour Party, Peter Obi, during the 2023 Presidential Election.

Ojudu said that defeat of Tinubu by Obi in Lagos is at the root of the ethnic tension which is likely to worsen with the renaming of streets.

The defeat, he pointed out shocked many, and triggered an aggressive divisive campaign that weaponized ethnicity in the Governorship election.

In a post on Thursday via his Linkedin entitled “Lagos is playing with Fire”, he warned against the renaming, in particular, of streets bearing Igbo names or those of other prominent Nigerians.

He said the move “is a calculated political maneuver rooted in resentment, identity

politics, and shortsighted leadership.”

Senator Ojudu noted that

“Lagos was built by many hands—Yoruba, Igbo, Hausa, Urhobo, Tapa, and more. Its strength lies in its diversity.

“To target any group, especially one so deeply embedded in the city’s economy and social fabric, is not just morally wrong; it is politically suicidal.

“Rather than stoking ethnic division, Lagos leaders should focus on the real threats to the city: youth unemployment, drug addiction, urban decay, traffic congestion, and collapsing infrastructure. These are the issues threatening Lagos’s future —not the names on its street signs.”

A Yoruba Group, on Wednesday, called for the renaming of Ahmadu Bello Way and Ozumba Mbadiwe Road in Victoria Island, Lagos, dismissing both men as “arch enemies of the Yoruba.”

A number of people have condemned the move. On Wednesday, in Bariga, the Ilaje Community took to the streets to protes the renaming of Ilaje Street to Sunny Ade Street.

Prominent Lawyer, Femi Falana, described the action by Lagos, as “illegal and suggestive of ethnic chauvinism.”

Rivers: APC Faction Petitions Yilwatda, Seeks Recognition, Halt To Party’s Local Council Primaries

Suleiman Anyalewechi

July 31, 2025

Prof Nentawe Goshwe Yilwatda — APC National Chairman, Professor Yilwatda

By Suleiman Anyalewechi

The factional Chairman of the Rivers State Chapter of the All Progressive Congress, APC, Chief Emeka Beke, has urged the National leadership of the party to halt the planned Primaries scheduled by the Chief Tony Okocha -led group of the party ahead of the Local Council polls billed for August 30 ,2025 .

This is as he called on the Professor Nentawe Yilwatda-led National Executive Council NEC of the Party to recognize him as the authentic leader of the APC in Rivers State.

At an interactive session with the Media after submitting a formal petition backing his claims, Beke noted that his demands are supported by a subsisting Court judgment delivered by the State’s High Court.

According to him, the said ruling by the court explicitly affirmed him as the rightful Chairman of the APC in Rivers State.

” In a well-considered judgment, the High Court of Rivers State ,Port Harcourt Division presided over by Hon Justice S.H. Aprioku, set aside the purported dissolution of our Executive, and declared that the Emeka Beke-led State Executive Committee remains the valid and subsisting leadership of the APC in Rivers State until October 2025″, Beke quoted part of the said court verdict.

He maintained that he remains the duly elected and recognized Chairman of the APC in the State, the High Court judgment having not been overturned by any higher Court of competent jurisdiction

Chief Beke in his petition ,urged the National leadership of the party to accord him all the legal recognition as ordered by the Court, including conceding to his leadership the right to conduct the party’s primaries ahead of the local polls in the State

“We respectively bring to your notice the judgment of the High Court of Rivers State, Port Harcourt Division, delivered by Hon. Justice S.H. Aprioku ,which affirmed the subsistence of the tenure of the Chief Emeka Beke-led Executive Committee of APC ,Rivers State, and the judgment of Hon Justice Obomanu of the High Court Justice Rivers state in suit No PHC/3859/CS/2024 –Okwu Joe brown Ndike &Ors vAll Progressive Congress &Anor ,which invalidated the purported election of the Chief Tony Okocha -led Executive Committee of APC.

Please find attached the judgment Order in Suit No PHC/3859/CS/2024 –Okwu Joe brown Ndike &Ors v All Progressive Congress & Anor.

” We are members of the State Executive Committee of the All Progressive Congress, APC, Rivers State Chapter, and write in that capacity.

“We hereby bring to your attention the fact that following the attempt to unlawfully dissolve the Rivers State leadership structure of the All Progressive Congress sometime in 2023 ,we, through the State Secretary, Sam Etetegwung, filed Suit No PHC/3592/CS/2023 (between Sam Sam Etetegwung vs His Excellency Abdullahi Ganduje &Ors) challenging the validity and propriety of the said dissolution at the High Court of Rivers state ,Port Harcourt Division .

“We humbly appeal to the National Chairman to use his good offices and suspend the scheduled Local Government Primaries of the APC ,Rivers State by the Chief Tony Okocha-led Executive Committee, and direct the Chief Emeka Beke-led Executive Committee to superintend the entire process, the Chief Emeka Beke led Executive Committee being the duly recognized by law”, the petition reads in part.

Former Dep. Nat. Chair, Bala Gombe, Challenges David Mark, Declares Self ADC Nat. Chairman

Suleiman Anyalewechi

July 31, 2025

By Suleiman Anyalewechi

Erstwhile Deputy National Chairman of the opposition Coalition platform the African Democratic Congress, ADC, Nafiu Bala Gombe, on Thursday, July 31, 2025, proclaimed himself the interim National Chairman of the Party.

Bala Gombe, at a media briefing in Abuja cited what he called ” a leadership crisis within the nascent opposition Coalition , precipitated by the hijacking of the party structure by those he tagged ” political hooligans ” as a major reason for his action.

The Source reports that some opposition figures including Atiku Abubakar, Peter Obi , former Kaduna state Governor, Malam Nasir El-Rufai, former Rivers State Governor, Rotimi Amaechi and others, had on July 2, 2025, officially, unveiled ADC as the platform to prosecute the battle for a regime change in 2027.

The launch of the party followed the mass resignation of the former leadership of the party at both the National and states levels.

Subsequently, former Senate President, David Mark and former Osun State Governor, Ogbeni Rauf Aregbesola, were named Interim National Chairman and Secretary respectively.

However, Bala Gombe on Thursday faulted the purported resignation of the former leadership of the party and the subsequent take over by the Senator Mark’s interim National leadership.

He accused the former leadership of abandoning their constitutional responsibilities to the members of the party, by way of illegally handing it over to strangers with no ties to the ADC

This is as he urged the Independent National Electoral Commission, INEC, to do the needful, and acknowledge his leadership as the authentic one for the party.

In the event, those he described as ” outsiders “fail to submit to his newly proclaimed leadership, he will be left with no other option than to take legal action.

“We are living witnesses to the show of shame and acts of lawlessness being displayed by these unscrupulous leaders who, without any qualms or sense of moral restraint, plunged our party into a needless crisis and leadership uncertainty.

“The idea of mortgaging the future of our great party by abdicating constitutional duties ,and responsibilities of all elected officers to some powerful outsiders, who never belong to the party is condemnable.

“Recently, the nation woke up only to be greeted by a shoddily rehearsed political melodrama in which elected roles were switched with certain groups of political strangers in order to facilitate the complete take over of the party’s structures ,and its political appurtenances .

“This total surrender ,and capitulation is without.any known precedent in our democratic journey to constitutional order.

“We have, therefore, strongly resolved, and collectively determined to challenge this affront and ensure that the party’s laid down rules, and stipulated provisions are respected and strictly adhered to by all those who belong to it.

” It gives us enomous pain to inundate you with these scandalous happenings in our party, but we have been left with no other option to take in defence of our inalienable constitutional rights as evident in the prevailing situation we now find ourselves in the party”, Bala Gombe stated .

While expressing strong and unflinching commitment towards restoring sanity in the party, the former Deputy National Chairman noted that the party’s constitution clearly spells out the guidelines.for leadership succession.

“In the circumstances, and also in furtherance of my constitutional mandate as the duly elected Deputy National Chairman of our party, I now assume my constitutional duty and responsibility as the interim National Chairman of our great party”, Bala Gombe affirmed.

Three Parties Lose As Appeal Court Upholds Aiyedatiwa As Ondo Gov.

Ayodele Oni

July 31, 2025

By Ayodele Oni

The Court of Appeal, sitting in Akure, on Thursday, affirmed the election of Lucky Aiyedatiwa and Dr. Olayide Adelami as the Governor and Deputy Governor of Ondo State.

This followed the dismissal of the appeals of some political parties against the judgment of the Ondo State Governorship Election Petitions Tribunal of June 4, 2025, which affirmed the election of the All Progressives Congress (APC) candidates.

The People’s Democratic Party (PDP), African Democratic Congress (ADC), Allied People’s Movement (APM) and Social Development Party (SDP) had filed appeals against the judgment of the tribunal, asking for the invalidation of the November 16, 2024 governorship election.

However, the three Justices, Justice Nimpar Yargata, Justice K.I. Amadi and Justice I.M. Sani, unanimously struck out the appeals, one after the other, for not substantiating the claims of non compliance with the Electoral Act.

The Justices held that the appellants failed to prove their allegations against the election as they did not show how their claims affected the election in the various polling units, wards and local government areas where the election took place.

The appellate court also ruled that the parties abandoned their cases as there were no credible witnesses called at the tribunal to back up their claims of widespread irregularities in the various polling units.

The court therefore affirmed the judgments of the tribunal on all the cases and declared Dr. Aiyedatiwa and Dr. Adelami as the elected Governor and Deputy Governor of Ondo State, giving cost of N1.5m against the appellants.

Reacting to the judgment, Governor Aiyedatiwa described it as a welcome development, commending the Appeal Court justices for the painstakingly going through the cases and delivering detailed unanimous judgments.

Governor Aiyedatiwa expressed gratitude to God and the people of Ondo State, adding that the judgment of the Appeal Court has reaffirmed the will of the people.

He said: “I give glory to Almighty God who orchestrated this journey from the beginning and used the good people of Ondo State.

“Over 366,000 residents gave us their mandate on November 16 last year to continue governing this state as the seventh democratically elected governor.

“That mandate was validated by the tribunal and has now been reaffirmed by the Appeal Court. While some political parties tried to overturn the people’s decision through the backdoor, the judiciary has fulfilled its role by upholding the choice made by the majority of voters across the 18 local government areas of the state.”

Kwara: Ilorin High Court Passes Death By Hanging Sentence On Killer Of 24 Years Old Student, Hafsoh

Ayodele Oni

July 31, 2025

Hafsoh Yetunde Lawal and Abdulrahman Bello

By Ayodele Oni

Abdulrahman Bello, the killer of Hafsoh Yetunde Lawal, a 24-year-old final year student of Kwara State College of Education, Ilorin has been sentenced to death by hanging.

The judgement was delivered by Justice Hannah Olushola Ajayi of the Kwara State High Court sitting in Ilorin, Thursday.

Delivering judgment, Justice Ajayi condemned the killing as an extreme act of human wickedness, noting that evidence presented in court proved that Bello murdered Hafsoh for ritual purposes and the human body parts trade.

Honourable Justice Ajayi , in his ruling held that the convict is sentenced to death by hanging for culpable Homicide, and possession of human Parts;

Justice Ajayi described the convict’s action as “the highest degree of human wickedness.

“The confession of love and plans to marry her were concocted lies to lure the victim to his residence. The killing was cruel, wicked, and an extreme display of human wickedness,” the judge said.

The incident happened on February 10, 2025, at the Olunlade area of Ilorin, when Bello invited his acclaimed girlfriend, Hafsoh Lawal, to his residence.

According to court findings, Bello had sexual intercourse with the victim before killing and dismembering her body.

The four other suspects, Ahmed Abdulwasiu ‘M’, 41 years; Suleiman Muyideen ‘M’, 28 years; Jamiu Uthman ‘M’, 29 years; and Abdulrahmon Jamiu, ‘M’, 31 years, were however discharged and acquitted.

Anambra Gov. Polls: “Obi, Obidients Will Be Defeated” – APGA

Suleiman Anyalewechi

July 31, 2025

By Suleiman Anyalewechi

The All Progressive Grand Alliance, APGA, has described as a mere wishful thinking, and at best, political hallucination, Peter Obi’s recent promise to mobilize over two million votes for the Labour Party, LP, Candidate, Chief George Moghalu in the Anambra Governorship election scheduled for November 8, 2025.

The party questioned the political influence of the LP presidential candidate in the 2023 general elections given the political equation of the State.

In a statement the National Coordinator of the APGA Media Warriors Forum, Chinedu Obigwe , the ruling party in Anambra State insisted that Obi’s remarks which it claimed was made during the flag off of the electioneering campaigns of the LP flag bearer, penultimate week, is “an empty propaganda from a headless mob of Obedients.

Obigwe noted that the Obedients are completely incapable of unsettling the political balance in Anambra State, and or even mount any significant electoral challenge.

“As far as the November 8, Governorship election is concerned ,Peter Obi ,and his so-called headless Obidient mob can not achieve anything”

“Anambra people are wiser now, and will not be misled into making a regrettable mistake at the polls.”

For the records ,in 2017, Peter Obi backed Oseloka Obaze against then Governor Willie Obiano ,and suffered a defeat, including losing in his Anaocha Local Government Area .

In that election, APGA won in all 21 Local Government Areas of the State, thereby underscoring the party’s dominance in Anambra’ State.

” Fast forward to 2021 , when Prof Charles Chukwuma Soludo’ ran for Governor, Obi, again threw his weight behind Valentine Ozoigbo, and campaigned vigorously across the State.

Yet, he lost to Prof Soludo who won 19 out of the 21 Local Government Areas , including Anaocha ,Obi’s home base”,the APGA Media Warriors Forum stated.

The Forum National Coordinator expressed the belief that Obi’s political trajectory and influence have proven so ineffective in the State, that he cannot meaningfully determine where the pendulum will swing.

According to Obigwe ,there is little or nothing Obi can do to sway victory the way of Moghalu ,the LP candidate , noting that Governor Soludo’s remarkable achievements have made him the candidate to beat on November 8 2025.

Obigwe also dismissed the possibilities of any strong impact from the alliance entered into between the LP flag bearer and some political figures in the state.

“Senators Victor Ume and Tony Nwoye ,who have promised George Moghalu heaven on earth ,are just deceiving him. Anambra’ people know better, and will not take these two people seriously.

“Governor Soludo’s second term is already a done deal. Anambra’ people are satisfied with his performance . Come November 8 ,2025 Peter Obi and his headless Obedients will be treated to another round of humiliation” Obigwe asserted.

MOUN Debunks Claim Charly Boy Gave Out 2,500 Motorcycles To Association

Akinwale Kasali

July 31, 2025

By Akinwale Kasali

Contrary to claims that Charles Oputa, popular as Charly Boy, donated 2,500 Motorcycles to the Motorcycles Operators Union of Nigeria, MOUN, as empowerment, following the Ambassadorial Partnership between him and Bajaj Company, there was no such donation, it has been revealed.

Comrade Ade Ikuesan, MOUN National Secretary, said such reports were figments of imagination, adding that the MOUN leadership is not aware of any such gesture from Charly Boy to 2,500 of its members.

In an interview with Ikuesan by Irohinoodua, he said: “This is not true. We have a strong Union, and if such a significant event happened, we would know”, Ikuesan stated.

He further added that Motorcyclists known in local parlance as Okada Riders in Lagos had been used to Second Pedro Bus Stop until Charly Boy came and removed the name and inserted his.

He also added that many Okada Riders were worried about the morality and unpleasant image Charly Boy represents, and the negative impact on their Children and society at large.

According to Ikuesan, “No single individual in Nigeria has ever given 500 Okada to our Members not to talk of 2,500.

“We urge flippant commentators not to drag our Union into their parochial battle. Charly Boy is not our member, he only recruits some of our members anytime he wants to organize rallies for a stipulated fee”.

Ikuesan urged journalists to always investigate their stories and not to rely on rumours or hearsay.

An analyst, had, on national television, made the claim of tye donation by Charlie Boy to Bariga youths.

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