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FCMB Declares N4.8bn Profit for the Year Ended April 2009

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First City Monument Bank Plc (FCMB) has released its financials for the year ended April 30, 2009 and two subsequent quarters up to October 31, 2009 declaring profit before taxation of N4.8 billion for the financial year ended April 30, 2009 and a year to date loss of N479 million for six months ended October 2009.
The audited result for the financial year ended April 30, 2009 recorded a 36 percent growth in gross earnings at N71.66 billion. However, Profit before tax fell by 77 percent to N4.77 billion compared with N20.52 billion achieved in the preceding year.
A statement issued by the bank said the major contributing factor to this was the significant loan loss provision of N21.9 billion. “This amount was a result of the N7.9 billion provisions as determined by the bank and additional provisions of N14 billion representing 58 per cent the amount advised by the CBN stress test on the bank’s loan portfolio as at June 30th 2009”, the bank explained
Total provisions from the CBN exercise was N24 billion. The balance of N10 billion was recognised in Q1 (ended July 2009) of the current financial year.
For the full financial year, total assets grew by 10 percent from N467.34 billion to N515.60 billion. Deposits grew by 28 percent in the year from N251.22 billion to N321.22 billion. Loans grew by 45 percent from N189 billion to N273 billion. Nonperforming loans rose to 10% of total loans as a result of the stress test.
The bank also simultaneously released Q1 (31st July 2009) and Q2 (30th October 2009) results. The latter showed that whilst the balances of the provisions of N10 billion were made in July 2009, recoveries of provisions totalling N5.2 billion have been made between September 1st and October 30th. Year to Date loss was N479 million, which suggests barring any unforeseen circumstances the eight months period ending December 31st 2009 should close on a positive note. Management also expects that further recoveries will be recorded in the remaining months of the year.
For the six months period, gross earnings were down by 13 percent, while operating income was down 28 percent from same period of year. This is largely attributable to the slowdown and suspension of interest income on non performing loans. Nonetheless, capital adequacy remains extremely buoyant at 31 percent. With the special audit and provisions now behind the bank, the bank will continue its recovery drive on provisioned accounts which is expected to yield further positive results and resume profitable volume growth in 2010.
The bank also explained that appropriation of profit for the financial year ended April 2009, whether to cash dividend, bonus or transfer to reserves will be communicated as soon as the CBN approval is received on this item.

 


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MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

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MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.

MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

MultiChoice

The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.

MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”

Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.

According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”

The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.

 


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Nigeria Police suspends tinted glass permit enforcement over court injunction

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Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Nigeria Police suspends tinted glass permit enforcement over court injunction

Tinted glass permit

The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.

An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.

Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.

The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.

IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.


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NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

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Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.

According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.

The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.

Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.

He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.

Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.

In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.

Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.


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