General News
FCMB PBT Peaks At N857M
First City Monument Bank Plc (FCMB) has proposed a dividend payout of 5kobo per share for the eight months ended December 2009.
This indication from the bank’s financial results shows Profit Before Tax peaking at N 857 million for the same period. Expectedly and as a result of the significant slowdown in business (particularly in asset creation and capital market activities), the bank witnessed a measure of annualised declines in some of its performance parameters like gross earnings, net operating income and profitability declining by 25%, 33% and 73% respectively.
Commenting on the results, Mr. Debo Adesanya, chief risk officer FCMB said “the bank’s focus, in the course of the last quarter of 2009 and first quarter of 2010, was mainly on recovery of the classified assets following the Central Bank’s Stress Test. This stance yielded positive results, with over N9 billion of the classified assets recovered in 2009, thus leading to an improvement in the non-performing loan (NPL) ratio to 9% by December 2009 from a peak of 15% in October 2009. During the year, there was a deliberate reduction in risk assets to enable the Bank strengthen its credit underwriting process and rebalance its portfolio.
These factors led to about 12% decline in the net risk assets of the Group. Excess liquidity and the desire not to maintain a high level of idle funds made the Bank pay down some tenured funds thus, also reducing the level of deposits by about 17% as at end of December 2009.
The bank’s Shareholders’ Funds grew by 0.7% % to N130 billion (March 2010) and its Capital Adequacy Ratio remains amongst the highest in the industry at 32%, indicating the Bank is well positioned to capitalise on future growth opportunities. An improvement is evident in Q1 2010, where the bank closed with a 32% growth (from December 2009) in Profit Before Tax of N1.1 billion, grew net loans by 17% to N281 billion and saw a further reduction in NPLs to 8%.”
Mrs. Yemisi Edun, the bank’s chief financial officer, Commenting on the future outlook of the Bank said “Our set strategy remains our target of leadership in three profitable niches – Retail Finance, Investment Banking and Transaction Banking. The year 2009 saw several years of very significant investment come to an end.
Whilst many of these investments are yet to attain break even we are very confident that they will and the next few years will see increased profitability with reduced investments. In 2010, the profitability run-rate will continue to improve steadily as the loan book grows and capital market activities gather momentum.
Furthermore, the bank will continue to seek out efficiency gains. 2010 promises to be a vastly improved year, and by 2011 the Bank should be performing significantly beyond the levels attained prior to the downturn in the industry.”
General News
Police Uncover Fake Diplomatic Number Plate Syndicate in Abuja

Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.

Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
General News
Gavi Okays $500m for Vaccines, PHCs in Nigeria

Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.

The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
General News
The Journey to Financial Freedom: Priscilla, a PalmPay Agent Now Owns a Store

For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.

Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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