Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

FBNQuest Offers Insights on Inheritance Planning

Published

on

Kindly share this post

In line with a commitment to equip individuals with effective tools for generational wealth transfer, FBNQuest Trustees, a subsidiary of FBN Holdings Plc has stepped forward to offer expert guidance on Inheritance Planning as an important requirement for successful wealth transfer.

Through the Legacy Series, FBNQuest aims to help individuals understand how to plan for the protection and seamless transfer of their assets during their lifetime and after.

The Legacy Series is delivered in line with the organisation’s commitment to educate individuals and improve the understanding of the concepts of Estate Planning, so individuals are empowered to identify opportunities, protect their investments, and efficiently transfer their assets to their loved ones.

Commenting on the importance of Inheritance Planning, the Managing Director of FBNQuest Trustees Adekunle Awojobi stated: “The Legacy Series remains our contribution to broader efforts to demystify Estate Planning.

We believe there are several opportunities individuals and investors are simply unaware they can take advantage of through FBNQuest Trustees, and we are committed to driving that awareness and providing strong support.

“Through the Legacy Series we have continued to drive this message, as Inheritance planning must be an integral part of everyone’s plan – even if it’s one’s first property or major asset”.

To educate the public on the principles of Inheritance Planning, the firm hosted a webinar themed How to protect your own: Inheritance Planning Explained, where experts offered insights on the benefits of Inheritance Planning, Estate Planning, Wills and Trust. They also emphasized the fact that young adults should start thinking of setting up a Trust to protect their loved ones.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Fidelity Bank’s Gross Earnings Hit N315Bn

Published

on

Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,
Kindly share this post

Fidelity Bank Plc has recorded gross earnings of N315.4bn for the first quarter ended 31 March 2025, representing a 64.2 per cent increase from the N192.1bn reported in the corresponding period in 2024.

Fidelity Bank’s Gross Earnings Hit N315Bn

Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,

According to the bank’s unaudited financial statements filed with the Nigerian Exchange Limited, the impressive performance was driven by significant growth in interest income, foreign exchange revaluation gains, and higher fee and commission income.

Interest and similar income calculated using the effective interest rate method rose by 58.1 per cent to N256.1bn in the period under review, up from N161.9bn in the same quarter of 2024.

Additionally, the bank earned N25.4bn from other interest and similar income, compared to N8.2bn in the corresponding quarter of the previous year.

Despite a 28.5 per cent increase in interest expense to N90.7bn from N70.5bn, net interest income climbed to N190.8bn, reflecting a 91.5 per cent growth from N99.6bn in the same quarter last year.

Fidelity Bank recorded a credit loss expense of N6.3bn, a decline of 49.2 per cent compared to the N12.4bn reported in Q1 2024. Consequently, net interest income after credit loss expense rose to N184.5bn from N87.3bn.

The bank also saw growth in its non-interest income. Fee and commission income increased to N23.8bn, up from N18.3bn in Q1 2024.

Foreign currency revaluation gains contributed N9.8bn to earnings, representing a 200.8 per cent increase from N3.3bn in the same period last year.

On the cost side, operating expenses remained elevated. Personnel expenses rose to N19.7bn from N14bn, while depreciation, amortisation, and impairment increased significantly to N8.7bn from N2.2bn. Other operating expenses also grew to N87.5bn from N52bn.

Despite the cost pressures, the bank posted a profit before income tax of N105.8bn, more than doubling the N39.5bn recorded in the same period last year. After a tax charge of N14.7bn, profit for the period stood at N91.1bn, marking a 190 per cent increase compared to N31.4bn reported in Q1 2024.

Earnings per share rose to 181 kobo from 98 kobo in the corresponding quarter.

The bank’s total comprehensive income for the period rose to N101.6bn, up from N35.8bn in Q1 2024, bolstered by exchange differences on translation of foreign operations and revaluation gains on debt instruments.

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

SEC Uncovers Tofro, another Suspected Ponzi Scheme

Published

on

Kindly share this post

Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).

SEC Uncovers Tofro, another Suspected Ponzi Scheme

The commission raised the alarm in a notice issued on Thursday and made it available to the newsmen.

The commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.

SEC said that the suspected investment platform holds itself out as a cryptocurrency trading platform, adding that such an investment scheme is not registered by the commission.

It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme.

 

According to the SEC, it promises unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.

SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such an investment with the entity does so at their own risk.

The notice reads, “The attention of the Securities and Exchange Commission has been drawn to the activities of an online platform known as TOFRO.COM (Tofro), which holds itself out as a cryptocurrency trading platform.

“The Commission hereby informs the public that the Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.

“Investigations have revealed that Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.

“Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such investment with the entity does so at his/her own risk.

“The Commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.”

 


Kindly share this post
Continue Reading

E-Financial

DBN to Invest $2.5m in Proposed Youth Entrepreneurship Investment Bank

Published

on

Kindly share this post

The Development Bank of Nigeria (DBN) has received shareholders’ approval to invest $2.5 million or 25% equity stake in the proposed Youth Entrepreneurship Investment Bank (YIB) — a new investment vehicle designed to provide equity funding to youth-led businesses in Nigeria.

The approval came during the bank’s 8th Annual General Meeting (AGM) which was held in Abuja.

The move is a strategic step aligned with the bank’s broader mission to support Micro Small and Medium Enterprises (MSMEs), job creation and entrepreneurship among Nigeria’s youth.

According to Tony Okpanachi, DBN Managing Director, Youth Entrepreneurship Investment (YIB) is not a conventional bank. It is an investment vehicle that will deploy equity into promising youth-owned enterprises.

“This is about backing ideas and unlocking growth through long-term capital — not debt,” Okpanachi told journalists after the AGM.

The initiative is a partnership between DBN, the Nigeria Sovereign Investment Authority (NSIA), and the African Development Bank (AfDB), with additional backing expected from development finance institutions.

The African Development Bank (AfDB) is currently in discussion to provide debt financing, which would bolster the capital available to the vehicle without diluting equity.

“This $2.5 million is DBN’s initial stake,” Okpanachi said. “We are co-investing alongside NSIA, and this sets the stage for broader institutional participation — both local and global.”

YIB aims to fill a critical funding gap in Nigeria’s startup ecosystem. While the country has a vibrant pool of young entrepreneurs, access to early-stage funding remains limited. Many businesses rely on short-term loans or informal capital, which often constrains scalability and long-term planning.

Okpanachi emphasised that YIB’s structure is deliberately designed to avoid the trappings of a traditional bank.

“This is not a commercial bank. It won’t provide loans or open retail accounts. It’s structured purely as an equity-focused investment vehicle, targeting scalable ventures with strong fundamentals and youth ownership”, he noted.

This will be DBN’s second strategic investment following the establishment of its wholly owned impact credit guarantee subsidiary, which offers partial credit guarantees to MSMEs.

Final structuring of YIB is underway. Following the shareholder greenlight, the promoters are now coordinating with the relevant stakeholders to complete incorporation, legal frameworks, and capital mobilisation.

“We expect all groundwork to be finalised by the end of this year. With operations likely to begin by early 2026,” Okpanachi disclosed.

The move comes amid growing concerns over Nigeria’s rising youth unemployment rate.

By investing directly into youth-led businesses, DBN and its partners aim to accelerate job creation, promote innovation, and catalyse broader economic development.

“There’s already strong interest from global players,” the MD noted, though he declined to name institutions due to ongoing negotiations.

“What we are doing is laying the foundation. YIB will serve as a credible, well-structured platform to crowd in institutional capital and scale youth-driven entrepreneurship.”

He added that YIB is not a one-off initiative but part of a long-term strategy to create sustainable investment channels focused on Nigeria’s demographic dividend.

“This is more than a financial transaction,” Okpanachi said. “It is a statement of intent. We believe in the entrepreneurial potential of Nigerian youth — and we are backing that belief with real capital.”

 


Kindly share this post
Continue Reading

Trending