NEWS
FCMB Records N111.9bn PBT in 2024
First City Monument Bank recorded a Profit Before Tax (PBT) of N111.9 billion for the financial year ending Dec. 31, 2024.
This was confirmed in a corporate statement released through the Nigerian Exchange Ltd.
The statement revealed that PBT grew by 71 per cent, impacted by a 56.
6 per cent decline in revaluation income and a 1. 9 per cent fall in Net Interest Margin.The Group’s gross revenue stood at N794.4 billion for the period ending December 2023, marking a 53.9 per cent increase from N516.4 billion in the previous year.
This growth was driven by a 75.
2 per cent rise in interest income and an 8.7 per cent increase in non-interest income.Non-interest income growth was constrained by a 55.7 per cent year-on-year drop in other gains, from N89.3 billion to N39.6 billion.
Net interest income rose by 27.6 per cent, from N176.6 billion in the prior year to N225.3 billion by December 2024.
Yield on earning assets improved to 16.2 per cent. However, Net Interest Margin declined by 1.9 per cent due to a 122 per cent rise in funding costs.
Operating expenses increased by 45.7 per cent year-on-year to N229.1 billion, driven by higher personnel costs, regulatory costs, foreign currency-linked expenses, and inflationary pressures.
The cost-to-income ratio closed at 59.9 per cent for the period ending December 2024.
Net impairment loss on financial assets declined by 30.7 per cent year-on-year to N41.2 billion, down from N59.5 billion, lowering the cost of risk to 1.8 per cent from 3 per cent.
The Group’s divisions recorded year-on-year growth, with consumer finance rising by 83.5 per cent and investment management by 27.9 per cent, while the banking group declined by 7.7 per cent.
Group earnings remained diversified, with non-bank subsidiaries accounting for over 30 per cent of profits.
Loans and advances increased by 28 per cent year-on-year from N1.84 trillion to N2.36 trillion at the end of December 2024.
Total assets grew by 59.5 per cent year-on-year, from N4.42 trillion to N7.05 trillion at the end of December 2024.
Customer deposits rose by 39.4 per cent year-on-year, reaching N4.30 trillion from N3.08 trillion by December 2024.
On recapitalisation, the statement read, “In line with the CBN’s directive, the Group focused on strengthening the banking franchise and building a more resilient balance sheet in 2024.
“We completed the first phase of our capital-raising programme, securing N144.6 billion through a public offer. This doubled issued shares from 19.8 billion in 2023 to 39.6 billion in 2024, impacting EPS.
“Subsequent phases of FCMB Group’s capital programme are in progress to ensure First City Monument Bank Limited meets the minimum capital requirement to retain its International Banking License.
“The capital injection has enabled First City Monument Bank Ltd. to secure its National Banking License and raise its capital adequacy ratio to 18 per cent.
“This has created essential buffers to support asset creation in select segments.” (NAN)
NEWS
Customs, American Business Council Deepen Trade Collaboration
By Tambaya Julius, Abuja
The Nigeria Customs Service (NCS) and the American Business Council (ABC) have reaffirmed their commitment to strengthening trade relations and addressing bottlenecks affecting business operations through sustained public-private sector engagement.
The resolution was reached during the quarterly meeting held on 16 June 2026 at the Service Headquarters in Abuja, where discussions centred on improving trade facilitation, enhancing security, and promoting stronger economic ties between Nigeria and the United States.
Speaking during the meeting, the Comptroller-General of Customs (CGC) Adewale Adeniyi stressed the importance of regular consultations with stakeholders, noting that the engagement would be institutionalised as a permanent feature of the Service’s calendar.
“It is our intention that we will institutionalise this as a permanent feature of the Customs calendar because of the importance we attach to this kind of engagement,” Adeniyi said.
CGC Adeniyi also briefed participants on developments in key trade facilitation initiatives, including the Advance Ruling system, the Authorised Economic Operator (AEO) Programme, Post Clearance Audit, the B’Odogwu platform, and ongoing improvements in scanning integration and cargo clearance procedures aimed at enhancing operational efficiency.
Members of the American Business Council welcomed the reforms and commended the Service’s efforts, while also calling for quicker mechanisms to address outstanding challenges affecting businesses.
President of the American Business Council, Nneka Enwereji, described the meeting as productive and praised the Customs leadership for its commitment to improving the ease of doing business in the country.
“This session has been phenomenal and demonstrates your commitment to improving ease of doing business. You have raised the bar, and there is a lot that can be learned from this,” she said.
NEWS
NCS, UAE Customs Foil Tramadol Smuggling Attempt
By Tambaya Julius, Abuja
In collaboration with international partners, the Nigeria Customs Service (NCS) has foiled an attempt to smuggle a large consignment of Tap Tramadol 250mg through the Murtala Muhammed Area Command (MMAC).
The intercepted shipment was formally handed over to the National Drug Law Enforcement Agency (NDLEA) on Thursday, 11 June 2026, for further investigation and action.
Speaking during the official handover ceremony, the Customs Area Controller (CAC), Comptroller of Customs, Godwin Otunla, noted that the operation reflects the NCS’s sustained efforts to combat the trafficking of controlled substances that pose serious threats to public health and national security.
He commended the officers of the Special WILD Office of the NCS Intelligence Unit for their professionalism and timely intelligence, which played a critical role in the successful interception. He also praised the dedication and teamwork of officers and men involved in the operation.
The CAC further acknowledged the technical support and cooperation received from the United Arab Emirates’ Customs. “Their assistance was instrumental in identifying and intercepting this illegal shipment, further demonstrating the importance of international collaboration in the fight against transnational crime,” he said.
The CAC further reaffirmed the NSC’s commitment to strengthening inter-agency collaboration and intelligence-driven operations in the collective interest of national security.
NEWS
Police Detain Actor Ugezu Ugezu for Defamatory Facebook Post against Prince Daniel Kanu
By David Torough, Abuja
Actor and social commentator Ugezu J. Ugezu, was detained by the Nigeria Police Force following an investigation into an allegedly defamatory social media publication in which he claimed that international businessman and philanthropist Prince (Hon) Daniel Kanu had been arrested, prosecuted and imprisoned in the early 2000s.
The investigation was triggered by a petition filed by Kanu on March 23, 2026, alleging that the Facebook publication contained false and malicious claims intended to damage his reputation.
The petition accused Ugezu of criminal defamation, cyberbullying and cyberstalking, prompting investigators at the Nigerian Cybercrime Centre (NCCC) in Abuja to invite the actor for questioning.
According to our sources, Ugezu honored an invitation from investigators at the NCCC in Abuja on June 3, 2026, where he was questioned over the source of the claims contained in his Facebook post.
During the interrogation, Ugezu allegedly told investigators that the information had been obtained from the internet. However, he was reportedly unable to provide any credible or verifiable source to substantiate the claims when pressed by investigators. He also reportedly stated his intention to apologize to Kanu for the false publication once he was released from police detention, adding that his objective in publishing the post was to advise young people to make responsible life choices.
Police subsequently detained Ugezu after questioning him.
According to accounts from a source that preferred anonymity, the actor was later granted administrative bail, but had to be transferred to the detention facility of the Federal Criminal Investigation Department (FCID) after he failed to satisfy the conditions attached to his bail.
Sources close to the matter said that although Ugezu admitted authoring the false publication and later issued an apology following his detention, the statement stopped short of a clear retraction of the allegations or an unequivocal acknowledgment that the publication was false as he had previously admitted during police interrogation.
They maintained that the apology did not sufficiently repair the damage allegedly caused to Kanu’s reputation.As a result, Ugezu has been invited to report to the police in two weeks for further interrogation.
Those familiar with the matter said the action is intended not only to clear Kanu’s name but also to reinforce accountability for the publication of unverified allegations on digital platforms.
In an earlier statement responding to the controversy, Kanu categorically denied ever being arrested, charged, tried or imprisoned in Nigeria or any other jurisdiction. He described the claims circulated on social media as “patently false, malicious and defamatory” and insisted they were part of a deliberate attempt to destroy his reputation.
He also emphasized his record as an entrepreneur and philanthropist with investments and youth empowerment initiatives across Nigeria.
At the time of this report, neither Ugezu nor his representatives could be reached for comments on the investigation.
The dispute adds to growing concerns over the spread of unverified information on Nigeria’s social media space.The investigation remains ongoing.
Our source says the police have assured Prince Kanu that complaints of cyberbullying and related offences are taken seriously and will be thoroughly investigated.
They further stated that the outcome of the probe will determine whether additional legal or administrative steps will be taken in connection with Ugezu’s publication.


