Business

Nine Nigerian Banks Earn N4.85 Trillion On Loan Charges

Published

11 months ago

January 2, 2025

Nigerian banks collectively earned N4.85 trillion in interest income on loans and advances to customers in the first nine months of 2024, according to DAILY POST.

This is according to separate financial records of the nine banks, including Access Holdings, Zenith Bank, First Bank Holdings, Guarantee Trust Holdings, Fidelity Bank, First City Monument Bank Group, Stanbic IBTC Holdings, Wema, and Sterling Bank.

The figure marked a growth of 114.95 percent compared to N2.26 trillion recorded in the same period of 2023.

Individual bank analysis showed that Access Holdings led the industry with N1.13 trillion in interest income as of September 2024, up from N458.41 billion in the corresponding period of 2023. The 146.4 percent surge reflects the bank’s lending strategy and expansion of its loan portfolio.

Zenith Bank followed closely, reporting an interest income of N1.07 trillion, more than doubling its N408.66 billion figure from the previous year, representing an increase of 161.8 percent.

FBN Holdings earned N915.35 billion in interest income year-to-date in 2024, a 128.1 percent increase from N401.33 billion recorded in the same period of 2023.

Fidelity Bank recorded an interest income of N450.00bn, up from N260.51bn in 2023. The 72.7 percent growth reflects the bank’s efforts to deepen its presence in the corporate and retail lending markets.

Guarantee Trust Holding Company reported an interest income of N392.33bn, an 84.8 percent rise from N212.30bn in the prior year.

FCMB Group generated N317.53bn in interest income, up from N183.55bn in 2023. This 73 percent increase is attributed to its targeted approach to scaling its credit portfolio to meet customer needs.

Stanbic IBTC Holdings recorded N283.95bn in interest income as of September 2024, representing a growth of 81.7 percent from N156.24bn in the same period of the previous year.

Wema Bank posted an interest income of N149.28bn, an increase of 76.8 percent from N84.42bn in 2023.

Sterling Bank recorded N139.86 billion in interest income, up from N90.45 billion in the same period of 2023. This 54.6 percent growth reflects the bank’s focused efforts to grow its credit portfolio despite economic challenges.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

2 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.