The Chairman of First HoldCo Plc, Femi Otedola, has explained the reason behind the group’s sharp decline of over 90 per cent in its 2025 financial performance. Otedola gave the explanation via his X handle on Saturday, January 31. He hinted that the drop was the result of a deliberate decision to fully recognise legacy …
First HoldCo Plc recorded a sharp decline in profit in 2025, as higher impairment charges and its exit from merchant banking significantly impacted its financial performance. A review of the Group’s unaudited financial statements for the year ended December 31, 2025, shows that profit fell by 93.36% to ₦44.98 billion, compared with ₦677.01 billion recorded …
Wema Bank Plc's non-performing loans (NPLs) dropped to ₦48.20 billion in 2025 from ₦64.99 billion a year earlier. The bank disclosed this in its unaudited financial statements for the year ended December 31, 2025. An analysis of the bank’s loan book shows that its credit-impaired loans, classified as Stage 3 under IFRS 9, fell to …
Chairman of the Nigeria–Türkiye Business Council (NTBC), Dele Kelvin Oye, has urged Turkish investors to leverage Nigeria’s $255 billion market size to expand their industrial and business footprint. He also urged the investors to take advantage of Nigeria's ongoing economic reforms and strategic access to the African Continental Free Trade Area (AfCFTA). He made the …
FCMB Group Plc posted a net foreign exchange loss of ₦14.06 billion in 2025, reversing a ₦36.47 billion gain recorded a year earlier. The lender disclosed this in its unaudited financial statements for the year ended December 31, 2025, released on Thursday. Pinnacle Daily analysis of the results shows that the reversal was largely driven …
The Nigerian Exchange Limited (NGX) has granted 24 months for Multi-Trex Integrated Foods Plc to comply with the free float requirement. Multi-Trex disclosed this in a statement on Thursday signed by its Secretary, Sogunle Adebisi Adekunle. It said the approval followed its application to the NGX for additional time to meet the prescribed free float …
Kaduna, Edo, Katsina, Sokoto and Lagos emerged as the five Nigerian states with the sharpest rise in public debt over the past decade, according to a review of BudgIT’s latest ‘State of States’ report. An analysis by Pinnacle Daily shows that the debt profiles of these states expanded rapidly between 2015 and 2024, reflecting widening …
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) said it has entered into a strategic partnership with the Nigerian Bar Association Anti-Corruption Committee (NBA-ACC) to strengthen Nigeria’s anti-corruption framework. The collaboration was formalised through the signing of a Memorandum of Understanding (MoU) at the ICPC Headquarters in Abuja. This was disclosed in a …
DataPro, a leading Data Protection Compliance Organisation (DPCO) in Nigeria, has projected that 2026 will be a defining year in the country’s data protection evolution. The organisation made this projection in a statement issued on Wednesday to announce its upcoming week-long programme themed ‘Privacy in the Age of Emerging Technologies: Trust, Ethics, and Innovation’. According …
The Central Bank of Nigeria (CBN) has approved the temporary use of expired National Agency for Food and Drug Administration and Control (NAFDAC) licences for import documentation. In a circular issued on Tuesday and signed by the Director of the Trade and Exchange Department, Aliyu Ashiru, the apex bank asked authorised dealer banks to continue …
