Business
2009 Balance Sheets Show Losses For More Banks
In what could be said to be a dismal performance from the banking sector, investigations have revealed that most of the banks have posted losses in their 2009 balance sheet.
Reasons for these losses, it has be identified is not because there were no improvements in fundamental performances like increase in gross earnings or deposits, but because they are now forced to keep the records straight in the spirit of full disclosures and transparency.
Consequently their bottom line have caved in, making most of the banks to announce huge losses. Even those that did not make losses have their profit seriously reduced.
For instance, Access Bank has made loan provisioning to the tune of N30.89 billion while Citibank provided for N320 million. Other include Diamond Bank which provided for N24.6 billion, Ecobank N33.39 billion, while FCMB provided N21 billion.
Also Fidelity made provision for N1.9 billon, First Bank (N29.50 billon), GTB (N24.96 billion) Stanbic IBTC (5.90 billion) Skye Bank (N32 billion), Sterling Bank (10.80 billion), UBA (N41.64 billion) and Zenith (N24.14 billion).
Apparently because of these provisioning, Intercontinental Bank, Oceanic Bank, Afribank and Union Bank recorded losses of N328.4 billion respectively.
Also, Bank PHB, Spring Bank and Finbank made losses of N438.65 billion, N23.30 billion and N200.68 billion each.
The latest victim to the recent banking reform is Wema Bank, where in spite of 82 per cent growth in gross earnings, the bank posted a loss in its nine months financials.
It said recently that the previous challenges faced by the bank had no doubt impacted adversely on its businesses as shown by the weak financial performance reported in its published accounts. It disclosed further that a major challenge for the bank was the quantum of non-performing loans and advances to the sum of N116.355 billion, which have been provisioned in the accounts and led to erosion of its capital base.
Segun Oloketuji, the bank’s group managing director, revealed that despite the bank’s gross earning growth of N23.683 billion, which is about 82 per cent against to previous year, the increase could not be reflected on the bank’s nine months balance sheet.
Oloketuyi however, attributed this dismal performance to the previous challenges faced by the bank, said a major challenge for the bank was the level of non-performing loans and advances.
The group managing director recalled in a statement that the issues that the bank faced in the last two years had necessitated in the intervention of the Central Bank of Nigeria (CBN) to appoint an interim management board to oversee the operations of the bank, and that after 18 months the interim board would hand over responsibility for the management of the bank to current management team.
“The release of these results mark a fulfillment of the new management’s commitment to transparency adherence to regulations and sound corporate governance practices.
“However, in this challenge lies our greatest opportunity to recapitalise the bank through the bold initiatives that the board and management have taken to recover these non-performing loans. We are pleased by the result achieved so far.
A significant amount of recoveries have been made post September 30, 2009 balance sheet date.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos