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FinBank Posts N2.3bn Profit

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FinBank Plc has announced its financial performance in the half year ended June 30, 2010 with a record improvement in profit after tax of N2.3 billion, and N2.2 billion recorded in the half-year result for 2009.

The June 2010 financials of the bank, which was made available to The Guardian, indicates gross earnings of N22.05 billion and a rise in deposit base to N220.20 billion, a 12.01 per cent growth when compared with the N196.43 billion deposit base in December 2009.

FinBank’s records, which is the second quarterly results to be published since the CBN intervention and institution of the turnaround managers in August 2009 appears to have settled on the path of stable profitability as it significantly reduced its operating expenses to N10.89 billion in June 2010, indicating a 32.78 per cent decrease against the N14.46 billion expended in the corresponding period of 2009.

Total assets of the bank also increased to N195.76 billion in the financial period under review, reflecting a 24.02 per cent rise over the December 2009 level of N157.84 billion.

The current financial performance of the bank is accentuated further on account of the bank’s adequate provision for a N152 billion non-performing loans and advances in the last financial year.

According to the statement, the provisioning was done as part of the bank’s determination to comply with the CBN policy that banks should make full disclosure of their risk assets and provide adequately for them.

It added that, FinBank have also fully adopted the Modified International Financial Reporting system, which the CBN urged all banks operating in Nigeria to adopt, with effect from December 2009.

FinBank’s outstanding financial result has clearly distinguished it as the first among its peers of affected banks to post positive results, placing it among the league of stable banks in the country.

An inside source, who pleaded anonymity, revealed that some of the turnaround strategies that have led to the sharp recovery and profitability of the bank include the new executive management’s insistence on high standards and practices, as well as, a renewed culture of providing efficient and reliable banking services to the teeming customers of the bank.

He further revealed that the executive management sent by the CBN has insisted on transparent reporting and timeliness of reporting which has improved the bank’s operation and positioned it on a path of sustainable growth and profitability.

Meanwhile, market analysts are of the view that FinBank’s half year result, which places it among the profit making banks in the country will be enhanced after the recapitalisation exercise, adding that it can only get better in view of the bank’s enhanced fundamentals.

According to them, the result clearly explains why the bank continues to be the toast of both international and local investors, who are determined to participate in the bank’s quest to increase capital.

On the other hand, the management of the bank has expressed its commitment to continue to maintain the performance by further intensifying efforts in the areas of cost containment, enterprise risk management, corporate governance and process improvement.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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