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FCMB Records N9.9bn Net Loss, Proposes Bonus Issue

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14 years ago

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First City Monument Bank Plc has announced a net loss of N9.9 billion for the full year  which ended December 31, 2011.

The bank’s profit after tax, which stood at N7.9bn in December 2010, fell by 225 per cent to a loss position of N9.9 billion.

Explaining the loss on Monday, the company stated that its net revenue of N54bn was affected by a significant impairment charge of N29bn in the fourth quarter of 2011.

The statement said that the loss was due to the underwriting of several share issues, dating back to 2009, and some non-performing loans sold to the Asset Management Company of Nigeria.

“All legacy loans and weaknesses associated with capital market and oil and gas transactions have been fully regularised through sales to AMCON or outright provisioning/ write-offs,” the bank said in a statement.

The results showed that the bank’s gross earnings, however, rose by 28.3 per cent from N62.8bn in 2010 to N80bn in the year under consideration, while its net operating income rose by 34.5 per cent to 53.8bn up from N40.2bn in 2010.

Thus, the bank has proposed a bonus issue of three new shares for every 20 existing shares held by shareholders as at April 2012.

The statement added that the company expected an improved performance in the next quarter on the back of its merger with Finbank.

It said, “Underlying operational performance was strong as evidenced by the growth indices. The bank’s financial health indicators are also in excellent shape as evidenced by its ratios, particularly asset quality, liquidity and capital adequacy.

“Management expects that the first half of 2012 will see continued improvements and is likely to exceed its released forecasts. Management also expects earnings accretion in the second half of 2012, as FinBank merges with FCMB on July 1, 2012.”

The Chief Financial Officer for FinBank, who is also the Integration Director for FinBank and FCMB, Mr. Patrick Iyamabo, was quoted in a statement last week as saying, “We are on track to meet our integration timeline. A rapid integration process will help contain costs, facilitate accelerated earnings accretion and fast track customer benefits.”

He added that the merger would result in some branch overlaps, which would mean limited branch closures. In those instances, he said customers would be able to use nearby branches that would offer best-in-class products, services and technology.

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Kenyan Runners Dominate Berlin Marathons

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8 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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9 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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9 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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