Business
Seven Banks Rake In N403.6bn From Fees, Commissions
Seven deposit money banks in Nigeria generated the sum of N403.6 billion in nine months from fees and commissions, financial statements of the banks for the third quarter of this year have revealed.
This amount is 24.7 per cent higher than the N303.9 billion recorded in the same period of 2020 by the banks.
The banks are Access Bank Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, Guaranty Trust Bank Limited, United Bank of Africa Plc, Fidelity Bank Plc and Union Bank of Nigeria Plc.
The N403.6bn was arrived at after aggregating the net fee and commission income.
Fees and commissions account for a significant percentage of non-interest income for banks, and represent income from account maintenance fees, electronic banking fees, and other credit-related commissions.
Net fee and commission income is the actual revenue generated from these charges after expenses incurred from providing the services have been deducted.
Access Bank raked in a total of N88.9 billion as against N71.8 billion generated during the same period in 2020.
The bank’s financial report also showed that it made N16.2 billion from account maintenance and handling commission, and the sum of N46.3 billion from channels and other e-business fees.
During the review period, Zenith Bank made N65.1 billion from fees and commissions, 47.2 per cent higher than the N44.2 billion generated in the corresponding period of the previous year.
The bank made N24.2 billion from current account maintenance and N23.9 billion from fees on electronic products.
UBA generated N110.9 billion, N25.9 billion higher than the N85bn made in the nine-month period of 2020. It made N7.1 billion from account maintenance charges and N41.9bn from e-business fees.
Stanbic’s net fee and commission revenue of N60.9 billion rose by 13.1 per cent from the N52.9 billion generated in the corresponding period of 2020.
Account maintenance fees accounted for N3.7 billion while electronic banking charges accounted for N2.5 billion of the total fees and commission income.
According to the financial statement of GTB, N51.8 billion was generated between January and September from fees and commissions, a N19.1billion jump from the revenue recorded in the same period of 2020.
The bank disclosed that the sum of N13.1 billion was generated from account maintenance fees while e-business fees produced N15.6 billion.
Union Bank raked in N10.3 billion from fees and commission in the period under review. Account maintenance fees accounted for N1.7 billion while electronic bank charges contributed N6.7 billion.
Fidelity Bank generated a total of N15.7 billion in the three quarters, rising by N5.6 billion in the same period a year earlier.
The bank made N2.8 billion from accountant maintenance fees and N6.7 billion from e-business fees.
On January 1, 2020, the apex bank ushered in a new regime for bank charges. The changes to its guidelines mostly affected things like card maintenance fees, charge for hardware tokens and the amount that can be paid for electronic transfers.
In a circular dated December 20, 2019, the CBN placed N2,500 as the maximum cost for a hardware token.
It also said that bills payment including bills payment through other e-channels should cost a maximum of N500, and gave a range of costs for electronic funds transfer.
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