Business
Skye Bank, Sterling Bank Lose N18bn To Bad Loans
Skye Bank Plc and Sterling Bank Plc have recorded net loss of about N18 billion as provisions for classified loans ate deep into profitability. Audited report and accounts of the two banks for the 12 month period ended September 30, 2009, showed that the two banks altogether recorded exceptional items totaling N45 billion as provisions and write downs for bad loan assets.
The Central Bank of Nigeria (CBN) has insisted that all banks must fully disclose and make adequate provisions for non-performing loans, a directive that has seen many banks account in the red.
Skye Bank’s report showed a net loss of about N13.3 billion in 2009 as against profit after tax of N15.13 billion in 2008. Pre-tax loss stood at N12.63 billon in 2008 compared with pre-tax profit of N20.45 billion in corresponding period of 2008. The bank, however, expanded the top-line by 36 per cent with gross earnings of N101.45 billion in 2009 as against N74.62 million in 2008.
In the same vein Sterling Bank recorded net loss of about N4.6 billion in 2009 as against net earnings of N6.58 billion in 2008. Pre-tax loss had stood at N4.35 billion in 2009 compared with profit before tax of N7.98 billion in 2008. Sterling Bank also reported marginal increase in gross earnings from N36.30 billion in 2008 to N37.77 billion in 2009.
Both banks indicated that provisions for bad loans adversely affected their performance during the period. Skye Bank indicated that it recorded an exceptional item of N34.18 billion while Sterling Bank reported exceptional item of N10.83 billion. Both Skye Bank and Sterling Bank have been cleared as sufficiently in stable condition for sustainable operations by the recent audits of the CBN. The apex bank had on August 14, 2009 cleared Sterling Bank Plc in the first batch of the industry-wide audit, the same day it took over and replace the management of five banks adjudged to be in grave situation.
The first batch of troubled banks include Union Bank of Nigeria (UBN) Plc, Intercontinental Bank Plc, Oceanic Bank International Plc, Afribank Nigeria Plc and Finbank Plc. The CBN on October 2 released the report of the second batch of its special examination giving nine banks including Skye Bank clean bill of health while taking over the management of three other banks. Two other banks were given deadlines to recapitalize their operations.
The nine banks that were cleared included Access Bank Plc, Citibank Nigeria Limited Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Skye Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Limited and Zenith Bank Plc. All the Public Limited Liability Companies are quoted on the NSE. The apex bank stated that Unity Bank, another quoted bank, was adjudged to have insufficient capital but not in grave situation because it has a healthy liquid position. Both Unity Bank and Wema Bank have been directed to recapitalize their operations by June 30, 2010.
The apex however, took over the management of three other banks including Bank PHB Plc, Spring Bank Plc and Equitorial Trust Bank, bringing to eight total number of banks under the management of CBN appointed management.
Sanusi Lamido Sanusi, governor, Central Bank of Nigeria, has blamed banks for huge concentration of their exposures to the stock market and oil and gas sector, poor corporate government and depleted capital.
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
Business
FG generates N33tn revenue in 10 months – Oyedele
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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