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  • Foreign lenders sue FBN Trustees, Sulu Gambari overalleged illegal creation of security in Neconde -Nestoil case

    Foreign lenders sue FBN Trustees, Sulu Gambari overalleged illegal creation of security in Neconde -Nestoil case

    A consortium of Foreign financial institutions, Glencore Energy UK Limited, Africa Finance Corporation, Mauritius Commercial Bank, has sued First Bank Nigeria Trustees Limited. The action is filed against both FBN Trustees and their appointed receiver, Abubakar Sulu-Gambari SAN, over what the Foreign Lenders allege is an unlawful attempt to seize control of Neconde Energy Limited’s interests in  Oil Mining Lease 42 (OML 42).

    The Foreign Lenders extended credit facilities to Neconde, with FBN Trustees appointed as security trustee under the agreed terms.

    The International Financiers whose court processes accuse FBN Trustee of an alleged Illegal Grab of Asset and breach of Trust hauled FBN Trustees Limited and its receiver Abubakar Sulu Gambari SAN before the courts, accusing them of a deliberate attempt to unlawfully seize Neconde Energy Limited’s stake in Oil Mining Lease 42 (OML 42).

    The Foreign lenders allege that FBN Trustees abandoned its role as a neutral trustee, ignored binding loan terms, and allegedly acted to  benefit the consortium of Nigerian banks that have no debt claim against Neconde Energy.

    “Trustee Turned Enforcer”

    According to court filings, FBN Trustees was appointed to protect the interests of the Senior Foreign Lenders—international financial institutions and an oil trading company. They allege,  that instead, FBN trustee crossed the line, secretly creating a second, illegal security over Neconde ‘s OML 42 interest without the required consent.

    That consent, the foreign lenders state, was clearly refused.

    Despite this, FBN Trustees allegedly went ahead and executed a deed of charge, a move the foreign lenders describe as unauthorised, unlawful, and a clear breach of trust.

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    No Debt, No Right, No Authority

    The lawsuit stresses that Neconde Energy owes nothing to the Nigerian banks who are now claiming rights over OML 42. The foreign lenders say that this makes the security baseless from the start, and any enforcement action flowing from it legally void.

    They also challenge the appointment of a receiver, arguing it rests on an invalid and manufactured claim.

    High Stakes, Wider Fallout

    Legal experts warn that the case raises serious questions about governance and ethics in Nigeria’s banking and oil sectors. Allegations that a trustee (FBN Trustees) linked to a major bank (First Bank Nigeria Plc) attempted to force control of oil assets are likely to unsettle foreign investors.

    What the Foreign Lenders Want

    The Foreign Lenders are asking the court to cancel the disputed security, remove FBN Trustees and the receiver Abubakar Sulu Gambari SAN and award damages for losses suffered.

    Why It Matters

    OML 42 is a strategic oil asset. The outcome of this case could determine whether trust arrangements in Nigeria can be relied upon—or abused.

    For now, the Foreign lenders’ message is blunt a trustee cannot invent security, ignore contracts, and take assets it has no right to.

  • Injunctive orders against Obaigbena, GHL, others stay, say FBN lawyers

    Injunctive orders against Obaigbena, GHL, others stay, say FBN lawyers

    Six of the injunctive orders made by Justice D. I Dipeolu on December 30 last year against General Hydrocarbons Limited (GHL), publisher of Thisday newspaper, Mr Nduka Obaigbena and other directors of the company were not discharged yesterday by the judge, contrary to claims by the GHL.

    What the court discharged, according to counsel to the First Bank, are two of the eight injunctive orders. Both are Mareva orders.

    The other injunctive orders – 6,7,8,9,10 and 11 were not discharged or set aside, and remain valid and subsisting, the counsel said.

    The orders are as follows:

    •An order of interim injunction restraining the 1st – 4th defendants, agents, servants, officers, privies, subsidiaries, sister companies or any other person natural or artificial howsoever called under the control of the 1st – 4th defendants from transferring or otherwise dealing with any and all of the monies standing to the credit of the 1st – 4th defendants in any account whatsoever maintained by the 1st – 4th defendants with any of the aforementioned Banks wherever situate up to the amount of the plaintiff/applicant’s claim of the total sum of $225,802,379.69 (Two hundred and twenty-five million eight hundred and two thousand, three hundred and seventy-nine dollars and sixty-nine cents) being the indebtedness on the 1st defendant’s account with the 1st plaintiff/applicant as of 30th September, 2024 in respect of the loan facilities granted to the 1st defendant by the 1st plaintiff/applicant, pending the hearing and determination of the motion on notice for interlocutory injunction.

    •An order mandating all the commercial banks in Nigeria to wit: Guaranty Trust Bank Limited; Access Bank Plc; Citibank Nigeria Limited; Carbon Bank; Ecobank Nigeria Plc; Fidelity Bank Plc; First Bank Of Nigeria Limited; First City Monument Bank Plc; Flutter Wave; Globus Bank; Heritage Bank Limited; Jaiz Bank; Keystone Bank Limited; Opay Digital Services Limited; Palmpay Limited; Paystack Payments Limited; Piggyvest; Momo Payment Services Limited; Polaris Bank Limited; Providus Bank; Stanbic Ibtc Bank Nigeria Limited; Standard Chartered Bank; Sterling Bank Plc; Suntrust Bank Limited; Union Bank of Nigeria Plc; United Bank For Africa Plc; Unity Bank Plc; Wema Bank Plc; Zenith Bank Plc and all other financial institutions operating in Nigeria to file and serve on the plaintiffs/applicant solicitors within seven (7) days of serving this court order on them, an affidavit disclosing the sum standing to the 1st– 4th defendants’ credit with a duly certified statement of accounts of the 1st – 4th defendants/respondents in their respective custody from the date of its opening till the date this Order is served on the bank(s).

    •An order mandating the 8th – 13th defendants to file and serve on the plaintiffs/applicants a statement disclosing the quantum of products lifted from the 8thDefendant or OML 120 since the commencement of production in OML 120.

    •An order of interim injunction restraining the 8th to 16th defendants and any other third parties from dealing with any assets and receivables related or connected with OML 120 without depositing the proceeds thereof to the 1st defendant’s account in the 1st plaintiff bank, pending the hearing and determination of the motion on notice for interlocutory injunction.

    •An order of interim injunction restraining the 1st, 2nd, 3rd and 4th defendants whether by themselves, members, shareholders, agents, servants, proxies, allies, from transferring and/or dissipating, diminishing or dealing with any interest in the 1st defendant’s assets including but not limited to crude stock, insurance policies, all forms of stock of shares, all forms of receivables and contracts which have been pledged as securities for the loan facilities granted by the 1st Plaintiff to the 1st defendant, pending the hearing and determination of the motion on notice for interlocutory injunction.

    •An order of interim injunction restraining the 2nd – 4th defendants being directors of the 1st defendant, whether by themselves, agents, servants, proxies, allies, from transferring and/or dissipating any interest in their assets wherever located in Nigeria, movable or immovable, pending the determination of the motion on notice for interlocutory injunction.

    The counsel said: “For the avoidance of doubt, the 1st – 4th defendants (GHL and its directors) are still restrained from dealing with and/or dissipating monies in their respective accounts and assets connected to the subject matter of the suit.

    “It is also pertinent to refute the false insinuation that punitive costs were awarded against FBN.”

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    The matter has been further adjourned to February 19, 2025, to enable all defendants respond to the substantive suit before a hearing date is given by the judge.

    “The court ruled that the suit filed by FBN before Dipeolu J, did not amount to an abuse of court process as the cause of action and the parties are different from the cause of action and parties in the proceedings that were before Allagoa J.

    “For the above reason, the court was of the view that the suit filed by FBN was properly constituted and dismissed the prayers of the 1st – 5th defendants urging the court to strike out/dismiss the suit for being an abuse of court process.

    “With respect to GHL’s contention that FBN suppressed and/or concealed the preservative orders made by Allagoa J., the court also held that FBN disclosed the existence of the preservative orders of Allagoa J. in paragraph 61 of their Affidavit save that the court order was not attached.

  • GHL: how 93 oil rig workers were endangered by FBN

    GHL: how 93 oil rig workers were endangered by FBN

    General Hydrocarbons Limited (GHL) has faulted a claim of diversion of oil mining proceeds made against it by First Bank of Nigeria Limited.

    The bank had accused GHL of being indebted to it to the tune of $225 million, which the company denied following the freezing of its accounts via a Mareva injunction.

    Reacting to the bank’s diversion allegation and denial of court process abuse, GHL said in a second right of reply which it published yesterday: “It is not our intention to respond to every misinformation or inaccurate information put out by First Bank on the matter with GHL. We will respond to three points for clarity.

    “Diversion: First Bank keeps talking about diversion of funds by GHL without providing any evidence. Here are the facts.

    “As we said before and will repeat now, all GHL contracts and invoices were vetted and paid by FBN through their Credit and Risk teams directly to ALL service providers.

    “FBN’s repeated failures to pay on time within the contractual framework of 5 days which became up to 70 days or not at all, in a clear breach of its Tripartite Agreement obligations as captured below:

    “This failure to pay GHL pending request as per above terms led to an international incident on October 7, 2023, when the drilling rig, Blackford Dolphin, ran out of fuel, food, water and other critical supplies with 93 souls on board, and the Rig was on the verge of declaring MAYDAY.

    “The Managing Director and Executive Director of FBN were abroad and the current Managing Director, Olusegun Alebiousu, who was then the Chief Risk Officer (CRO), was acting for the Managing Director and GHL brought this matter to his urgent attention.

    “He then worked the phone, calling Suppliers and Service Providers one after the other and promised payment within three days. Based on FBN’s assurances, the Service Providers made emergency supplies, but the payment never came.

    “To ensure the safety of life and continuing security at 75KM Offshore Nigeria, GHL had to enter an Irrevocable Third-Party Payment Order with one of the Offtakers to pay the suppliers directly, which stabilised the operation. FBN was later given evidence of the payments made. That is what FBN calls Diversion.

    “We will meet FBN in court with daily reports and log details to debunk this continuing misinformation of diversion.

    “GHL acted to save 93 souls, most of them foreign nationals, who had begun contacting their embassies and home governments, and to save Nigeria from an international incident offshore Nigeria.

    “We are ready, willing and able to present the body of evidence to any court, including the continuing non-payment to Century FPSO and other service providers by FBN despite repeated demands in line with signed agreements.

    “Indeed, we had to cough out our own cash as reflected in our audited financial statements to keep the project afloat or go to court to seek protective reliefs.

    “On abusing the court process and failure to comply with a valid court order, FBN claimed they went to court on a different matter with regards to the Facility Agreement.

    “But Justice Ambrose L. Allagoa had given his judgment after hearing both sides on the Facility Agreement, amongst other issues on December 12, 2024. ‘That an order is granted, restraining the respondent (FBN) either by itself, or acting through its servants, agents, assigns, privies, affiliates howsoever described, including any persons claiming under its authority from making any calls or demands, or taking any steps whatsoever to enforce any security, receivables, instrument, finance documents or assets of the Applicant (GHL) which have been charged as security for the facility agreements in respect of the Applicant’s operation of OML 120, including but not limited to the side letter, and the amended and restated agreements between the Applicant and the Respondent pending the hearing and determination of the arbitration proceedings between the Applicant and the Respondent brought pursuant to Clause 12(c) of the Agreement between the Applicant and the Respondent dated 29th May 2021.’

    “FBN then went to Justice D Dipeolu of the same Federal High Court on December 30, 2024, with the same lawyers, without disclosing this relevant judgment to the Learned Justice, to obtain a Mareva injunction Exparte freezing order against GHL and individual directors who never signed personal guarantees and thus not personally liable.

    “Is this how a 130-year-old blue chip financial institution committed to good governance and rule of law, should behave? Why the hurry to score cheap points to use on social media?

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    “If FBN was so sure of its facts why not put GHL on notice? Why an ex-parte? We leave this to the Justices of the Federal High Court to decide on this matter and we will not make any further comment to avoid being sub-judice.

    “Contrary to FBN’s claims, it sought to appoint an Independent Asset Manager to promote corporate governance. What it sought to do was to appoint a company that it could fire at any time to ‘take over GHL’s business, offices and operations within 90 days’ of further disbursement.

    “GHL refused and counter-offered a Joint Operating Committee with FBN and they refused, resulting in the current impasse which they weaponised and made a public spectacle with their publication of their Exparte Mareva Freezing Orders. GHL had to stand its ground against such bullying.

    “This second right of reply has become necessary, again, in view of FBN’s continued misstatement but they have failed to debunk or deny the foundational material facts and seek to eat their cake and have it.

    “Luckily, FBN has not denied the Subrogation MOU and the benefits it got upfront from GHL’s intervention. They should meet their obligations and all will be well. Thank you.”

  • Investors optimistic on Otedola’s FBN Holdings’ chairmanship

    Investors optimistic on Otedola’s FBN Holdings’ chairmanship

    • New chair, results get highest gains

    Market value of Nigeria’s largest financial services group, FBN Holdings (FBNH) Plc, has risen by the highest daily allowable limit at the stock market  as investors reacted positively to the appointment of Lagos businessman, Mr. Femi Otedola as the Chairman of the group.

    The board of FBNH had last Wednesday announced the appointment of Otedola as the successor to outgoing Chairman, Alhaji Ahmad Abdullahi.

    Otedola, who was first appointed unto the board as a non-executive director last August, had acquired major stake in FBNH in 2021, sparking a long-drawn fight for the “systemically important first tier group”.

    FBNH’s share price rose by 9.91 per cent, almost at the 10 per cent maximum daily allowable change under the rules at the stock market, in immediate reaction to the Wednesday’s announcement. The share price again rose by 9.85 per cent at weekend trading to close at N26.20 per share.

    FBNH has also announced its unaudited report and accounts for the year ended December 31, 2023, showing 127.6 per cent growth in profit.The 12-month report showed that operating profit rose from N157.73 billion in 2022 to N361.81 billion in 2023.

    Pre-tax profit jumped from N157.90 billion to N362.24 billion. After taxes, net profit leapt from N136.17 billion in 2022 to N309.89 billion in 2023. Earnings per share thus jumped from N3.75 in 2022 to N8.56 in 2023. The audited report is not expected to be remarkably different from the interim report.

    Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the appointment of Otedola was an indication that the corporate and board issues that had plagued the group were getting sorted out.

    “It’s my hope that Otedola will bring his well-known corporate acumen to bear in moving the group forward. The market response was very positive as the stock gained the maximum allowable points today. The market obviously now expects the group to aim to take it rightful place as one of the biggest and most profitable banks in the country in the near future,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

    Managing Director, HighCap Securities, Mr. David Adonri, described Otedola as a versatile businessman, although the position of a bank’s chairman requires a technically sound person because of the specialized nature of banking.

    “Today’s trading pattern in FBNH stocks indicate an endorsement of Otedola’s appointment as board chairman by investors. The market will now follow Otedola’s contributions to the business of First Bank to see the difference he is bringing to the table,” Adonri said.

    Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, said the stock market has come to know Otedola “as a green mailer”, thus the that he would bring his shrewd business sense to bear on FBNH.

    “The market is of the opinion that based on the news, the price of FBNH would appreciate beyond anybody’s imagination and investors want to share from such largesse,” Kebira said.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said the appointment of Otedola was a good development, describing his appointment as a recognition of the critical role he is going to play given his wealth of experience as chairman of the boards of quoted companies and his huge investment in the capital market.

    According to him, Otedola’s connection with high net worth individuals would impact positively on the fortunes of the bank.

    Umar noted that the current management of the bank has done so well since the exit of the former board of directors, adding that the board of directors under the leadership of Otedola must give the management the necessary support and encouragement.

    “The board must adhere to all the corporate governance rules of the Central Bank of Nigeria (CBN), and should avoid anything that will attract sanctions and penalties from the regulator.

    “I am confident that the proposed public offer by the bank will be highly oversubscribed and the board of directors must ensure proper utilisation of the proceeds to avoid sanctions from the regulators,” Umar said.

    He pointed out that the removal of the previous board by the CBN had been positive for the bank as shown by its unprecedented profits, commending the CBN-appointed directors for their loyalty and hard work as well as good and cordial relationship with the management.

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    National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Otedola has the capacity to improve the fortunes of the group.

    “He is a veteran and experienced guru in the corporate world who knows his onion. We the shareholders are excited and hopeful that FBHH is in a good hand, there is nothing to fear for he will perform beyond everyone’s expectations. There is hope on the horizon,” Igbrude said.

    National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, said shareholders were “very happy and delighted” about the appointment.

    “He is a successful strong business guru and leader with proven records of achievement in oil and gas, energy and insurance among others. His foray into FBNH board last year have resulted into tumultuous increase in capital appreciation of the bank’s shares from as low as N3 to close at N27 last week.

    “Most of his companies that shareholder invested in had resulted in good returns on investments with consistent dividend payment despite difficult operating environment. We hope and pray FBNH will pay good dividend this year and many years to come,” Bakare said.

    President, Ibadan Zone Shareholders Association (IBZA), Mr. Eric Akinduro, said the expectation of the investing public was high.

    “People always want welfare, development, and good governance. As long as you are delivering, people are with you.

    “The expectation of investing community is very high and we believe in his midas touch, that he will deliver in this position. The news came to the market with great expectation hence the price of FBNH going up. We are so confident that he will deliver. Time has come for the shareholders of FBNH to get more value on our investments,” Akinduro said.

  • FBN Insurance Brokers introduces First Cover

    FBN Insurance Brokers introduces First Cover

    As part of measures to boost insurance penetration in the country, FBN Insurance Brokers (FBNIB) has launched the First Cover, a digital brokering platform aimed at deepening insurance penetration in the country.

    The broking firm has also posted robust financial performance, surpassing the achievements of 2022

    Speaking at the end of year party and launch of First Cover, the Managing Director of FBN Insurance Brokers, Olumide Ibidapo said the company was able to achieve the feat despite the economic headwinds that prevailed in the country in 2023.

    He stated that the company had been able to not only break even but also surpass the financial performance in 2022.

    He highlighted the dedication of the team and support from clients and stakeholders, emphasizing the company’s positive trajectory.

    He said: “The First Cover offering will revolutionise the insurance landscape in the country. The product has been in the pipeline and was conceived out of the desire to make insurance easily accessible to potential policy payers.

    “The offering which is accessible online puts an array of insurance products ranging from property to car insurance in the hands of anyone from the comfort of wherever they are”, he noted.

    The Head of Strategy at FBN Insurance Brokers, Olawale Micheal, added that the company birthed the idea for the product in 2021, considering that insurance penetration in the country is less than one percent.

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    Stating that the Nigerian insurance space is brimming with untapped potentials, with not more than three million Nigerians shielded by any form of insurance, he said First Cover presents and opportunity and make insurance accessible to all.

    “Originally envisioned as a web aggregator or insurance marketplace, the idea swiftly metamorphosed into something far grander – a full-fledged digital broking platform. This digital brokering platform is a game-changer, seamlessly facilitating end-to-end digital processing of retail insurance needs. First Cover doesn’t just provide insurance; it revolutionizes the entire experience, placing the power in the hands of users at their fingertips, allowing them to browse, compare, and purchase top-tier insurance solutions from the comfort of their homes, offices, or wherever life takes them. “First Cover introduces an array of products including Auto Insurance, Health Insurance, Householders Insurance, and Travel Insurance. Our platform empowers users to effortlessly log their claims, ensuring a rapid and efficient resolution tailored to their convenience”, he said.

  • Court orders stay in FBN, shareholders’ AGM dispute

    Court orders stay in FBN, shareholders’ AGM dispute

    The Federal High Court in Lagos, Friday, ordered a stay of proceedings in the suit filed by three aggrieved FBN Holdings Plc shareholders over the firm’s Annual General Meeting (AGM) held on August 15, 2023.

    Justice Akintayo Aluko had earlier directed counsel in the matter to address him on whether the court could proceed with the case because of an appeal pending before the Court of Appeal in Lagos and another application seeking a stay of proceedings.

    The judge, in a ruling on the written addresses filed by parties, noted that what was before the appellate court was not just an application to stay proceedings, but that the substantive relief of the appeal was also asking for a stay of proceedings.

    Justice Aluko held “The ruling of the court is now a subject before the court of appeal. It is settled by a long line of decisions of the Supreme Court that the lower court should avoid judicial engagement in proceedings pending before it.

    “It is my view that it is better to avoid any judicial engagement in proceedings before this court that is capable of defying the judicial authority of the court of appeal whose decision may impact the proceedings before this court.

    “Going by the tone of events and the level of controversy the matter has generated, it’s better to give the senior brothers at the Court of Appeal an opportunity to look into the case.

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    “The pending ruling of the court is kept in abeyance in scared obedience to judicial authorities of the Court of Appeal. I hereby order maintenance of status quo.”

    The aggrieved shareholders -Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare – had urged the Federal High Court for an order stopping the bank’s AGM before it held on August 15 pending the hearing of their suit number FHC/L/CP/1575/23.

    But FBN Holdings had in its Notice of Appeal asked the court to nullify the ex-parte order stopping the bank’s AGM.

    The firm, in a Notice of Appeal filed on its behalf by its team of lawyers led by Mutalubi Adebayo (SAN), is also asking the upper court for an order allowing its appeal and an order directing that a different Judge of the Federal High Court Lagos be assigned to hear the substantive matter.

    The lawyer further argued that the lower court lacked the jurisdiction to grant the ex-parte order because the condition precedent under the Federal High Court Rules for the hearing of the suit was not met by the petitioners.

    Three aggrieved FBN Holdings Plc shareholders, Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi, and Ogundiran Emmanuel Adejare, had approached the court presided over by Justice Nicholas Oweibo seeking an order stopping the bank’s Annual General Meeting scheduled for August 15 pending the hearing of their suit number FHC/L/CP/1575/23.

  • FBN General Insurance achieves N615.6m profit in 2018

    FBN General Insurance Limited has released its financial report for the year ended 31 December 2018 as approved by the National Insurance Commission (NAICOM).

    Its Gross Premium Written (GPW) for the year closed at N4.63 billion, achieving a Year-On-Year (YOY) growth of 32 per cent from the corresponding performance of N3.51 billion recorded in 2017.

    Its Profit Before Tax (PBT) peaked at N615.6 million, with a marked YoY growth of 91 per cent from the N322.8 million realised the same period in 2017.

    Over the same period, the company grew its total assets YoY by 31 per cent from N7.24 billion in 2017 to N9.45 billion in 2018, achieving a significant improvement in capital efficiency as it nurtures robust liquidity and solvency margin above the required benchmark.

    Commenting on the company’s performance, FBN General Insurance Managing Director, Bode Opadokun, attributed the performance to the underwriting firm’s commitment in putting its clients first and resilience in achieving remarkable milestones.

    “The business gained momentum in 2018 as results across key performance metrics clearly validated FBN General Insurance’s commitment to the delivery of profitable growth and unwavering dedication to our clients, communities and stakeholders,” he stated.

    FBN General Insurance was acquired in 2014 by FBNInsurance Limited, an FBNHoldings Company associated with the Sanlam Group (SA) and was incorporated to transact general insurance business in Nigeria and currently operates out of several outlets nationwide.

    Last year, the underwriting firm won the Best Customer Service Award (Insurance Category), at the 2018 Nigeria Brand Award in Lagos.

  • FBN General launches ClaimsAlert Service

    Many times, the insured do not know what to do or how to make claims from insurance companies when an accident or incident occurs.

    FBN General Insurance, a subsidiary of FBNInsurance and a member of the FBNHoldings Company has launched a new service called FBNGI ClaimsAlert Service to streamline claims process for its clients.

    The service will enable customers to get claims to the value of N50,000 and below resolved at the scene of the accident.

    The Managing Director, Bode Opadokun, made this known during the official launch of ClaimsAlert Service and Representatives held in Lagos.

    He stated that the ClaimsAlert Service is designed to provide a responsive service to all Comprehensive Auto Insurance policyholders of the company, who have been involved in an accident within the Lagos Metropolis where the service is currently active.

    The areas, he said, include Eti-Osa, Lagos Island, Lagos Mainland, Surulere, Kosofe, Shomolu and Ikeja.

    He added that the FBN General Insurance ClaimsAlert Service is a value-added service to all her Comprehensive Auto Insurance Policyholders only and this comes at no extra cost.

    He said: “The company has dedicated team of Claims Agents, Customer Support Staff and Auto Garages for prompt and quality repairs of vehicles. Customers will get claims to the value of N50,000 and below resolved at the scene of the accident.

    “The initiative involves the provision of a competent FBNGI Claims Representative (Biker) at the scene of an accident or incident to provide instant claim support to the identified segment of customers.

  • FBN Holdings grows assets by 10.5% to N5.2tr

    FBN Holdings Plc yesterday announced its audited results for the full year ended December 31, 2017, which showed that its total assets grew by 10.5 per cent to N5.2 trillion.

    The group’s income statement showed that its gross earnings also rose by 2.3 per cent to N595.4 billion as against N581.8 billion in same period of last year. Net-interest income was at N331.5 billion, up 8.9 per cent compared with N304.4 billion in the previous year.

    The result also showed that non-interest income stood at N113.7 billion, down 31.3 per cent as against N165.5 billion in 2016 while operating income of also dropped by 5.3 per cent to N444.8 billion.

    Profit before tax rose by 147.6 per cent to N56.8 billion, while profit after tax was at N47.8 billion, representing 178.8 per cent rise. The group proposed dividend per share payment of N0.25.

    Commenting on the results, its Group Managing Director, UK Eke, said: “As evident by the continually improving set of results, the initiatives we have put in place are producing encouraging results ahead of our projections. It is noteworthy to highlight that this progress has not been detrimental to our commitment to cost containment, illustrated by the 7.7 per cent year-on-year increase in opex which is significantly below the headline inflation rate of 15.4 per cent. This result was also made possible by the successful implementation of our digitisation initiatives, that have allowed us to serve our customers in a more efficient and effective way.

    “It is re-assuring that our dominance in the electronic platform has positioned the Group for a prosperous future and our holding company model is yielding further synergies and increasing cross-selling amongst all the operating companies in the Group”.

    Continuing, he said the group recognise the need for accelerated resolution of our legacy assets to demonstrate sustainable improvement in asset quality as the progress we made during the year was moderated by developments in fourth quarter which kept our performance below guidance.

    Also speaking, Commenting on the results the Managing Director/CEO of FirstBank and subsidiaries, Adesola Adeduntan, said:

    “The Commercial Banking Group has delivered a good performance, despite the still challenging macro-economic environment, with gross earnings up 1.1 per cent year-on-year; Profit before Tax was up 435 per cent year-on-year; and Profit after Tax up by 337 per cent year-on-year”.

    The results achieved so far shows that we are on the right track and in 2018 and beyond we are focusing on accelerating the pace of execution of the plan with emphasis on strengthening our technology infrastructure to drive efficiencies; developing and promoting a full digital and transaction banking offerings; sustaining and accelerating the disciplined lending drive, with targeted recoveries, and an improved focus on managing operational risks; whilst continuing with the ongoing repositioning and strengthening of African subsidiaries to optimize returns.

  • Major oil stocks plummet on NSE

    Major oil stocks plummet on NSE

    Major oil stocks posted price depreciation on the Nigerian Stock Exchange (NSE) on Monday just as the market indices recorded marginal growth of 0.02 per cent.

    The News Agency of Nigeria (NAN) reports that Seplat dipped N13.70 to close at N571.40 to lead the losers’ table.

    Total trailed with a loss of N11 to close at N217, while Mobil Oil shed N9.50 to close at N180.50 per share.

    Dangote Cement was down by N1 to close at N259, while United Bank for Africa declined by 45k to close at N12.50 per share.

    Conversely, International Breweries topped the gainers’ table, growing by N2.85 to close at N59.85 per share.

    PZ Industries followed with a gain of N1.15 to close at N24.15, while NASCON appreciated by N1.05 to close at N21.60

    Guaranty Trust Bank advanced by 75k to close at N49.35, while Redstar increased by 30k to close at N6.30 per share.

    Consequently, the All-Share Index rose marginally by 8.59 points or 0.02 per cent to close at 42,579.48 compared with 42,570.89 achieved on Friday.

    Similarly, the market capitalisation which opened at N15.277 trillion rose by three billion naira or 0.02 per cent to close at N15.280 trillion.

    Cement Company of Northern Nigeria was the most active stock, trading 134.89 million shares worth N2.25 billion.

    Transcorp followed with an account of 34.15 million shares valued at N71.04 million, while FBN Holdings traded 21.78 million shares worth N250.07 million.

    Access Bank sold 20.58 million shares valued at N 270.03 million, while Fidelity Bank exchanged 20.49 million shares worth N 61.30 million.

    In all, the volume of shares transacted closed higher as investors bought and sold 384.26 million shares valued at N5.47 billion achieved in 4,774 deals.

    This was in contrast with a turnover of 308.43 million shares worth N6.40 billion exchanged in 4,356 deals.