Rashidat Okunlade Writes

FBN Holdings Plc. (FBNH) announces its unaudited results for the first quarter ended March 31, 2023.

Selected Financial Summary 

Nnamdi Okonkwo, Group Managing Director commented: “FBNHoldings has sustained its positive performance momentum despite the clearly difficult operating environment. This is a testament to our ability to effectively navigate the challenging business terrain and optimise opportunities. It further demonstrates our disciplined risk management and strong execution capabilities resulting in enhanced revenue generation and improved bottom line.

“Notwithstanding the ongoing progress, we remain focused on innovating and deepening our value propositions and delivery model while optimising operational efficiencies, using technology, to drive sustainable earnings and returns for our shareholders. We are confident that the Q1 performance will be maintained for the rest of the year.”

 Commercial Banking

• Gross earnings of ₦7 billion, up 44.2% y-o-y (Mar 2022: ₦170.4 billion)
• Net interest income of ₦110.0 billion, up 50.9% y-o-y (Mar 2022: ₦72.9 billion)
• Non-interest income of ₦67.8 billion, up 10.6% y-o-y (Mar 2022: ₦61.3 billion)
• Operating expenses of ₦107.6 billion, up 21.0% y-o-y (Mar 2022: ₦88.9 billion)
• Profit before tax of ₦55 billion, up 57.0% y-o-y (Mar 2022: ₦34.1 billion)
• Profit after tax of ₦48.0 billion, up 54.8% y-o-y (Mar 2022: ₦0 billion)
• Total assets of ₦6 trillion, up 5.1% y-t-d (Dec 2022: ₦10.1 trillion)
• Customers’ loans and advances (net) of ₦3.9 trillion, up 4.5% y-t-d (Dec 2022: ₦3.7 trillion)
• Customers’ deposits of ₦4 trillion, up 6.64% y-t-d (Dec 2022: ₦6.9 trillion)

Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank (Commercial Banking Group) commented: “The FirstBank Group delivered an impressive performance in Q1 2023, with significant growth across key metrics. Gross earnings recorded a substantial increase of 44.2% year-on-year, demonstrating the Bank’s ability to generate substantial revenue from core operations. Net interest income saw a remarkable surge of 50.9% year-on-year on the back of optimal asset pricing and effective management of interest-earning assets. Increasing penetration of digital and transaction banking offerings supported our Q1 performance in non-interest income by 15.3% growth. The increase of 21.0% year-on-year in operating expense reflects the high inflationary environment but within revenue growth. Overall, the Commercial Banking Group delivered substantial growth of 57.0% and 54.8% in profit before tax and profit after tax, respectively, for the quarter.

The growth in our performance metrics underlies the strength in the core fundamentals underpinning our business strategy and the sustainability of our business model. This year marks our 129th anniversary and these results clearly demonstrate the resilience of our business model and proven ability to transform ourselves to meet the demands of changing times and seasons. Our transformative and purpose-driven strategy, alongside our strong value propositions, enables us to continue supporting our customers across our chosen markets. We are optimistic about the rest of FY 2023 and these results are a sign of better things to come.”

 Merchant Banking & Asset Management (MBAM) / FBNQuest

• Gross earnings of ₦85 billion, down 16.4% y-o-y (Mar 2022: ₦10.5 billion)
• Profit before tax of ₦2.2 billion, down 34.4% y-o-y (Mar 2022: ₦3.4 billion)
• Total assets of ₦7 billion, up 0.1% y-t-d (Dec 2022: ₦495.4 billion)

The Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), Hon Abike Dabiri-Erewa, has called on Nigerians in the Diaspora to consider investing in Nigeria’s healthcare, agriculture, real estate, and other sectors.

This appeal was made during a courtesy visit on Tuesday at the Commission headquarters,  Abuja, by Labour Councillor Abigail Marshall Katung, who expressed her delight at being recognized by her home country.

During the visit, the Secretary to the Commission,  Dr Yakubu Sule Bassi, who represented the NiDCOM Boss emphasized the importance of engaging the Nigerian diaspora in the country’s policies, projects, and overall development.

With over 17 million Nigerians residing abroad, the establishment of the Commission was a strategic move to harness the immense human capital and material resources available within the diaspora community for Nigeria’s socio-economic, cultural, and political advancement.

Bassi further highlighted that the Diaspora’s contribution to the nation is crucial, referring to the “Diaspora Phenomenon” as the new deal.

He outlined three areas through which diaspora Nigerians could make a significant impact. These include resources, talents, and skills.

Bassi also emphasized the need for Diasporans to uphold the  3-point Agenda for Nigerians living abroad. He said Diasporans are to be exemplary ambassadors wherever they are, excel in whatever they do, remain connected to their homeland, and give back to their communities.

Since its inception 4 years ago, the Commission has implemented various programmes to celebrate diasporans, such as the National Diaspora Day, Diaspora Investment Summit, the Badagry Door of Return, and most recently, the Global African Diaspora Symposium.

Little London and Woodhouse Ward Labour Councillor Abigail Marshall Katung, a Nigerian-born politician from Kaduna state, expressed her joy in visiting Nigeria and her commitment to collaborating with NiDCOM.

She acknowledged the honor of being recognized by her home country, which she believes gives her an advantage over her colleagues in the UK.

Having left Nigeria over 20 years ago, Councillor Abigail shared her passion for education and her involvement in medical and educational recruitment, particularly in facilitating Nigerian students’ admission into UK institutions.

She highlighted her focus on empowering young women through a mentorship scheme, mentoring 12 individuals each year, with an emphasis on the girl child. She stressed that “mentorship is about imparting skills and not solely about financial gains”.

Abigail Marshall Katung recently made history as the first African and Nigerian to be elected as a member of the Leeds City Council in the UK. With an overwhelming majority of votes (1,749 votes), she emerged as the Councillor for the Little London and Woodhouse Ward, UK.

…Eyes Leadership in African Technology Sector

Task Systems Limited, a pioneering force in the West African Information and Communications Technology (ICT) sector, has announced the appointment of Mrs. Gozy Ijogun as its new Managing Director effective April 1, 2023.

Gozy Ijogun, known for her transformative leadership, has a rich professional history in the digital technology realm. At the age of 25, armed with a degree in Chemistry from University College London and a Master of Science degree in Accounting, Organizations, and Institutions from the London School of Economics, Gozy made a significant impact on the digital landscape of Nigeria by setting up TD-Mobile, Nigeria’s first structured mobile devices distribution company. She propelled the company to generate a substantial N38 billion in revenue within its first year of operation, guiding the organization from its initial team of seven to become TD Africa Distributions Ltd., now a dominant player in technology distribution in sub-Saharan Africa, representing more than 25 top global brands and introducing a plethora of ICT solutions that consolidated its standing as a solutions-focused tech firm.

“Gozy’s proven leadership, strategic acumen, and passion for technology make her the perfect fit for Task Systems Ltd,” Leo Stan Ekeh, Chairman of Task Systems Ltd said. “Her impressive track record and innovative vision align seamlessly with our growth trajectory. We are excited to usher in this new era under her stewardship.”

Mrs. Gozy Ijogun, New Managing Director.

Reflecting on her appointment, Gozy said, “I’m honoured to join Task Systems, a company that has consistently been at the forefront of tech innovation. We have a remarkable opportunity to grow and become Africa’s leading integrated technology and services company, and I am enthusiastic about leading Task Systems into this future.”

Besides her commercial accomplishments, Mrs. Ijogun is also deeply committed to social change. She was instrumental in launching “This is Me”, a Corporate Social Responsibility initiative championed by TD Africa to aid individuals and uplift their dignity.

With 36 years of industry leadership, Task Systems has consistently provided innovative ICT solutions across various industries, including oil, banking, media, manufacturing, and the public sector. The company has received over 27 global awards for its exceptional contributions.

With the visionary leadership of Mrs. Ijogun, Task Systems is poised for unprecedented growth and success.

Know About Task Systems Ltd: For over three decades, Task Systems has been a pioneer in the tech sector, introducing revolutionary ICT solutions across a broad spectrum of industries. Known for its trailblazing contributions, Task Systems remains a significant player in providing support solutions to numerous Nigerian companies.