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i-Fitness Opens West Africa Largest Fitness Outlet In Ogba, Ikeja



i-Fitness opens West Africa largest fitness outlet in Ogba, Ikeja

Olushola Okunlade Writes

i-Fitness, the fastest and growing fitness chain in West Africa has opened the largest fitness in West Africa, out in Ogba, Ikeja, Lagos.

The i-fitness outlet which was opened amidst cheers and applause saw a huge turnout of fitness enthusiasts who trooped out to witness the occasion.

The opening of the new outlet comes following the launch of another outlet in Lekki Jakande expressway on February 26,022.

Speaking at the opening of the outlet, the Founder and Managing Director, i-Fitness, Foluso Ogunwale noted that the outlet was inspired by the need to create a rare opportunity for Nigerians to embrace a wellness culture.

“We are happy because it is just an opportunity. We feel that the more we open locations and make fitness affordable, convenient, fun, it would attract a lot of people. We are happy to register our presence in almost all urban locations in Nigeria”, Ogunwale said.

He noted that the new branches would offer the opportunity for urban dwellers to access the best of facilities to keep a healthy lifestyle.

According to him, it became imperative to establish the company in 2015 to address the alarming rate of death caused by non-communicable diseases. He explained that a 2021 global report from World Health Organisation (WHO) had estimated death arising from non-communicable diseases globally to be about 71% noting that this was a wake-up call that led to the planting of fitness chains across Lagos state.

i-Fitness opens West Africa largest fitness outlet in Ogba, Ikeja
Left-Right: Board Chairman, i-Fitness, Michael Ikpoki; Non-Executive Director, i-Fitness, Nnenna Onyewuchi; Head Of Strategy & Operations, i-Fitness, Thabo Pietersen and CEO/Founder, i-Fitness, Foluso Ogunwale during the formal opening of the largest gym in West Africa for i-Fitness at Acme Road, Ikeja, Lagos.
i-Fitness opens West Africa largest fitness outlet in Ogba, Ikeja
Left-Right: Board Chairman, i-Fitness, Michael Ikpoki; Non-Executive Director, i-Fitness, Nnenna Onyewuchi; Head Of Strategy & Operations, i-Fitness, Thabo Pietersen and CEO/Founder, i-Fitness, Foluso Ogunwale during the formal opening of the largest gym in West Africa for i-Fitness at Acme Road, Ikeja, Lagos.

He further revealed that the target of the company in the next 5 years is to ensure that fitness chains take root globally stating that plans are already in the pipeline to launch a Digital fitness that will be accessible to everyone around the world

Also speaking, the chairman of the board, Michael Ikpoki stated that the company is extremely excited about opening the new outlet given that this is the 15th branch in Lagos.

Ikpoki explained that the focus in setting up a new fitness location is aimed at providing opportunities for more Nigerians to access best-in-class gym facilities adding that it would continue to improve on quality as it rolls out more outlets.

“At i-fitness, we are driven by the mantra, live healthier, live happier. The purpose of this company is to enable more Nigerians to live healthier and happier life. So, if you have a healthier life, you are bound to be happy. For every outlet we open, we try to improve standards or raise the bar in terms of structure, appeal, look, or ambiance”, he said.                                                                      

He stressed that the company would continue to play its part in creating jobs and contributing to the Lagos economy through the establishment of outlets.

A board member, i-Fitness, Nnenna Onyewuchi stressed that i-fitness remains a veritable platform to help people live a healthier and happier life adding that it is not just about getting fit but about total wellness

“We truly believe the healthier you are, the better your feeling and the more productive you can be”, she added.

Another board member, i-Fitness, Femi Ogunjimi, stated that setting up i-fitness is triggered by the desire to encourage people to have good health and wellness.

“A lot of things go on as it relates to our diet. The idea is to encourage people to keep fit”, Ogunjimi added.

A member of i-Fitness, Yetunde Balogun explained that she is highly excited to have an i-fitness location close to her stating that regular exercise was key to keeping strong and staying confident as an individual.

Another i-fitness member, Richard Edet said he has been highly expectant to have an outlet located in close proximity.

Edet urged the youth to develop the culture of doing routine exercise stating that it is key to their fitness.

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FBN Holdings 2022 Earnings Rises To N805 Billion; Q1 2023 Profit Grows By 55% To N56 Billion



results for the nine months ended September 30, 2022

Rashidat Okunlade Writes

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


Selected Financial Summary 

Income Statement  
( billion) Q1




Key Ratios % Q1




Gross earnings 259.5 180.5 +43.8% Post-tax return on average equity5 20.1 14.5
Interest income 179.6 109.4 +64.1% Post-tax return on average assets6 1.9 1.4
Net-interest income 111.8 72.8 +53.6% Earnings yield7 10.1 7.6
Non-interest income[1] 72.3 64.7 +11.8% Net-interest margin8 6.3 5.1
Operating income[2] 184.2 137.5 +33.9% Cost of funds9 3.0 2.0
Impairment charges for losses 16.9 8.8 +93.1% Non-interest revenue/operating income 39.3 47.1
Operating expenses 111.2 92.2 +20.6% Cost to income10 60.4 67.0
Profit before tax 56.1 36.5 +53.6% Gross loans to deposits 54.1 51.9
Profit for the period [3] 50.1 32.4 +54.5% Capital adequacy (FirstBank (Nigeria) 15.6 16.0
Basic EPS (kobo)[4] 1.38 0.89 +54.0% Capital adequacy

(FBNQuest Merchant Bank)

17.4 19.7
Statement of Financial Position NPL/Gross Loans 4.0 6.0
( billion) Q1




NPL coverage11 96.7 68.9
Total assets 11,094 10,578 4.9% PPOP12/impairment charge (times) 4.3 5.2
Customer loans & advances (Net) 3,949 3,789 4.2% Cost of risk13 1.7 1.1
Customer deposits 7,591 7,124 6.6% Book value per share 27.9 25.3


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)



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Nigeria, Best Place To Invest, Says Dabiri-Erewa



Dabiri-Erewa applauds diasporas contributions to the Nigerian economy as diaspora remittances increases

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.

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Visionary Tech Leader Gozy Ijogun Appointed As New Managing Director of Task Systems Ltd



Visionary Tech Leader Gozy Ijogun Appointed As New Managing Director of Task Systems Ltd

…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.”

Visionary Tech Leader Gozy Ijogun Appointed As New Managing Director of Task Systems Ltd

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.



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