FirstHoldCo Plc has successfully completed a ₦45 billion private placement, marking another step in its ongoing capital raising programme aimed at strengthening the financial position of FirstBank, its flagship subsidiary.

The transaction was executed at ₦44.06 per share and forms part of the group’s broader strategy to meet regulatory capital requirements and support long-term business expansion.

According to the company, the proceeds from the placement will be channelled into FirstBank to reinforce its capital base, improve lending capacity, and enhance overall financial stability.

The capital raise is also aligned with FirstHoldCo’s ongoing recapitalisation plan, which includes multiple funding stages designed to ensure the group maintains strong compliance with Central Bank of Nigeria requirements while positioning for future growth.

Industry observers note that the transaction reflects continued investor confidence in FirstHoldCo’s restructuring efforts and its long-term strategy to build a stronger balance sheet across its banking operations.

The completion of the ₦45 billion placement follows earlier capital initiatives undertaken by the group as part of a multi-phase fundraising programme aimed at achieving a more resilient financial structure.

Analysts also suggest that the additional capital injection could improve FirstBank’s capacity to expand credit to key sectors of the economy, including retail, corporate, and small business lending.

With the latest placement concluded, FirstHoldCo is expected to continue executing its broader capital plan as it works toward strengthening its position within Nigeria’s competitive banking sector.

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FCMB Group Plc has reported a strong financial performance for the 2025 financial year, posting a profit before tax of ₦202.1 billion, representing an 81 percent increase compared to the previous year.

The financial services group attributed the growth to higher interest income, expansion in earning assets, and improved operational efficiency across its businesses. Gross revenue rose significantly during the year, surpassing the ₦1 trillion mark for the first time in the group’s history.

Profit after tax also recorded substantial growth, rising to ₦177.3 billion from ₦73.3 billion reported in the preceding year. The improved earnings performance contributed to stronger returns for shareholders, with return on equity increasing to 23.2 percent.

According to the group’s financial results, interest income remained the primary driver of revenue growth. Income generated from loans and advances, alongside improved returns on liquid assets, supported the company’s overall performance during the period.

FCMB Group also reported growth across all its business divisions. The banking subsidiary delivered the largest contribution to profitability, while the consumer finance, investment management, and investment banking businesses all posted double-digit profit growth.

The group noted that continued investments in technology, people, and business expansion contributed to improved operational efficiency. Its cost-to-income ratio declined during the year, reflecting efforts to optimize costs while maintaining growth momentum.

Customer confidence also remained strong, with growth recorded in low-cost deposits and savings accounts. Total assets increased to ₦7.63 trillion by the end of 2025, while total equity strengthened on the back of retained earnings and fresh capital injections.

In line with the positive results, the board proposed a dividend of 35 kobo per share, subject to shareholder approval at the company’s annual general meeting. The proposed payout amounts to approximately ₦23 billion.

The strong earnings momentum extended into the first quarter of 2026, with profit before tax rising to ₦87 billion and profit after tax reaching ₦76.5 billion, indicating continued growth across the group’s operations.

FCMB Group said it remains focused on sustainable growth, balance sheet optimization, digital innovation, and expanding financial services offerings to customers across its various business segments.

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First City Monument Bank (FCMB) has announced the appointment of Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors following regulatory approval from the Central Bank of Nigeria.

The appointment brings one of Nigeria’s most recognized economists and financial analysts into a key leadership position at the bank as it seeks to strengthen its governance framework and strategic direction.

Rewane has over 40 years of experience spanning macroeconomic research, investment banking, financial advisory services, and corporate strategy. He currently serves as the Managing Director of Financial Derivatives Company Limited, a leading economic research and financial consulting firm.

Throughout his career, he has held senior leadership positions within the financial services industry, including roles at International Merchant Bank Nigeria Limited and First National Bank of Chicago. His expertise has made him a respected voice in economic policy discussions and financial market analysis.

A graduate of Economics from the University of Ibadan, Rewane is a Fellow of the Nigerian Economic Society and the Chartered Institute of Bankers of Nigeria. He is also an Associate of the Institute of Bankers in England and Wales.

His boardroom experience extends across several major corporations and multinational organizations. Over the years, he has served on the boards of companies including Guinness Nigeria Plc, British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited, and Africa Infrastructure Plus Partners.

Rewane also served as a member of the Presidential Steering Committee established to address the global economic crisis. In addition, he has completed executive management programmes at internationally recognized institutions, including Oxford International Capital Markets Programme, the Euromoney Institute of Finance, and IMD Lausanne in Switzerland.

FCMB stated that the appointment reflects its commitment to strong corporate governance and sustainable growth. The bank expressed confidence that Rewane’s experience in macroeconomics, strategic management, and corporate governance will support its long-term objectives and enhance value creation for shareholders and other stakeholders.

According to the bank, his appointment comes at a significant period in its growth journey and is expected to strengthen leadership oversight while supporting future expansion plans.

First City Monument Bank Limited operates as a member of FCMB Group Plc, a diversified financial services group with interests in banking, consumer finance, investment management, pensions, and financial technology services.

The post Bismarck Rewane FCMB Chairman Appointment Approved appeared first on Housing TV Africa.

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory violations and failure to meet required prudential standards.

In a regulatory notice released on Monday, the apex bank said the decision followed extensive supervisory reviews and enforcement actions aimed at stabilising Nigeria’s financial system.

According to the CBN, both mortgage banks failed to comply with critical provisions of the Banks and Other Financial Institutions Act (BOFIA), including capital adequacy requirements and corporate governance standards.

The apex bank stated that the revocation was necessary to protect depositors, maintain public confidence, and strengthen the integrity of the mortgage banking sub-sector.

“Withdrawing the licences of non-compliant institutions is part of our commitment to ensuring a sound and resilient financial system,” the CBN noted.

Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as liquidator and will commence the process of reimbursing insured depositors in line with existing regulations.

Industry analysts say the move underscores the CBN’s zero-tolerance stance on regulatory infractions and signals increased scrutiny of financial institutions operating in Nigeria.

The development has sparked concerns among stakeholders in the housing and mortgage sector, particularly as access to long-term housing finance remains a major challenge in the country.

The post CBN Revokes Licences of Aso Savings, Union Homes appeared first on Housing TV Africa.

Millions of Nigerians will enjoy from January 2026 as the Federal Government prepares to abolish five widely applied bank charges under its ongoing fiscal reform programme.

The measures form part of President Bola Ahmed Tinubu’s tax overhaul, signed into law on June 26, 2025, and designed to reduce business costs, boost economic activity and ease household expenses. The reforms are contained in the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the changes would simplify tax administration and eliminate several outdated fees that place unnecessary pressure on citizens.

Under the new framework, the ₦50 Electronic Money Transfer Levy (EMTL) charged on electronic transfers exceeding ₦10,000 will be removed entirely. The levy currently affects millions of daily transactions. According to the committee, its cancellation will promote financial inclusion and make low-value digital payments more affordable.

Stamp duty charges on salary transfers will also be abolished. This means workers will receive their full earnings without deductions, while businesses—particularly SMEs—will face lower administrative costs.

Investors in treasury bills, government bonds and equities will receive a boost as stamp duties on these transactions will be phased out. Oyedele noted that the move aims to expand participation in the capital market by reducing investment entry costs.

Stamp duties on documents related to stock or share transfers will equally be discontinued, simplifying the documentation process for brokers and investors.

Additionally, the ₦50 charge on transfers made between accounts in the same bank will no longer apply, allowing customers to move funds more freely without accumulating fees.

Oyedele explained that these reforms stem from new provisions in the Nigeria Tax Act 2025, which introduces clear exemptions to replace earlier rules under the Stamp Duties Act and the Finance Act 2020.

He added that the changes reflect the government’s commitment to reducing avoidable financial strain on Nigerians and creating a more efficient revenue system.

Millions of Nigerians will enjoy financial relief from January 2026 as the Federal Government prepares to abolish five widely applied bank charges under its ongoing fiscal reform programme.

The measures form part of President Bola Ahmed Tinubu’s tax overhaul, signed into law on June 26, 2025, and designed to reduce business costs, boost economic activity and ease household expenses. The reforms are contained in the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the changes would simplify tax administration and eliminate several outdated fees that place unnecessary pressure on citizens.

Under the new framework, the ₦50 Electronic Money Transfer Levy (EMTL) charged on electronic transfers exceeding ₦10,000 will be removed entirely. The levy currently affects millions of daily transactions. According to the committee, its cancellation will promote financial inclusion and make low-value digital payments more affordable.

Stamp duty charges on salary transfers will also be abolished. This means workers will receive their full earnings without deductions, while businesses—particularly SMEs—will face lower administrative costs.

Investors in treasury bills, government bonds and equities will receive a boost as stamp duties on these transactions will be phased out. Oyedele noted that the move aims to expand participation in the capital market by reducing investment entry costs.

Stamp duties on documents related to stock or share transfers will equally be discontinued, simplifying the documentation process for brokers and investors.

Additionally, the ₦50 h on transfers made between accounts in the same bank will no longer apply, allowing customers to move funds more freely without accumulating fees.

Oyedele explained that these reforms stem from new provisions in the Nigeria Tax Act 2025, which introduces clear exemptions to replace earlier rules under the Stamp Duties Act and the Finance Act 2020.

He added that the changes reflect the government’s commitment to reducing avoidable financial strain on Nigerians and creating a more efficient revenue system.

Millions of Nigerians will enjoy financial relief from January 2026 as the Federal Government prepares to abolish five widely applied bank charges under its ongoing fiscal reform programme.

The measures form part of President Bola Ahmed Tinubu’s tax overhaul, signed into law on June 26, 2025, and designed to reduce business costs, boost economic activity and ease household expenses. The reforms are contained in the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the changes would simplify tax administration and eliminate several outdated fees that place unnecessary pressure on citizens.

Under the new framework, the ₦50 Electronic Money Transfer Levy (EMTL) charged on electronic transfers exceeding ₦10,000 will be removed entirely. The levy currently affects millions of daily transactions. According to the committee, its cancellation will promote financial inclusion and make low-value digital payments more affordable.

Stamp duty charges on salary transfers will also be abolished. This means workers will receive their full earnings without deductions, while businesses—particularly SMEs—will face lower administrative costs.

Investors in treasury bills, government bonds and equities will receive a boost as stamp duties on these transactions will be phased out. Oyedele noted that the move aims to expand participation in the capital market by reducing investment entry costs.

Stamp duties on documents related to stock or share transfers will equally be discontinued, simplifying the documentation process for brokers and investors.

Additionally, the ₦50 charge on transfers made between accounts in the same bank will no longer apply, allowing customers to move funds more freely without accumulating fees.

Oyedele explained that these reforms stem from new provisions in the Nigeria Tax Act 2025, which introduces clear exemptions to replace earlier rules under the Stamp Duties Act and the Finance Act 2020.

He added that the changes reflect the government’s commitment to reducing avoidable financial strain on Nigerians and creating a more efficient revenue system.

The post FG to Scrap Five Bank Charges by January 2026 appeared first on Housing TV Africa.