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FirstHoldCo Posts Strong Q1 Performance as Profit Before Tax Rises 72.2% to ₦321bn

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FirstHoldCo Posts ₦3.4tn Gross Earnings in 2025 Amid Balance Sheet Reset, Capital Strengthening Drive

FirstHoldCo Plc has announced a strong start to the 2026 financial year, posting a 72.2 per cent increase in profit before tax to ₦321.1 billion in the first quarter of the year, driven by improved earnings quality, enhanced operational efficiency, and disciplined risk management.

The Group’s gross earnings also rose by 26.8 per cent year-on-year to ₦942 billion, reinforcing what the company described as one of the strongest quarterly profit performances in the Nigerian banking industry.

Commenting on the results, the Group Managing Director of FirstHoldCo, Wale Oyedeji, said the performance reflects the resilience of the company’s business model and the disciplined execution of its long-term strategy.

“FirstHoldCo has begun 2026 on a strong footing, delivering a Q1 performance that validates the resilience of our franchise and the disciplined execution of our strategy. In a market defined by volatility, our results underscore that our business is not only enduring but strengthening—built to perform through cycles and to compound value for shareholders,” he said.

Oyedeji explained that the strong rebound followed deliberate measures taken in 2025 to de-risk the Group’s balance sheet, including adequate provisioning for systemic impaired and non-performing loans.

According to him, addressing those legacy issues has significantly strengthened the quality of the Group’s earnings and positioned the business for sustainable long-term growth.

“Our Q1 results reflect our continued focus on enhancing revenue generation, improving operational efficiency, elevating governance standards, and applying rigorous risk management and capital allocation discipline,” he stated.

He added that the Group continues to record sustained growth from its core banking operations, increased contribution from non-interest income streams, and meaningful progress in digital transformation and financial inclusion initiatives.

Oyedeji also noted that the company remains focused on preserving balance sheet strength, maintaining prudent risk management practices, and upholding strong corporate governance standards.

He disclosed that the Group made notable progress in recovering legacy delinquent loans, particularly within the oil and gas sector, recording approximately ₦19 billion in recoveries during the first quarter of 2026.

“These actions protect asset quality, sustain a strong capital position, and reinforce our capacity to fund growth responsibly across both banking and non-banking platforms,” he said.

Looking ahead, Oyedeji expressed confidence in the Group’s earnings outlook and its ability to continue delivering long-term value to shareholders and stakeholders.

“We will sustain momentum by continuing to grow quality earnings, capturing emerging opportunities in Nigeria’s evolving financial services landscape, and translating our scale, governance, and execution discipline into superior shareholder returns in 2026 and beyond,” he added.

Customs Trains Journalists on Trade Modernisation, Digital Reforms

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Customs Trains Journalists on Trade Modernisation, Digital Reforms

The Nigeria Customs Service, NCS has commenced a four-day capacity-building workshop for journalists in Abuja as part of efforts to deepen media understanding of its ongoing Trade Modernisation Project and broader institutional reforms.

The workshop, themed “Enhancing Media Knowledge and Understanding of Customs Modernisation Project,” brought together journalists from various media organisations across the country to strengthen public understanding of the Service’s digital transformation agenda.

Declaring the workshop open on behalf of the Comptroller-General of Customs, Adewale Adeniyi, the Deputy Comptroller-General of Customs in charge of Enforcement, Inspection and Investigation, Timi Bomodi, said the media remains critical to the success of ongoing reforms within the Service.

Bomodi noted that the pace of reforms within the Customs Service has made it necessary for stakeholders, particularly journalists, to fully understand the purpose, direction and expected impact of the transformation process.

“A lot is happening within the Service, and sometimes it may be difficult for stakeholders to keep pace with the speed of these developments. That is why engagements like this have become necessary,” he said.

He described the Trade Modernisation Project as one of the most strategic reforms currently being implemented by the Service, aimed at eliminating inefficiencies, simplifying trade procedures and creating a more predictable business environment.

“The Trade Modernisation Project sits at the centre of our transformation journey. Through digital platforms, automation of procedures, and systems integration, we are building a Customs administration that is efficient, transparent, and globally competitive,” Bomodi added.

According to him, reforms of such scale cannot succeed without public understanding, stressing that the media serves as the bridge between institutions and the public.

“When change happens, stakeholders must understand not just what is changing, but why it is changing. That is where the media becomes indispensable,” he said.

Earlier, the National Public Relations Officer of the Service, Abdullahi Maiwada, explained that the workshop was designed to equip journalists with practical knowledge of the modernisation project and other reforms taking place within the Service.

“In this era of global trade and technological advancement, it has become necessary to carry critical stakeholders, particularly the media, along in this journey of transformation,” Maiwada stated.

He added that beyond infrastructure and technology, the success of Customs modernisation depends largely on accurate public communication and informed reportage.

Also speaking, Executive Director of Trade Modernisation Project Limited, Ahmad Ogunsola, encouraged participants to engage actively throughout the sessions and seek clarification on all aspects of the project.

“Our objective is to answer as many questions as possible and ensure that by the end of this engagement, participants leave with a deeper understanding of the project and its impact on trade facilitation in Nigeria,” Ogunsola said.

Other members of the Customs management team present at the opening ceremony included Deputy Comptroller-General in charge of ICT/Modernisation, Oluyomi Adebakin, and Assistant Comptroller-General in charge of Headquarters, Muhammad Shu’aibu.

Resource persons at the workshop included Deputy Comptroller Nafi’u Salihu, who delivered a presentation on the Integrated Non-Intrusive Inspection System, Assistant Comptroller Bukola Omoniyi, alongside other senior officers of the Service.

The training, which began on Wednesday, 6 May 2026, is expected to conclude on Saturday, 9 May 2026.

LASG Deepens Electricity Sector Reforms With LASERC Maiden Stakeholders’ Forum

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LASG Deepens Electricity Sector Reforms With LASERC Maiden Stakeholders’ Forum

The Lagos State Electricity Regulatory Commission, LASERC has reaffirmed its commitment to smart regulation and the development of a more efficient electricity market with the successful hosting of its maiden Stakeholders’ Engagement Forum in Lagos.

The forum, held on Thursday at the Cordis Hotel, brought together key stakeholders across the electricity value chain, including development partners, market operators, investors, consumer groups, artisans, community representatives, and members of the media.

Speaking at the event, Chief Executive Officer and Executive Member of LASERC, Temitope George, described the engagement as a defining moment in the evolution of Lagos State’s electricity sector and a reflection of the commission’s commitment to transparency, collaboration, and stakeholder inclusion.

According to her, the forum signals the beginning of a new regulatory era focused on building a functional, innovative, consumer-centred, and efficient electricity market capable of supporting Lagos State’s economic growth ambitions.

George stated that the commission’s vision is to become a leading electricity regulator by facilitating sustainable electricity development and improving the quality of life of Lagos residents.

She added that LASERC remains focused on setting and enforcing standards, protecting consumers, enabling investment, supporting innovation, and promoting clean energy adoption across the state.

As part of efforts to strengthen consumer protection and improve access to regulatory services, George disclosed that LASERC plans to establish zonal offices in Ikorodu, the Amuwo Odofin/Badagry axis, and the Sangotedo/Epe axis. The offices are expected to commence operations in the third quarter of the year.

She stressed that sustainable growth within the electricity sector can only be achieved through collaboration, shared responsibility, and continuous engagement among stakeholders.

A major highlight of the engagement was the presentation of the commission’s regulatory agenda, market performance highlights, retail service code, and operational framework by George, Executive Member for Licensing and Economic Regulation, Olakunle Falola, Executive Member for Engineering and Standards, Adekunle Olopade, and Lagos Independent System Operator Network Operator, Adetunji Adesanya.

The presentations provided stakeholders with insights into LASERC’s immediate, short-term, and long-term plans aimed at strengthening the Lagos electricity market through improved regulation, operational efficiency, safety standards, consumer protection, and enhanced service delivery.

During the event, Board Chairman of LASERC, Alexander Ogunbiyi, presented 14 licences and permits to compliant operators and stakeholders in recognition of their adherence to regulatory standards and industry requirements.

The commission said the gesture reinforces its commitment to building a structured, accountable, and fully regulated electricity market in Lagos State.

Among the approved operators is Axxela Limited, which received an off-grid generation licence for a 5.8MW project at Cadbury Nigeria Plc in Agidingbi, Lagos.

Daybreak Power Solutions Limited secured multiple off-grid generation licences for projects serving major industrial and manufacturing facilities across Lagos State.

These include installations at Seven-Up Bottling Company in Oregun, Crown Flour Mill Limited in Ikorodu, Nigerdock FZE on Snake Island, Nigerian Breweries in Iganmu, Nigerian Bottling Company Limited in Ikeja, and Promasidor Nigeria Limited in Isolo. The projects range from 1,200kWp to 4,694kWp in installed capacity.

The Commission also granted an embedded generation licence to Isolo Power Gen Limited for a 9MW power project located along the Apapa-Oshodi Expressway in Isolo, Lagos.

In addition, Isolo Power Supply Limited received approval to operate an Independent Electricity Distribution Network (IEDN) within the same axis.

As part of efforts to improve electricity metering services, New Hampshire Capital Limited was licensed as a Meter Asset Provider.

Similarly, GossLink Engineering Limited secured three separate approvals covering Category A1 corporate installation of electrical energy metering systems, vending of metering systems, and importation of electrical energy metering systems.

The Commission also approved an interconnected mini-grid licence for Enaro Energy Mini-Grid Limited to serve communities in Ishokan Phase 1 and Mercyland Phase 1 in the Ayobo-Ipaja area of Lagos.

Unity Bank Disburses Over N500m Through SHOCOF to Boost Small Traders, Financial Inclusion

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Unity Bank Disburses Over N500m Through SHOCOF to Boost Small Traders, Financial Inclusion

Unity Bank Plc has disbursed over N500 million to small-scale traders and shop owners across Nigeria through its Shop Collateralised Facility, SHOCOF, as part of efforts to strengthen support for small businesses and deepen financial inclusion in the informal sector.

The innovative loan product, designed to provide easier access to financing for market traders and small shop owners, allows eligible customers to use their shops as collateral to secure loans without the stringent requirements associated with traditional lending structures.

Initially introduced as a targeted intervention for traders in Southeast Nigeria, the SHOCOF initiative gained rapid acceptance due to its flexibility and customer-focused structure, prompting the bank to expand the scheme nationwide.

The facility provides working capital support to beneficiaries, enabling them to restock goods, improve inventory turnover, strengthen cash flow, and respond more effectively to market demand.

According to recent industry reports, over 80 per cent of Nigeria’s small businesses operate informally, with many depending on personal savings and informal borrowing channels because of limited access to formal bank credit. SHOCOF was developed to bridge this financing gap through a lending structure tailored to the realities of grassroots businesses.

Speaking on the impact of the initiative, Group Head, Risk Management at Unity Bank Plc, Olusegun Oladipo, said the bank recognised the need for practical financing solutions suited to operators in the informal sector.

“SHOCOF was created to address a critical gap within the small business ecosystem by providing access to credit through a structure that traders can satisfactorily meet without much ado,” he said.

Oladipo added that by recognising the value and stability embedded in fixed business locations, the bank has been able to provide traders with the capital required to sustain and grow their operations.

Also speaking, Divisional Head, SME and Retail Banking at Unity Bank Plc, Adenike Abimbola, said the nationwide adoption of the product reflects the bank’s strategy of aligning financial solutions with the realities of everyday traders and small business owners.

“What started as a targeted intervention in the Southeast quickly gained momentum because the product directly addressed the realities of everyday traders,” she said.

The bank noted that it remains committed to empowering entrepreneurs through targeted financial products, including its Yanga account package developed for female entrepreneurs, while reiterating that expanding access to finance for underserved business segments is key to strengthening local economies and driving sustainable economic growth.

Fidelity Bank Supports Abuja Special Needs Orphanage with Critical Funding Initiative

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Fidelity Bank Supports Abuja Special Needs Orphanage with Critical Funding Initiative

Fidelity Bank Plc, has provided critical funding support to the JKS Special Needs Academy through its Fidelity Helping Hands Programme, FHHP, aimed at sustaining shelter and care for vulnerable children in the Federal Capital Territory.

The intervention was facilitated by a group of the bank’s newly recruited employees, known as Team Valorem, as part of their induction activities under the employee-driven corporate social responsibility initiative.

Through the FHHP, staff members are encouraged to identify social causes, contribute 50 per cent of project funding, while the bank matches the contribution to execute impactful community projects.

Speaking during the outreach, Divisional Head of Brand and Communications at Fidelity Bank Plc, Meksley Nwagboh, said the initiative aligns with the bank’s CSR pillars focused on health, social welfare, and youth empowerment.

According to him, the funding support will secure the orphanage’s accommodation for an additional year, ensuring that the children continue to enjoy a safe and stable environment.

“This intervention reflects our belief that building a better society is a shared responsibility. Through the Fidelity Helping Hands Programme, we empower our employees to actively contribute to meaningful social causes,” he said.

Nwagboh also stressed the importance of empowering children with special needs through skills development and inclusive opportunities that will enable them to become self-reliant and productive members of society.

Responding, the Director of JKS Special Needs Academy, Nifemi Ajileye, expressed appreciation to the bank and its employees for what she described as a timely intervention.

“We are truly grateful to Fidelity Bank for this support. It will significantly improve the welfare of the children under our care and help us sustain our operations,” she said.

Ajileye noted that caring for children with disabilities involves huge financial commitments, particularly in the areas of medical care and therapy, adding that interventions such as this help bridge critical funding gaps.

She also called on other organisations and well-meaning Nigerians to support institutions catering to children with special needs.

The bank said the initiative underscores its commitment to inclusive growth and social impact through programmes designed to improve lives and strengthen communities across Nigeria.

Ogun CP Hosts Chinese Consulate Delegation, Assures Protection of Chinese Investments

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Ogun CP Hosts Chinese Consulate Delegation, Assures Protection of Chinese Investments

The Commissioner of Police in Ogun State, Bode Ojajuni, has reaffirmed the commitment of the Command to the protection of Chinese nationals and investments across the state.

Ojajuni gave the assurance while receiving a delegation from the Chinese Consulate during a courtesy visit to the Command Headquarters in Eleweran, Abeokuta.

The delegation, led by the Deputy Consular General of the Chinese Consulate, Wang Yue, visited the command as part of efforts to strengthen diplomatic relations, security cooperation, and collaboration between the Consulate and the Ogun State Police Command.

Speaking during the meeting, the police commissioner highlighted the longstanding diplomatic relationship between Nigeria and China, noting that both countries have maintained over five decades of cooperation in trade, investment, and development.

Ojajuni also referenced his previous role as Commissioner of Police at the INTERPOL Annex, Lagos, saying the experience enhanced his understanding of international policing and transnational law enforcement collaboration.

He assured the delegation that the Ogun State Police Command would continue to strengthen security around industrial corridors, investment hubs, and critical infrastructure across the state through intelligence-led policing and proactive crime prevention measures.

According to him, Chinese industrial investments remain strategically important to Ogun State’s economic growth, stressing that the command would sustain police visibility and operational support in areas hosting Chinese businesses.

In a show of support, the Chinese Consulate donated communication equipment, including walkie-talkies, to the Ogun State Police Command to improve operational coordination and emergency response capabilities.

The Deputy Consular General also presented a congratulatory letter to the police commissioner on behalf of the Chinese Consulate, commending his appointment and expressing confidence in his leadership and professional experience.

Wang Yue praised the Ogun State Police Command for its efforts in maintaining peace and security, particularly in communities hosting Chinese enterprises, while reaffirming the Consulate’s readiness to sustain collaboration with the command.

The visit further underscored the growing diplomatic and economic ties between Nigeria and China, as well as the importance of security partnerships in promoting investment and economic development.

Tegbe Clarifies Senate Remarks, Denies Promising to Fix Power Grid in Three Months

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Tegbe Clarifies Senate Remarks, Denies Promising to Fix Power Grid in Three Months

The camp of Minister-designate for Power, Engr. Joseph Olasunkanmi Tegbe, has dismissed reports claiming he promised to fix Nigeria’s power grid within three months, describing the reports as inaccurate and a misrepresentation of his comments during his Senate screening.

In a statement issued by his spokesperson, Adeola A. Adelabu, Tegbe clarified that he made no definitive commitment regarding a three-month timeline for resolving the country’s electricity challenges during the screening held on May 6, 2026.

According to the statement, Tegbe explained that timelines for reforms in the power sector would depend on detailed diagnostics and extensive stakeholder engagements.

While he assured lawmakers that immediate grid stabilization efforts would begin within his first 100 days in office, he emphasized that broader structural reforms involving sector credibility, gas supply, and metering would require a longer implementation period, potentially extending to about a year.

“My promise to this chamber and to Nigeria is that Nigerians will see visible improvement in the sector,” Tegbe stated during the screening.

He further pledged to focus on stabilizing the national grid, modernizing power infrastructure, improving commercial frameworks, and enforcing accountability across the electricity value chain.

On tariff reforms, Tegbe assured that vulnerable households would be protected while government works toward achieving sustainability, investor confidence, and operational efficiency within the sector.

The statement noted that the Minister-designate remains committed to transparency, disciplined execution, and measurable progress in tackling Nigeria’s longstanding power challenges.

It also stressed that Tegbe welcomes constructive engagement with the media and urged journalists to seek clarification where necessary to ensure accurate public understanding of reforms planned for the power sector.

JMG Expands Industrial, Retail, Logistics Operations With Major Q1 2026 Projects

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JMG Expands Industrial, Retail, Logistics Operations With Major Q1 2026 Projects

JMG Limited has strengthened its position in Nigeria’s engineering and infrastructure sector with the delivery of major industrial, retail, and logistics projects in the first quarter of 2026.

The integrated electromechanical solutions company said the projects reflect its strategy of building interconnected systems designed to improve operational efficiency, reliability, and scalability across key sectors of the economy.

One of the company’s major interventions during the period was the upgrade of compressed air systems at the Dangote Cement Gboko Plant through JMG Industrial, the air compressor division of the company.

Following a detailed system audit, airflow mapping, and performance evaluation, JMG installed eight Kaeser compressor rotary lobe blower units tailored for continuous cement production operations, where compressed air stability is essential for material handling and pneumatic conveying.

According to the company, the upgrade resulted in a 23 per cent increase in airflow efficiency and boosted peak airflow capacity by up to 47 per cent, leading to improved pressure stability, lower energy losses, and enhanced reliability across production lines.

In the retail sector, JMG executed a fully integrated infrastructure upgrade for Quick Buy Supermarket Infrastructure Upgrade to support uninterrupted 24-hour operations.

The project combined solutions from JMG Power, JMG Clima, and JMG Electra, covering power generation, HVAC systems, and electrical infrastructure within a single integrated framework.

At the centre of the installation is a synchronized power system featuring two FG Wilson 550kVA generators and a 330kVA generator powered by a Perkins engine, integrated with grid supply to ensure redundancy and seamless load management.

The company also deployed a hybrid HVAC configuration incorporating Trane rooftop units, VRF zoning systems, ducted airflow networks, and inverter-based cooling systems to maintain optimal temperature conditions across retail and storage spaces.

JMG further expanded its logistics operations through JMG Haulage with the acquisition of 20 heavy-duty trucks aimed at strengthening nationwide distribution capabilities.

The trucks, each designed to transport up to 24 pallets and payloads of 45 tons, are expected to support FMCG and industrial supply chains across Nigeria’s major commercial routes.

The expanded fleet includes both CNG-powered trucks with ranges of up to 1,400 kilometres and diesel-powered units to improve flexibility and operational resilience.

Commenting on the company’s Q1 performance, Chief Commercial Officer, Rabi Jammal, said the company remains focused on delivering scalable and integrated engineering solutions.

“Our focus is on strengthening systems that improve efficiency, reliability, and operational performance for our clients across industrial and logistics value chains,” he said.

JMG Limited’s operations span power generation, electrical infrastructure, vertical transportation, cooling systems, air compressors, solar energy, and hybrid power solutions.

Senate Screens Tegbe for Power Minister Role, Sets Focus on Sector Reforms

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Tegbe Clarifies Senate Remarks, Denies Promising to Fix Power Grid in Three Months

The Senate has screened Joseph Olasunkanmi Tegbe as Minister of Power designate, with deliberations focusing on his reform agenda and strategies to tackle longstanding challenges in the nation’s electricity sector.

During the screening on Wednesday, lawmakers highlighted Tegbe’s experience in public sector reform and infrastructure development, noting that his blend of private and public sector expertise could support ongoing efforts to reposition the power sector.

Addressing the Senate, Tegbe described electricity as central to national growth and economic stability.

“Electricity is not just a sector. It is the foundation of productivity, dignity, and national confidence,” he stated.

He acknowledged the persistent difficulties across the power value chain, stressing that although there is no immediate solution to the sector’s problems, there is “a disciplined path to solving it” through consistent execution and measurable progress.

The minister-designate outlined several priority areas, including improving gas supply to boost power generation, strengthening grid reliability, enforcing accountability among distribution companies, accelerating metering, and restoring financial discipline within the sector.

“We will replace uncertainty with clarity, inefficiency with discipline, and promises with measurable progress,” Tegbe said.

Speaking on timelines for reform, he disclosed that immediate diagnostics and stakeholder engagements would commence upon assumption of office, adding that some improvements could begin to emerge within three months.

According to him, broader reforms such as improved gas supply, enhanced sector credibility, and accelerated metering are expected to gain traction within the first year.

Tegbe also pledged to work closely with the National Assembly and other stakeholders to achieve sustainable progress in the sector.

Reaffirming his commitment to accountability and service delivery, he assured Nigerians that tangible improvements would become visible within a reasonable period.

“I will be accountable for progress, responsible in communication, and disciplined in execution,” he added.

The screening concluded with his nomination progressing to the next stage of confirmation by the Senate.

Cameroon Telecom Regulator Visits NCC for Benchmarking Exercise in Abuja

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Cameroon Telecom Regulator Visits NCC for Benchmarking Exercise in Abuja

The Director General of the Telecommunications Regulatory Board, ART, Philemon Zoo Zame, has led a delegation from the Republic of Cameroon on a benchmarking visit to the Nigerian Communications Commission, NCC in Abuja.

The delegation was received by the Executive Vice Chairman and Chief Executive Officer of NCC, Aminu Maida, during the exercise held at the Commission’s headquarters on May 6, 2026.

The visit formed part of efforts to strengthen regulatory cooperation and facilitate knowledge sharing between both telecommunications regulatory institutions.

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