Digital Transformation Raises the Stakes for Internal Auditors

The rapid digitalisation of Nigeria’s financial and corporate sectors is changing the nature of internal auditing, creating an urgent need for professionals to develop stronger Information Technology (IT) audit capabilities.

This was the central message from Peter Adebayo, FCA, who spoke at a professional training programme organised by the Financial Institutions Training Centre (FITC) in Yaba, Lagos, where he equipped participants with practical insights into IT Audit for Internal Auditors.

The training brought together professionals drawn from financial institutions, pension fund administrators and non-financial organisations, reflecting the growing recognition that effective internal audit can no longer be separated from technology, cybersecurity, data governance and digital controls.

From Traditional Auditing to Technology-Driven Assurance

Adebayo’s intervention underscored a fundamental reality confronting modern organisations: as businesses increasingly depend on technology, internal auditors must understand the systems that drive financial transactions, business processes and reporting.

The traditional image of an auditor primarily examining paper records is rapidly becoming obsolete.

Today’s auditor is expected to understand how information is generated, processed, stored and transmitted across digital platforms—and, more importantly, whether the controls surrounding those processes are adequate.

For financial institutions and other highly regulated organisations, this responsibility is even more critical because weaknesses in IT controls can expose institutions to financial losses, operational disruptions, fraud, data breaches, regulatory sanctions and reputational damage.

Why IT Audit Matters

The FITC programme provided an important platform for professionals to examine the relationship between technology and internal control.

At the heart of IT auditing is the question of whether an organisation’s technology environment is operating securely, efficiently and in accordance with established policies, regulatory requirements and business objectives.

An effective IT audit therefore goes beyond checking whether computers and software are functioning.

It examines issues including:

Information security and access controls;

Data integrity and reliability;

User access and authentication;

Change-management controls;

System development and implementation;

Backup and disaster-recovery arrangements;

IT governance;

Cybersecurity risks;

Business continuity;

Technology-related fraud risks; and

Compliance with relevant policies and regulatory requirements.

For internal auditors, understanding these areas is becoming indispensable as organisations migrate more operations to digital platforms.

The New Risk Landscape

Adebayo’s engagement also comes against the backdrop of an increasingly complex risk environment in which financial institutions and businesses are investing heavily in digital technology.

Digital banking, automated financial reporting, cloud computing, electronic payments, artificial intelligence, data analytics and interconnected business applications have improved efficiency, but they have also expanded the potential points of vulnerability.

This means that an organisation may have sophisticated technology without necessarily having sophisticated controls.

The responsibility of the internal auditor is therefore to bridge that gap by independently assessing whether technology is supporting the organisation’s objectives while appropriately managing the risks that accompany it.

Building the Next Generation of Internal Auditors

The significance of the FITC training extends beyond the classroom.

For professionals working in banks, pension fund administrators and non-financial organisations, continuous training has become essential because technology and associated risks evolve faster than conventional audit practices.

Adebayo’s participation reinforces the need for internal auditors to move from a purely compliance-oriented mindset to a more strategic role—one in which they understand the organisation’s technology architecture, identify emerging risks and provide management with credible assurance.

The modern internal auditor must increasingly speak both the language of finance and technology.

FITC’s Continuing Professional Development Role

The training also highlights the continuing role of FITC as a platform for professional capacity development within Nigeria’s financial and corporate ecosystem.

By bringing practitioners and professionals together around emerging areas such as IT audit, FITC provides an avenue for organisations to strengthen their control environments while preparing their workforce for the demands of an increasingly technology-driven economy.

The participation of professionals from both financial and non-financial organisations further demonstrates that IT audit is no longer an exclusive concern of banks or technology companies.

Every organisation that depends on digital systems is, in effect, exposed to technology risk.

The Ameh News Anatomy: The Auditor Is Becoming a Technology Guardian

The deeper lesson from the FITC Yaba training is that the future of internal auditing will be determined by how successfully professionals adapt to the digital transformation of business.

The auditor of yesterday could concentrate largely on transactions, documents and financial records.

The auditor of today must understand systems, data, algorithms, access rights, cyber risks and digital controls.

And the auditor of tomorrow will need to combine financial expertise with technology, analytics and strategic risk intelligence.

That is why Peter Adebayo FCA’s engagement at FITC Yaba is more than another professional training session. It is a reflection of a changing corporate reality: as business becomes digital, internal audit must become digital too.

For Nigeria’s financial institutions, pension operators and corporate organisations, investing in IT audit competence is no longer simply a professional development choice. It is increasingly a critical component of corporate governance, risk management and institutional resilience.

The Ameh News Anatomy is simple: technology may drive the modern organisation, but strong internal controls determine whether that technology creates value—or creates risk.

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L-R: Team Lead, Corporate Social Responsibility (CSR), Fidelity Bank Plc, Victoria Abuka; Fidelity Food Bank Partner, Rev. Fr. Michael Domingo; Cathedral Administrator, Cathedral of Saints Peter and Paul, Catholic Diocese of Abeokuta, Itesi, Adatan, Abeokuta, Rev. Fr. Dominic Olagbaju; and Branch Leader, Fidelity Bank Plc, Sagamu, Titilola Odede, during the Fidelity Food Bank distribution event in Abeokuta, Ogun State recently.

As part of its efforts to alleviate hunger and support livelihoods across Nigeria, leading financial institution, Fidelity Bank Plc, has donated more than 2,000 food packs to residents in Abeokuta, Ogun State, through its Fidelity Food Bank Initiative.

The distribution exercise, held at St. Peter and Paul Catholic Cathedral, Itesi, Adatan, Abeokuta is a part of the bank’s Corporate Social Responsibility (CSR) programme focused on supporting vulnerable populations and expanding access to essential food supplies.

Speaking at the event, Folaranmi Jemirin, Regional Bank Head, South West 1, Fidelity Bank Plc, disclosed that the bank has distributed over 300,000 food packs across Nigeria’s six geopolitical zones since the Food Bank Initiative was launched in 2023.

According to him, the initiative supports the United Nations Sustainable Development Goal (SDG) 2 – Zero Hunger and underscores Fidelity Bank’s commitment to driving positive social impact across its host communities.

“At Fidelity Bank, we remain committed to implementing Corporate Social Responsibility initiatives that improve the living conditions of our host communities and contribute to sustainable development. Through our Food Bank Initiative, we are not only providing relief to vulnerable families but also supporting the global goal of ending hunger and ensuring food security for all,” Jemirin said.

He further noted that Fidelity Bank’s impact in Abeokuta extends beyond food support to include investments in education, youth rehabilitation, women’s economic empowerment, social welfare, and other community-focused interventions.

“This initiative is about more than distributing food items. It is about restoring hope, strengthening communities, uplifting families, and providing meaningful support that contributes to their wellbeing. We are grateful to the Catholic Diocese and all our partners whose collaboration has made this outreach possible,” he added.

Receiving the donation on behalf of the beneficiaries, the Cathedral Administrator, Rev. Fr. Dominic Olagbaju, expressed appreciation to Fidelity Bank for its continued investment in humanity and community development.

“We sincerely appreciate Fidelity Bank for counting the Abeokuta community worthy of benefiting from this noble initiative. This gesture reflects a genuine compassion and a strong commitment to supporting vulnerable members of society. We commend the bank for consistently extending helping hands to communities and partnering with institutions like the Church to make meaningful social impact,” he said.

Launched in 2023, the Fidelity Food Bank Initiative has become one of the bank’s most impactful social interventions, providing critical food support to vulnerable households across Nigeria. Through strategic partnerships with religious institutions, community organisations and other stakeholders, the initiative continues to alleviate hunger while promoting inclusive development and social welfare.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.

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The bank said the upgraded FastCash facility is designed to provide customers with quicker access to funds for unexpected expenses and other immediate financial needs without the conventional requirements associated with bank lending.

According to FCMB, eligible customers can access FastCash round the clock through the FCMB Mobile App or by dialling 32911#, eliminating the need to visit a banking hall to apply for the facility.

The digital loan does not require collateral, paperwork or a guarantor, with applications processed electronically based largely on customers’ transaction activity and relationship with the bank.

Three-Month Account History Determines Eligibility

FCMB stated that customers must have maintained an account with the bank for at least three months to be considered for the FastCash facility.

Returning customers who meet the bank’s eligibility requirements may also access repayment periods of up to 90 days, giving borrowers additional flexibility in managing short-term financial obligations.

The bank further disclosed that customers who have not exhausted their maximum eligible loan amount may apply for a FastCash top-up, subject to continued eligibility.

The latest increase represents a significant expansion of the facility’s borrowing capacity and reinforces FCMB’s strategy of using digital channels to extend credit to customers at the point of need.

FCMB: Customers Want Faster Access to Credit

Commenting on the development, Divisional Head, Personal Banking, FCMB, Tunji Lamidi, said the decision to increase the FastCash limit was driven by customers’ growing need for convenient and readily accessible short-term financing.

Lamidi said financial needs often arise unexpectedly and that customers increasingly expect their banks to respond quickly through channels that are already familiar to them.

“Financial needs can arise without warning, and customers increasingly expect their bank to respond just as quickly. By increasing the FastCash limit to N500,000, we are giving eligible customers more room to meet short-term needs through channels they already use, without paperwork or a branch visit.”

His comments underline FCMB’s broader push to integrate lending into everyday digital banking, allowing customers to access credit alongside routine payments, transfers and other banking services.

Digital Lending Becomes Increasingly Important

The FastCash expansion comes as Nigerian banks continue to deepen digital lending products, particularly facilities targeted at customers seeking relatively small amounts of money for immediate financial requirements.

Unlike traditional loan applications that can involve documentation, physical verification, collateral requirements and lengthy approval processes, instant digital loans are generally designed around speed, customer transaction history and automated eligibility assessments.

For FCMB, the increased FastCash ceiling means qualifying customers can now access as much as N500,000 without necessarily initiating a conventional branch-based loan application.

The facility also demonstrates the growing importance of customer transaction data in determining access to credit.

By assessing customers’ banking activity, financial behaviour and relationship with the institution, banks can increasingly make automated lending decisions while delivering credit through mobile and USSD platforms.

Convenience Comes With Repayment Responsibility

While the expanded limit provides customers with greater financial flexibility, the facility also places emphasis on responsible borrowing.

Customers considering FastCash will need to understand the applicable loan terms, charges, repayment obligations and consequences of default before accepting an offer.

The availability of higher instant-credit limits could provide useful liquidity for customers facing temporary cash-flow pressures, but it should not be mistaken for additional income.

For borrowers, the key consideration remains whether the loan can be repaid within the agreed period without creating a larger financial burden.

FCMB Strengthens Digital Banking Proposition

The FastCash upgrade forms part of FCMB’s continuing effort to make everyday banking and credit more accessible through digital platforms.

With the facility available through both the FCMB Mobile App and USSD banking, the bank is effectively extending its lending proposition beyond traditional banking halls and into customers’ everyday digital environments.

The move also reflects the broader transformation of Nigeria’s financial services industry, where mobile banking, USSD services and automated credit products are becoming increasingly central to how customers interact with financial institutions.

By increasing the FastCash limit to N500,000, FCMB is positioning the product as a more substantial source of short-term liquidity while retaining its emphasis on speed, convenience and digital accessibility.

For eligible customers, the message is straightforward: access to emergency and short-term financing can now be obtained digitally, at any time, without collateral, paperwork or a guarantor—subject to the bank’s eligibility and lending conditions.

The Ameh News Analysis Perspective

The significance of the FCMB move extends beyond the N500,000 headline limit. It reflects a broader shift in Nigerian banking from branch-dependent lending towards data-driven, instant and digitally delivered credit. As competition intensifies, the next battleground for banks will increasingly be how quickly they can convert customer relationships and transaction histories into responsible, affordable and sustainable credit.

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The two-day event, themed “Building on the Gains of Recapitalisation, Tax Reform and Fintech Revolution,” will hold at Orchid Hotels, Dreamworld Africana Way, Lekki. It aims to examine sweeping reforms reshaping the country’s financial landscape and explore how they can deliver stronger economic growth, higher investment inflows, wider financial inclusion and greater resilience.

Dr. Muhammad Sani Abdullahi, Deputy Governor for Corporate Services at the Central Bank of Nigeria, will deliver the keynote address. Dr. Oliver Alawuba, Group Managing Director and Chief Executive Officer of United Bank for Africa, will serve as guest speaker. Panel discussions will feature representatives from the Nigeria Inter-Bank Settlement System, the Fintech Association of Nigeria, Opay Digital Services Limited, Providus Bank and the Small and Medium Enterprises Development Agency of Nigeria. These sessions will address sub-themes linked to banking recapitalisation, tax reforms and the rapid expansion of financial technology.

FICAN Chairman Chima Titus Nwokoji described the conference as a strategic platform for reviewing ongoing reforms and identifying practical steps to sustain growth. “This year’s conference comes at a defining moment for Nigeria’s economy. Banking recapitalisation, tax reforms and the rapid expansion of financial technology are reshaping the financial services landscape. Our objective is to bring together policymakers, regulators and industry leaders to assess the gains recorded so far and develop practical recommendations that will deepen financial stability, promote inclusive growth and enhance investor confidence,” he said.

Nwokoji noted that the association, which brings together about 150 journalists and editors covering the financial industry across print, electronic and online platforms, has for 36 years promoted responsible financial journalism and informed public discourse on economic policy. He said participants would examine strategies for sustaining investor confidence, strengthening financial stability, accelerating digital innovation and ensuring that reforms translate into tangible benefits for businesses and ordinary Nigerians.

The programme will include keynote addresses, panel discussions and interactive sessions involving experts from banking, insurance, the capital market, fintech and the public sector. Topics will cover the implementation of the banking recapitalisation programme, the impact of Nigeria’s new tax regime, the evolution of financial technology, the future of digital payments, financial inclusion, capital market development, insurance penetration, foreign investment and long-term economic resilience.

FICAN expects the conference to produce a communiqué with concrete recommendations for government, regulators and industry operators on sustaining reforms, attracting investment, accelerating financial inclusion and strengthening the financial sector. Beyond formal sessions, the gathering will serve as a networking forum where policymakers, regulators, investors, financial institutions, corporate executives, development partners and media practitioners can exchange ideas and explore collaborative solutions.

Organisers said the country stands at a pivotal point in its economic transformation. Reforms in banking, taxation, financial technology and broader macroeconomic management are creating both new opportunities and fresh policy challenges. The association believes robust engagement among regulators, operators, investors and policymakers is essential to consolidate the gains and support sustainable national growth.

The annual FICAN conference has evolved over the years into one of Nigeria’s leading platforms for high-level policy dialogue on issues affecting the financial system and the wider economy

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TAJBank Limited has strengthened its position as Nigeria’s leading non-interest bank after posting a 74 per cent year-on-year increase in Profit Before Tax (PBT) to ₦31.56 billion in FY2025, compared with ₦18.17 billion recorded in the previous financial year.
The performance, contained in the bank’s approved FY2025 financial statements, underscores the rapid expansion of the non-interest banking franchise and TAJBank’s growing weight within Nigeria’s financial services industry.
The bank’s total assets rose by 41 per cent, from ₦953 billion in FY2024 to ₦1.34 trillion at the end of 2025. Gross earnings also climbed by 71 per cent to ₦132.56 billion, from ₦77.55 billion, while gross earning assets surged by 81 per cent to ₦847.71 billion, compared with ₦467.38 billion a year earlier.
Even more striking was the movement in shareholders’ funds. Total equity expanded by 144 per cent to ₦149.23 billion, from ₦61.25 billion in FY2024.
The bank also reported a 30 per cent capital adequacy ratio, providing an important cushion as its balance sheet continues to expand.
From challenger to subsector leader
TAJBank’s latest numbers mark another milestone for an institution that commenced operations only a few years ago.
Regulatory-approved industry figures have placed the bank at the top of Nigeria’s non-interest banking subsector by total assets and gross earnings. Its leadership position had already become evident during 2025, when its assets crossed the ₦1 trillion mark.
The FY2025 results suggest that the bank has not merely retained that position but has widened its operating scale.
The growth in earning assets is particularly significant. An 81 per cent expansion in gross earning assets to ₦847.71 billion indicates that a substantial portion of the balance-sheet expansion was directed towards income-generating activities rather than simply accumulating assets.
That combination of asset growth, earnings expansion and stronger equity provides a more compelling picture of the bank’s performance than the headline PBT figure alone.
Shareholders get 20-kobo dividend
Against the backdrop of the strong financial performance, the Board approved a 20-kobo-per-share dividend for shareholders at the bank’s 2026 Annual General Meeting.
Board Chairman, Alhaji Tanko Gwamna, said the decision reflected the institution’s appreciation of shareholders’ contribution to the bank’s growth.
“The Board rewarded shareholders for their contributions to the growth of TAJBank, as we have done over the years.”
The dividend also sends a signal that management is seeking to balance expansion with shareholder returns rather than pursuing growth at the expense of investors.
Managing Director/Chief Executive Officer, Hamid Joda, attributed the performance to prudent financial management and said the results had strengthened investor confidence.
“I want to thank our shareholders and assure them that their funds are secure and will continue to yield sustainable returns annually.”
Executive Director, Sherif Idi, said the bank would continue to place customers and shareholders at the centre of its operations.
“We value our shareholders and customers because their interest is why we are in business. We will always prioritise them in our operations.”
TAJBank’s official corporate records identify Gwamna as Chairman, Joda as Founder/MD/CEO and Sherif Idi as Co-Founder/Executive Director.
Expert reaction: growth goes beyond the balance sheet
The figures have attracted favourable assessment from banking-sector observers.
Reacting, a chartered banker, former Director-General of the Chartered Institute of Bankers of Nigeria and President of the Bank Customers Association of Nigeria, described the performance indicators as evidence of substantial progress.
He noted that the bank’s expansion demonstrated aggressive penetration of its target market, particularly in rural communities, while also supporting financial inclusion.
Continue, he said the performance was evidence of the profitability and viability of Nigeria’s non-interest banking segment.
Another market perspective came from investment expert and chartered stockbroker, who had earlier identified TAJBank as the largest non-interest bank by assets based on its 2025 half-year performance.
At the time, TAJBank’s assets had risen to about ₦1.02 trillion, already putting it more than ₦50 billion ahead of the nearest competitor in the subsector.
The full-year numbers now show that the bank continued to build on that lead.
The real test: whether growth remains sustainable
For analysts, however, the significance of TAJBank’s results goes beyond celebrating a 74 per cent increase in PBT.
The more important question is whether the bank can maintain asset quality, capital strength, liquidity, risk discipline and sustainable returns as its balance sheet becomes substantially larger.
A bank moving from ₦953 billion to ₦1.34 trillion in assets in one year must demonstrate that its risk-management infrastructure is growing at least as quickly as its balance sheet.
The reported 30 per cent capital adequacy ratio is therefore an important indicator. It suggests that TAJBank entered the next phase of its expansion with a sizeable regulatory capital buffer.
The 144 per cent increase in equity is equally significant because stronger shareholders’ funds can provide additional capacity to support future growth while absorbing unexpected losses.
For TAJBank, the challenge now is to ensure that rapid expansion does not weaken the quality of its assets or place pressure on future profitability.
Non-interest banking gains momentum
TAJBank’s performance also arrives at a time when Nigeria’s non-interest banking market is attracting increasing attention from customers, investors and policymakers.
The model provides banking and financing structures based on principles that differ from conventional interest-based banking, while creating opportunities for financing, investment and financial inclusion.
TAJBank has positioned itself around this model and has continued to invest in technology, alternative financing structures and market expansion.
The bank’s strategic ambition is to become a dominant non-interest banking institution in Nigeria, with a strong emphasis on technology, branch expansion and financial inclusion.
Its capital-market activities have also expanded. In 2025, TAJBank completed arrangements for a ₦20 billion second tranche of its ₦100 billion Mudarabah Sukuk programme, following its earlier Sukuk issuance.
That development provides another avenue through which the institution can deepen its funding and investment ecosystem.
Technology, governance and compliance
The bank’s growth has also been accompanied by an emphasis on technology, information security and business continuity.
TAJBank holds Payment Card Industry Data Security Standard (PCI DSS) certification as well as ISO certifications covering information security, business continuity and IT service management.
For a rapidly expanding financial institution, such certifications are increasingly important because the scale of digital transactions and customer data creates corresponding cybersecurity and operational risks.
The challenge is to ensure that these standards remain embedded in daily operations as the institution grows, rather than becoming merely compliance credentials.
A stronger platform for the next phase
TAJBank’s FY2025 performance therefore represents more than another profitable year.
It marks the emergence of a Nigerian non-interest bank with a ₦1.34 trillion balance sheet, ₦149.23 billion in shareholders’ equity, ₦132.56 billion in gross earnings and ₦31.56 billion in pre-tax profit.
The figures demonstrate scale, but they also raise the bar.
Having established itself as the largest player in the subsector, TAJBank’s next challenge will be to prove that it can preserve asset quality, maintain strong capital buffers, manage risks effectively and continue delivering returns as competition intensifies.
For shareholders, the 20-kobo dividend provides an immediate reward.
For customers, the expanding balance sheet potentially means greater capacity to provide financing and financial services.
For the wider Nigerian banking industry, TAJBank’s performance provides perhaps the clearest indication yet that non-interest banking is evolving from a niche alternative into a significant component of the country’s financial-services landscape.
The question for the years ahead is no longer whether TAJBank can grow.
It is whether the institution can convert rapid growth into durable, well-capitalised and sustainable market leadership.
The Ameh News analysis: TAJBank’s FY2025 numbers show impressive momentum, but the quality and sustainability of that growth will ultimately matter more than the headline profit figure.

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The Central Bank of Nigeria on Tuesday said recent stability in the foreign exchange market, rising foreign reserves and moderating inflation indicate that its ongoing monetary reforms are beginning to yield positive results.

The apex bank disclosed that Nigeria’s external reserves had risen above $52.5bn as of July 17, 2026, exceeding its annual target and reaching their highest level in 17 years.

CBN Governor Olayemi Cardoso, represented by the Acting Director of the Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, made the disclosure at the CBN Fair held at the International Conference Centre, Gombe. Sidi-Ali also reiterated the development in a statement issued on Tuesday.

According to the statement, “The Central Bank of Nigeria has disclosed that Nigeria’s foreign reserves have exceeded its annual target and have climbed above $52.5bn as of July 17, 2026, representing a 17-year high.”

Cardoso said the milestone reflected sustained capital inflows, renewed investor confidence and growing confidence in Nigeria’s economic management. “This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” he said.

He noted that headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also moderated during the period.

According to him, the improvement was driven by “disciplined monetary tightening, exchange-rate unification, and improved market transparency.” Cardoso added that the naira had recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.

He said, “The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent.”

The CBN governor said the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction.

He listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, the introduction of the non-resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028, the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits and the Nigerian Overnight Financing Rate benchmark.

He said the reforms were designed to strengthen liquidity management, improve transparency, deepen financial markets and align Nigeria’s money market infrastructure with international best practices.

Speaking on the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Cardoso said the CBN remained committed to promoting alternative payment channels to deepen financial inclusion and support economic activities.

He said the fair provided an opportunity for the apex bank to engage directly with citizens, businesses and other stakeholders, explain its policies and obtain public feedback. “The fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” he said.

He urged participants to actively engage in the sessions by asking questions and seeking clarification on the bank’s policies and programmes. The apex bank also reiterated its warning against the abuse and misuse of the naira.

Sidi-Ali urged Nigerians to obtain information on CBN policies only from the bank’s verified platforms and to respect the national currency. She said, “I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray, hawk, mutilate, or counterfeit the  naira.”

Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the bank’s policies and provide stakeholders with opportunities to ask questions and offer feedback.

He urged participants to pay attention to the presentations and actively engage in the sensitisation sessions to deepen public understanding of the apex bank’s initiatives and their impact on the economy.

The CBN said it would continue implementing policies aimed at maintaining monetary and price stability, strengthening financial markets, rebuilding investor confidence and promoting sustainable economic growth.

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In a significant demonstration of its commitment to alleviating hunger and supporting vulnerable communities, leading financial institution, Fidelity Bank Plc, has provided food relief to more than 1,000 Internally Displaced Persons (IDPs) in Mangu Local Government Area of Plateau State through its Fidelity Food Bank Initiative.

The humanitarian outreach, conducted in collaboration with the Plateau State Sustainable Development Goals (SDGs) Office and supported by the ABBASID Charity Foundation, delivered essential food items including rice, noodles, and tomatoes to displaced families currently residing in transit camps across the community.

Speaking during the distribution exercise, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, reaffirmed the bank’s dedication to supporting communities through impactful social interventions.

“The Fidelity Food Bank Initiative was conceived as a way of giving sustenance to the society and supporting vulnerable groups across Nigeria. Today, we are delighted to be in Mangu to extend this support to families affected by displacement. We hope this intervention helps nourish households and contribute to reducing the burden of hunger currently affecting them,” he said.

The intervention forms part of Fidelity Bank’s Corporate Social Responsibility (CSR) programme aimed at addressing food insecurity and providing critical support to vulnerable populations facing economic hardship and displacement. Nwagboh noted that the Fidelity Food Bank has become a key platform through which the bank contributes to national efforts aimed at reducing hunger and improving the welfare of underserved communities across the country.

Also speaking at the event, Mrs. Nanbam Danjuma-Lot, Project Coordinator of the Plateau State Sustainable Development Goals (SDGs), described the intervention as timely and impactful given the challenges faced by families living in IDP camps.

“Following the attacks and destruction experienced by these communities in recent years, many families continue to face significant hardship. We are pleased to partner with Fidelity Bank and other humanitarian organizations to bring succor to those affected. This reflects our collective commitment to supporting affected persons and helping them rebuild their lives,” she stated.

The Founder of ABBASID Charity Foundation, Mrs. Hauwa Abbas, highlighted the importance of strategic partnerships in addressing food insecurity across Nigeria.

“Our collaboration with Fidelity Bank has enabled us to extend food support to vulnerable communities nationwide. So far, we have reached between 32 and 40 communities across the country, providing much-needed assistance to families affected by hunger and economic hardship,” she stated.

Responding on behalf of beneficiaries, Mr. Titus Abednago, Village Head of Changal Community, expressed profound appreciation to Fidelity Bank, the Plateau State Government, and other partners for their support.

“This intervention has brought hope and relief to many families. We sincerely thank Fidelity Bank and all stakeholders for remembering our people during these challenging times. We also appeal for continued efforts to restore lasting peace so that our people can return to their farms and rebuild their livelihoods,” he said.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.

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FCMB Group Plc has delivered one of the strongest financial performances in its history, posting a remarkable 141.72 per cent increase in Profit After Tax (PAT) to ₦177.27 billion for the financial year ended December 31, 2025. The exceptional earnings have attracted widespread attention across Nigeria’s financial markets, with analysts describing the results as compelling evidence that the Group has successfully converted strategic capital raising into sustainable profitability, stronger operational efficiency and enhanced shareholder value.

The audited financial statements indicate that the financial holding company has entered a new phase of growth, transitioning from capital accumulation to earnings acceleration following the successful deployment of proceeds from its ₦147.5 billion public offer completed in 2024. The impressive performance reinforces FCMB’s position as one of Nigeria’s fastest-improving financial institutions and demonstrates the effectiveness of its long-term transformation strategy.

Independent investment research firm Proshare described the 2025 financial performance as a strategic inflection point in FCMB’s corporate journey. According to the analysts, the triple-digit profit growth validates management’s ability to improve capital productivity by translating fresh equity into stronger earnings, enhanced balance-sheet strength and improved returns for shareholders. They noted that the results represent one of the most consequential performances recorded by the Group in recent years.

The Group’s gross revenue expanded by 42.46 per cent to exceed ₦1.13 trillion, while interest income surged by 61.68 per cent, crossing the ₦1 trillion milestone for the first time in FCMB’s history. Analysts attributed the growth to improved asset deployment, stronger lending activities, higher-yield investment assets and favourable market conditions that boosted earnings across the Group’s core businesses.

Profit Before Tax also climbed by 80.62 per cent to ₦202.10 billion, while the Group’s net interest margin improved significantly from 6.30 per cent to 9.50 per cent. Net profit margin strengthened from 9.23 per cent to 15.66 per cent, reflecting improved efficiency in converting revenue into bottom-line profit and demonstrating stronger synergy across the Group’s banking operations.

Experts Say Capital Productivity Is Driving Sustainable Growth

Reacting to the results, financial experts said FCMB’s performance illustrates how disciplined capital deployment can transform fresh equity into sustainable earnings growth.

Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said the results underscore the importance of efficient capital allocation.

“Capital raising is only the beginning. Sustainable value comes from management’s ability to deploy those funds efficiently into productive assets that generate consistent returns. FCMB’s latest results suggest that management has made significant progress in achieving that objective.”

According to him, the Group’s performance also demonstrates prudent treasury management and effective balance-sheet optimisation at a time when Nigerian banks are strengthening their capital positions under evolving regulatory expectations.

Capital market analyst Ambrose Omordion, Chief Operating Officer of InvestData Consulting Limited, said FCMB’s financial performance reflects growing investor confidence in institutions that combine capital strength with disciplined execution.

He noted that the Group’s earnings profile, improved margins and stronger operational metrics position it favourably among Nigeria’s tier-two banking institutions and provide additional confidence for long-term investors.

Operational Efficiency Emerges as a Major Strength

Beyond the strong earnings performance, analysts identified FCMB’s improving operational efficiency as one of the defining highlights of the 2025 financial year.

According to Proshare Analysts, the Group demonstrated strong positive operating leverage by growing revenue faster than operating expenses despite Nigeria’s inflationary environment. Although personnel costs, technology investments and regulatory compliance expenses increased during the year, FCMB successfully reduced its cost-to-income ratio from 59.90 per cent to 53.75 per cent, reflecting disciplined execution of management’s operational strategy.

The analysts further explained that total operating income increased by nearly 60 per cent to ₦611.11 billion, comfortably outpacing the 43.41 per cent rise in operating expenses. This enabled the Group to absorb inflationary pressures while delivering stronger profitability, improved efficiency and a more resilient operating model. They added that sustaining this positive operating leverage would be critical to maintaining earnings momentum and increasing shareholder value in the years ahead.

Industry observers note that improving operational efficiency has become one of the most important indicators used by institutional investors when evaluating banking stocks. FCMB’s ability to expand income while maintaining cost discipline reinforces confidence in the Group’s strategic direction and strengthens its investment appeal ahead of the 2026 financial year.

Mrs. Yemisi Edun, Managing Director

Public Offer Begins Delivering Strong Returns

Another major highlight of the financial year was the successful utilisation of proceeds from FCMB’s ₦147.5 billion public offer, which was 33 per cent oversubscribed.

According to Proshare, management moved quickly to deploy the new capital into high-yield investment securities and other income-generating assets instead of allowing the funds to remain idle. This strategic deployment substantially enhanced earnings and strengthened capital productivity.

Interest income from cash and cash equivalents rose dramatically to ₦145.33 billion, compared with ₦12.80 billion in the previous year, while total investment securities expanded by 71.15 per cent to ₦2.04 trillion. Analysts described these figures as clear evidence that FCMB’s capital deployment strategy is producing measurable financial returns.

Prof. Uche Uwaleke, Professor of Capital Market at Nasarawa State University, Abuja, said the Group’s performance validates investors’ confidence in the 2024 public offer.

According to him, shareholders expect institutions raising fresh equity to convert those funds into sustainable earnings, stronger regulatory capital and long-term value creation.

Prudent Risk Management Supports Long-Term Stability

Despite the impressive earnings growth, FCMB maintained a conservative approach to risk management.

Loan impairment charges increased by 98.12 per cent to ₦81.71 billion, reflecting management’s deliberate strategy of strengthening provisions against potential macroeconomic uncertainties and preserving balance-sheet resilience. Proshare said the conservative provisioning approach demonstrates prudent corporate governance and reinforces confidence in the sustainability of the Group’s earnings trajectory.

Retail Banking Continues to Strengthen Funding Base

The Group also recorded significant progress in improving the quality of its funding structure.

Its Current Account and Savings Account (CASA) ratio increased to 65.41 per cent, while retail deposits expanded to ₦2.87 trillion. Savings deposits rose to ₦1.32 trillion, current account balances reached ₦1.57 trillion, and reliance on expensive wholesale funding declined, reducing the overall cost of funds even in a high-interest-rate environment.

Financial analyst Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has consistently maintained that a strong retail deposit franchise provides banks with cheaper and more stable funding, enabling them to support sustainable lending growth and protect profitability during periods of monetary tightening. FCMB’s expanding retail deposit base aligns with this widely recognised principle of banking strategy.

Outlook Remains Positive

Looking ahead, analysts believe FCMB’s future performance will depend on its ability to sustain operational efficiency, deepen digital transformation, expand quality lending, strengthen retail banking and maintain disciplined capital allocation.

According to Proshare, successful execution of these strategic priorities is expected to support stronger earnings, improve market valuation and deliver sustained shareholder value in the coming years.

For investors and market participants, FCMB’s FY2025 performance represents far more than a year of record profits. It reflects the emergence of a stronger, more efficient and better-capitalised financial institution that is successfully converting strategic investments into sustainable growth.

As Nigeria’s banking industry advances into a new era of higher capital requirements and intensified competition, FCMB Group’s record ₦177.27 billion profit stands as a compelling example of how prudent leadership, disciplined execution, effective capital deployment and operational excellence can create enduring value for shareholders, customers and the Nigerian economy.

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By The Ameh News
Nigeria is set to host one of Africa’s most influential economic policy gatherings as the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, lead a landmark fireside dialogue at the 7th Africa Emerging Markets Forum (AEMF) in Abuja on July 29–30, 2026.
Hosted by the Central Bank of Nigeria (CBN) in partnership with the Emerging Markets Forum (EMF) and the Centre for the Study of the Economies of Africa (CSEA), this year’s forum comes at a defining moment for African economies facing persistent inflation, slowing global growth, debt vulnerabilities, exchange-rate pressures, climate-related shocks and growing geopolitical uncertainties.
With the theme “Building Resilience Amidst Geoeconomic Uncertainties,” the conference will assemble central bank governors, finance ministers, policymakers, development finance institutions, academics, economists, investors and business leaders from across Africa and the global emerging-market community to identify practical solutions for sustainable and inclusive economic growth.
The centrepiece of the event will be the much-anticipated strategic conversation between Cardoso and Okonjo-Iweala, two globally respected economic leaders whose experience in monetary policy, international trade, financial reforms and global economic governance is expected to provide valuable insights into Africa’s next phase of economic transformation.
Observers believe the dialogue will explore how African nations can preserve macroeconomic stability while accelerating industrialisation, expanding intra-African trade, improving productivity, attracting long-term investment and strengthening regional value chains in an increasingly fragmented global economy.
The forum will also feature keynote addresses by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr. Kingsley Udeh, reflecting the growing importance of aligning fiscal, monetary, innovation and technology policies to support sustainable development across Africa.
Other distinguished participants include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founder and Chief Executive of the Emerging Markets Forum; and Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University, alongside senior policymakers, development partners and private-sector leaders from around the world.
Discussions over the two-day summit will cover macroeconomic stability, regional integration, digital payments, financial technology (FinTech), infrastructure financing, foreign direct investment, artificial intelligence, technology transfer, food security, inflation management and monetary policy transmission in fragile and post-crisis economies.
Experts Highlight Strategic Importance
Economic experts say the forum arrives at a time when Africa requires stronger policy coordination to withstand external shocks and unlock its enormous economic potential.
Development economist Prof. Ken Ife noted that Africa’s long-term prosperity depends on strengthening institutions, improving infrastructure, accelerating industrialisation and creating a business environment capable of attracting both domestic and international investment.
Former Director-General of the Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf, observed that maintaining macroeconomic stability, reducing inflation, improving foreign exchange liquidity and enhancing investor confidence remain fundamental to sustaining economic growth across emerging markets.
Financial analyst Bismarck Rewane said deeper regional trade integration, supported by efficient payment systems and policy consistency, would significantly enhance Africa’s competitiveness under the African Continental Free Trade Area (AfCFTA).
Analysts also believe that the participation of the WTO Director-General signals growing international confidence in Africa’s ability to become a stronger contributor to global trade, particularly if governments continue implementing reforms that improve productivity, competitiveness and the ease of doing business.
Why the Emerging Markets Forum Matters
The Emerging Markets Forum has evolved into one of the world’s foremost independent platforms for dialogue on development policy and economic reform. It brings together current and former heads of state, central bank governors, finance ministers, leading economists, business executives and development partners to exchange ideas on addressing the complex challenges confronting emerging and developing economies.
For Nigeria, hosting the forum reinforces its strategic position as one of Africa’s largest economies and demonstrates the CBN’s commitment to promoting evidence-based policymaking, regional cooperation and financial stability.
The meeting is also expected to strengthen collaboration between governments, multilateral institutions, development finance organisations and the private sector in mobilising capital for infrastructure, expanding digital financial inclusion, accelerating innovation and supporting sustainable economic development.
A Defining Moment for Africa
According to the organisers, the forum aims to foster open dialogue on issues of strategic importance while identifying practical policy solutions tailored to the realities of emerging and developing economies.
As global economic conditions continue to evolve, expectations are high that the Abuja forum will produce actionable recommendations capable of helping African countries build more resilient economies, deepen regional integration, expand trade and investment, create quality jobs and deliver inclusive prosperity for future generations.
With the combined expertise of the Central Bank of Nigeria, the World Trade Organization, the Emerging Markets Forum and leading development institutions, the 7th Africa Emerging Markets Forum is widely expected to shape important conversations on Africa’s economic future and reinforce the continent’s role in the global economy.
SAfrica Emerging Markets Forum 2026, Olayemi Cardoso, Ngozi Okonjo-Iweala, CBN, WTO, Abuja, African economy, emerging markets, inflation, regional integration, AfCFTA, monetary policy, investment, economic resilience, sustainable growth.

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