Business
50th AGM: WAMCO Records 21% Growth, Announces N324.7bn Revenue in 2022
makers of Peak, Three Crowns, Coast, Olympic and Nunu milk brands has reported a turnover of N324.7 billion for the financial year ended 31 December 2022. This was announced at its 50th Annual General Meeting, which held on Tuesday, 9 May 2023 at the Sheraton Hotel, Lagos.
management. However, there was a drop in volume which was mainly a result of high
inflation and a reduction in the overall consumer purchasing power. Turnover increased by 21% from N268.4 billion in 2021 to N324.7 billion in 2022. Profit Before Tax (PBT)
increased by 6% from N12.7 billion in 2021 to N13.5 billion in 2022 due to lower finance
costs and cost management measures.
unprecedented inflationary pressures witnessed in 2022, we upscaled our commercial execution with relentless focus on Revenue Growth Management and redistribution initiatives to stay agile and competitive. We made investments in our brands via diverse initiatives, optimizing market spend with an increased focus on physical availability. Leveraging our strong brands and superior commercial expertise has helped to sustain our leadership position and deliver significant top-line growth.
under review that supported our stability and performance. These include but are not
limited to the launch of Peak Yoghurt 1L pack and successful brand activations like the
annual Three Crowns mum of the year campaign. We also introduced Nunu yoghurt,
Nigeria’s first drinking yoghurt made from 100% locally sourced milk and produced in a
unique mobile factory, also the first of its kind in Nigeria. This is yet another success recorded in the actualization of our sustainability and backward integration plans in support of the dairy development policy of the Federal Government of Nigeria.
validation of our operational excellence and continuous improvement culture in the face
of the tough business climate.
more local content to drive more competitiveness in the market. We remain committed to delivering quality, affordable and accessible nutrition to millions of Nigerian homes and to building a more productive and sustainable future in Nigeria.”Moyo Ajekigbe, OFR, Chairman, Board of Directors
stakeholders, and I would like to thank the Management Team for their focused
leadership, hard work and resilience; and my colleagues on the Board for their valuable
insights, counsel and teamwork during the last financial year.
customers for their confidence in our products and the Company. I would also like to
thank our employees for their passion, hard work and dedication to duty. We continue to
owe our Corporate Head Office a debt of gratitude for their solid support and for their
confidence in Nigeria as an investment destination.
after the last Annual General Meeting, Mrs. Audrey Joe-Ezigbo was appointed as an
Independent Non-Executive Director on 1st December 2022. We welcome Mrs. Audrey
Joe- Ezigbo to our Company and look forward to her valuable contributions.
total dividend payout of N2.93 per N 0.50 ordinary share. No interim dividend was paid in
2022 and a final cash dividend payout of N2.93 per N 0.50 share was approved by the
shareholders at the Annual General Meeting.”
with rising unemployment, high inflation, high interest rate, insecurity and high exchange
rate. However, despite the expected difficulties and challenges in the business environment,
continue to invest in the country.
diversification strategies with renewed energy for continued prosperity and long-term
sustainability of our business.
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
