Business
How Buhari Regime Depleted ECA by N1.5tn

Between 2015 and 2019, the Federal Government withdrew N1.5tn (about $4.92bn) from the Excess Crude Account, statistics obtained from the Ministry of Finance have revealed.
The ECA, which was created by former President Olusegun Obasanjo in 2004 for the purpose of saving oil revenue in excess of the budgeted benchmark, rose from $5.1bn in 2005 to more than $20bn in November 2008.
But persistent demand by states to fund various programmes and the inability of the Federal Government to generate adequate revenue to fund its operations had put pressure on the Federal Government to draw down the account.
Available statistics showed that in the last five years, stretching from 2015 to 2019, a total of $4.92bn or (N1.5tn at the government rate of N305 to a dollar) was withdrawn from the account.
The Federal Government gave approval for the withdrawal of N458.14bn in the 2015 fiscal period from the ECA.
From this amount, N359.39bn went into petroleum subsidy payment and N98.19bn was used for revenue augmentation to the three tiers of government.
The 2016 fiscal period saw the Federal Government withdraw the sum of N85.17bn to augment revenue to the three tiers of government while $250m was taken out of the account in 2017.
In 2018, the Federal Government depleted the account by an additional amount of $2.87bn.
The withdrawal for 2018 was significantly higher than the $250m withdrawn in 2017 by about $2.62bn.
Based on an analysis of the figures from the Budget Office, the sum of $1.76bn was withdrawn in the fourth quarter of 2018 by the government for the Paris Club refund to state governments.
The $1.76bn represents about 61 per cent of the entire $2.87bn withdrawn during the 12-month period.
Further analysis of the figures showed that the sum of $496.37m was approved by the President, Major General Muhammed Buhari (retd.), and withdrawn for the purchase of Super Tucano Aircraft.
The withdrawal of that amount, according to findings, was made in the first quarter of 2018.
Similarly, the President also gave approval that the sum of $380.51m be withdrawn for the first batch of procurement of equipment for the Nigerian Army, Navy and Defence Intelligence Agency.
The withdrawal of the $380.51m, according to investigations, was made in the fourth quarter of 2018.
Similarly, the Federal Government also gave approval that $233.29m be withdrawn for states’ matching grant to the Universal Basic Education Commission.
The amount was taken out of the ECA in the fourth quarter of 2018.
The account also incurred bank charges of $122.23 during the 12-months period of 2018.
In 2019, the ECA witnessed a decline of about $306.04m or N98.48bn from $631m as of January ending to $324.96m as of the end of the year.
It was recently reported that the account was further depleted by N253.1m from $324.96m in January to $71.81m, the status of the account as of February 19.
The World Bank had said the Nigerian economy had become more vulnerable to shocks as a result of the depletion of the Excess Crude Account.
In its latest Nigeria Economic Update, the World Bank had warned that a ‘moderate’ decline in oil price could trigger another recession, noting that the exhaustion of the ECA had made the country more vulnerable.
“Fiscal buffers in the Excess Crude Account have been exhausted, rendering Nigeria more vulnerable to shocks,” the bank said.
Noting that the account was mismanaged, the report added, “The ECA has rarely operated as envisaged. When it was established in 2004, it was to be drawn on only when the actual crude oil price falls below the budget benchmark price for three consecutive months.
“However, state governments contended that the federal Fiscal Responsibility Act of 2007 creating the ECA was not binding on state and local governments.”
The Lagos Chamber of Commerce and Industry and the Institute of Finance and Control of Nigeria have said the depletion of the country’s Excess Crude Account signalled pressure on government revenues.
The Punch
Business
UBA Expands Operations to Saudi Arabia, France, to Focus on Digital Transformation, Others in 2025

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has outlined its roadmap for the 2025 financial year, with a strong focus on innovation, digital transformation, physical and financial strength as well as its global reach.
On the back of its full-year financial performance for the year 2024, which was released to stakeholders on Tuesday, the bank disclosed plans to accelerate growth through strategic investments in technology, enhanced risk management frameworks, and capital efficiency.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was speaking to its global investors during the Full year 2024 Investors Conference Call, which held at the UBA Head Office on Thursday, explained that the performance reflected broad-based growth across its core businesses, surpassing previous records and reinforcing its status as a leading global financial institution.
At the end of the 2024 full-year, the bank delivered an exceptional financial performance as the results showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion up from N607.7 billion recorded at the end of the 2023 fiscal year.
Its Gross earnings also grew significantly from N2.07tn recorded at the end of the 2023 financial year to N3.187tn in the period under consideration, representing a 53 percent growth.
Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6 percent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 percent.
As a result of the impressive performance the bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024.
Alawuba told the investors at the meeting that the bank is set to further surpass its growth projection through strategic investments in technology, enhanced risk management frameworks, and disciplined capital efficiency.
“We will continue to push the frontiers of innovation and technology adoption to build sustainable value for shareholders by making strategic investments in technology. Our team of committed and motivated workforce will continue to work assiduously to sustain our performance and propel the bank in delivering high-impact, customer-centric product offerings,” Alawuba stated.
He disclosed that the bank is on course to sustain the momentum that it has achieved in the past years, adding that “We shall remain focused on best-in-class risk management strategies in navigating emerging market uncertainties while ensuring financial strength, full regulatory compliance, and long-term sustainability.”
This performance underscores UBA’s ability to generate sustainable revenue growth through core operations, including increased loan book growth, deposit mobilization, and transaction banking.
While disclosing the Bank’s finalisation of its planned expansions to France and Saudi Arabia, he said that the Bank’s ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, “delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision.”
UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.14 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.
He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Business
Fidelity Bank Records 120.1% Growth in PBT to N39.5bn in Q1 2024

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.
According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy).
Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.
Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”
In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8%
compared to 8.1% in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).
Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.
“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Business
2024: GTCO Announces ₦1.27trn Earnings in Profit Before Tax

Guaranty Trust Holding Company Plc (GTCO) has announced its audited financial results for the year ending December 31, 2024, with a remarkable surge in profit before tax (PBT). The results, submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), reveal a PBT of ₦1.266 trillion—marking a 107.8% increase from the ₦609.3 billion recorded in 2023.
The financial statement highlights GTCO’s strong earnings momentum, supported by a well-balanced revenue mix, solid risk management frameworks, and disciplined capital allocation. The company saw broad-based growth across key financial indicators, maintaining a strong and diversified balance sheet.
Key performance metrics show a 12.3% rise in the Group’s net loan book, from ₦2.48 trillion in December 2023 to ₦2.79 trillion in December 2024. Deposit liabilities also climbed by 37.8%, reaching ₦10.40 trillion from ₦7.55 trillion in the previous year. Additionally, total assets and shareholders’ funds closed at ₦14.8 trillion and ₦2.7 trillion, respectively. The Group sustained robust capital adequacy, closing the year at 39.3%, while asset quality remained stable, with IFRS 9 Stage 3 Loans at 3.5% at the Bank level and 5.2% for the Group, compared to 2.5% and 4.2%, respectively, in 2023.
GTCO’s Group Chief Executive Officer, Segun Agbaje, attributed the outstanding performance to a well-diversified earnings base spanning both banking and non-banking subsidiaries. He emphasized the Group’s ability to generate sustainable, high-quality earnings while maintaining asset quality and operational efficiency.
“Our 2024 results reflect the strength and adaptability of our business model. We have successfully provided for all forbearance loans ahead of the June 2025 deadline and fully accounted for the windfall tax, reinforcing our balance sheet and financial stability,” Agbaje stated.
GTCO continues to position itself for long-term growth, leveraging strategic investments and sound financial management to drive value creation for stakeholders.