Business
Monarch Hails Dangote Refinery, Fertiliser for Community Development Projects, Empowerment
Dangote Oil Refining Company and Dangote Fertiliser Limited have been commended for their community development model adopted to fast-track improved education, training and development of youths in about 15 host communities around Ibeju-Lekki area of Lagos State.
Speaking during a recent award of scholarships to 137 students of tertiary institutions and secondary schools from the company’s 15 host communities, the Onilekki of Lekki Land, HRM Oba Olumuyiwa Ogunbekun said Dangote’s commitment to Corporate Social Responsibility projects have begun to yield positive results.
The scholarships were presented by the Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Group, Mr. Devakumar Edwin, to 19 tertiary institution students and 118 secondary school students from 15 communities in Ibeju-Lekki.
According to the monarch, majority of the youths who benefited from Dangote Oil Refining’s skill acquisition programmes are now gainfully employed by some of the company’s contractors, while others have become employers of labour. He noted that the Dangote Refinery project has become a blessing to all the host communities around Ibeju-Lekki.
Ogunbekun said the company had earlier trained Ibeju-Lekki youths on skill acquisition, which cuts across a wide range of vocational skills including welding, electrical technician, plumbing, auto mechanic, radio and television repairs, refrigerator and AC repairs, building and furniture making.
He added that the company had also donated classrooms block to serve the Abejoye Community in Ibeju-Lekki to provide quality education by way of provision of teaching materials and a conducive environment.
Ogunbekun noted that the move community development showed that the company is determined to carry along the host communities and to contribute significantly to the socio-economic development of the locality.
He urged the beneficiaries of the scholarship programme to study hard and focus on their education in order to better their lives and become worthy ambassadors of Ibeju-Lekki in future.
Speaking on the scholarship award, Edwin said the Dangote Group believes that education was the passport to the future and that an investment in knowledge yields the greatest dividends for mankind. He said the company had over the years supported the Nigerian educational sector by instituting scholarship award programmes.
According to him, this is part of the company’s education intervention initiatives for indigenous students of host communities impacted by its businesses.
He said, “In 2019, we executed a pilot of the scholarship programme where 51 secondary school students from our 15 host communities here in Ibeju-Lekki were awarded. However, as 2019 came to a close, COVID-19 hit the global community, leaving its indelible mark not only on businesses but on every household.
“As a result, we could not institute the second edition of the scholarship programme in the year 2020. As the curtain closes on 2021, we cannot but acknowledge the efforts that our scholars have put into their academic studies, to obtain such excellent results, which qualifies them as beneficiaries of this award.
“Hence, after a rigorous screening process, 118 secondary school students and 19 tertiary institution students from our host communities have qualified for this scholarship award.”
While congratulating the beneficiaries, he enjoined them to continue to work hard at their studies, strive to achieve excellence in all that they do and never stop giving their best.
“With the continuous support of the people and the Lagos State Government, we shall not relent in our efforts to be socially accountable while we positively impact our host communities. We look forward to a continuous peaceful and rewarding relationship with our host communities in Ibeju-Lekki,” Edwin said.
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.
