FCMB Group announced a strong financial performance for 2024, with pre-tax profit rising to N117.2 billion, a 12.32% increase from 2023. Gross earnings grew by 53.93% to N794.8 billion, driven by a 75.08% surge in interest and discount income. The group also recorded a remarkable 568.48% increase in net trading income, showcasing its resilience and growth in a challenging economic environment.
President Tinubu has secured $70 million from the IFC to fund mini-grid projects, marking a major step in Nigeria’s renewable energy expansion. Meanwhile, NNPCL is set to construct five mini-LNG plants in Ajaokuta to enhance power generation and clean cooking access.
Applications are now open for the Tony Elumelu Entrepreneurship Programme (TEEP), offering African startups training, mentorship, and $5,000 seed funding. Join a network of 10,000 entrepreneurs driving innovation and economic growth across the continent. Apply today!
Stanbic IBTC Holdings Plc is set to recapitalize its fintech subsidiary, Zest Payments, with ₦4 billion to enhance its competitiveness in Nigeria’s fintech space. Despite lagging behind peers like Hydrogen and HabariPay, Zest aims to leverage this investment to boost its e-commerce and payment solutions, paving the way for future profitability.
This strategic acquisition aims to enhance services, expand infrastructure, and tap into Nigeria’s booming digital market. Customers can expect a seamless transition as both companies work together to drive innovation and growth in Africa’s tech sector.
Accrue, a Nigerian fintech startup, has raised $1.58 million in seed funding led by Lattice Fund. Originally launched as a crypto investment platform, Accrue pivoted to address cross-border payment challenges in Africa.