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Top 10 banks in Nigeria with highest account maintenance income in H1 2022




Nigerian banks generated a total sum of N70.47 billion in revenue from account maintenance charges in the first half of the year, a 19.4% increase from N59.01 billion generated in the corresponding period of 2021.

This is according to data extracted from the quarterly financial statements of listed commercial banks in the Nigerian stock market. The top earners were the top tier-1 banks, typically referred to as FUGAZ (First Bank, UBA, GTCO, Access, and Zenith Bank). They led the list of banks in Nigeria with the highest income from current account maintenance in the period under review.

According to the Central Bank of Nigeria, the account maintenance fee are charges on current accounts only in respect of customer-induced debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank.

Banks’ earnings from account maintenance charges, though low when compared to other revenue streams, make up a significant portion of their non-interest income. According to the directive by the CBN on bank charges, Nigerian banks are allowed to charge their customers a “negotiable” N1 per mille.


What this means is that banks can charge N1 per N1000 debit transactions on current accounts. Banks’ account maintenance charges come in the form of COT (i.e. Commission on Turnover) which is a charge levied on customer withdrawals by their banks.

The thirteen banks listed on the NGX posted a profit after tax of N500.9 billion in the first half of the year, an increase of 13% from the N443.17 billion recorded in H1 2021. This is on track to hit the N1 trillion record profit posted by the banks in the 2021 full year.

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Below is a ranking of Nigerian commercial banks based on their account maintenance earnings in the first quarter of 2022.
#5: UBA – N6.59 billion

United Bank for Africa came fifth on the list with N6.59 billion revenue from account maintenance, which is 21.5% higher than N5.43 billion recorded in the corresponding period of 2021.

The pan African bank’s account maintenance income accounted for 9.4% of the total N70.47 billion recorded by the 13 banks under consideration. In terms of the bottom line, UBA grew its profit after tax by 16.1% year-on-year to N70.33 billion in the review period.
#4: First Bank – N9.11 billion


First Bank saw its account maintenance income increase by 15% from N7.93 billion generated in H1 2021 to N9.11 billion in the same period of 2022. It accounted for 12.9% of the total account maintenance income of the industry.

First Bank’s profit after tax increased significantly by 48.6% year-on-year to N56.6 billion in H1 2022 from N38.09 billion posted in the previous year.
#3: GT Bank – N9.44 billion

GT Bank generated a sum of N9.44 billion from account maintenance income between January and June 2022. This represents a 20.9% increase compared to N7.8 billion recorded in the corresponding period of 2021, accounting for 13.4% of the total banks’ inflow.

However, its net profit dropped by 2.3% compared to N79.4 billion recorded as of the same period in the previous year to stand at N77.56 billion.
#2: Access Bank – N12.04 billion

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Access Bank, the largest financial institution in the country by customer base and total assets value, with a total asset of N13.2 trillion, recorded a 10.9% year-on-year increase in its account maintenance income in H1 2022 to stand at N12.04 billion from N10.86 billion.


Meanwhile, its profit after tax only grew marginally by 2.1% to N88.74 billion from N86.94 billion posted in the comparable period of 2021.
#1: Zenith Bank – N19.77 billion

Zenith Bank seats comfortably in the top position having generated a sum of N19.77 billion from account maintenance, representing 28.1% of the total income by the 13 banks. Zenith Bank increased its account maintenance income by 24.3% compared to N15.9 billion that was made in H1 2021.

Similarly, the tier-1 giant printed a year-on-year 5% increase in its profit after tax to N111.4 billion compared to N106.1 billion recorded in the corresponding period of 2021. In comparison to other listed banks, Zenith Bank recorded the highest net profit, representing 22% of the total N501.1 billion recorded by the industry in the period under review.

FCMB – N3.32 billion
Stanbic IBTC – N2.37 billion
Fidelity Bank – N2.34 billion
Sterling Bank – N1.85 billion
Union Bank – N1.4 billion

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Ghana is looking to supply Nigeria with its electricity needs following power grid shutdown



LAGOS- With the goal of achieving “100% universal energy access” and maybe exporting electricity to its neighbor, Nigeria, Ghana has steadily been developing its power sector.

During his presentation in Lagos on the second day of the Nigeria Energy Leadership Summit, Mr. Hanson Monney, the Head of the Generation and Transmission Unit at the Ghanaian Ministry of Energy, made this point, emphasizing that via effective policy development and implementation, Ghana has already attained an impressive 80% to 85% universal energy access inside its boundaries.

“So, we are working on all these things to make sure that the power system of Ghana continues to be as good as it is or even better, and then, maybe, we can be exporting more to our big brothers in Nigeria when the grid is finally settled,” Mr. Hanson Monney said

This declaration follows the second national power grid breakdown in Africa’s most populous country and the continent’s top oil producer, Nigeria which resulted in a total blackout of homes and businesses.


In contrast, Ghana is aggressively pursuing a variety of energy sources, including grid electricity, mini-grids, and solar-dominated renewable energy, to attain “Universal access to energy by 2024” as instructed by the country’s President.

Monney agreed that the geographic limitations make it difficult to provide everyone in Ghana with access to electricity, particularly on isolated islands, riverbanks, or lakeside villages. In response to this, he stated,

“So, now, we are trying to scale our renewable energy access, and that is how we have planned in 2022 to scale up our renewable energy program,” he said.

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Financial sustainability is one of the biggest problems facing Ghana’s power sector, as the country struggles with growing debts and the purchase of surplus capacity.

“There is so much debt that the government has to shore up to make sure that the system is afloat because we have procured a lot of excess capacity, which comes with attendant costs. So, these financial challenges require some policy actions to eliminate legacy debts,” Mooney stated.


Monney stressed the significance of lowering electricity prices, particularly for enterprises, since high electricity bills are a major issue in Ghana. “We saw that in Ghana historically. These industries have been subsidizing the residential sector, and it should be the other way around. Industries should remain viable so that businesses can thrive,” Mooney stated.

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EFCC declares Delta brothers wanted over alleged N330m fraud



The Economic and Financial Crimes Commission has declared two siblings from Delta State wanted for alleged fraud of N330 million.

This was contained in a statement issued by the EFCC spokesperson, Wilson Uwujaren, copies of which were made available to journalists in Warri, Delta State on Friday.

The anti-graft agency named 55-year-old Faith Onoja and 44-year-old Emmanuel Onoja, both from Ughelli South Local Government Area of Delta State, as being declared wanted by the EFCC.

According to the commission, Faith’s last known address is “Close to Celestial Church, Ekrovie new layout, old Egini road, Orhuehorun, Delta State” while Emmanuel’s last known address is “No 6. Jasmison Street, NPDC/ND Western Estate, Warri, Delta State”.


The statement urged that “anybody with useful information as to their whereabouts should contact the commission” in its offices nationwide.

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Gov. Kefas Grants 50% Tuition Cut for Final Year Nursing Students



In a move that underscores the commitment of the Taraba State Government to prioritize education and make it more accessible, the Taraba state Governor, Dr. Agbu Kefas has approved a significant reduction in tuition fees for final year students at the College of Nursing and Midwifery Jalingo.

Effective immediately, all final year students pursuing their nursing and midwifery diplomas will benefit from a 50% reduction in tuition fees. This decision aims at alleviating the financial burden on students and their families, ensuring that quality education remains affordable and accessible to all.

Dr.Agbu Kefas stated, “Education is the bedrock of our society, and we are dedicated to providing opportunities for our students to excel without the undue burden of high tuition costs. We believe that this reduction will not only support our students but also contribute to the development of the healthcare sector in our state.”

The Taraba State Government remains committed to enhancing the quality of education and healthcare services in the state. This reduction in tuition fees is a significant step towards achieving these goals.


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