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

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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.

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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

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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

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.

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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.
Others

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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Mother rains curses on daughter over malice

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A yet-to-be-identified woman has rained curses on her daughter, Chinyere, as is seen in a video posted by a Facebook user, Charles Ogbu, on Wednesday.

The woman, who claimed that her daughter did not speak to her on her traditional wedding day said that her daughter, Chinyere, would suffer and continue to beg for food.

The woman who spoke in Igbo said, “I thank you god for giving me the strength to raise Chinyere Judith Benson Nduru Okoye, and on the day that they were to pay her brideprice, Chinyere and her husband didn’t speak to me.

“She got married, got pregnant for two children, and her husband’s mother went for Omugwo. I did not know when she got married. The way I have spoken, God of Godspower, so long as I gave birth to her and she suckled on my breast, Chinyere will continue to suffer in this life. She takes me for granted even though I did not offend her, I paid for her school fees, and WAEC and then she got married in Enugu state.

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“Her name is Chinyere Judith Ojukwu. God who made her get married will never see anything good in her life. If she doesn’t talk about what I did to her, her, and her husband, If I have another God, God will not do it for me but if I don’t have another God, I am calling on God who is alive to fight for me. Including any man and woman who feed her with words and any person who is eating what belongs to me; what belongs to them will never get to them. They will continue to beg for food and eat sand.”

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“Chinyere Judith Ojukwu you will continue to suffer and it will never be well with you in Jesus name, Amen. Chinyere, as I am carrying this sand and throwing it, Chinyere, you will continue to suffer in Jesus name.”

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Singer Brymo tackles Peter Okoye over the way he drags Seun Kuti and the Kuti’s family

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Popular Nigerian singer, Brymo in a recent post on social media tackle his colleague, Peter Okoye over the way he drags Seun Kuti as well as the Kuti’s family.

It all started Seun Kuti stated that it takes the effort of dedicated Nigerians to save Nigeria, not an opportunist like Peter Obi.

Reacting to this, Singer Peter Okoye who is Peter Obi die hard supporter slams Seun Kuti for calling Peter Obi an opportunist and by extension attacks Seun Kuti’s paternal figure.

Dragging Seun Kuti further, Peter Okoye disclosed that if not because of his father no one knows Seun Kuti as he couldn’t point out a song he sang successfully.

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Bragging about his achievement, Peter Okoye said that his late father was nobody, but now everyone knows the “Okoye” and by extension dares Seun Kuti to remove “kUTI” from his surname and see if anyone would recognize him.

He wrote, “My late Father was a nobody but today everyon knows the OKOYES! Dude try removing “KUTI” from you name make I know weda anybody sabi you! Remain in that your Local SHRINE while people like us and others continue excelling Globally! YOU CANT SHAME THE SHAMELESS!”

Reacting to the statement, singer Brymo who is a supporter of Tinubu advised Peter Okoye to delete the post as he accused him of being egoistic in nature by claiming he is self made.

Brymo wrote, “Bros .. you never delete ?..you go keep this post wey trifle your pops, just cause it reads like you are self-made and he inherited fame ?..that’s your point right ?.. this belittles yours.. this is quite self serving, I doubt you own your successes, you belong to your sponsors ?”

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Outrage as Ezendigbo of Ibadanland confers chieftaincy title on Olubadan

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There has been an uproar as a self-titled Ezendigbo of Ibadan land and Oyo state, Alex Anozie, conferred an Igbo chieftaincy title of Ezi ogo ukwu Ndigbo on the Olubadan of Ibadan land, His Imperial Majesty, Oba Senator Lekan Balogun.

Anozie, who conferred the award recently in Ibadan, explained that Ndigbo on January 29, 2023 made history by gathering together to launch their almanac besides using the opportunity to honour their beloved great in-law, His Imperial Majesty, Kabiyesi Olubadan, with an Igbo title, which means a very good and great in-law of Ndigbo.

He recalled that on December 4,2022 during their Igbo day celebration at Liberty stadium, Ibadan, Ndigbo conferred on their daughter, Her Imperial Majesty, Joyce Balogun with an Igbo Chieftaincy title of Ada Oma Ndigbo nala Ibadan and Oyo state.

Anozie observed that Kabiyesi Olubadan is married to one of their beautiful daughters of Igbo origin from Onitsha adding that the marriage is wonderfully blessed with beautiful children while the couple are living together peacefully all these years as husband and wife.

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“With the authority conferred on me by my people Ndigbo in Ibadan and Oyo state since the year 1997, I hereby confer this title on our dear Imperial majesty, Oba Lekan Balogun”, he declared, “Everything we can do to keep moving on with the peaceful and progressive manner Ndigbo and Ibadan people and indeed Yoruba have been living together in Nigeria, we shall continue to do and encourage.”

However, this didn’t not sit well with Yoruba scholars and elders as such title was seen as an insult on the throne of Olubadan and the Yoruba race in general. Many were of the opinion that the self acclaimed Igbo king, a guest in Ibadan, overstepped his boundary by giving a title to the Olubadan kingdom, his host.

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“Àyà gbàngbà nílé onílé, hábà . Àlejò conferring a title on the King on his own land! This shows how stupid we appear to have become! A mà wá r’ógo o. They are playing politics here but it is rude and we have to separate issues and disallow our revered Oba being disrespected. Ọba kii joyè n’ilẹ̀ tiwa. Nobody can confer Chieftaincy title on any of our Ọbas no matter how tiny his town his. This lady should be scolded and made to publicly denounce this nonsense and apologise to Kábíyèsí,” one wrote.

“Abomination. Even a prince don’t take chieftancy title from other king,” wrote another.

“One “Anozie confers chieftaincy title on Olubadan.” Meaning an Anozie (whoever he may be & wherever he may be from) conferred a chieftaincy title on the paramount ruler of Ibadan! Other than the audacity, it is even procedurally and ethically unheard of, for a paramount ruler (equivalent to a King) to now be subjected to the indignity of being regarded as a lesser Chief of whoever! Abomination buruku niyen now! That’s the height of indignity that can be visited on a King! Abi after King, wetin remain?! Conferring our Olubadan with another minor chieftaincy title is akin to subjugation. The “conferer” has essentially assumed authority over the “conferee”. It’s simple!

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“That someone would even think of doing it is one thing, that the person now actually has the gut and effrontery to actualise it is quite galling. Arinfin gba niyen! It is the worst of slight and an affront to the Stool.

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“How do you demote a paramount ruler (King) like Olubadan and now call him one of your chiefs?!

“There was and is nothing noble behind that intention! It was a deliberate act of mischief calculated to ridicule the symbol of the people of Ibadan. Plain and simple!

“Where else have you heard of such ridiculous conferment?! What is bad is bad please.

“If the Olubadan can’t run the culprit out of Ibadan, let him at least reject such brazen insult with extreme prejudice! Arrant Nonsense!” a lawyer submitted.

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“Èèmọ̀!” wrote one indignantly.

While response is being awaited from the Olubadan palace over the development, the Yoruba people are concerned about the implication of allowing such action to go unpunished.

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