In Nigeria’s banking industry, profit has become more a press release than a performance. Every results season, the same storyline plays out with record profits, rising assets, and promises of “strong fundamentals”. Yet, beneath the eye-catching headlines lies a quiet deception of a pattern of accounting charades aimed at repressing the true picture of reality and skyrocketing success.
An analysis of the 2025 half-year results from 10 leading financial institutions like Zenith Bank, GTCO, UBA, First HoldCo, Access Holdings, Stanbic IBTC, Wema Bank, FCMB Group, Sterling HoldCo, and Jaiz Bank exposed a pervasive culture of concealment. What the market is celebrating as a season of extraordinary profitability is, in truth, a story of concealed losses, revalued deceptions, and selective disclosure.Read Original