In 2025, four of Nigeria's FUGAZ banks reported a combined pre-tax profit of N1.949 trillion from their foreign subsidiaries. This substantial contribution represented 54.77% of their total group profit, which amounted to N3.56 trillion. However, the overall group pre-tax profit experienced an 11% decline. This downturn was attributed to significant impairment charges, diminishing foreign exchange gains, and elevated operating expenses within their domestic operations.
UBA Nigeria recorded over 90% of the Group’s total impairment of N331 billion in 2025. Similarly, Zenith Bank Nigeria accounted for over 97% of the group’s impairment of N742 billion in the same year.
UBA led the pack with N671.1 billion in foreign subsidiary profit, followed by Access Holdings at N571.305 billion, GTCO at N375.322 billion, and Zenith Bank at N331.758 billion. First HoldCo's 2025 figures were not publicly disclosed.
Zenith Bank Plc - N331.758 billion
Zenith Bank's foreign subsidiaries in Ghana, Sierra Leone, Gambia, and the UK generated N331.758 billion in pre-tax profit in 2025. This figure constituted 26.26% of the group’s reported pre-tax profit of N1.263 trillion, an increase from 14.07% in 2024.
Zenith Bank Ghana was the top performer among its foreign units, posting N193.367 billion in pre-tax profit, a 135% year-on-year increase. Zenith Bank UK followed with N98.87 billion.
GTCO Plc - N375.322 billion
GTCO's foreign subsidiaries reported N375.322 billion in pre-tax profit in 2025, marking a 37% increase from N273.142 billion in 2024. This offshore contribution rose to 30.49% of the group's profit.
GT Bank Ghana led with N196 billion, while GT Bank Tanzania posted a pre-tax loss of N149 million.
Access Holding Plc - N571.305 billion
Access Holdings' 15 offshore subsidiaries earned N571.305 billion in pre-tax profit in 2025, a 24.2% year-on-year increase. This represented 56.73% of the Group’s adjusted pre-tax profit of N1.007 trillion.
Access Bank UK was the highest contributor, generating N288.5 billion. The group recorded losses from its South Africa and Kenya subsidiaries.
UBA Plc - N671.1 billion
With operations in 20 African countries and the UK, UBA led its peers by generating N671.1 billion in pre-tax profit from its foreign operations in 2025. This accounted for 92% of the group’s pre-tax profit before adjustment.
UBA Côte d’Ivoire led the subsidiary contributions with N126.58 billion, followed by UBA Ghana at N78.17 billion.
First Holdco Plc
In 2024, First Holdco's foreign subsidiaries contributed 27.5% of its total pre-tax profit, amounting to N219.03 billion. Detailed foreign subsidiary earnings for 2025 were not provided in its public disclosures.
Fraud Losses Decline in 2025
Nigerian bank customers lost a cumulative N134.48 billion to fraud between 2020 and 2025, according to the Central Bank of Nigeria's Payments System Vision 2028 document. Attempted fraud transactions totalled N187.79 billion over the six-year period.
Fraud losses rose from N11.61 billion in 2020 to N17.67 billion in 2023. A significant spike occurred in 2024, with losses surging to N52.26 billion, nearly triple the previous year's amount. This increase was largely linked to an internal fraud incident involving N30 billion, alongside a 169% rise in web fraud incidents.
However, 2025 saw a substantial improvement, with fraud losses declining by 50.5% to N25.85 billion. The amount involved in attempted fraud also dropped from N86.36 billion in 2024 to N37.57 billion in 2025.
The CBN attributed this improvement to stricter regulations, enhanced monitoring, industry collaboration, and stronger fraud prevention measures.
Fraud patterns evolved over the years, with POS channel fraud surging in 2021, ATM fraud jumping in 2022, and e-commerce becoming a major target in 2023. The CBN's Payments System Vision 2028 aims to enhance cybersecurity, consumer protection, and risk management within the digital payments ecosystem.
