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Alpha Morgan Bank Delivers Historic N1.9 billion PBT in First 10 Months of Operations

Alpha Morgan Bank Delivers Historic N1.9 billion PBT in First 10 Months of Operations

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Alpha Morgan Bank Delivers Historic N1.9 billion PBT in First 10 Months of Operations

 

Alpha Morgan Bank has announced a landmark financial performance, recording Profit Before Tax of N1.9 billion in just 10 months of operations, a result that stands as a major milestone in Nigeria’s banking industry and reinforces the Bank’s emergence as one of the country’s most remarkable new-generation financial institutions.

With this performance, Alpha Morgan Bank did not only break-even within an exceptionally short period, but also delivered what is believed to be a record-setting early-profit performance in the Nigerian banking sector, underlining the strength of its strategy, the discipline of its execution and the confidence the market has placed in its business model.

The Bank’s strong debut performance was supported by robust growth across key financial and operating indicators. Highlights of the 10-month financial statement include customer deposit of over ₦103BN, gross earning of ₦13.1 billion, net interest margin of 67%, non-performing loan ratio of 0%.

The performance was driven largely by strong synergy in customer acquisition and branch expansion, a deliberate focus on growth in demand deposits, creation of quality risk assets and balance sheet efficiency. These achievements were further supported by robust operational processes powered by sound technology and systems, management depth and expertise, experience and strategic oversight provided by the Bank’s Board.

Speaking on the performance, the Managing Director, Ade Buraimo, described the result as a significant validation of the Bank’s vision, business model and execution capacity.

“This is more than a financial milestone; it is a strong statement of what is possible when vision, discipline, sound execution, and market opportunity come together. From inception, Alpha Morgan Bank was built to be a commercial bank that is solution-driven and committed to delivering value at scale. To record a PBT of N1.9 billion in our first 10 months of operations is both historic and deeply encouraging. It reflects the dedication of our people, the trust of our customers and the solid foundation we have laid for long-term growth.”

 

 

 

About Alpha Morgan Bank

Alpha Morgan Bank is a customer-centric, innovative, and solutions-driven commercial bank, with a clear commitment to delivering “Satisfying Banking.”

Alpha Morgan Bank commenced operations in March 2025 with the rare distinction of regulatory approval for 14 branches across the country. This early footprint, combined with disciplined market execution, has enabled the Bank to build momentum across key business segments in record time.

Alpha Morgan Bank focuses on:

  • Human-Centred Technology: Digital tools designed for intuitive, everyday relevance and not vanity metrics.
  • Transparent Operations: From pricing to service promises, every process is clear, accountable, and customer friendly.
  • Customer-Centric Innovation: Continuously developing solutions and services driven by customer insights to deliver meaningful value and enhance satisfaction.

More than a financial institution, Alpha Morgan Bank positions itself as a partner in progress. Its vision is to drive possibilities, enable dreams, and reemphasize what it means to experience Satisfying Banking in Nigeria.

More about Alpha Morgan Bank on www.alphamorganbank.com

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APFSPN Set To Host Inaugural Town Hall Meeting And Induct New Members

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APFSPN Set To Host Inaugural Town Hall Meeting And Induct New Members

……APFSPN Town Hall Meeting and Induction of New Members Set for June 17

The Association of Professional Food Service Providers of Nigeria (APFSPN) has announced plans to host its Inaugural Town Hall Meeting and New Members Induction Ceremony on Wednesday, June 17, 2026, at the Professor Wole Soyinka Centre for Arts and Culture, Iganmu, Lagos.

The landmark event, themed “The Business Behind the Plate,” is expected to bring together stakeholders across Nigeria’s food service ecosystem, including caterers, restaurant owners, event food service providers, culinary professionals, food entrepreneurs, policymakers, and development partners to discuss the future of the industry and strengthen professional collaboration. 

Speaking at a media briefing ahead of the event, the newly elected President of APFSPN, Mr. Tobi Fletcher, said the Association was established to address the longstanding absence of structure, institutional support, and unified representation within Nigeria’s rapidly growing food service industry. 

According to him, despite being one of the most vibrant sectors of the economy, the food service industry has operated for too long without a coordinated voice capable of driving standards, recognition, and sustainable growth.

“APFSPN exists to professionalise the food service industry. We exist to give caterers, food vendors, restaurant owners, event food service providers, and every professional who works behind the plate a platform for growth, recognition, and collective strength.” — Tobi Fletcher, President, APFSPN

He explained that the theme of the event, “The Business Behind the Plate,” reflects the economic realities and entrepreneurial ecosystem surrounding food service delivery in Nigeria.

“Behind every plate of food served at an event, in a restaurant, or at a corporate function, there is a business, a dream, and a livelihood. More importantly, over 90 percent of our members are women who wake up every day to build sustainable businesses and contribute meaningfully to the economy. APFSPN is here to ensure that these businesses are supported, protected, and celebrated.” — Tobi Fletcher, President, APFSPN

Also speaking at the press briefing, the Vice President of APFSPN, Mrs. Ibidunni Layade, emphasised the Association’s commitment to capacity building and the welfare of its members. She noted that APFSPN is not merely a professional body but a support system designed to elevate the standards of food service delivery across Nigeria.

“Our members are the backbone of Nigeria’s hospitality and events industry. What APFSPN offers is a structured pathway for them to access training, mentorship, business development resources, and a community that understands their unique challenges. This Town Hall Meeting is the beginning of that journey — a space where every food service professional can have a voice and be heard.” — Ibidunni Layade, Vice President, APFSPN

Mrs. Layade further stated that the induction of new members at the event underscores the Association’s rapid growth and the hunger within the industry for formal recognition and collective representation. 

The Events Director of APFSPN, Ms. Temi Adelana, took the media through the programme of events for the Town Hall Meeting. She outlined a carefully curated agenda designed to combine ceremony, knowledge sharing, and networking.

“The event will commence at 9:00 AM with the arrival and registration of guests, followed by the opening ceremony, the presidential address, the keynote by our Guest Speaker, and the formal induction of new members. We have also incorporated panel discussions, an exhibition showcase featuring food service businesses, and structured networking sessions to ensure that every attendee leaves with tangible value and new connections.” — Temi Adelana, Events Director, APFSPN

Ms. Adelana added that the choice of the Professor Wole Soyinka Centre for Arts and Culture as the venue reflects the Association’s desire to position the food service industry within the broader narrative of Nigerian creativity, culture, and enterprise.

The event will also feature the formal induction of new members, reinforcing the Association’s commitment to building a professional body dedicated to excellence, ethics, innovation, and capacity development in Nigeria’s food service sector.

In further demonstration of the growing relevance of the Association, APFSPN disclosed that the event will attract international delegations and representatives from the Canadian Trade Commission and the Italian Trade Agency.

The Guest Speaker for the event is Former Minister of Information, Lai Mohammed; Aare (Dr.) Abisoye Fagade, DG/CEO of NIHOTOUR, while the Special Guest of Honour is High Chief Lai Labode, Aare Ona of Egbaland, and other top dignitaries.

With over 500 food service professionals and stakeholders expected in attendance, the event is positioned to become a defining moment for the industry and a launchpad for stronger institutional engagement.

Calling on the media to amplify the industry’s story, Fletcher described the gathering as more than an event.

“You are not merely covering an event; you are witnessing the beginning of a movement. We urge the media to help tell the story of the women and men who feed this nation and an industry that is ready to be recognised and taken seriously.” — Tobi Fletcher, President, APFSPN

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21-Year-Old Woman Dies After Staff Allegedly Forget Safety Rope During Brazil Bridge Jump (VIDEO)

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21-Year-Old Woman Dies After Staff Allegedly Forget Safety Rope During Brazil Bridge Jump (VIDEO)—-Tragic rope-jump accident in São Paulo leaves young woman dead as authorities detain six people and launch an investigation into safety failures.

A 21-year-old woman has died after being launched from a bridge during a rope-jump activity without being attached to the required safety rope in the Brazilian city of Limeira, São Paulo state. The victim, identified as Maria Eduarda Rodrigues de Freitas, fell approximately 40 metres after staff allegedly failed to secure her safety equipment before the jump.

The fatal incident occurred at the Ponte do Esqueleto trail, a popular destination for adventure sports enthusiasts. Video footage circulating on social media reportedly shows instructors carrying the woman to the jump platform before releasing her. Moments later, witnesses can be heard shouting that the rope had not been attached.

Emergency responders, including firefighters and paramedics, rushed to the scene but were unable to save her. She was pronounced dead at the site of the accident. Authorities say witness statements indicate a critical safety lapse may have occurred before the jump.

Brazilian police detained six individuals connected to the operation as investigators began examining the circumstances surrounding the tragedy. Reports indicate that some workers attempted to leave the area following the incident before being located by authorities.

The companies linked to the rope-jump operation have come under intense scrutiny as officials investigate potential negligence and safety protocol violations. The case has reignited debate over safety standards in Brazil’s growing extreme-sports industry.

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