Shareholders of Greenwich Holdings Limited have commended the board and management for the company’s strong financial performance in 2025 and successful transition into a financial holding company.
According to a statement by the company’s head of corporate communications, Ozena Utulu, at the company’s maiden Annual General Meeting in Lagos, shareholders approved all resolutions presented, including the resolution authorising the company to increase its share capital, subject to regulatory approval, as well as the re-election of all directors.
Speaking at the meeting, Dr Umar Faruk and Sir Sunday Nwosu, who are shareholders, praised the board and management for sustaining growth and dividend payment.
For the 2025 financial year, Greenwich Holdings recorded a 131.9 per cent increase in gross earnings to N64.23bn, while profit before tax rose 71 per cent to N19.29bn. Profit after tax grew 71.3 per cent to N13.89bn from N8.11m in the previous year.
Total assets increased 69 per cent to N309.12bn, while shareholders’ funds rose 67 per cent to N76.71bn. Customer deposits also climbed 80.5 per cent to N173.84bn.
Chairman of the group, Kayode Falowo, said the company maintained strong cost discipline despite inflationary pressures and continued investments in technology and branch expansion, adding that the bank recorded zero non-performing loans during the period. In his address to the shareholders, he described the holding company structure as a strategic platform aimed at strengthening governance, improving capital deployment, and enhancing long-term shareholder value.
Falowo also disclosed that the group had received Approval-In-Principle for the conversion of Greenwich Merchant Bank to a commercial bank with regional authorisation, awaiting the final licence.
The Group Managing Director, Samson Ariyibi, said the group had undertaken a restructuring that led to the formal establishment of the holding company with the following subsidiaries: Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, Greenwich Securities Limited, and Greenwich Capital Markets Limited.
Ariyibi, who spoke on the strategic priorities of the company in the next two years, added that the recent review of minimum capital requirements for capital market operators by the Securities and Exchange Commission had made it necessary for the group to raise additional capital to recapitalise the affected subsidiaries ahead of the 2027 deadline.
“The group remains focused on strengthening its capital base, expanding its footprint in financial services, and advancing its digital transformation agenda, while positioning for sustained growth across its core business lines,” he said.
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