Greenwich Holdings Limited has unveiled an ambitious expansion strategy into retail commercial banking and deeper capital market activity, riding on a robust 2025 financial year that delivered significant growth across revenue, profitability, and balance sheet strength.
The disclosure was made during its Annual General Meeting in Lagos, where shareholders largely praised the group’s first full-year performance under its financial holding company structure and approved key resolutions aimed at supporting future capital expansion.
Audited results showed a dramatic rise in performance metrics. Gross earnings climbed 131.9 per cent to N64.23bn, compared to the previous year, while profit before tax rose 71 per cent to N19.29bn. Profit after tax also advanced strongly to N13.89bn, up from N8.11bn in 2024, reflecting sustained operational efficiency and improved income generation across its business units.
The group’s balance sheet expansion further underscored the scale of its growth. Total assets rose 69 per cent to N309.12bn, while customer deposits increased by 80.5 per cent to N173.84bn, a signal of strengthening customer trust and deeper penetration in its core financial markets.
Governance reforms and disciplined execution drive performance
Speaking at the AGM, Chairman of Greenwich Holdings Limited, Kayode Falowo, credited the group’s strong showing to tighter risk management practices and structural reforms introduced under the holding company model.
“The holding company structure has significantly enhanced our corporate governance, improved capital allocation, and positioned the group to unlock new growth opportunities across our key subsidiaries.”
He added that despite macroeconomic headwinds, the firm maintained strict cost control while continuing to invest in technology upgrades, branch network expansion, and improved service delivery. A key highlight, according to him, was the performance of the merchant banking arm:
“Despite prevailing inflationary pressures, the company maintained strict cost discipline while continuing to invest heavily in technology, branch expansion, and service delivery improvements. Notably, Greenwich Merchant Bank achieved a zero non-performing loan ratio during the year, underscoring the top-tier quality of our loan portfolio.”
Commercial banking push and regulatory transition underway
A major development announced at the meeting is the planned transition of Greenwich Merchant Bank into a regional commercial bank. The institution has already received an Approval-in-Principle from the Central Bank of Nigeria, marking a critical step toward securing a full commercial banking licence.
This transition is expected to significantly broaden its retail banking footprint, allowing the group to compete more directly in Nigeria’s mainstream banking sector while expanding access to consumer deposits and lending opportunities.
Capital strengthening and 2027 compliance preparations
Group Managing Director, Samson Ariyibi, emphasized that capital strengthening and digital transformation remain central to the group’s medium-term strategy, especially as regulatory requirements tighten across the financial sector.
“The group is completely dedicated to strengthening its capital base, expanding its presence in retail financial services, and advancing its digital transformation agenda while strategically positioning itself for sustained growth across its core business lines.”
He further noted that upcoming capital requirements introduced by the Securities and Exchange Commission Nigeria will require strategic recapitalisation across some subsidiaries ahead of the 2027 compliance deadline.
“Looking ahead, capital strengthening and subsidiary expansion remain our topmost priorities over the next two years. The Securities and Exchange Commission’s revised minimum capital requirements for Capital Market Operators will require additional capital injection into some of our subsidiaries ahead of the 2027 compliance deadline, and we are pursuing strategic capital raising initiatives to recapitalise the affected businesses.”
Shareholder backing for expansion roadmap
Shareholders at the AGM ultimately endorsed the group’s strategic direction, approving resolutions that include authorization for an increase in authorised share capital, subject to regulatory approvals. The decision is expected to give management additional flexibility to raise funds needed for expansion, recapitalisation, and new business initiatives across its subsidiaries.