FBN Holdings looks to cost cuts

LAGOS FBN Holdings, which owns Nigeria’s biggest bank, plans to cut jobs and focus less on providing loans to the oil industry in a bid to reverse last year’s 82% slump in profit. The lender expects to boost its return on equity, a key measure of profitability, to 11%-14% in 2016 from last year’s “really bad” figure of 3%, according to Adesola Adeduntan, CEO of FBN’s main First Bank of Nigeria unit.