Author: GANUX

The total expenses of eight Nigerian banks soared to N4.61tn in 2024, driven by increases in both personnel and operating costs.

 

The data reveals a 107.8 per cent rise from N2.2tn in 2023, highlighting the growing financial pressure on the banking sector.

 

This was based on the annual results of the financial institutions filed with the Nigerian Exchange Limited for the period ended December 2024.

 

In the period under review, First HoldCo Plc reported a total of N568.3bn in operating expenses, up from N341.5bn in 2023, reflecting a 66.4 per cent increase year-on-year. Personnel expenses for the group stood at N308.5bn, marking a significant surge from N175.9bn in 2023, a growth of 75.3 per cent.

 

Fidelity Bank Plc saw its total operating expenses increase to N242.7bn from N135.3bn in 2023, representing a 79.3 per cent rise. Personnel expenses rose to N73.5bn, compared to N52.6bn in 2023, reflecting a 39.6 per cent increase.

 

For United Bank for Africa Plc, the bank’s operating expenses rose to N682.9bn, an increase from N372.8bn in 2023, reflecting an 83.2 per cent jump.

 

Guaranty Trust Holding Company reported a sharp rise in its operating expenses, which surged to N259.6bn from N166.2bn in 2023, reflecting a 56.2 per cent increase. Personnel expenses for the group hit N85.4bn, more than doubling from N45.1bn in the previous year, a 89.3 per cent increase.

Zenith Bank Plc experienced an increase in operating expenses to N586.6bn, up from N291.7bn in 2023, representing an 101.1 per cent rise. Personnel expenses for Zenith Bank stood at N204.2bn, compared to N124.4bn in 2023, an increase of 64.2 per cent.

 

Wema Bank also recorded a significant rise in both operating expenses and personnel expenses, which surged to N77.5bn from N45.9bn in 2023, marking a 68.9 per cent rise. Personnel expenses stood at N45.5bn, a 70.3 per cent increase from the previous year’s N26.8bn.

 

At FCMB Group Plc, operating expenses surged to N48.3bn, an increase from N32.7bn in 2023, reflecting a 47.8 per cent rise. Personnel expenses for FCMB grew to N79.3bn, up from N49.6bn in 2023, a growth of 59.9 per cent.

 

Finally, Access Holdings Plc reported N960.8bn in operating expenses, up from N465.7bn in 2023, a 106.3 per cent increase.

 

Personnel expenses stood at N381.4bn, a sharp rise from N167.9bn the previous year, showing a 127.5 per cent increase.

 

The PUNCH reported that the combined operating expenses of 10 Nigerian banks rose by 42.51 per cent to N3.23tn in 2023 compared to N2.26tn in the previous year.

The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ekwe Ibas (Rtd), has appealed to the Christian Association of Nigeria to play a pivotal role in fostering peace, reconciliation, and stability in the state amid ongoing political and security challenges.

 

Speaking during an engagement with leaders of the Rivers State chapter of CAN at the Government House in Port Harcourt on Tuesday, Ibas emphasised the importance of the Church’s moral guidance in restoring harmony.

 

This was contained in a statement issued by the Senior Special Adviser to the Sole Administrator, Hector Igbikiowubo, and sent to newsmen.

 

Ibas extended Easter felicitations to the Christian body and described the season as a reminder of hope, sacrifice, and unity.

He acknowledged the recent declaration of a State of Emergency in Rivers State by President Bola Tinubu, which led to his appointment as Administrator. He reiterated that his mandate includes restoring law and order, stabilising the polity, and paving the way for the return of democratic governance.

 

Ibas explained that since assuming office on March 20, 2025, he has engaged in broad consultations with civil society, traditional rulers, and local government officials to rebuild trust and foster cooperation.

 

He therefore called on the leadership of CAN in the state to leverage its influence by preaching peace in congregations and communities and promoting unity across ethnic, political, and denominational divides.

He further urged them to encourage forgiveness and reconciliation among citizens and serve as a beacon of hope amid fear and uncertainty, saying,

“The unity of the Church is the seedbed for the unity of the state. Where the Church leads in love, the people will follow in peace.”

 

The Administrator assured that his administration remains people-centred, accessible, and committed to justice and equity. He called for collective action, emphasising that sustainable peace requires dialogue, collaboration, and understanding.

 

Ibas also urged religious leaders to remain steadfast in prayer and bold in truth. Referring to his Easter message, he expressed confidence that, with CAN’s support and divine guidance, Rivers State would emerge stronger and more united.

 

“The engagement underscores the administration’s efforts to involve key stakeholders in restoring stability and fostering a peaceful transition in the state,” he stated.

 

In their response, the leadership and executive members of the Rivers State chapter of CAN, led by the Most Reverend Dr D.E. Kala-Dukubo, appealed to the Administrator to involve the group in the peace-building process.

 

Kala-Dukubo urged the Administrator to ensure that critical aspects of governance are not ignored during the period of emergency rule, especially concerning environmental sanitation.

 

He decried the volume of misinformation in the public space and urged the administration to tackle it head-on, saying the development portrayed the state as a place at war, adding that this serves as a disincentive for visitors and potential investors.

The Osun State Government has said the suspected arsonists behind the burning down of the Court Room 2 in Ilesa High Court would not escape without paying for the crime they committed.

 

This was disclosed by the State Commissioner for Justice and the Attorney General, Oluwole Jimi-Bada, after inspecting the burnt High Court building on Tuesday.

 

The PUNCH reports that the High Court 2 building was razed by suspected arsonists, drawing condemnation from Governor Ademola Adeleke, the ruling party in the state, the Peoples Democratic Party and the opposition, All Progressives Congress.

 

Commenting after inspecting the scene of the fire incident alongside Mr. Dosu Babatunde, the Commissioner for Local Government and Chieftaincy Affairs, Jimi-Bada demanded adequate security presence in the court premises.

He recalled past attacks on the court, saying last year, thieves carted away electric cables in Ilesa Court, demanding that high priority be placed on security in court premises across the state.

 

“We need to secure this place because this is not the first time that this has happened. My brother, the Commissioner, told me that they attacked former Court Two in 2017. They also burnt it. Also, last year, they carted away electric cables from this court. All this nonsense had to stop. We will start almost immediately, we cannot abandon the court, the judge cannot sit. We also have to prioritise the security of this place.

“So, no matter what we do, they will still come. So, we need to secure here. We should work on the solar panel until we work on the cable. We will start almost immediately.

 

The challenge we had before was that, as a government, we were trying to be careful. The court was in the budget of the judiciary, but there was no memo to the governor for approval for the renovation of all the courts. The governor can not say he wants to do it,” Jimi-Bada said.

 

Speaking further, Jimi-Bada said the Ministry of Justice has made provision for the renovation of the court, assuring that work would commence immediately on the project.

 

The Commissioner said, “We will try to see what we can do with our 2025 budget. We do not need to wait for the judiciary to bring a memo; if we wait, no memo will be brought. We can not wait. That is why we brought engineers from the Ministry of Work, we are going to work on the entire compound.

 

“From the running cost of the Judiciary, provision for security has been made. But there is no security and as government we are going to work on it. It is more than barbaric, but anyway, justice will catch up with such person very soon. It is a matter of time. We are going to secure the court and start renovation.”

The Nigerian Insurance Association has revealed that the sector recorded approximately 61 per cent growth as of the third quarter of 2024.

 

This was disclosed by the Chairman of the NIA, Kunle Ahmed, during the quarterly briefing on the performance of the insurance industry held at the Insurers’ House on Tuesday.

 

The Nigerian Insurers Association, established in 1971, is the umbrella body for all insurance and reinsurance companies in Nigeria. It serves as a forum for members to engage with one another and with the government on issues affecting the insurance business.

 

Speaking at the briefing, Ahmed said, “You might be curious about how our industry has performed in 2024. The industry has grown by 61 per cent so far. The non-life business grew by 69 per cent, driven largely by fire and oil and gas policies. The life business grew by 45 per cent, primarily due to growth in group life policies.

 

“Now, let me clarify that this data is as of Q3 2024; full-year figures are still being compiled. Many of our members have applied to NAICOM for approval of their full-year accounts. Some have received provisional approval, while others are still in the process. So, the figures we’re sharing reflect performance up to Q3 2024.

 

But even with that, I believe the growth we’ve seen will be sustained through year-end, giving us a vibrant and expanding insurance market in Nigeria.”

 

He added that beyond growth in Gross Written Premium, the industry has also expanded its net assets. While net profitability remains a challenge, Ahmed noted that companies overall are more profitable.

 

“Various factors contribute to this, and they differ from one company to another. However, the signs we see from Q3 results — especially from listed firms on the Nigerian Stock Exchange — indicate strong profitability.”

On the regulator’s focus on prompt claims payment, Ahmed said,

Insurance companies are prepared and willing to pay valid claims. We plan to introduce innovations in claims processing to reduce delays and improve timely payment.”

 

He disclosed that the association’s innovation would be supported by a Fintech pitch organised by its Committee on Digital Innovation.

 

“Our Committee on Digital Innovation is organising a pitch involving Fintechs. One of our immediate priorities is claims processing. We’ve found that innovation can be costly for a single company, but as an industry, shared solutions are more affordable and impactful. So, please assure the public: insurance companies are ready and willing to meet all valid claims, whether third-party or comprehensive.”

 

Ahmed also addressed the enforcement of third-party motor insurance by the police, which began in February.

 

“The enforcement of third-party policy is a welcome development—for the economy, insurance companies, and policyholders.”

 

Explaining the impact, he said, “There are two aspects — what we’ve observed and what we expect. For the NIA, this enforcement benefits policyholders, who are entitled to compensation of up to N3 million for liability, injury, or damage to third-party property. Additionally, third-party policies issued in Nigeria provide cover across West Africa.

“We’ve seen a slight increase in third-party policies since the enforcement began, alongside a rise in liabilities for insurers who must set aside more reserves to meet future claims. Ultimately, we expect a cultural shift—where motorists involved in accidents exchange policy documents instead of resorting to physical confrontations, and claims are processed directly through insurance companies.”

British media said William’s attendance at the funeral will be seen as a major milestone in his role as a global statesman and future king.

 

Charles and his wife Queen Camilla met Pope Francis for 20 minutes during the royal couple’s state visit to Italy earlier this month.

 

Charles, 76, began treatment in February 2024 for an unnamed cancer and was recently briefly admitted to hospital after experiencing side effects.

 

AFP

 

 

 

The South-South Zonal Working Committee of the Peoples Democratic Party has appointed caretaker committees to manage the affairs of the Bayelsa and Edo state chapters for the next three months.

 

The decision was made at the regular zone meeting on Tuesday at the Zonal Secretariat in Port Harcourt, Rivers State, according to a statement by the Zonal Publicity Secretary, Prince Etim Isong.

 

The statement said that the “decision to set up caretaker committees for both states follows the dissolution of the State Working Committee of Bayelsa State and the Caretaker Committee in Edo State on account of various acts of gross misconduct by the dissolved executives which are in clear breach of the party’s constitution, the poor performance and woeful outing by the party in Edo State at the last governorship elections, and the poor handling of internal crisis rocking the party in both states.”

 

According to the statement, the Zonal Working Committee made decisions in the best interest of the party after a careful review of the party’s activities in the two affected states.

“The Zonal Working Committee took these decisions in the best interest of the party after a careful review of the activities of the party in both states in line with the constitution of the party as amended in 2017, particularly Articles 10(1),(f),(g),(k), and (4) as well as Articles 26(2),(a), 27(2)(a&b), 58(1),(a),(c),(i),(j), and 59(1)(f),” the statement said.

 

The newly appointed caretaker committee for Bayelsa State include George Turnah, Chairman; Tony Gabriel, Deputy Chairman; Ebilade Ekerefe, Secretary; Didi Ebiekake Werilaghebofa, Vice Chairman, Central; Andy Majors, Vice Chairman, East; and Evelyn Bolouebi Odi, Vice Chairman, West.

Other caretaker committee members for Bayelsa are Biobelemoye Igoniwari, Treasurer; Awudumapu Agorodi, Legal Adviser; Erepagamo Eke-Spiff, Financial Secretary; Amain Oyeintariperedei, Auditor; Derri Alasuote Wright, Publicity Secretary; Christian Koffah Akuraku, Organising Secretary; Ato Alfreda, Woman Leader; and Nicholas Eferebo, Youth Leader.

 

For Edo State, Hon. Nosa Ogieva was appointed Chairman; Chief Sunny Okomayin, Deputy Chairman; Hillary Otsu, Secretary; Nosa Iseleomon, Vice Chairman South; Ehisota Oriakhi, Vice Chairman Central; and Richard Ehimigbai, Vice Chairman North.

 

Others are Mrs. Tes Sorae, Woman Leader; Benjamin Ehinlebodiaye, Treasurer; Emma Akhaba, Auditor; Daniel Okojie, Organising Secretary; Bob-Manuel Umoru, Publicity Secretary; William Umoru, Legal Adviser; Moses Izobo, Financial Secretary; and Destiny Oreye, Youth Leader.

 

The Zonal Working Committee expressed the hope that the bold move would strengthen the party’s foundation and ensure effective leadership in both states.

 

National Vice Chairman South South Zone, Chief Dan Orbih, equally emphasised the importance of unity and discipline within the party as he called on the caretaker committees to pursue genuine reconciliation among members to foster the cohesion necessary for repositioning the party for future political success in both states.

The All Progressives Congress has fixed the nomination and administrative fees for aspirants vying for the different seats in the July 12 Local Government Election in Lagos State.

 

The fees are contained in the party’s election guidelines, jointly signed by Pastor Cornelius Ojelabi and Dr Adeola Jokomba, the APC chairman and secretary, respectively.

 

The party, in the guidelines released on Tuesday, said chairmanship aspirants are to pay N5 million as a nomination fee and an additional N500,000 as an administrative fee.

 

According to the party, female chairmanship aspirants are to pay N2.5 million as a nomination fee and the same N500,000 as administrative fee.

APC noted that aspirants below the age of 40 years would have a 50 per cent discount on their nomination fee, but will pay the same administrative fee of N500,000.

 

The party, however, waved the nomination fee for aspirants with disabilities, while charging an administration fee of N250,000.

 

“For the councillorship position, male aspirants will pay N1 million for nomination form and N100,000 administrative fee, while female aspirants will pay N250,000 for nomination form and N100,000 as administrative fee.

 

“Youths aspiring for councillorship positions will have 50 per cent discount for nomination form fee, while the administrative fee remains the same.

 

“Persons Living With Disabilities(PLWDs)will collect the nomination forms free for councillorship seats, while the administrative fee is N50,000.

 

“There shall not be a separate fee for Vice Chairman. These fees shall be paid by way of bank draft in favour of All Progressives Congress, Lagos State”,the party added.

 

Giving more details, the party saidthe nomination form for the chairmanship position shall be supported by five registered members, who are registered voters in all the aspirants’ wards, local government or LCDA.

It noted that for the councillorship seats, the nomination form shall be supported by 20 registered members, who are registered voters in the aspirant’s wards.

 

The party said all aspirants must be Nigerian citizens in addition to possessing other qualifications and meeting other conditions for the election.

 

“An aspirant must be educated up to at least school certificate level or its equivalent, and a higher qualification will be an added advantage.

“For council and LCDA chairmanship, the aspirant has to attain the age of 30 years, while for councillorship, the aspirant has to attained the age of 25 years.

 

“All aspirants are to submit evidence of membership of the party. Aspirants are to submit a demonstrable evidence of active party support.

 

“Aspirants must provide a portfolio of loyalty to the party. All Aspirants must sign the party’s Code of Conduct.

 

“Only aspirants cleared by the Screening Committee shall be eligible to stand election at the party’s primaries,” the party said.

 

According to the party , any party office holder interested in contesting for an elective office (whether party office or office in a general election) shall resign and leave office 30 days prior to the date of election or party primary.

 

It said that all aspirants “shall comply with constitutional provisions and requirements applicable to the public office they seek to contest for,”.

 

NAN

The Katsina State Government has disbursed a total of N3,173,933,922 as compensation to individuals affected by land acquisitions for various development projects across the state.

 

In addition, Governor Dikko Radda’s administration has so far invested N859,505,690 in establishing the Katsina State Geographic Information Service, providing all necessary equipment and facilities for its operation.

 

“This administration has paid compensation totalling N3,173,933,922 to people affected by land takeovers to facilitate projects including road construction, the building and expansion of schools, hospitals, markets, and other infrastructure,” said the Deputy Governor, Faruk Lawal Jobe, during the 5th edition of the monthly press briefing held on Tuesday in Katsina.

 

He added that N2 billion has been budgeted in 2025 for compensation related to ongoing projects.

 

Highlighting the government’s commitment to land reform, the Deputy Governor noted, “The government’s huge investment in KATGIS also includes the development of proprietary software and the procurement of hardware. We have also secured highly protected documents from the Nigerian Security Printing and Minting Company for the issuance of Certificates of Occupancy (C of O).”

 

Jobe stressed the importance of the digital shift in land administration, saying, “The establishment of KATGIS is necessary to move away from the tedious manual process of land registration and documentation, which is prone to manipulation and fraud, to a transparent and efficient, technology-driven system that reduces conflict between landowners and enhances revenue generation.”

 

On development control, the Deputy Governor revealed that the government had spent N725 million to procure heavy machinery and logistics, including payloaders, excavators, load-bed trucks, tippers, Hilux vehicles, and motorbikes.

These resources are intended to monitor and ensure compliance with building regulations across the state.

 

He noted that rapid population growth presents significant challenges that require early intervention to ensure sustainable urban development.

 

“The government has made substantial investments in preparation for the expected expansion of our cities. This includes the modernisation of land administration systems, preparation of city master plans, and the acquisition of heavy-duty equipment to support development control,” he said.

 

To restore master planning as a standard for urban development, the state has spent N315,375,000 on reviewing the master plans of Katsina, Funtua, and Daura for the period 2025–2040.

 

“These master plans, along with four others—Dutsin-Ma, Malumfashi, Mani, and Kankiya—were originally prepared by British firm Max Lock in the early 1970s and became obsolete 25 years ago. The government has finalised arrangements to begin the review of the remaining four this year, and further plans are in place to prepare master plans for other cities from 2026 onward,” Jobe added.

 

The monthly press briefing, which began in November 2024, is part of the administration’s commitment to transparency, accountability, and public engagement in developmental initiatives.

Four persons have been confirmed dead and several others injured as suspected cultists invaded the Swali community in the heart of Yenagoa, the Bayelsa State capital, on Easter Sunday.

 

PUNCH Online gathered that the masked assailants arrived in the community at about midnight in a Toyota Hilux van armed with assault weapons such as AK47 and started shooting indiscriminately at residents celebrating the resurrection of Jesus Christ.

 

A resident, who did not want to be named, described the attack as terrible and said that since he took up residence in the riverine suburb, he had not witnessed such violence unleashed on innocent citizens.

 

“It was terrible, I have never seen anything like this since I started living here over 10 years ago,” he told Punch Metro on Tuesday.

 

According to him, the attack was not connected to armed robbers as the gunmen did not steal any property, but just aimed at their targets and took off.

 

Although calm was restored following the attack, there remained an uneasy calm as fear still hovered over the community, which had witnessed other cult-related violence in the past.

 

Swali Community, which hosts the Swali Ultra Modern Market, the largest market in the state, is close to several security formations in the state.

 

It was also gathered that two cult groups, the Greenlanders and Bobos, have been fighting for supremacy in the community, but it was not certain if the attack was related to their ongoing feud.

 

The member representing Yenagoa Constituency 1 in the Bayelsa State House of Assembly, Ayibanegiyefa Egba, has condemned the brutal attack that resulted in the tragic loss of four lives of her constituents.

 

Egba visited the community on Tuesday and described the attack as barbaric and expressed condolences to the families of the deceased and the entire Swali community.

She emphasised the need for unity and vigilance within the community to resist external forces and advised the youths to shun vices that could truncate their lives.

 

Egba said, “This attack is brutal and I condole with the families of those who have lost loved ones. I called on all the residents to be united and vigilant in the face of this incident.

 

“I equally call on the youths to shun external influences and also shun vices that can truncate their lives.”

 

The Paramount Ruler of Swali Community, HRH Wilcox Seiyefa Job, called on the state government to mount police posts at strategic locations in order to avert future attacks.

Chief Job pleaded with the government to help ensure the safety and security of his subjects from future attacks, explaining that the community had requested the mounting of a police post to beef up security.

 

His words, “I called on the state government to set up police posts at strategic points to avert future attacks and also establish a police station in the community in order to safeguard the lives of my subjects.”

 

When contacted, the Bayelsa State Police Public Relations Officer, Mr Musa Mohammed, who confirmed the attack, said security has been beefed up to restore normalcy in the community.

 

He said the attack may not be related to a cult clash, but law enforcement measures were in place to ensure no further breakdown of law and order or destruction of lives and property happens in that community again.

 

“Normalcy has returned to the community and security measures have been put in place to ensure no further breakdown of law and order or destruction of lives and property,” Mohammed stated.

 

Barrister Olakunle Afolabi Joins NASRE As Legal Adviser

 

NASRE Confirms Barrister Olakunle Afolabi As Legal Adviser

 

NASRE Appoints Barrister Olakunle Afolabi As Legal Adviser

 

 

 

The Nigerian Association of Social and Resourceful Editors (NASRE) has officially appointed Barrister Olakunle Afolabi, Esq. as its new Legal Adviser.

 

In a letter addressed to the Lagos-based lawyer, NASRE commended Afolabi’s legal brilliance and steadfast commitment, especially for his fearless defense of four journalists in their recent legal battle against Guaranty Trust Holding Company (GTCO).

 

“Your performance reminded us that integrity still breathes within Nigeria’s legal system,” the association stated.

 

In response, Afolabi expressed gratitude and pledged to serve NASRE with a sense of duty that transcends financial compensation.

 

“I am truly honoured by this trust. My service to NASRE will be guided not by monetary gain, but by a deep commitment to press freedom, justice, and the rule of law,” he said.

 

The President, NASRE, Mr. Femi Oyewale applauded the legal luminary for his acceptance to be the Legal Adviser for the association, noting that, the group didn’t take this gesture for granted.

 

Stating that the group will leverage on his extensive knowledge of the law, to carry out its civic duties legally and professionally, he assured him NASRE support to ensure he excel in this role.

 

Afolabi, principal at Kunle Afolabi Legal Practitioners, is widely known for his constitutional expertise and advocacy for human rights. His portfolio includes work with Huawei, MTN, Dangote Agrosacks, and notable pro bono service with Avocats Sans Frontières.

 

NASRE described him as a “fearless defender of human rights” whose legal mind and moral compass align with the association’s mission to defend media freedom and protect journalists.

 

With Afolabi now on board one of the association’s legal adviser, NASRE says it is confident that its legal and ethical backbone are in the right hands.