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Account freeze: ‘Tinubu called me’ – Gov Adeleke withdraws case against EFCC

Re-elected Osun State governor, Ademola Adeleke, has announced that he has instructed the state’s Attorney General to withdraw the lawsuit against the Economic and Financial Crimes Commission, EFCC, concerning the freezing of the state government’s bank account.

Adeleke revealed this during an interview on Channels Television’s Sunday Politics shortly after he was declared winner of the August 15 governorship election.

When asked if he was prepared to move past the political disputes and the EFCC case, the governor expressed his decision to proceed forward following President Bola Tinubu’s intervention.

“I’m putting them behind. What else do I want? I have instructed my Attorney General to drop it. Mr. President has done well. He called me. What more do I want?” Adeleke stated.

Previously, the governor had contested the EFCC’s action, labeling it as politically motivated and detrimental to the administration’s operations.

In response to concerns regarding the timing of the account freeze, which occurred just before the Osun governorship election, President Tinubu directed the anti-graft agency to lift the restrictions and cease the associated legal proceedings.

Regarding allegations that some of his supporters and officials were being summoned and interrogated by the EFCC, Adeleke mentioned that he had instructed his legal team to offer the necessary support.

“Well, we have been talking. I have been calling all my lawyers to go there. I’m sure the APC in Osun, according to them, they are telling us they are using federal might,” he remarked.

by admin — August 17, 2026 in News 0

Nasarawa: Police, sister agencies begin continuous show of force ahead of political campaigns

The Nasarawa State Police Command, in collaboration with other security agencies, is set to commence a continuous show-of-force operation across the state ahead of the commencement of nationwide political campaigns on Wednesday, August 19, 2026.

The exercise is aimed at strengthening public confidence, deterring criminal activities and demonstrating the preparedness of security agencies to protect lives and property while maintaining law and order throughout the political season.

According to the Command, the operation will begin in Lafia before extending to the Northern Senatorial District, including Nasarawa Eggon, Wamba and Akwanga Local Government Areas, and subsequently to the Western Senatorial District, covering Keffi, Karu and Nasarawa Local Government Areas.

Other parts of the state will also be covered as the operation progresses.

Security personnel will be deployed to major entry and exit routes, strategic locations and other critical areas, with stop-and-search operations forming part of the security measures.

The exercise is intended to identify and prevent the movement of criminal elements, weapons and other prohibited items.

According to the Commands spokesperson, SP Ramhan Nansel, the Commissioner of Police, Nasarawa State Command, CP Shetima Jauro Mohammed, stated that the operation should not be interpreted as a response to any specific threat or targeted at any political group.

The statement stressed that the deployment was a preventive measure designed to provide a secure environment for residents, visitors and participants in the forthcoming political activities.

“The exercise is not targeted at any individual, group, political party or organisation,” the Commissioner said, adding that the heavy presence of security personnel was primarily intended to reassure the public and strengthen security across the state.

Mohammed urged residents to remain calm and continue with their lawful activities, assuring them that the presence of security operatives, particularly in Lafia and other strategic locations, should not be a cause for alarm.

He also appealed to members of the public to cooperate with personnel during stop-and-search operations and to promptly report suspicious persons, movements or activities to the nearest police station or appropriate security agency.

The Command said the joint operation reflects the commitment of the police and sister security agencies to maintaining public safety and ensuring that political activities in Nasarawa State are conducted in a peaceful and secure atmosphere.

by admin — August 17, 2026 in News 0

El-Rufai files fresh N10bn suit against ICPC over family access

Former Kaduna State Governor Nasir El-Rufai has filed a fresh N10 billion lawsuit against the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged restrictions on his family members visiting him in custody.

The suit, filed at the Federal High Court in Abuja on August 13, seeks to enforce what El-Rufai described as his fundamental rights while in detention.

El-Rufai, through his lawyer, Ubong Akpan, alleged that ICPC officials stopped his wife, Aichatou Asabe, and his son, Abba El-Rufai, from visiting him.

He also joined the ICPC chairman and the Attorney-General of the Federation as defendants in the case.

The former governor is asking the court to declare that his constitutional rights remain protected despite his detention. He alleged that denying his family access to him, particularly when they wanted to provide food, medication and other necessities, was unlawful.

El-Rufai also accused ICPC officers of physically restraining and intimidating his wife and son on July 7. He described the incident as an unjustified interference with his family relationships.

He asked the court to declare that “the respondents’ continued denial of family access without lawful authority is unconstitutional, illegal, null and void.”

He also wants the court to order the ICPC to give him “unhindered and reasonable access to members of his family and counsel throughout the period of his detention as earlier directed by the Federal High Court.”

El-Rufai alleged that the restriction had caused him “humiliation, emotional trauma, anxiety and psychological distress.”

He further accused the ICPC of acting “arbitrarily, unlawfully and in a manner inconsistent with Sections 34, 37 and 46 of the Constitution and the African Charter on Human and Peoples’ Rights.”

In an affidavit supporting the case, El-Rufai’s Principal Secretary, Mohammed Shaba, said the former governor was being held at the ICPC office in Abuja.

Shaba said El-Rufai’s wife had regularly supplied him with “food, clothing, medication, and other personal necessities required for his comfort, health, and well-being while in custody.”

He also referred to an earlier order by Justice R.M. Aikawa of the Federal High Court in Kaduna, which directed the ICPC to allow the defendants access to their lawyers and personal doctors whenever necessary.

According to Shaba, the order showed that detainees should not be kept incommunicado and that the ICPC remains subject to court supervision over detention conditions.

by admin — August 17, 2026 in News 0

CBN boosts FX interventions to $953m as demand rebounds

The Central Bank of Nigeria sharply increased its foreign exchange interventions in March 2026, supplying $953.41m to the market, indicating a renewed effort to support liquidity after weak sales in the opening months of the year.

Figures from the CBN’s latest Quarterly Statistical Bulletin showed that March recorded the highest level of FX sales since April 2025, when interventions reached $1.65bn.

The March supply represented a steep recovery from the $244.13m sold in February and the $58.93m reported in January, highlighting a significant turnaround in the CBN’s market activity. Compared with February, FX sales increased by about 291 per cent, while March’s figure was more than 16 times the January level.

A breakdown of the data showed that spot market transactions accounted for the bulk of interventions, with $950.10m sold through this channel, while an additional $3.31m was allocated to Ministries, Departments and Agenci

The latest figures underscore changing patterns in Nigeria’s foreign exchange market, where the central bank now plays a less dominant role than in previous years as private-sector inflows gain prominence.

FX interventions had remained below $800m for much of 2026 after peaking at $1.65bn in April. Sales fell to $838.93m in May, $676.31m in June, and dropped further to $399.80m in September and $150.10m in October before rebounding towards the end of the year.

The first two months of 2026 saw interventions slow, suggesting that the CBN relied more on autonomous market flows before returning to larger spot market sales in March.

Analysts say the rise in autonomous dollar inflows following exchange rate reforms has reduced the need for persistent CBN interventions, although periodic sales remain necessary to manage liquidity and support orderly market functioning.

Nigeria’s FX market has undergone significant changes since the unification of exchange rates in 2023. Data show that autonomous inflows, driven by exporters, investors and other private-sector participants, contributed the majority of FX entering the formal market in 2025.

The March intervention suggests that while private inflows increasingly drive market activity, the CBN continues to play a strategic role in smoothing liquidity conditions when demand pressures emerge.

by admin — August 17, 2026 in Business 0

TAJBank’s PBT rises 74%, pays higher dividend

TAJBank Limited, Nigeria’s largest non-interest bank by assets, has sustained its market lead as its Profit Before Tax surged 74 per cent year-on-year to N31.56bn in FY2025, up from N18.17bn recorded in FY2024.

The bank’s audited FY2025 financial statements showed that total assets grew to N1.34tn from N953bn in the preceding year. Total equity rose 144 per cent to N149.23bn, compared to N61.25bn recorded in FY2024.

To reward shareholders, the Board approved a dividend of 20 kobo per share at its virtual 2026 Annual General Meeting, one of the highest dividend-per-share ratios in the Nigerian banking industry.

Commenting on the payout, Board Chairman, Alhaji Tanko Gwamna, said, “The Board rewarded shareholders for their contributions to the growth of TAJBank, as we have done over the years.”

The Managing Director/CEO, Hamid Joda, attributed the performance to prudent financial management, noting that it has strengthened investor confidence.

“I want to thank our shareholders and assure them that their funds are secure and will continue to yield sustainable returns annually,” Joda said.

Executive Director, Sheriff Idi, added, “We value our shareholders and customers because their interest is why we are in business. We will always prioritise them in our operations.”

After five years of operations, regulatory authorities recently rated TAJBank as the largest player in Nigeria’s NIB subsector based on its total assets and gross earnings.

The bank previously won BusinessDay awards in 2021, 2022, and 2023, as well as Leadership Newspapers’ ‘Bank of the Year’ award in 2020.

In recognition of its compliance with global best practices, TAJBank holds the Payment Card Industry Data Security Standard certification alongside three ISO certifications (ISO 27001, ISO 22301, and ISO 20000) for Information Security, Business Continuity, and IT Service Management Systems.

by admin — August 17, 2026 in Business 0

GTCO interest income surges 506% as dollar limit doubles

Guaranty Trust Holding Company Plc has seen its interest income surge more than sixfold since the COVID-19 pandemic, while its banking subsidiary, Guaranty Trust Bank, has raised customers’ international spending limit on naira cards to $40,000 per quarter.

GTCO’s interest income rose from N77.04bn in the first quarter of 2020 to N467bn in Q1 2026, representing a 506 per cent increase, as higher interest rates, expanding earning assets and stronger yields fuelled the group’s interest-driven earnings.

The Q1 2026 figure was also 17.5 per cent higher than the N397.4bn recorded in the corresponding period of 2025. Net interest income increased to N356.29bn from N64.28bn in Q1 2020.

The growth reflects the changing earnings environment for Nigerian banks since the pandemic, with high interest rates supporting stronger returns on loans, placements and fixed-income investments.

GTCO’s loan interest income rose 24.8 per cent, while interest earned on cash equivalents and placements increased 30.5 per cent.

The group’s net loan book also grew 1.3 per cent to N3.17tn.

Interest income is the amount paid to an entity for lending its money or letting another entity use its funds, according to the Corporate Finance Institute. It is also the amount earned by an investor’s money placed in an investment or project.

“Right now, depositors who earn salaries can obtain easy loans sometimes three times their earnings from their banks. It was not so in 2020. Banks have strengthened their due diligence ever since and earned huge revenues from interest income,” said a Lagos-based finance analyst, Dibor Akaghane.

In Q1 of 2020, the Central Bank of Nigeria kept the Monetary Policy Rate at 13.5 per cent, maintaining its policy stance amidst early global disruptions from the COVID-19 pandemic.

In Q1 2026, the CBN’s MPR was reduced by 50 basis points from 27.0 per cent to 26.5 per cent during its February meeting. Higher interest rates have ensured that banks earn huge revenue from lending to individuals and firms post-COVID.

Meanwhile, GTBank has raised the quarterly international spending limit on its naira cards from $20,000 to $40,000, making it the first among Nigeria’s recapitalised banks to announce the new threshold.

The higher limit allows eligible customers to spend more on international transactions, including flights, hotel bookings, tuition, medical expenses and online purchases.

The bank previously increased the limit from $6,000 to $20,000 following improvements in foreign exchange market conditions.

GTCO reported gross earnings of N571.42bn in Q1 2026, while profit before tax rose marginally to N302.89bn. Profit after tax, however, fell 15.42 per cent to N218.13bn, largely due to higher tax liabilities.

by admin — August 17, 2026 in Business 0

Union Bank Of Nigeria Attains PCI DSS v4.0.1 Certification

Union Bank of Nigeria has attained certification under the Payment Card Industry Data Security Standard (PCI DSS) version 4.0.1, the foremost global standard governing the protection of payment card account data. The certification took effect on 11 August 2026.

PCI DSS sets a baseline of technical and operational requirements designed to safeguard environments in which payment card account data is stored, processed or transmitted. Certification confirms that a bank securely stores, processes and transmits its customers’ credit and debit card information, strengthening protection against payment card data breaches and financial fraud, while reinforcing public and customer confidence.

The assessment covered a broad scope of the Bank’s operations, including network infrastructure, card issuance, ATM and POS transaction acquiring and payment processing, reconciliation, settlement, chargeback, dispute resolution and retail banking. Union Bank was assessed and certified in the Service Provider category.

Certification followed a sustained engagement conducted across a full year, incorporating quarterly assessments and drawing on the support of departmental, business and functional heads across the Bank, in partnership with the security firm Digital Encode. The final independent audit was carried out by CyberCube, an accredited Qualified Security Assessor.

Speaking on the development, Managing Director and Chief Executive Officer, Yetunde B. Oni said, “The security of our customers’ information is central to everything we do at Union Bank. This certification reaffirms that our payment systems and processes meet a rigorous global standard, and it reflects the discipline of colleagues across the Bank who work every day to keep customer data safe,”
The renewal ensures that the Bank maintains unbroken PCI DSS certification, in keeping with the Central Bank of Nigeria’s requirement that banks sustain continuous compliance without any gap.

by admin — August 17, 2026 in Uncategorized 0

Dino Melaye names politicians who ‘sold’ PDP to Tinubu

Former lawmaker, who represented Kogi West Senatorial District, Dino Melaye, has accused three ex-officials of the Peoples Democratic Party, PDP, of selling the party to President Bola Tinubu and the All Progressives Congress, APC.

Melaye made the allegation during an interview on the Kaa Truths podcast.

According to him, the former acting National Chairman of the PDP, Umar Damagum, the party’s former National Secretary, Samuel Anyawu and the former Organising Secretary, Umar Bature, sold the party to Tinubu.

The chieftain of the African Democratic Congress, ADC, stated that the trio worked to hand over the PDP to Tinubu before the Minister of the Federal Capital Territory, FCT, organised the party’s ‘final funeral’.

“Damagun, Anyanwu and Bature sold out the PDP to the president before Wike finally organised the burial of the party,” he said.

by admin — August 15, 2026 in News 0

Osun election: Adeleke arrives polling unit to cast his vote [Photos]

Governor Ademola Adeleke, candidate of the Accord Party, has arrived at his polling unit to cast his vote in the Osun State governorship election.

Adeleke arrived at Polling Unit 009, Ward 02, Abogunde compound, Ede North Local Government Area, at about 8:10 am on Saturday.

The governor is seeking re-election for a second term in the off-cycle election, which will determine the next occupant of the Bola Ige Government House for the next four years.

A total of 15 political parties are participating in the election, although two candidates, Adesina Adeyemi-Doro of the All Progressives Grand Alliance, APGA, and Simon Adewale of the Allied Peoples Movement, APM, had announced their withdrawal.

While Adeyemi-Doro endorsed the All Progressives Congress, APC, candidate, Bola Oyebamiji, Adewale declared support for Adeleke.

Despite the withdrawals, both APGA and APM remain on the ballot for the election.

by admin — August 15, 2026 in News 0

Benue attacks: Govt failed Otukpo-Nobi, Efeyi-Ugboju – Peter Obi

The 2027 presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, says the federal government has failed Nigerians in the protection of lives and property.

In a post on his verified X handle on Saturday, Obi was reacting to the attack on the people of Otukpo-Nobi and Efeyi-Ugboju in Benue State, where several people were killed by terrorists.

He urged the government to demonstrate a greater commitment to securing the lives and property of citizens and to closing the ungoverned spaces that have become breeding grounds for insecurity.

Obi visited the affected communities in Benue on Friday to sympathise with them.

“Yesterday, I travelled to Otukpo-Nobi in Benue State, one of the communities recently attacked by non-state actors, where over 10 persons were either killed or went missing. In contrast, several others were injured and are currently hospitalised.

“Alongside Otukpo-Nobi was another community, Efeyi-Ugboju, where over 13 persons were reportedly killed and several others injured. While we were there, we were also informed that earlier in the morning, 14 persons had been kidnapped along Ankpechi Road.

“I joined the community in praying for the repose of the souls of the departed at the site of the mass burial of the victims. We also visited the hospital to empathise with the injured, show our support, and pray for their quick recovery.

“The primary purpose of government is the security and welfare of its citizens. When the government fails in this responsibility, as it has with the people of Otukpo-Nobi, Efeyi-Ugboju, and other troubled communities, it must be reminded of that sacred obligation.

“May the souls of the departed continue to rest in perfect peace. Amen,” he tweeted.

by admin — August 15, 2026 in News 0