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KANSIEC chairman, Malumfashi resigns

The Chairman of the Kano State Independent Electoral Commission, KANSIEC, Professor Sani Lawal Malumfashi, has resigned from his position.

This is following his nomination by Governor Abba Kabir Yusuf for appointment as a commissioner.

Malumfashi announced his resignation during a farewell address to commissioners and staff of the electoral commission, where he expressed gratitude for their cooperation and support throughout his time in office.

In a statement issued by Bashir Habib Yahya, his media aide, the outgoing chairman appreciated the commission’s staff and commissioners for their contributions to the successful conduct of the 2024 local government elections in the state.

He acknowledged their commitment to the commission’s work and urged them to maintain the same spirit of cooperation with whoever takes over the leadership.

“I urge you all to extend the same cooperation and support to the incoming leadership to ensure that the commission continues to carry out its responsibilities smoothly.

“I also seek forgiveness from anyone I may have offended in the course of my service, as I hold no grudges against anyone,” he said.

by admin — October 30, 2026 in News 0

Reps urge FERMA to complete abandoned sections of Kirikiri Road in Lagos

The House of Representatives has called on the Federal Roads Maintenance Agency, FERMA, to urgently complete the rehabilitation of Kirikiri Federal Road in Ajeromi-Ifelodun Federal Constituency of Lagos State, following persistent transportation challenges linked to its deteriorating condition.

The lawmakers specifically urged the agency to give priority attention to the Berger-Suya axis and resume work on other sections within Ajeromi-Ifelodun that were excluded from previous rehabilitation exercises.

The resolution followed a motion sponsored by Hon. Kalejaiye Adeboye Paul, who raised concerns over the failure to complete the road project despite an earlier directive by the House.

The lawmakers recalled that on October 3, 2023, the House adopted Resolution HR. 192/10/2023 after considering a motion titled “The Need to Rehabilitate the Kirikiri Federal Road in Ajeromi-Ifelodun Federal Constituency of Lagos State.”

The resolution had sought immediate intervention to address the deteriorating state of the Federal Road.

However, the House observed that although FERMA later carried out extensive rehabilitation work on the Amuwo section, the portion of the road within Ajeromi-Ifelodun was left untouched.

Members expressed concern that the incomplete project had continued to cause difficulties for residents, commuters, commercial transport operators and businesses, particularly in their daily movement and transportation of goods.

They noted that the purpose of the 2023 resolution had yet to be achieved, necessitating another intervention to ensure that the outstanding sections received the attention they required.

Consequently, the House asked FERMA to conduct an assessment of the Kirikiri Federal Road, with particular focus on the Berger-Suya axis, while also examining the standard of work carried out on sections previously rehabilitated.

The agency was further urged to identify portions of the road with defective or substandard repairs and undertake the necessary corrections in line with approved engineering standards.

Additionally, FERMA was directed to return to the designated road corridors in Ajeromi-Ifelodun and accelerate work on all outstanding sections to ensure the project is completed.

The lawmakers emphasised the need for the agency to fulfil the objectives of the 2023 resolution and provide a sustainable solution to the road’s deteriorating condition.

To monitor compliance, the House mandated its Committees on Works and Federal Roads Maintenance Agency to oversee the implementation of the resolution.

by admin — October 30, 2026 in News 0

NAFDAC destroys N8bn worth of fake, expired products in North-Central

The National Agency for Food and Drug Administration and Control, NAFDAC, has destroyed counterfeit drugs, unsafe food items, banned alcoholic drinks and other unapproved products valued at over N8 billion seized across North-Central Nigeria.

The agency’s Director-General, Prof. Mojisola Adeyeye, announced this on Thursday in Lafia, Nasarawa State, explaining that the items were recovered from factories, markets, motor parks and commercial outlets across the region.

Adeyeye, represented by the agency’s Deputy Director in the zone, Joseph Edor, said sachet alcoholic drinks and beverages sold in containers below 200 millilitres accounted for the largest share of the destroyed products.

She said the restriction on such alcoholic beverages was intended to limit access to products that could encourage excessive drinking, particularly among young people and school-age children.

According to her, alcohol consumption at an early age poses risks to brain development and vital organs, including the liver and kidneys.

She added that it could also contribute to poor academic performance, reduced productivity and other health problems.

The NAFDAC chief explained that the agency’s mandate, established under Decree No. 19 of 1993, as amended, includes ensuring that regulated products produced locally or imported into Nigeria meet prescribed safety and quality requirements.

The operation also led to the recovery of expired and fake medicines, contaminated and unfit food products, as well as substandard cosmetics.

by admin — October 30, 2026 in News 0

MTN Nigeria unveils enterprise tech solution for SMEs

Leading technology company, MTN Nigeria, has unveiled a tech solution designed to equip small and medium-sized enterprises with tailored digital tools alongside internet connectivity in a single managed offering.

SMEs across Nigeria face increasing challenges in understanding customer behaviour and building meaningful engagement in an increasingly competitive marketplace. Without actionable insights, businesses often struggle to turn everyday customer interactions into opportunities for long-term growth and customer loyalty.

Commenting on the launch, Chief Enterprise Business Officer at MTN Nigeria, Lynda Saint-Nwafor, said, “Small businesses need more than connectivity to compete and grow. They need tools that help them understand their customers, improve engagement, and make smarter decisions. With Y’ello Y’Fi, we are providing SMEs with access to branded digital experiences, actionable insights, and effective network controls.

“Our goal is to make digital solutions smarter, more accessible, and more relevant to the everyday realities of doing business in Nigeria

Y’ello Y’Fi enables businesses to unlock greater value from their Wi-Fi networks by transforming connectivity into a powerful customer engagement tool. Through customised login pages, SMEs can capture valuable customer insights, manage connected devices, run promotional campaigns, and personalise Wi-Fi landing pages to reflect their brand identity. It enhances network management, security, and overall customer experience.

In addition, the platform provides real-time customer behaviour analytics, helping businesses better understand usage patterns and customer preferences. These practical insights enable SMEs to refine their marketing strategies, strengthen customer engagement, and build more meaningful relationships with their customers.

Managing network traffic efficiently remains another common challenge for growing businesses. Y’ello Y’Fi addresses this through comprehensive device, user, and bandwidth management capabilities. By maintaining separate access paths for staff and guests, businesses gain greater visibility into network usage while optimising performance, improving security, and enhancing operational efficiency.

The launch of Y’ello Y’Fi reinforces the techco’s commitment to enabling the growth of SMEs through innovative digital solutions. As businesses increasingly embrace digital transformation, it provides the insights, visibility, and control they need to deepen customer engagement, improve operational efficiency, and unlock new opportunities for growth.

MTN Nigeria is among Africa’s leading communications service providers, connecting more than 89.5 million people across communities nationwide and linking them to the rest of the world. Since commencing operations in 2001, the company has maintained its leadership in network coverage, capacity and innovation, driven by its commitment to ensuring that everyone enjoys the benefits of a modern, connected life.

by admin — October 30, 2026 in Business 0

GTCO posts N879.9bn pre-tax profit

Guaranty Trust Holding Company Plc has released its unaudited financial statements for the nine months ended 30 September 2026, reporting a profit before tax of N879.9bn.

According to the group’s financial filing submitted to the Nigerian Exchange Group and the London Stock Exchange, the performance was driven by sustained growth across core earnings lines, with interest income, fees and commission income, and trading income rising year-on-year by 5.0 per cent, 1.4 per cent, and 3.1 per cent, respectively.

The Holdco noted that the resilient performance was achieved despite a N87.9bn fair value loss recognised during the period, which resulted in a slight 2.3 per cent moderation in profit before tax from N900.8bn recorded in the corresponding period of 2025. Profit after tax closed at N614.6bn compared to N699.6bn in Q3 2025, reflecting changes to Companies Income Tax regulations that impacted capital allowance reliefs.

GTCO’s balance sheet expanded during the nine months, with total assets growing 3.5 per cent to N18.37tn from N17.76tn in December 2025, while shareholders’ funds closed at N3.5tn. The group maintained a strong capital adequacy ratio of 34.2 per cent, while the bank’s capital adequacy ratio stood at 33.9 per cent.

Deposit liabilities grew 8.6 per cent from N12.87tn in December 2025 to N13.98tn in September 2026, underscoring the expansion of the group’s deposit franchise. However, its net loan book moderated by 4.1 per cent to N3.00tn, in alignment with a disciplined approach to risk asset creation.

Asset quality improved as the non-performing loan ratio closed at 4.0 per cent at the group level, down from 5.0 per cent in December 2025, while cost of risk eased to 0.9 per cent from 2.2 per cent. Coverage for credit-impaired loans also rose to 130.7 per cent from 106.9 per cent. Funded income accounted for 77.8 per cent of gross earnings, while net core earnings grew 4.4 per cent to N1.505tn.

Commenting on the financial results, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, highlighted the resilience of the group’s operating model.

“Our performance in Q3 reflects the strength of a franchise built on scale, efficiency and discipline,” Agbaje said. “Despite a challenging operating environment and significant fair value losses in the period, our core earnings continued to grow, our deposit base expanded strongly, our cost efficiency remains among the best in the industry, and our balance sheet remains strong, liquid and well capitalised.”

He added that the financial institution remains strategically positioned to navigate shifting macroeconomic conditions while driving sustainable value creation across its banking, payments, pension, and funds management businesses.

“Looking ahead, we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve, without compromising the quality of our risk assets,” Agbaje stated. “We will also continue to evolve our platforms and adapt to new technologies to meet the changing needs of our customers, as we remain focused on delivering sustainable value and superior returns to our shareholders.”

The group recorded key financial metrics during the period, including a pre-tax return on average equity of 34.0 per cent, a pre-tax return on average assets of 6.5 per cent, and a cost-to-income ratio of 31.2 per cent.

by admin — October 30, 2026 in Business 0

NGX slides as market cap drops to N164.19tn

Wednesday closed on a bearish note, as the market capitalisation and overall performance index recorded a slight contraction compared to the previous session.

Total market capitalisation dropped from N164.91tn recorded on Tuesday to N164.19tn. Similarly, the All-Share Index slipped by 1,107.28 points, closing at 252,882.78 points down from Tuesday’s peak of 253,990.06 points.

Over the trading cycle commencing 22 October 2026, the local bourse recorded a high of 253,990.06 points and touched a weekly low of 244,956.94 points, while macro indicators remained steady with the Central Bank of Nigeria retaining its benchmark Monetary Policy Rate at 23.00 per cent.

Equity trading was marked by mixed sentiment, with Sovereign Trust Insurance Plc leading the gainers after rising 10.00 per cent to close at N1.98, followed by UPDCREIT, which advanced 9.61 per cent to finish at N21.10. Other notable advancers included Austinlaz, United Bank for Africa Plc, and Critical Minerals Financing Corp.

On the losers’ chart, First Holdco Plc posted the steepest decline, shedding 10.00 per cent to close at N139.50, alongside Tripple Gee and Company, ETranzact International, Royal Exchange, and Fortis Global Insurance, which dropped between 4.76 per cent and 5.51 per cent.

In the Exchange Traded Products segment, Greenwich Alpha ETF and Stanbic IBTC ETF 30 both gained 3.59 per cent, while Vetiva S&P Nigeria Sovereign Bond ETF and Vetiva Consumer Goods ETF shed 5.79 per cent and 5.43 per cent, respectively.

The fixed income market witnessed upward movement in specific Federal Government savings bonds, led by FGS202774 and FGS202776, which rose 17.65 per cent and 11.11 per cent, with no price declines recorded in debt instruments for the session.

by admin — October 30, 2026 in Business 0

Sterling Financial reports N97.28bn nine-month profit

Sterling Financial Holdings Company Plc has announced its unaudited financial results for the nine months ended 30 September 2026, reporting a 37.1 per cent growth in profit before tax to N97.28bn.

According to the group’s earnings report, profit after tax rose 21.0 per cent to N75.37bn, while gross earnings increased 33.2 per cent to N454.94bn. Non-interest income also climbed 27.6 per cent to N101.16bn, supported by fee-based activities, commodities trading, and joint enterprise investments across its operations.

The group noted that its diversification strategy gained further momentum during the period, with SterlingFi Wealth Management, now in its second year of operations, contributing to earnings and broadening income streams beyond traditional banking.

Sterling Financial’s balance sheet expanded significantly as total assets rose 30.4 per cent from year-end 2025 to surpass the N5tn milestone, reaching N5.10tn. Net loans and advances to customers increased 28.8 per cent to N1.82tn, while customer deposits grew 28.7 per cent to N3.84tn.

Shareholders’ funds expanded 38.8 per cent to N595.2bn, with the group recording a post-tax return on average equity of 20.0 per cent and a return on average assets of 2.22 per cent.

Commenting on the financial performance, Group Chief Executive Officer of Sterling Financial Holdings Company Plc, Yemi Odubiyi, highlighted the group’s operational progress and expanding portfolio.

“Our nine-month performance demonstrates the collective strength of our businesses and the progress we are making towards building a diversified financial services group,” Odubiyi said. “Surpassing N5tn in total assets is an important milestone, while SterlingFi’s emerging contribution reflects the potential of our expanding financial services portfolio.”

He added that the Holdco remains committed to disciplined resource management and value creation across its subsidiaries, which include Sterling Bank Limited, Alternative Bank Limited, and SterlingFi Wealth Management.

“The Group’s priority is to translate this growth into sustainable shareholder value through disciplined capital allocation, effective governance and strategic oversight,” he stated. “We will continue to support our businesses in pursuing sustainable growth while maintaining financial resilience and prudent risk management.”

The group maintained that it remains focused on strengthening its earnings base, optimising capital deployment, and advancing financial inclusion and technology-driven solutions across Nigeria’s economy.

by admin — October 30, 2026 in Business 0

‘I did not stop Obi’s Enugu town hall meeting’ – Gov Mbah

Enugu State Governor, Peter Mbah, has reacted to allegations that he ordered the denial of a private facility to the Obi-Kwankwaso movement for its town hall meeting in the state, describing the claim as false.

Mbah described the allegation as false, insisting that he did not issue any such directive.

The governor disclosed this in a post on his Facebook handle while reacting to a video circulating on social media platforms over the alleged incident.

Recall that Princess Ada Ogbu, the Enugu East senatorial candidate of the Nigerian Democratic Congress, NDC, had raised the alarm over alleged attempts to prevent the meeting, which is expected to feature former Labour Party presidential candidate Peter Obi.

In a video circulating online, Ogbu alleged, “They are trying to stop Peter Obi’s town hall meeting in Enugu State for political reasons. It can never happen. We paid N3.5 million for the hall and an additional N500,000 for the outside space, but now they are trying to prevent us.”

However, reacting to the allegation, Mbah said he had no involvement in the reported development.

He said “My attention has just been drawn to a video circulating on some social media platforms, alleging that I gave an order denying a political party use of a private facility for their town hall event. This is preposterous and utter falsehood, because I did not.”

Mbah accused the opposition of adopting a desperate pattern to attract public attention.

He acknowledged that democracy guarantees freedom of expression but maintained that such freedom does not give anyone the right to defame others.

“Democracy also offers avenues to seek redress. So, let it be known that there are redlines that should never be crossed,” the governor added.

by admin — October 29, 2026 in News 0

Kwankwaso demands independent probe into suspected AI photos in INEC voter register

The vice-presidential candidate of the Nigeria Democratic Congress, NDC, Rabiu Kwankwaso, has demanded an independent investigation into suspected AI-generated photographs and questionable records in the preliminary voter register released by the Independent National Electoral Commission, INEC, ahead of the 2027 general elections.

Kwankwaso questioned how the suspicious images entered the register and whether the identities linked to the records were properly verified.

In a statement shared on X, Kwankwaso said INEC’s decision to investigate the matter was welcome but insisted that the probe must be transparent and conducted independently of the commission.

“The investigation must be thorough, transparent and independent,” he said, demanding that the findings be made public and anyone found culpable be held accountable under the law.

by admin — October 29, 2026 in News 0