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Private sector credit climbs to N83.3tn amid lending growth

Credit to Nigeria’s private sector increased to N83.3tn in June 2026, representing a 2.8 per cent month-on-month rise from N81tn in May, according to the latest Money and Credit Statistics released by the Central Bank of Nigeria.

The apex bank’s data also showed that credit to the government declined 0.99 per cent to N40tn in June from N40.4tn in May.

As a result, net domestic credit rose 1.5 per cent to N123.3tn in June, compared with N121.42tn recorded in the previous month.

The increase in private sector lending suggests that banks continued to extend more credit to businesses and households despite the CBN’s high-interest rate environment. If sustained, stronger credit growth could support business expansion, investment and economic activity, analysts say. However, it also raises the possibility of higher inflationary pressures if credit growth exceeds the economy’s productive capacity.

The figures indicate that demand for financing remains strong even as the CBN maintains a tight monetary policy stance aimed at curbing inflation and stabilising prices.

admin by — July 25, 2026 in Business 0
State Police: Kwankwaso foresees danger ahead 2027 polls

The Vice Presidential candidate of the Nigerian Democratic Congress, NDC, Rabiu Kwankwaso says there are dangers associated with the proposed creation of state police.

Speaking with News Central TV on Thursday night, the national leader of the Kwankwassiyya Movement said governors will use the local police for their political gains.

According to him, the state police would not have been needed if not for the leadership failure in the Northern part of the country.

He said, “There is a huge leadership failure in Northern Nigeria. State police is as a result of that failure.

“There are so many dangers associated with state police. The governors would want to use them for political protection.

“The government must not allow the circulation of small arms just like that”.

admin by — July 24, 2026 in News 0
Katsina Reps member, Ahmed Doro defects from APC to PDP

The member representing Bindawa/Mani Federal Constituency of Katsina State in the House of Representatives, Ahmed Yusuf Doro, has defected from the All Progressives Congress, APC, to the Peoples Democratic Party, PDP.

The defection was announced during Thursday’s plenary after the Speaker of the House of Representatives, Tajudeen Abbas, read Doro’s letter notifying the House of his decision.

In the letter, dated July 18, 2026, the lawmaker said his decision followed extensive consultations with his constituents and careful consideration of what he described as the best path to strengthen service delivery and representation.

According to him, the move would enable him to better represent the interests of the people of Bindawa/Mani Federal Constituency while remaining committed to his legislative responsibilities in the 10th House of Representatives.

Doro also expressed appreciation to the leadership and members of the APC for their support during his time in the party.

He reaffirmed his commitment to providing effective representation and pursuing sustainable development for his constituency under his new political platform.

The lawmaker’s defection takes effect from July 18, 2026, in accordance with the notification submitted to the Speaker.

admin by — July 24, 2026 in News 0
‘History beckons’ – Kanu reacts as US congressman moves for IPOB leader’s release

Kingsley Kanunta Kanu, the younger brother of the leader of the proscribed Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu has welcomed a move by a United States Congressman, John James demanding the immediate release of the secessionist.

A viral video captured the moment John James moved a motion on the floor of the US Congress for the immediate release of the IPOB leader.

The lawmaker begged his colleagues to “support my bill for the Nigerian government to release Nnamdi Kanu immediately and unconditionally”.

Reacting, Kanunta Kanu in a post on his official X handle, hailed the move, liking the IPOB leader to late activist and former South African President, Nelson Mandela.

He wrote, “Only two personalities in recorded human history have ever been mentioned or debated on the floor of the great US Congress.

“And they are Nelson Mandela & today Mazi Nnamdi Kanu Leader of IPOB. History beckons!!!

“Sincere thanks to US Congressman John James @RepJames for boldly speaking out, exposing this injustice, and demanding Mazi Nnamdi Kanu’s unconditional release”.

Kanu was sentenced to life imprisonment after he was convicted on terrorism related charges on November 20, 2025.

admin by — July 24, 2026 in News 0
Aviation Minister, Keyamo reacts to Enugu Air incident, orders investigation

Minister of Aviation and Aerospace Development, Festus Keyamo, has reacted to the crash-landing of Enugu Air at Benin airport in Edo State.

In a post on his verified X handle on Friday, Keyamo said he had ordered all the relevant agencies to work closely with Enugu Air to unravel the cause of the incident.

DAILY POST recalls that the aircraft crashed at Benin City airport on Thursday.

Following the incident, Air Peace aircraft suspended all its flights to and from the Benin Airport after the temporary closure of the airport’s runway following a runway incursion.

Reacting, Keyamo said, “I have been duly informed that the incident with Enugu Air yesterday in Benin is that the aircraft skidded off the runway after landing successfully (it is called ‘runway excursion’ in aviation terminology).

“Everyone was safe. I have directed all the relevant agencies to work closely with Enugu Air to unravel the cause.”

admin by — July 24, 2026 in News 0
Northeast power crisis worsens as Jalingo, Yola go dark ahead of planned TCN outage

Residents of Jalingo, the Taraba State capital, and Yola, the Adamawa State capital, are once again grappling with a prolonged electricity blackout following a fault at a Transmission Company of Nigeria, TCN, facility, a development that has intensified concerns over the reliability of power supply across the northeast.

The latest outage has left homes, businesses and public institutions without electricity for the past three days, with Jalingo metropolis among the worst affected.

The blackout has disrupted commercial activities, forced many businesses to rely on costly alternative sources of power and compounded the hardships faced by residents already struggling with rising living costs.

The incident comes at a particularly difficult time for electricity consumers in the region, as TCN had only recently announced a planned maintenance exercise that was expected to result in a temporary power interruption across several northeastern states.

According to the company, electricity consumers in Bauchi, Gombe, Damaturu, Maiduguri, Yola, Jalingo and surrounding communities are scheduled to experience a planned outage from 9:00 a.m. on Saturday, July 25, until 5:00 p.m. on Sunday, July 26, 2026, to enable maintenance work on critical transmission infrastructure.

However, the unexpected fault has effectively extended the blackout for many customers, sparking frustration among residents who say they have been left in darkness even before the commencement of the scheduled maintenance.

Business owners and residents expressed concern over the worsening power situation, noting that the prolonged outage has affected economic activities, increased operational costs and disrupted household routines.

Explaining the cause of the latest disruption, the Yola Electricity Distribution Company, YEDC, said the outage resulted from a technical fault at the 132kV Transmission Station operated by TCN.

In a statement issued on Thursday, the distribution company disclosed that the fault occurred at about 5:55 p.m. on Wednesday when the primary circuit breaker on TCN’s 125MVA transformer tripped at the transmission station.

According to YEDC, the incident affected all its 33KV feeders supplied from the facility, resulting in a widespread loss of electricity supply across Yola and its surrounding communities.

The company said it had been informed that TCN engineers were working to clear the fault and restore electricity supply to affected customers.

Despite the ongoing repair efforts, YEDC noted that the previously announced planned outage by TCN remains in effect. Consequently, electricity supply will continue to be managed in accordance with the approved outage schedule even after the fault is rectified.

The development has once again highlighted the vulnerability of electricity supply in the northeast, where technical faults on key transmission infrastructure often result in widespread blackouts affecting multiple states simultaneously.

For residents and businesses already contending with high energy costs, the combination of an unplanned system fault and an impending maintenance shutdown means a longer period of uncertainty, with many hoping that repair works and the scheduled maintenance will be completed within the stipulated timeframe.

YEDC appealed to customers to remain patient and understanding while engineers work to restore normal electricity supply, assuring consumers that efforts are ongoing to resolve the fault and stabilize the network.

admin by — July 24, 2026 in News 0
NDLEA seized over two billion tramadol pills in 18 months – Marwa

The National Drug Law Enforcement Agency, NDLEA, has revealed that it confiscated more than two billion pills of tramadol over the past 18 months through intelligence-led operations conducted in collaboration with international partners.

NDLEA Chairman, Brig. Gen. Buba Marwa (retd.), disclosed this on Thursday during a familiarisation visit to the Lekki Free Trade Zone and Lekki Deep Sea Port in Lagos.

Marwa attributed the massive seizures to strengthened intelligence gathering and close cooperation with foreign counterparts, particularly law enforcement agencies in India and Pakistan.

“Within the last 18 months, we have seized more than two billion pills of tramadol through coordinated operations and intelligence sharing with our international partners, especially in India and Pakistan,” he said.

He cautioned criminal networks against attempting to use Nigeria’s seaports for drug trafficking, noting that the agency had significantly upgraded its surveillance and intelligence capabilities.

According to him, the NDLEA is working in close partnership with the Nigeria Customs Service, NCS, the National Agency for Food and Drug Administration and Control, NAFDAC, and other security agencies under existing memoranda of understanding to facilitate seamless intelligence exchange and case transfers.

Marwa called for stronger collaboration among government agencies, port operators and stakeholders within the Lekki Free Trade Zone, stressing that collective action is essential to combat drug trafficking and protect the nation’s economy.

Describing the Lekki Deep Sea Port and the Free Trade Zone as critical national assets, he said safeguarding the facilities from organised criminal groups requires sustained cooperation.

“The fight against drug abuse and trafficking cannot be left to the NDLEA alone,” he said.

“Nigeria is facing a serious drug problem. We are all parents, and we can see the devastating impact drug abuse is having on our young people. Addressing this challenge requires the commitment of the entire society.”

Marwa reaffirmed the agency’s resolve to dismantle networks involved in the cultivation, production, importation, trafficking and distribution of illicit substances across the country.

He referenced the recent discovery of a clandestine methamphetamine laboratory in Ogun State, saying the illegal facility could have produced narcotics valued at about $360 million if it had remained undetected.

The NDLEA chairman also disclosed that the Federal High Court recently inspected the forest site where the laboratory was uncovered as part of the ongoing prosecution of those linked to the operation.

He maintained that all suspects, including foreign nationals allegedly involved in establishing the illegal factory, should be made to face the full weight of the law.

Marwa further advised parents to remain vigilant and monitor their children for signs of substance abuse, urging them to seek professional help at the earliest opportunity.

“If there is any suspicion that a family member is using drugs, it is important to conduct a drug test and seek help immediately. Early intervention is better than waiting until addiction leads to psychiatric problems or even death,” he said.

He expressed confidence that the proposed amendment to the NDLEA Act would introduce tougher penalties for drug traffickers and further strengthen Nigeria’s campaign against illicit narcotics.

Earlier, the Managing Director of Lekki Free Zone, Mrs. Adesuwa Ladoja, pledged the zone’s continued partnership with the NDLEA to prevent drug-related crimes and other illegal activities.

Similarly, the Managing Director of Lekki Port, Mr. Wang Qiang, reaffirmed the port’s commitment to supporting the agency and other security organisations, noting that China maintains a zero-tolerance policy towards illicit drugs.

In his welcome address, the Area Commander of the NDLEA Lekki Deep Sea Port Command, Jonah Achema, described the command as one of the enduring achievements of Marwa’s leadership.

He noted that since its establishment in 2022, the command has recorded major seizures of tramadol and other illicit substances, underscoring its growing role in safeguarding Nigeria’s newest seaport from drug trafficking.

admin by — July 24, 2026 in News 0
Crude crosses $100 as Red Sea tensions disrupt supplies

Crude oilGlobal oil prices climbed above $100 per barrel on Thursday for the first time in nearly two months after escalating attacks on commercial shipping in the Red Sea heightened fears of prolonged supply disruptions across key global energy routes.

Brent crude, the international benchmark, rose to $100.69 per barrel in mid-morning trading, gaining more than seven per cent after touching an intraday high of $101.01.

According to Oilprice.com, US West Texas Intermediate also recorded sharp gains, while the entire Brent forward curve strengthened as traders factored in growing risks to global crude supplies.

The latest rally followed claims by Yemen’s Houthi rebels that they had struck two Saudi oil tankers in the Bab el-Mandeb Strait after announcing a naval blockade of Saudi oil exports earlier this week.

The attacks reportedly forced several commercial vessels to reroute or delay passage through the strategic waterway, threatening Saudi Arabia’s key export corridor used to bypass disruptions in the Strait of Hormuz.

The fresh escalation has fuelled concerns that the Middle East supply crisis is spreading beyond Hormuz, placing two of the world’s most important oil shipping routes under simultaneous pressure.

Brent has now surged by about 20 per cent in the past two weeks as repeated attacks on commercial shipping, renewed fighting involving Iran and mounting export disruptions erased earlier expectations that geopolitical tensions would ease quickly.

The rally has also been supported by disruptions outside the Gulf. Kazakhstan has reportedly begun cutting oil production after drone attacks shut down tanker loadings at the Caspian Pipeline Consortium terminal on the Black Sea.

Indian state-owned refiners have also suspended Iraqi crude loadings because of shipping risks through the Strait of Hormuz, while Russian fuel exports remain constrained following months of Ukrainian drone strikes on refineries.

The physical oil market is tightening alongside the futures rally, with governments drawing down strategic petroleum reserves to cushion supply shortages.

Commercial crude inventories have reportedly declined sharply, while China has reduced imports by relying on stockpiles accumulated before the Middle East conflict, reducing another key buffer against supply shocks.

Brent’s return to triple digits reverses the optimism that followed the memorandum of understanding between the United States and Iran, which had briefly raised hopes that Middle East crude exports would normalise.

Those expectations have since faded as hostilities expanded from the Strait of Hormuz to the Red Sea, raising fears of wider disruptions to global oil trade.

The latest price surge could have mixed implications for Nigeria. While higher crude prices may increase the country’s export earnings and improve government revenues, they could also raise the cost of imported refined petroleum products, worsen inflationary pressures and increase the burden on fuel consumers if domestic supply remains insufficient.

admin by — July 24, 2026 in Business 0
Energy firm secures FMDQ listing for N15bn bond

The Group Chief Operating Officer of FMDQ Group Plc, Ms Tumi SekoniFMDQ Securities Exchange Limited has approved and listed Paras Energy Funding SPV Plc’s N15.00bn 5-year 18.00 per cent Series 1 Fixed Rate Bond on its platform.

The listing, executed under the company’s N25.00bn Bond Issuance Programme, followed approval by the Exchange’s Board Listings and Markets Committee.

Commenting on the listing, the Group Chief Operating Officer of FMDQ Group Plc, Ms Tumi Sekoni, emphasised the role of capital markets in driving critical infrastructure development.

“The listing of Paras Energy Funding SPV PLC’s N15.00bn Series 1 Fixed Rate Bond on FMDQ Exchange reflects the important role the debt capital markets play in financing Nigeria’s power sector.

“As the country continues to prioritise reliable and sustainable energy infrastructure, FMDQ Exchange remains committed to connecting credible issuers like Paras Energy Funding with the investors needed to drive long-term growth through its trusted platform,” Sekoni said.

Paras Energy Funding SPV Plc is a special purpose vehicle established to support the capital market financing needs of the Paras Energy Group, an independent power generation company supplying electricity to Nigeria’s national grid, industrial clusters, and private off-takers.

According to the company, proceeds from the bond issuance will be deployed to finance power generation, expand critical infrastructure, and refinance existing debt obligations to enhance electricity reliability across the country.

Nigeria’s power sector continues to face liquidity constraints and infrastructure deficits, making private sector investments and capital market interventions critical to bridging the nation’s energy supply gap.

The transaction was sponsored by Rand Merchant Bank Nigeria Limited as the lead sponsor, alongside FCMB Capital Markets Limited, both acting as Registration Members (Listings) of the Exchange.

FMDQ Exchange reaffirmed its commitment to strengthening Nigeria’s financial ecosystem through market innovation, strong governance, and operational transparency, reinforcing its position as a preferred venue for long-term debt capital.

admin by — July 24, 2026 in Business 0
Sterling Bank keeps NPL below CBN threshold for decade

Sterling Bank keeps NPL below CBN threshold for decadeSterling Bank’s non-performing loan ratio has remained largely stable over the past decade, rising marginally from 4.80 per cent in the first quarter (Q1) of 2016 to 4.93 per cent in Q1 2026, while staying below the Central Bank of Nigeria’s five per cent prudential threshold.

Sterling Bank’s ratio remained far lower than the industry’s performance of eight per cent to nine per cent in Q1.

Bad loans in Nigeria’s banking sector stood at 8.03 per cent in January 2026. The figure, contained in the CBN’s January 2026 Economic Report, showed that the industry’s non-performing loans ratio rose by 0.52 percentage point from 7.51 per cent in December 2025.

It also remained above the CBN’s prudential threshold of five per cent, indicating a further deterioration in asset quality across the banking industry despite the apex bank’s insistence that the sector remained resilient.

The report said, “Following the bank’s loan reclassification after the withdrawal of forbearance, the non-performing loans ratio rose by 0.52 percentage point to 8.03 per cent compared with the level in the preceding period and was above the 5.00 per cent prudential threshold.”

The average (NPL) ratio for the Nigerian banking sector reached 9.85 per cent by February.

The CBN warned that a stubborn rise in non-performing loans could impair asset quality and weaken banks’ balance sheets, thereby posing systemic risk.

It recommended deepening “the operational integration of the GSI framework across all financial institutions to enhance loan recovery efficiency and credit discipline.”

The CBN also recommended strengthening credit discipline and reducing NPLs by fully integrating the Global Standing Instruction framework to boost loan recovery efficiency.

admin by — July 24, 2026 in Business 0