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Nigerian passenger sues British Airways over alleged missing luggage

The Federal High Court in Abuja has fixed July 2 for continuation of hearing in a suit filed by a passenger, Mr Amechi Michael, against British Airways⁠ over alleged missing carry-on luggage.

At the resumed hearing of the matter, the plaintiff, Amechi Michael, was cross-examined by defence counsel, Mr John Godwin.

The plaintiff told the court during the cross examination that he reported the incident to the airline’s customer care service.

He said he was subsequently referred to the UK-based Centre for Effective Dispute Resolution (CEDR) for resolution.

He also told the court that the arbitrator issued an award in his favour in respect of the flight delay but did not address the issue of the missing carry-on luggage.

Amechi said that since he was dissatisfied with the arbitral decision, he rejected the award and approached the Federal High Court, Abuja, seeking redress over the alleged loss of the luggage.

He contended that British Airways owed him a duty of care to return the luggage and alleged that the airline’s staff acted negligently.

Counsel to the plaintiff, Barrister Abiola Olaitan subsequently informed the court of her intention to close her client’s case.

The judge, Justice Obiora Egwuatu thereafter adjourned the matter to July 2 for defence and continuation of trial.

The plaintiff instituted the suit marked FHC/ABJ/CS/1293/2025 against British Airways, seeking recovery of his carry-on luggage allegedly lost during a delayed boarding process.

He said this was after a cabin crew member requested that the luggage be handed over for safekeeping.

by admin — May 8, 2026 in News 0

You have to resign – Oshiomhole slams Akpabio over Senate standing orders

The Senator representing Edo North, Adams Oshiomhole, has demanded the resignation of Senate President Godswill Akpabio.

This comes amid tension over the recent amendment of the Senate Standing Orders governing the election of presiding and principal officers in the upper chamber.

Oshiomhole, speaking to reports in Abuja, described the amended rules as being rooted in what he called a “moral crisis”.

He claimed that Akpabio, under the new framework being debated, no longer meets the moral and procedural threshold to continue presiding over the chamber.

Oshiomhole said, “This rule has serious moral crisis.

“The senate president became minority leader on his first term. He is now the one presiding and asking us to change those rules even those who have done one term can’t even contest.

“As we speak today, the senate president has not done eight years in office even if you count the previous one plus the current one.

“So if we pass the rule that we must do eight consecutive years before you can become senate president, it means he has to leave by example by vacating because he is presiding without acquiring necessary qualifications.”

DAILY POST reported that the Nigerian Senate has withdrawn its amendment to the Senate Standing Orders.

The reversal followed a motion sponsored by Senate Leader Opeyemi Bamidele and adopted under the supervision of Deputy Senate President Jubril Barau.

Under the previous rules, only senators who had served two terms were eligible to contest for principal offices, and one of the two terms had to be the immediate term preceding the nomination, effectively narrowing the field of contenders.

by admin — May 8, 2026 in News 0

Troops neutralize three terrorists, recover weapons in Zamfara

Three terrorists have been neutralized by troops of the Nigerian Army under Operation FANSAN YAMMA, while a cache of arms and ammunition were recovered during a fighting patrol in Zamfara state.

A report by the News Agency of Nigeria (NAN), on Thursday, in Abuja, explained that the troops conducted the fighting patrol in Birnin Magaji Local Government Area, covering Birnin Tsaba, Tsanu and Dumburum villages.

According to the report, contact was established with the terrorists at Dumburum village, explaining that during the encounter, troops neutralised three terrorists and recovered a cache of weapons and ammunition.

The report said, Items recovered include one AK-47 rifle, one SK-21 A1 machine gun, a locally fabricated handgun, six AK-47 magazines and one FN rifle magazine.

Also recovered, the report stated are 123 rounds of 7.62mm special ammunition, 179 rounds of 12.7 x 108mm ammunition on links, and 269 rounds of 7.62mm NATO ammunition.

Meanwhile no casualties were recorded among the troops during the operation.

by admin — May 8, 2026 in News 0

Senate amends Electoral Act to clarify jurisdiction in election disputes

The Senate on Thursday passed an amendment to the 2026 Electoral Act Bill, seeking to establish a clearer legal framework for the handling of pre-election disputes ahead of the next general elections.

The bill was passed during plenary following the presentation and consideration of a report by the Senate Committee on the Independent National Electoral Commission, chaired by Simon Lalong.

The proposed legislation amends Section 29 of the Electoral Act and introduces a new Section 29A aimed at addressing lingering jurisdictional disputes in the adjudication of pre-election matters.

Leading the debate on the report, Lalong said the amendment became necessary due to persistent legal and constitutional controversies surrounding the interpretation of pre-election cases by courts across the country.

“The legitimacy of candidates and the integrity of party primaries are foundational pillars of representative democracy.

“Where the legal framework regulating pre-election disputes is uncertain or conflicting, the entire electoral architecture becomes vulnerable to confusion, forum shopping, contradictory judgments, and unnecessary delays,” Lalong said.

He explained that despite the provisions of Section 285(14) of the 1999 Constitution defining pre-election matters, conflicting interpretations by courts had continued to create uncertainty in Nigeria’s electoral jurisprudence.

According to him, the situation had resulted in “conflicting decisions from courts of coordinate jurisdiction, abuse of judicial process, undue delay in the resolution of electoral disputes, and avoidable constitutional tension between courts.”

Under Clause 2 of the amendment, Section 29(5) of the principal Act is revised to allow an aspirant institute to bring an action either in the Federal Capital Territory or in the jurisdiction where the cause of action arose.

Lalong described the provision as “both practical and equitable,” noting that it would reduce hardship on litigants and improve access to justice.

The bill also introduces a new Section 29A, which provides a distinct hierarchy for the adjudication of pre-election matters.

Under the proposal, disputes relating to National Assembly, governorship and state Houses of Assembly elections would originate at the Federal High Court, with appeals proceeding to the Court of Appeal.

For presidential and vice-presidential elections, however, such matters would originate directly at the Court of Appeal exercising original jurisdiction, with appeals lying at the Supreme Court.

Lalong said the arrangement was designed to promote judicial efficiency and align with the constitutional importance of presidential elections.

“Presidential elections are national in character and constitutional significance.

“Given the sensitivity and urgency associated with such offices, vesting original jurisdiction in the Court of Appeal ensures expeditious determination by a superior court of record with nationwide competence and institutional capacity,” he said.

He added that assigning other pre-election matters to the Federal High Court would encourage specialisation and consistency because of the federal nature of electoral administration by the Independent National Electoral Commission.

The senator further said the amendment would curb the growing practice of litigants filing multiple suits in different courts in search of favourable rulings.

“By expressly providing that no court shall entertain pre-election matters except in accordance with the proposed Section 29A, this amendment introduces certainty and procedural discipline into electoral adjudication,” he stated.

According to him, the reform would create “a clear judicial pathway that will reduce delays and enhance judicial efficiency,” stressing that the amendment “is not merely procedural, it is institutional.”

He said, “The amendment strengthens electoral justice, deepens democratic accountability, and reinforces public confidence in our electoral process.”

Contributing to the debate, Tahir Monguno described the amendment as “apt and germane,” saying it would improve the management of electoral litigation nationwide.

Following the passage of the bill, Senate President Godswill Akpabio commended Lalong and members of the committee for their work.

Akpabio expressed optimism that President Bola Tinubu would assent to the bill, saying the amendment would “deepen democracy and governance in Nigeria.”

by admin — May 8, 2026 in News 0

Iran cuts oil output as storage nears capacity

The United States and Iran are edging towards a temporary agreement to halt their war as Tehran grapples with an escalating oil storage crisis caused by stalled crude exports and falling production.

Sources and officials told Reuters on Thursday that both countries were working on a short-term memorandum aimed at stopping the fighting and stabilising shipping through the Strait of Hormuz, while leaving more contentious issues for future negotiations.

Iran’s foreign ministry spokesperson said Tehran had yet to reach a conclusion on the proposed framework, which centres on a temporary arrangement rather than a comprehensive peace deal.

According to Reuters, the proposed plan would unfold in three stages, including formally ending the war, resolving the crisis in the Strait of Hormuz and launching a 30-day negotiation window for broader talks.

“Our priority is that they announce a permanent end to war, and the rest of the issues could be thrashed out once they get back to direct talks,” a senior Pakistani official involved in mediation between the two sides told Reuters.

Pakistan’s foreign ministry spokesperson, Tahir Andrabi, also expressed optimism about ongoing mediation efforts. “A simple answer would be that we expect an agreement sooner rather than later,” Andrabi said during a briefing in Islamabad.

US President Donald Trump has repeatedly expressed optimism over the prospects of a breakthrough since the conflict began on February 28 following US-Israeli strikes on Iran.

Meanwhile, Iran has reportedly cut oil production by about 400,000 barrels per day as exports slow and storage facilities approach capacity.

According to Oilprice.com, US Energy Secretary Chris Wright said the reduction was linked to Iran’s inability to export crude due to a US naval blockade in the Gulf.

“It looks like they’ve likely already cut back their production, maybe by 400,000 barrels a day,” Wright said in an interview on Thursday.

He added, “They’ll likely continue to ramp down their production as their storage fills and their inability to export oil.”

According to shipping data cited in the report, only a handful of vessels carrying Iranian crude left the Gulf of Oman between April 13 and 25, representing a drop of more than 80 per cent from March export levels.

The report said tankers were backing up while onshore storage facilities continued to fill up, forcing production cuts as unsold crude accumulates.

Oil prices hovered around $98 to $100 a barrel on Thursday, sustaining Wednesday’s slump from about $108.

by admin — May 8, 2026 in Business 0

NGX market capitalisation drops to N153.86tn on selloffs

The Nigerian equities market retreated into negative territory on Thursday as a massive wave of sell-offs in large-cap stocks erased N1.922tn from the total market capitalisation. This downturn was primarily driven by investors rotating out of high-value industrial and consumer goods stocks to lock in profits, ending the session with the total market value at N153.859tn.

The benchmark All-Share Index declined by 2,994.90 points, representing a loss of 1.23 per cent to close at 239,734.61 points. The day’s performance was weighed down by significant price depreciation in blue-chip tickers, notably Dangote Cement, BUA Cement, Nestle Nigeria, Lafarge Africa, and Skyway Aviation Handling Company.

Despite the heavy blow to the overall value, market breadth remained broadly positive as 41 gainers outpaced 30 losers, suggesting that while the heavyweights retreated, mid- and small-cap stocks continued to find favour among retail investors.

Chemical and Allied Products and FTN Cocoa Processors emerged as the session’s top performers, both hitting the maximum daily gain of 9.99 per cent to close at N212.50 and N8.04, respectively. They were closely followed by Berger Paints, Meyer, and Zichis Agro Allied Industry, all recording a 9.97 per cent uptick.

On the flip side, University Press led the losers’ chart with a 10 per cent drop to close at N4.50, while Red Star Express followed with a decline of 9.59 per cent and Skyway Aviation Handling Company shed 8.63 per cent of its value.

Market activity saw a significant spike as the total volume of shares traded rose 29.34 per cent to 1.830 billion units, valued at N72.168bn across 81,131 deals. NEM Insurance dominated the activity chart, transacting 360.565 million shares worth N7.937bn. Other highly traded stocks during the session included Fortis Global Insurance, VFD Group, Access Holdings, and FCMB Group.

by admin — May 8, 2026 in Business 0

FirstHoldCo Profit Rockets 72.2% in Q1

FirstHoldCo Plc delivered a masterclass performance in its first-quarter 2026 financials, recording a 100% year-on-year profit before tax (PBT) growth. Profit before tax (PBT) jumped to N321.12 billion from N186.48 billion in the corresponding period of 2025, supported by steady interest-earning capacity and robust fee income generation.

The first quarter of 2026 marked a definitive pivot for FirstHoldCo Plc, as the parent entity of Nigeria’s oldest commercial bank re-established itself as a financial powerhouse.

Emerging from a period of aggressive balance sheet restructuring characterized by massive legacy debt write-offs in late 2025, the group’s Q1 2026 performance represents a “phoenix-like” Strategic reset.

Post its 2025 balance-sheet cleanup,

FirstHoldCo’s Q1 2026 results also established the Group as the second-largest Nigerian lender by absolute profit before tax, trailing only Zenith Bank.

In Q1, 2026, Zenith Bank reported PBT of N360.91 billion, FirstHoldCo N321.12 billion, GTCO N302.89 billion, Access Holdings N272.2 billion and UBA N160.65 billion.

This renaissance is not merely a product of the high-interest-rate environment currently prevailing in Nigeria, where the Central Bank of Nigeria (CBN) has maintained its hawkish stance with a 26.5% Monetary Policy Rate (MPR) to anchor inflation.

Rather, it is the result of a deliberate “kitchen-sinking” of bad assets in the 2025 financial year, which saw the Group take a historic N826.3 billion impairment charge to resolve historical asset quality concerns once and for all.

This strategic “cleansing” has liberated the balance sheet to capture the full upside of the current lending cycle, allowing FirstHoldCo to lead the market in the most critical measures of shareholder value creation.

The Profitability Outperformer: Return on Equity Leadership

FirstHoldCo’s standout metric for the first quarter of 2026 is its Return on Equity (ROE). This parameter serves as the ultimate barometer for management’s ability to generate earnings from the capital entrusted to them by shareholders.

For Q1 2026, FirstHoldCo delivered a post-tax ROE of 31.6%, effectively eclipsing the entire FUGAZ group. This represents a staggering turnaround from the 4.6% recorded in December 2025, which was heavily weighed down by the balance sheet reset.

The leadership in ROE is particularly noteworthy given the simultaneous recapitalization efforts across the industry, which naturally exerts downward pressure on ROE and indicates that FirstHoldCo’s earnings power is scaling faster than its capital dilution

FirstHoldCo’s outperformance is structurally rooted in its superior asset yield, particularly within its loan book. Unlike some peers who have historically relied on the “carry trade” of government securities, FirstHoldCo has aggressively pivoted toward private sector credit. In Q1 2026, the group generated N465.6 billion in interest income from loans and advances to customers, representing a 27.8% increase from the prior year.

This growth in customer loan income is significantly higher than that of its closest rivals. FirstHoldCo is finding higher-quality lending opportunities in a tight liquidity environment.

Operational Resilience

FirstHoldCo’s Cost-to-Income Ratio (CIR) improved remarkably from 53.8% in late 2025 to 45.2% in Q1 2026. While it still trails GTCO (the industry efficiency benchmark at 30.9%) and Zenith (43.5%), it has significantly outperformed Access Corp (55.8%) and UBA (61.2%). The improvement in FirstHoldCo’s ratio is even more impressive when considering that its total operating expenses rose 21.3% year-on-year to N297.6 billion. The key to this outperformance is “positive operating leverage”—the group’s net earnings grew by 40.2%, effectively “outrunning” its expense growth.

Recovery and Credit Quality

The most profound turnaround in FirstHoldCo’s financial profile is found in its “Other Non-Interest Income,” specifically the “Recoveries” line item. In Q1 2025, the group reported a modest N1 billion in loan recoveries; by Q1 2026, this figure surged by 1570% to N19 billion. This outperformance in debt recovery is a direct consequence of the 2025 balance sheet reset. Having aggressively written off legacy non-performing loans (NPLs), the bank’s specialized recovery units are now clawing back value from these assets, which flows directly to the bottom line as non-interest income.

Balance Sheet Dynamics: Liquidity and Funding

FirstHoldCo’s balance sheet reflects a bank that is both liquid and well-positioned for the “normalization” phase of the economy. Total assets stood at N26.8 trillion in March 2026, a slight 1.4% decline from December 2025, primarily due to the strategic balance sheet management.

FirstHoldCo Resets and Positions for Growth in 2026 and Beyond

By taking the painful but necessary steps to reset its balance sheet in 2025, FirstHoldCo Plc has entered 2026 as a leaner, more profitable, and more efficient competitor.

Its leadership in ROE and PBT growth is not an accident of the market but a direct result of management’s focus on high-yield customer lending and aggressive asset recovery, making it the industry’s most efficient engine for creating shareholder value.

As the benefits of the group recapitalization takes hold and the market digests its Q1 results, the current valuation gap between FirstHoldCo and other tier-one rivals like Zenith and GTCO is expected to narrow.

by admin — May 8, 2026 in Business 0

Shareholder rewards central to Access Holdings strategy — GMD

Access Holdings Plc has reaffirmed its commitment to long‑term shareholder value and sustainable returns following a strong performance in the 2025 financial year. The Group also provided clarity on the rationale for the non‑payment of dividends for the year ended 31 December 2025.

The clarification was provided during the Group’s Full Year 2025 Investors and Earnings Call, where management addressed shareholder concerns regarding the absence of a dividend declaration despite the Group’s robust earnings growth and balance-sheet expansion.

The company emphasised that the non-payment of dividends for the 2025 financial year was not performance-driven but reflected prudential regulatory alignment matters which required resolution before payments could be effected.

Commenting on the feat, the Group Managing Director/Chief Executive Officer of Access Holdings Plc, Innocent Ike, said, “Access Holdings has a strong history of consistent dividend payments, and rewarding shareholders remains a core priority for the Board and Management. The non‑payment of a dividend for 2025 was not due to earnings weakness or cash flow constraints but an alignment with regulatory and prudential guidelines.”

For the 2025 financial year, the company delivered a resilient and diversified performance, underscoring its capacity to generate sustainable shareholder returns.

Gross earnings grew 13.3 per cent to N5.53tn, supported by strong growth in net interest income and a 40.9 per cent increase in fees and commissions to N585.07bn. Profit before tax increased 16.2 per cent to N1.01tn, crossing the N1tn mark for the first time in the Group’s history.

Total assets expanded 24.2 per cent to N51.56tn, reflecting scale accretion and the successful integration of recently acquired subsidiaries. The Group’s cost‑to‑income ratio improved significantly from 56.7 per cent to 51.7 per cent, driven by disciplined cost management and operating leverage. Capital adequacy remained strong at 18.2 per cent at the holding company level, while the banking subsidiary ended the year with a capital adequacy ratio of 20.2 per cent.

“Our performance in 2025 demonstrates the strength of the franchise and its capacity to generate value for shareholders. Our focus is to ensure that shareholder distributions resume on a sustainable basis once all regulatory conditions are satisfied and the required approvals are obtained,” Ike added.

Access Holdings explained that while dividends were recommended at both the half‑year and full‑year stages in 2025, regulatory approvals were not obtained. At the half‑year stage, the constraint related to Section 7.1 of the CBN Guidelines for Financial Holding Companies, which has since been fully resolved following the successful completion of an approved private placement.

At full year, an additional matter arose under Section 19(8)(c) of BOFIA, which places limits on investments in foreign banking subsidiaries relative to shareholders’ funds. The Group has been granted a twelve‑month window to fully remediate this position. The Group noted it will partially divest from some banking subsidiaries but will still retain its super-majority shareholding.

According to Ike, maintaining the confidence of regulators, depositors, and stakeholders is fundamental to the Group’s operating philosophy. In line with a long-standing culture of prudence and sound governance, the Board remains committed to balance sheet strength and capital resilience as the basis for sustainable shareholder distributions.

The Group reassured stakeholders that it remains committed to engaging constructively with all relevant parties to achieve alignment with applicable requirements within the stipulated timeline. As discussions progress, the Group will continue to provide timely disclosures and transparent updates to the market and investors.

Access Holdings Plc is also strengthening its capital and liquidity buffers to support the sustainable resumption of dividend payments, subject to the fulfilment of the required conditions and approvals. Reaffirming management’s confidence/

Ike stated, “We remain actively engaged with the investment community and focused on resolving the matters raised within the prescribed timeline. Our priority remains delivering sustainable long-term value to shareholders through stronger execution, improved financial performance, and disciplined growth. Subject to the successful conclusion of this process and the necessary approvals, our objective is to restore dividend payments on a sustainable basis.”

by admin — May 8, 2026 in Business 0

2027: Oyo Reps member, Adepoju dumps PDP, cites internal crisis

A member of House of Representatives representing Ibarapa North/Ibarapa Central federal constituency, Anthony Adepoju has announced his decision to dump the Peoples Democratic Party (PDP).

Adepoju, who is currently serving his second term in the office, announced this decision in a letter of resignation addressed to the PDP Chairman in his ward.

The lawmaker, in the letter obtained by DAILY POST on Thursday, cited the prolonged internal crises as the reason for his decision.

He said that the PDP crises had affected his performance negatively.

Adepoju also disclosed that the crises had created cracks within the party.

He said, “I regret how this resignation may be received by my millions of followers at home and abroad and I assure everyone that my next political move will be made known in due course”.

by admin — May 7, 2026 in News 0

Kebbi IPAC tasks parties on strict adherence to INEC guidelines

Kebbi State chapter of the Inter-Party Advisory Council, IPAC, has urged political parties yet to conduct congresses, as well as those that have concluded theirs, to ensure strict compliance with Independent National Electoral Commission, INEC, guidelines and constitutional provisions ahead of party primaries.

The call was made in a statement on Wednesday by the Kebbi State IPAC Chairman, Faruku Garba, NATO, who stressed the need for transparent and credible congresses to strengthen internal democracy within political parties.

Garba said prompt, genuine, and impartial congresses serve as a “litmus test” for credible primary elections, noting that internal party democracy remains key to producing quality leadership.

According to him, “good leaders are produced through fair congresses,” adding that credible processes are essential tools political parties can use to achieve success in elections.

He warned that poorly conducted congresses often lead to litigation, which could jeopardise parties’ chances at the polls and create avoidable tensions within the democratic system.

Garba also urged all political parties in Kebbi State and across Nigeria to ensure their internal activities comply strictly with INEC laws and guidelines.

“We watch closely as events unfold in political party congresses, and we admonish them to ensure seamless congresses to avoid political rancour, or parties may risk being delisted for refusing to follow laid down rules provided in the constitution and INEC,” he said.

by admin — May 7, 2026 in News 0