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NANS slams UNIPORT over students’ union dissolution, insists on due process

The National Association of Nigerian Students, NANS, has condemned the decision by the University of Port Harcourt to dissolve its Students’ Union Government, SUG, describing the action as a violation of students’ democratic rights and calling for its immediate reversal.

In a statement signed by its National President, Akinteye Babatunde Afeez, at the weekend, NANS expressed concern over a memorandum issued by the university’s Office of the Dean of Student Affairs, announcing the dissolution of the Students’ Union, Hall Representatives, and all other students’ union activities with immediate effect.

While acknowledging the university management’s authority to investigate allegations of misconduct involving elected student leaders, NANS argued that dissolving the Students’ Union without due process, transparency, or a fair hearing was unacceptable.

“The Students’ Union is a democratically elected body established to represent the interests and welfare of students and should not be dissolved through an administrative directive without clearly stated allegations, a proper investigation, and an opportunity for the affected officials to defend themselves,” the student body said.

NANS also questioned aspects of the university’s directive, noting that the memorandum instructed union officials to immediately hand over union properties, documents, and financial records while also requiring them to appear before an investigative panel when invited.

The association said the development raised concerns about the transparency, fairness, and independence of the investigative process.

The student body urged the university management to suspend the implementation of the dissolution order, respect the mandate of the elected union officials, and publicly disclose the reasons behind the decision.

It also called for the establishment of an impartial investigative panel and demanded that the affected student leaders be guaranteed their right to a fair hearing.

“We urge the university to refrain from any form of intimidation, victimisation, or disciplinary action against student leaders for carrying out their representative duties,” NANS stated.

“We are not opposed to accountability. We maintain that any student leader found guilty of financial misconduct or any other offence should be sanctioned in line with due process,” the statement added.

It, however, argued that accountability should not be used to undermine students’ democratic institutions or suppress legitimate student representation.

Describing the University of Port Harcourt as a citadel of learning and democracy, NANS said disputes between the university management and the Students’ Union should be resolved through dialogue, investigation, and adherence to due process rather than the unilateral suspension of elected student bodies.

The association disclosed that it was engaging relevant stakeholders and would pursue all lawful measures to protect the rights, welfare, and democratic institutions of students at the university.

It reiterated its demand for the immediate reversal of the dissolution order pending the outcome of what it described as a transparent and fair investigation.

admin by — July 20, 2026 in News 0
Nigeria’s top banks outshine S’African peers in asset expansion

Nigeria’s top six banks are expanding their assets at a faster pace than their South African counterparts in local-currency terms,

This indicates that the nation’s biggest deposit money banks are aggressively accelerating their credit creation, investment and infrastructure over peers, according to analysts.

Over the past five years, the combined assets of Nigeria’s six biggest banks by assets, notably First Holdco, UBA, GTCO, Access, Zenith and now Ecobank, have surged 272 per cent, underscoring the growing capacity of these lenders to finance larger businesses and infrastructure projects.

The Nigerian lenders more than tripled their assets to N213tn ($154bn) by the first quarter (Q1) of 2026 from N57.22tn ($137.5bn) in Q1 2022.

On the other hand, South Africa’s ‘Big Six’, notably Standard Bank Group, FirstRand, Absa Group, Nedbank Group and Capitec Bank, grew their assets by just 40 per cent to R12.06tn in Q1 2026 from R8.60tn in Q1 2022.

According to an economist and former central banker, Chukwunonso Ihuoma, the rapid growth of the assets of the Nigerian tier-one banks could be attributed to expansion in their operations.

“As they increase their branch networks, customer base and investments, their asset sizes and asset quality rise,” he said, while also ascribing the asset growth to rapid increases in deposits and expansion into new markets.

Despite the gargantuan asset growth of Nigerian banks, South African banks are still much bigger than Nigerian counterparts. In dollar terms, the asset size of Nigeria’s biggest six lenders in Q1 2026 stood at $154bn, four times smaller than South Africa’s Big Six estimated at $664bn.

“Even though Nigerian big banks are growing their assets more than South African peers, caution must not be thrown to the wind. When a market becomes more mature, its growth becomes slower. It does not mean the market has tanked,” said a Lagos-based emerging markets analyst, Ike Ibeabuchi.

Access Bank more than tripled its growth to N53.1tn in Q1 2026. THE PUNCH found that it grew exponentially to N53.1tnn in Q1 2026 from N12.08tn in Q1 2022, marking a 339 per cent expansion over the five-year period. This strengthened Access Bank’s position as Nigeria’s largest bank by assets.

Ecobank grew its assets 336 per cent to N48.83tn in Q1 2026, strengthening its case as Nigeria’s second current largest bank by assets.

UBA’s assets jumped 273 per cent, solidifying its position as the nation’s third biggest lender by total assets. Its assets grew to N33tn in Q1 2026 from N8.89tn in Q1 2022.

Similarly, Zenith Bank grew its assets 210 per cent over the five-year period. Its assets rose to N32.012tn in Q1 2026 from N10.32tn in Q1 2022.

Moreover, First Holdco’s assets increased 192 per cent to N26.88tn in Q1 2026 from N9.21tn in Q1 2022, indicating a high level of expansion taking place in Nigeria’s oldest lender.

Also, GTCO’s assets grew 239 per cent to N18.7tn in Q1 2026 from N5.52tn in Q1 2022.

Effect of recapitalisation

Nigerian banks raised a total of N4.65tn (approximately $3.36bn) in fresh capital during the recapitalisation programme that concluded on 31 March 2026. Of these funds, 72.55 per cent was sourced from domestic investors, while the remaining 27.45 per cent came from international markets to meet the new minimum capital thresholds.

admin by — July 20, 2026 in Business 0
Businesses expect CBN to hold rates as MPC meets today

Organised Private Sector leaders and economists have projected that the Central Bank of Nigeria’s Monetary Policy Committee will most likely retain the Monetary Policy Rate at 26.5 per cent when it meets on Monday and Tuesday, citing heightened geopolitical tensions and their potential impact on inflation.

The stakeholders noted that Nigerian businesses would welcome a rate cut to ease borrowing costs and support investment, particularly in the manufacturing sector, which has struggled under high interest rates.

Their position comes despite a recent CBN Inflation Expectations Survey showing that 61.1 per cent of Nigerians want interest rates reduced ahead of the MPC meeting.

In telephone interviews with The PUNCH, economists and business leaders, including the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said prevailing global uncertainties, particularly the renewed conflict involving the United States and Iran, made it too early for the apex bank to begin further monetary easing.

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“What I expect is a hold because it is possibly too soon to relax the MPR because of the current geopolitical issues. We have seen a very dramatic escalation, and this has implications for major macroeconomic indicators, particularly the general price level. Energy prices feed strongly into inflationary pressures, and crude oil prices have risen above $84. The inflation outlook is looking very disturbing,” Yusuf said.

He added, “It is unlikely there will be a rate cut. It is also not likely that there will be a further increase because the last inflation figure showed only a marginal deceleration. Although I don’t mind a rate cut because interest rates are too high, given the prevailing global conditions, especially the Middle East conflict, people hoping for a rate cut should exercise more patience.”

The President of the Lagos Chamber of Commerce and Industry, Leye Kupoluyi, said businesses would benefit significantly from lower borrowing costs, noting that high interest rates remained a major component of the cost of doing business.

“Everyone wants a reduced interest rate. Interest rate is a major part of the cost of doing business because everybody needs funds for their business. If the interest rate is high, the cost of business will be very high. The lower the interest rate, the better. It will allow businesses to plan and borrow money instead of relying on short-term loans that ultimately increase costs for consumers,” Kupoluyi said.

He, however, urged caution ahead of the MPC decision, saying, “Let’s see what they come up with. We have to look at it both ways. But definitely, for interest rates to come down, it is for the benefit of industry, businesses, and ultimately the customer.”

A Professor of Economics and Public Policy at the University of Uyo, Prof Akpan Ekpo, also predicted that the committee would likely maintain the current rate because of the uncertainty created by the US-Iran conflict.

“Many people would like a reduced interest rate because the MPR is the anchor rate for bank lending. But my worries are the US-Iran war. We don’t know when it is going to end. For that reason, I suspect they might keep the rate the same for a while,” Ekpo said.

He warned that the conflict could worsen inflationary pressures. “If I were with the MPC, I would hold the rate the way it is for now and wait for the next meeting. With the Iran-US war, inflation may go up. When inflation goes up, the MPC would be inclined to increase rates to contain inflation. The government should instead focus on the manufacturing sector so that we can create jobs,” he added.

The Chief Executive Officer of Economic Associates, Dr Ayo Teriba, said while businesses and households desired lower interest rates, the MPC would likely base its decision on data unavailable to the public.

“Every reasonable person wants to see lower interest rates. We have seen stable exchange rates, and inflation has hovered around 15 per cent for six months. But the committee will determine whether this is the right time to ease policy. I don’t have access to the information they have, so I will wait for them to explain whatever decision they take,” Teriba said.

He noted that the conflict in the Middle East had not significantly altered Nigeria’s inflation trend so far but cautioned against pre-empting the committee’s decision. “I’d like to see the monetary policy rate and the CRR come down, but I accept my limitation that I don’t have access to the information available to the MPC. I will wait to be informed by them,” Teriba said.

Businesses have repeatedly argued that high borrowing costs have constrained investment, especially in the manufacturing sector, where operators say access to affordable long-term credit remains critical for expansion, job creation and increased production.

admin by — July 20, 2026 in Business 0
Universal Insurance pays N1.35bn claims, reaffirms customer commitment

Universal Insurance Plc has paid a total of N1.35bn in insurance claims during the second quarter (Q2) of 2026, stressing its commitment to customer satisfaction and the timely settlement of genuine claims.

The claims were paid across a broad range of the company’s insurance products. The firm said its payout highlights continued focus on building trust through prompt claims settlement.

The beneficiaries cut across several business segments, including agriculture, aviation, bond, engineering, fire, general accident, marine, motor, oil and gas, and special risk insurance.

Commenting on the development, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, said the claims payment demonstrates the company’s strong financial position, efficient operations, and unwavering customer-first approach.

According to him, insurance thrives on trust, and one of the clearest ways to sustain that trust is by paying valid claims without unnecessary delays.

“At Universal Insurance Plc, our customers remain at the heart of everything we do. Insurance is built on trust, and nothing demonstrates that trust more than our ability to honour genuine claims promptly. The payment of over N1.35bn in claims within the second quarter of year 2026 is a clear testament to our unwavering commitment to standing by our policyholders in their moments of need,” he said.

Duru stressed that prompt claims settlement remains a key pillar of the company’s strategy as it seeks to strengthen confidence in the insurance industry while providing quality service to individuals, businesses, and corporate organisations.

He noted that every genuine claim received by the insurer is handled with professionalism, transparency, and urgency to enable customers to recover quickly from unexpected losses and resume their businesses and daily activities with minimal disruption.

As part of its growth strategy, Universal Insurance Plc said it will continue to expand its market footprint by introducing innovative insurance products, deploying technology to improve service delivery, and upholding high standards of corporate governance and operational excellence.

The company also urged existing and prospective customers to continue trusting its insurance offerings, assuring them of its commitment to protecting lives, businesses, and investments through dependable insurance solutions backed by prompt claims settlement.

admin by — July 20, 2026 in Business 0
Transcorp Power posts N54.99bn PBT for H1 2026

Transcorp PowerTranscorp Power Plc has navigated a tough operational environment to deliver a Profit Before Tax of N54.99bn, as the company released its unaudited financial results for the first half of 2026.

The company’s performance highlights a robust corporate backbone, sustaining strong profitability even as recurring transmission infrastructure vandalism severely choked its ability to distribute its full generation capacity.

Addressing the half-year numbers, the Managing Director and Chief Executive Officer of the principal subsidiary of the Transnational Corporation Plc, Peter Ikenga, emphasised that the firm successfully protected its core value despite systemic setbacks.

He said, “Our H1 2026 performance is a reflection of the resilience of our business operations despite significant sector-wide existential challenges. Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity. Nonetheless, we continued to deliver strong profitability, maintain operational efficiency, and strengthen our balance sheet.

For the six months ended 30 June 2026, Transcorp Power recorded a revenue of N181.97bn, a moderate contraction from the N205.81bn posted during the same period in 2025. Similarly, its PBT of N54.99bn dipped slightly from N58.73bn in H1 2025.

However, the power giant expanded its balance sheet significantly. Total assets grew 9.9 per cent to N619.02bn, up from N563.48bn at the end of FY 2025, primarily driven by increases in receivables and strategic borrowings. Shareholders’ funds also climbed 3.2 per cent to N189.34bn, while retained earnings rose 6.4 per cent to hit N140.90bn.

Looking ahead to the remainder of the year, Ikenga expressed strong confidence that the company would achieve its long-term objectives.

“We remain committed to working with relevant stakeholders to put an end to transmission line vandalisation and to further improving operational performance, power generation supply reliability, and creating sustainable value for our shareholders. We remain highly confident that we will recover lost ground in H1 2026 and finish FY 2026 stronger than FY 2025,” he added.

The financial silver lining for the half-year lies in the company’s internal efficiency gains. Despite lower top-line revenues, Transcorp Power managed to widen its margins across the board through tight cost controls. Profit After Tax settled at N38.50bn.

The Chief Finance Officer of Transcorp Power Plc, Evans Okpogoro, broke down the internal metrics that shielded the company’s bottom line.

He said, “Our half-year results show sustained operating discipline in a period of moderated revenue. While revenue stood at N181.97bn and Profit After Tax at N38.50bn, the quality of our earnings improved across every efficiency metric.”

Okpogoro further detailed how the company’s strategic cost-saving measures directly improved its yield quality, noting, “Gross margin expanded to 38.4 per cent from 34.7 per cent in H1 2025. Operating margin increased to 30.6 per cent from 28.5 per cent in 2025, and Profit Before Tax margin increased to 30.2 per cent from 28.5 per cent in 2025. These gains reflect our cost optimisation efforts and disciplined financial management, positioning us to continue delivering sustainable value for our shareholders.”

As Transcorp Power steps into the second half of 2026, its ability to extract higher margins from its operations indicates that if grid stability improves and vandalism eases, the generation company is highly leveraged to meet its aggressive end-of-year growth projections.

admin by — July 20, 2026 in Business 0
ADC aspirant drags party to court over alleged exclusion from primary election

An aspirant of the African Democratic Congress, ADC, for the Rivers State House of Assembly, Khana Constituency I seat, Legborsi Nwiabu, has taken his party before a Federal High Court sitting in Port Harcourt, alleging that he was excluded from the party’s last primary election.

Also named as respondents in the suit are the ADC’s declared candidate for the Khana Constituency I seat in the 2027 general election, Bright Nulee, and the Independent National Electoral Commission (INEC).

When the matter came up for hearing on Friday, counsel to the ADC, Emenike Ebete, informed the court that a committee had been set up to resolve issues arising from the disputed primary and orally sought the court’s leave to allow the parties to settle the matter out of court.

The application was not opposed by counsel to the second and third respondents.

However, counsel to the plaintiff, Felix Beragbara, opposed the request, telling the court that his client had not been informed of any such committee.

The presiding judge, Justice Muhammed Turaki, after hearing submissions from both sides, granted leave for the parties to pursue an out-of-court settlement and adjourned the matter until August 12, 2026, for a report on the settlement or, alternatively, for hearing of the suit.

Addressing journalists outside the courtroom, Beragbara explained the circumstances that prompted his client to seek redress in court, adding that his client remained prepared to return to court should the committee fail to deliver justice in the matter.

“My client was cheated out of the primaries of his party, which were scheduled to be conducted on the 21st day of May 2026.

“You must be aware that almost all the political parties conducted their primaries in May 2026. My client’s political party, the African Democratic Congress (ADC), also conducted its primaries, and my client was an aspirant seeking the party’s nomination for the House of Assembly seat for Khana Constituency I in Khana Local Government Area of Rivers State.

“That election was scheduled to be held nationwide on the 21st of May 2026.

“Unfortunately, the election could not be held on that date. It was rescheduled—or purportedly rescheduled—to the next day, May 22, 2026. My client mobilised his supporters, sent his field agents, and deployed them to all the voting centres across the 11 wards that make up Khana Constituency I.

“My client and his supporters, who are members of the ADC, waited from the morning, when accreditation was scheduled to commence, until nightfall.

“They did not see a single ADC official who came to conduct the election. They also did not see any monitoring officer from the third defendant in this suit.

“So the first defendant, my client’s political party, failed to conduct the primaries. My client then petitioned the appeals committee, stating that the election did not hold and asking them to conduct another election so that the party could have a legitimate candidate.

“They ignored my client’s complaint. What my client later heard was that they had declared the second defendant, Mr Bright Nulee, as the party’s candidate and forwarded his name to the third defendant, INEC, without conducting the election.

“That is why my client is in court to challenge the purported primary that produced the purported candidate. That is why we are here today.”

Meanwhile, counsel to the ADC, Emenike Ebete; counsel to the second respondent, B. F. Opara; and counsel representing INEC all declined to comment on the court proceedings.

admin by — July 18, 2026 in News 0
Osun 2026: ‘We’ll win governorship election’ – Accord insists

The Accord party has maintained that it would win the August 15th 2026 governorship election in Osun State.

The party urged residents to turn up en masse and vote for the party, stressing that Senator Ademola Adeleke has performed well in his first term.

The Party also urged Nigerians to identify with Accord and vote for its candidates in the 2027 general election for inclusive governance.

The Party’s states’ chairmen made the plea when they visited the National Chairman of the Party, Maxwell Mgbudem on Friday

Mgbudem stressed the need for members to be in one accord, saying he is open to advice in building a stronger political platform with national appeal and counts on the cooperation of leaders and members of the party.

He urged them to focus on building a viable platform that would deliver all Accord’s candidates in the upcoming elections and disregard the activities of anti-democratic forces that want to sow seeds of discord in the party due to its growing influence and acceptance by Nigerians.

Mgbudem further urged members to utilise Accord’s internal mechanism and alternative dispute resolution channels to ventilate their grievances in accordance with the party constitution, assuring that all issues would be amicably resolved in the interest of the party.

The national chairman said party members would participate in all elections as one family with the support of Nigerians who desire and deserve competent, compassionate leadership and good governance which the Accord symbolises.

admin by — July 18, 2026 in News 0
LASEMA commences demolition of fire-ravaged building on Lagos Island

Lagos State Government, through the Lagos State Emergency Management Agency, LASEMA, has commenced the controlled demolition of the fire-damaged building located on Martins Street, Lagos Island, as part of efforts to safeguard lives and property.

The Permanent Secretary of LASEMA, Dr Olufemi Oke-Osanyintolu, announced the development in a statement issued on Friday, saying the exercise followed a comprehensive structural integrity assessment of the affected building.

According to him, the demolition is being carried out in accordance with internationally recognised standards on urban safety, disaster risk reduction and public health protection.

Oke-Osanyintolu urged residents, traders, customers and other members of the public to strictly comply with all safety measures put in place throughout the operation.

He disclosed that the affected structure and its immediate surroundings had been designated as a restricted and hazardous zone, warning that unauthorised persons must stay away from the area.

The permanent secretary advised traders and customers to maintain a safe distance from the site to avoid injuries that could result from falling debris or the possible collapse of unstable sections of the building.

He further announced the temporary suspension of trading, parking, loading and other commercial activities around the affected location until relevant authorities certify the area safe for public use.

To ensure public safety, Oke-Osanyintolu said the site has been barricaded and fitted with warning signs, while security personnel have been deployed to prevent unauthorised access and control movement around the area.

He added that the demolition contractor would conduct a final structural inspection before work begins and ensure strict compliance with all approved safety procedures.

The permanent secretary explained that the site would remain cordoned off throughout the demolition, with dust suppression measures and traffic and pedestrian management plans implemented to minimise disruptions and protect the public.

He also directed that all personnel participating in the operation must wear the appropriate Personal Protective Equipment, PPE, while operators of heavy-duty machinery are required to ensure that all equipment is properly certified and safe for use.

According to him, emergency response agencies, including the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service and first aid teams, will remain on standby for the duration of the exercise.

He noted that the demolition is being coordinated in collaboration with the Lagos State Building Control Agency, LASBCA, the Nigeria Police Force, the Lagos State Traffic Management Authority, LASTMA, the Lagos State Neighbourhood Safety Corps, LNSC, and other relevant agencies.

Oke-Osanyintolu said public awareness campaigns would continue throughout the exercise to discourage residents, traders and bystanders from gathering around the demolition site until the operation is concluded.

While acknowledging the commercial significance of Martins Street to businesses on Lagos Island, he stressed that the restrictions were necessary to protect lives and prevent further danger.

He appealed to residents and business owners to cooperate with emergency and security personnel and encouraged the public to report any safety concerns through LASEMA Response Units or the emergency toll-free numbers 112 and 767.

The permanent secretary also expressed appreciation to members of the Martins Street community for their patience, understanding and support as the government works to restore safety and normal activities in the area.

admin by — July 18, 2026 in News 0
Ex-minister, Turner Isoun dies at 87

Former Minister of Science and Technology, Professor Turner Isoun, has died at the age of 87, prompting tributes from Bayelsa State Governor Douye Diri, who described him as an outstanding scholar and statesman.

Isoun, who served under former President Olusegun Obasanjo from 2000 to 2007, passed away in Abuja on July 15.

In a statement issued through his Chief Press Secretary, Daniel Alabrah, Governor Diri said the late professor’s contributions to education, science, technology and national development would remain unforgettable.

The governor hailed Isoun as an intellectual giant whose influence extended beyond academia and public service, noting that his death was a major loss to Bayelsa State, the Ijaw nation and Nigeria.

Diri also highlighted Isoun’s role as the pioneer Vice-Chancellor of Rivers State University of Science and Technology, where he helped lay the foundation for Nigeria’s first university of science and technology.

As minister, Isoun championed key reforms in Nigeria’s technology sector, including the establishment of NITDA, the creation of Galaxy Backbone and the advancement of the country’s satellite programme.

Beyond public service, he was a prominent advocate for Ijaw interests and played a role in the campaign that led to the creation of Bayelsa State in 1996.

Governor Diri extended condolences to Isoun’s family, the people of Odi community and the Ijaw nation, urging them to take solace in the late statesman’s enduring legacy.

admin by — July 18, 2026 in News 0
Suspected kidnap gang member behind Jos–Makurdi highway attack arrested

Suspected member of a kidnap gang believed to be behind a series of attacks and abductions along the Jos–Makurdi highway has been arrested by troops of Sector 6, Operation Enduring Peace, in Plateau State.
The arrest was contained in a post shared on X by security analyst, Zagazola Makama on Friday night.

According to the post, the suspect was apprehended at about 5:00 p.m. on July 16 during a targeted operation carried out by troops deployed at the Sector’s Standing Operating Base (SOB) in Bangai Village, Riyom Local Government Area.

Preliminary investigations reportedly revealed that the suspect is a member of an armed criminal syndicate accused of terrorising commuters and residents along the Jos–Makurdi road corridor through kidnappings and other violent attacks.

Security sources quoted in the post said the suspect is currently in military custody and is assisting investigators with information that could help security operatives dismantle the criminal network and arrest other members of the gang.

admin by — July 18, 2026 in News 0