₦airaland Forum

Tenses:
Right from the era of Obasanjo to Buhari there had been a gradual removal of feul subsidy.

Go and verify.

So at which of those times have the people been happy? Mind you for an economy to grow govt shouldn't be playing God.

Many of you may not know but in Nigeria, the govt takes only 60% of our oil, IOC takes the remaining 40%. Most of the 60% for the nearest future is already sold, how will Atiku or Obi now come to make money for their govt if they don't support full deregulation?. Una just like to dey support stupid populist ideas.

Tenses:
Atiku proposing for total subsidy removal is a masterstroke.

For the first time in several years I am considering voting for Atiku.

I will propose to PO to suspend subsidy removal for atleast one year and reintroduce it gradually in such a way Nigerians won't feel the brunt of it.

That snitch in aso rock can go fxxxk himself.

Can you please ask PO to explain that gradual way Nigerian won't feel the impact. Because there's no increase that impact will never be felt and if the sector becomes unstable again there would be capital flight and the stock market crashes again. I really want to know exactly how that gradual increase works if not for desperation or delusional mindset. Objective argument please.

SmartPolician:
Will you keep quiet?! PO told those fools in power to concentrate on fixing dilapidated existing roads, but they prefer to spend trillions of naira on an utopian coastal road.

So a govt can fix all roads in 4 years? If you PO get sense he would understand that opening up new places for development is all economic growths are all about but he won't understand because he lacks foresight that's why no areas were opened up when he was governor and mind you, you may want to shout coastal road but that's a JV. If previous govt had worked good on that road it would last at least 20 years wouldn't it??

Na today the road spoil na and every road in Anambra was fixed by Obi. You guys are clowns. When govt was focusing on road una cry, now same una dey say some roads are bad. That road is under construction and if past govt had done it well it wouldn't have collapsed so bad.

MCentral:
…OPay’s Growth Sharpens Questions Over Access Capital Allocation as Valuation Lags

Access Holdings Plc’s expansion across Africa and beyond is facing question marks from investors as the lender’s asset growth and cross-border ambitions have yet to translate into a valuation comparable with faster-growing digital-finance rivals such as OPay Ltd.

Access Bank Chief Executive Officer Roosevelt Ogbonna said in July 2024 that the group had invested about $1.2 billion in its African and international banking subsidiaries.

The spending was part of a broader strategy to build a continent-wide bank, with the lender targeting trade, payments and corporate-banking flows across African markets and beyond.

Access rapid push abroad, led to the snapping up of assets from Standard Chartered Plc, Atlas Mara Ltd., and KCB Group Plc, among others, to counter naira weakness and non-performing loans.

The question now is whether the investment has spread Access too thin just as fintechs have intensified their hold on Nigeria’s mass-market payments, transfers, merchant acquisition and consumer-finance businesses.

“We are chasing the money,” Ogbonna said during Access Holdings’ rights-issue presentation at the Nigerian Exchange in 2024, describing southern and eastern Africa as more profitable banking markets than parts of West Africa.

He said Access had shifted from an investment phase into a period of consolidation after years of acquisitions, expansion and technology spending.

Scale vs. Market Value

Access remains Nigeria’s largest bank by assets, but the market is placing a far lower value on the group than on OPay’s prospective $4 billion IPO valuation.

At ₦1.46 trillion, Access’s market capitalization is roughly one-quarter of OPay’s proposed valuation.

That disparity does not make the two businesses directly comparable. Banks carry far larger balance sheets, tighter regulation, credit risk and capital requirements, while fintech valuations are often driven by growth expectations, customer acquisition and payment volumes.

Still, the contrast reinforces investor concern that Access’s rapid asset expansion has not yet produced sufficiently strong returns on shareholder capital. Moreover OPAY is just 8 years old in Nigeria and its growth has coincided with the period that Access went chasing the elusive Golden goose overseas.

OPay’s Growth Spurt

OPay reported 2025 revenue of $536.25 million, up 161% from a year earlier, and net income of $72.47 million (₦101.45 billion) compared with a $50.98 million loss in 2024, according to the latest figures seen by MoneyCentral ahead of its IPO. Opay’s 2025 profit was larger than that of Sterling Bank which reported Profit after tax of ₦76.3 billion in 2025.

Gross transaction value rose 115% to $358 billion, lending increased 285% to $938.3 million, and monthly active users grew 57% to 39.3 million.

The numbers highlight how fintech platforms are monetizing the retail market through high-frequency transactions, merchant payments, wallet balances, credit and digital distribution.

For Access, which acquired Diamond Bank in 2019 in a transaction that significantly expanded its Nigerian retail footprint, OPay’s scale raises questions about whether the group is extracting enough value from its domestic customer base.

Access has argued that its strategy is not centered only on Nigeria. Ogbonna said the lender had built a presence in 15 African countries, alongside operations in the UK, France and the UAE, and was pursuing a globally connected African banking platform. He said the bank had about 60 million customers, making it one of Africa’s largest retail banking franchises by customer count.

Access Returns Under Pressure

Access Holdings reported full-year 2025 profit after tax of ₦743 billion, a 15.6% increase from ₦642 billion a year earlier. Interest income rose 5.4% to ₦3.27 trillion, while net fee income gained 40.9% to ₦585 billion.

The headline profit growth masked balance-sheet pressure. Loan impairment charges increased 209% to ₦287.3 billion, while impairment on other financial assets climbed 463% to ₦258.8 billion. Total comprehensive income fell to ₦459 billion from ₦1.01 trillion, weighed down by a ₦272 billion foreign-currency translation loss and a ₦137 billion fair-value loss on debt securities.

Access’s 0.37-times book-value valuation is the clearest market signal of investor caution. Such a discount can reflect concern about future earnings quality, rising credit costs, capital demands, exposure to foreign-currency volatility and uncertainty over whether overseas expansion will deliver returns above the group’s cost of equity.

Capital Allocation Debate

Aigboje Aig-Imoukhuede, Access Holdings’ chairman, told investors during the 2024 rights-issue event that companies eventually need to consolidate and “sweat the assets” they have built. That challenge has become more urgent as the group balances regulatory capital needs with shareholder demands for better returns.

Access’s expansion has increased its geographic reach, diversification and potential access to higher-growth African markets. But it has also required substantial capital, added regulatory complexity and exposed the group to currency translation effects, varying credit cycles and execution risks across multiple jurisdictions.

It has also led to delays in filing quarterly financial results leading to the inability of investors to get a timely snapshot of its operations and leading to a sense of opacity and lack of clarity about its earnings outlook.

The central issue is not whether Access should have built an African or international platform, as its cross-border franchise provides strategic value in trade finance, remittances, corporate banking and regional payments.

The issue is whether the group can now convert scale into stronger returns on assets and equity, while defending Nigeria’s retail-banking franchise against digitally native competitors.

Opay as the New Bride as old Banking Assumptions Fall Apart

Opay has become the new banking bride as investors including established banks seek a piece of the fast growing fintech ahead of its IPO.

Standard Bank Group Ltd., Africa’s largest lender by assets and parent company of Stanbic IBTC Holdings Plc, is in early-stage negotiations to acquire a equity stake in Nigeria-focused digital payments platform OPay Digital Services Ltd.

The strategic transaction comes as OPay prepares for a New York initial public offering (IPO) that could value the fintech firm at $4.0 billion—double the $2.0 billion valuation achieved during its Series C funding round in 2021.

OPay has retained Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. as lead underwriters for the planned US listing.

Nigerian lenders like Access Bank and Guaranty Trust Holding Company (GTCO) pushed to transform into a Holding Company (HoldCo) model thinking that growth will come from varied non-bank subsidiaries such as Pensions, Asset management and Payments.

So far the lesson has however been that core retail banking and using technology to crack consumer lending like the fintech’s (Opay, Moniepoint) have done has been far more of a growth driver.

What Investors Will Watch

The next phase for Access is less about acquiring new assets and more about proving it can extract higher returns from the ones it already controls. OPay’s rapid move from loss to profitability shows the value investors place on scalable retail payments and digital distribution.

For Access, the challenge is to turn its larger customer base, banking license, deposit franchise and regional network into a similarly compelling shareholder proposition.

https://moneycentral.com.ng/exclusive/article/access-banks-1-2-billion-international-expansion-faces-scrutiny-as-opay-gains-ground-in-nigeria/

In all the article I didn't see anywhere it says Access is planning to invest in a Fintech or buy one..this is the same mistake big corporation in the past always makes, refusing to see the storm before it consumes them. It's a shame no single Nigerian bank is seriously into this Fintech. They will be surprised when Opay buys that Access bank soon.

Okechinwadike:
when mahmoud left the most senior in inec is amputee abi?

Inec chairmanship is not civil service promotion like head of service. There are rules and they are always applicable.

Idiots Obidients wouldn't see where it says the man na most senior Perm Sec. So make he overtake most senior for one young one.

Someone has BSc you're asking for Waec and primary school. Opposition are very lazy and stupid especially their followers. The school in America acknowledged and his mates have come out. It makes sense to get someone from those years he graduated to come and say he was never in their class.

Focus on what opposition has in plans not this stupid noisemaking that won't work.

My concern is if Adeleke is so popular, APC shouldn't be thinking they have an opportunity. For example now, APC will win anyone in Lagos with Hamzat, APM of Seyi will likely win Oyo, Otti will win Abia, Mbah will win Enugu, let all military formation be deployed to those states these guys will win.

Adeleke hadn't done anything exceptional besides paying salaries and allowances owed. Roads are breaking up, economic performances are at lowest.

Only noise and pride their family they show to make it look like they are a blessing to the state.

Comments on the comments shows how ignorant and stupid many Nigerians are. There was a court order and it's up to the state to go seek court order to vacate that order. Y'all so dumb everything has to be blamed on the President. This is even bad for Tinubu because he has just interfered in an investigation. Why would he tell EFCC to withdraw any case against the state? The same state with 8,000 ghost workers?

Pakute:
https://punchng.com/tinubus-aide-faults-donald-duke-on-lagos-calabar-highway-criticism/

I've seen work going on at the Calabal and Akwa Ibom sections. Also the road is a joint venture and govt didn't pay a dime this year haven completed its own share of 25% or so. If Duke not well informed or he's just bitter like Obi? That road is far better than the fail Tinapa and Obudu that he did.

It's funny to see Africans supporting the clowns in Europe. Those Europeans believe the world revolves around them. For those who may not know, that deal was to benefit Africa especially because we could have enough money for grassroots development. Over $40m is no joke for every country. The Europeans claiming football is about to be sold, ask them why all their so called VAR still remains questionable in all major leagues, they couldn't do shit with all the robbery Madrid did winning UCL for years or Bacra paying referee for 10 years. Or those jokes Man U back them turned the EPL into.

The best world cups we've had so far are those hosted outside Europe and they are only disgusted because they never supported those hosting rights. God bless Sepp Blatter and Infantino for calling off their bluffs.

It's unfortunate Africans just follow the useless crowd without understanding what's actually going on.

David Adeleke your attention is needed here o

There's no where any governor or former governor gets 700m monthly.

Not all former governors have oil block or even former ministers. The issue of rejecting an oil block was never because it was allocated to him, it was discussed and he wasn't interested that's different from actually allocation and rejection.

No doubt he may have overcome some level of greed but saying greed is a default human thing is wrong.

How about why did he Open panama account as governor? Does he have something to hide?

Even Tinubu has never been convicted and that doesn't make him a saint.

How do you explain using bank that he has shares as the state's official bank or breweries he has shares as those the state should partner with?

Truth character of a leader is doing things that are not in anyways attacked to your interest.

The $1m Bill Gate foundation money was for the state not his personal money and he never rejected it. Even Demola Adeleke won same award recently yet the hospitals in Osun look like poultry. I have to say the award is overrated.

saintruky:
Na so this thing don reach?

Now that it's gotten to this level, the only way to get the SA govt to live to expectations is coordinated sanctions from African leaders. This is what Tinubu wanted to start with Niger back then to force Nigerian state into African leadership position but stupid Obidients for hatred for their country went haywire and the Northern Hausas capitalized on it.

Seriously, Africa Union should by now ban all SA airlines flight from their countries, freeze funds of all SA polictians abroad and restrict their travels, ban their Swift numbers and see how the politicians will start acting right. Possibly block all water ways leading to South Africa, considering Trump has been looking to deal with them, it would just be perfect. Let's see how far they will go all alone.

omoredia:
Adeboye will till u to avoid politics but his buddies are the same wicked politicians. Nigerian Christians abeg get sense

When and where has Adeboye ever said anyone should avoid politcis? Is it that to be an Obidient you must be foolish or na foolish people dey get attracted to the Obidient camp?

Na una go lie, do fraud, do hypocrisy, start bigotry, find excuses and yet blame everyone else for that.

treesun:
https://punchng.com/fg-renames-lagos-calabar-coastal-highway-after-tinubu/Please

Infact Tinubu should name all roads his administration started and refurbished after himself. It's so heart warming and fulfilling to see the tears of Obidients. These are landmark projects Obi can never conceive. These projects are not for average minds, they are projects that will propel the nation into greatness and only those with functional brains can see it.

Weldone to the Jagaban. If we had roads before he wouldn't have had to be fixing all roads in every state of the nation. If these concrete roads will last 50 years as confirmed, we are surely in for greater future. God bless Nigeria.

Arostar2023:
Everyday, this road , dat road, na only road be de measurement for good governance in Nigeria? What sort of people live in dis Nigeria of a country? In this century na road Nigerians de celebrate everyday.

No use this brain cross express o. Go and study how America became a great nation, they achieved it by serious transportation network even though their was rail back then. You see that thing called transportation is the most critical in development just as security. But you won't understand. Obidients can't comprehend it's beyond their mental capacity.

Bitter and senseless Obidients everywhere ranting nonsense. Already alleging the performing minister of ritual like unfortunate death cannot happen. They should focus on the Argentina their useless Obi said we should copy from and Bangladesh both countries na in serious crises. RIP to the young lady and condolences to her family. May I and my household not die young.

Obidients are so pained and angry that even in their pretense they couldn't hide their disappoinment that they could no longer play politics with that situation. Very bunch of terrible clowns. They keep demartketing the nation and pretended like if their Olodo candidate gets into power terrorism will stop. The same fool who said he will negotiate with terrorists first. Y'all can see how Trump's negotiations with Iranian mullahs is going.

naptu2:
Background

I have been talking to senior members of the Kings College Old Boys Association for months and this is basically what's happening.


The Federal Military Government announced the take over of missionary schools in the 1970s. They believed that it was a security risk to put the education of Nigerian children in the hands of foreign missionaries. They handed the schools over to state and local governments.

However, states and local governments have a lot of responsibilities and Nigeria developed serious economic problems in the 1980s and 1990s. The state and local governments did not properly fund the schools and they became run down and were in a bad shape. There was a massive campaign that the schools should be returned to their original owners who were able to run them properly.

One of the first actions of the Bola Tinubu administration in Lagos in 1999 was to announce that the schools would be handed back to their original owners.

The return of the first batch of schools was completed in 2001.

The churches, other private owners and former students pumped a lot of money into the schools. Schools that looked like war zones when they were run by the Lagos State Government (no windows, no electricity, etc) were now looking like schools in developed countries.

This caused a bad feeling among Kings College Old Boys. Kings College was founded by the Colonial Government in 1909 and it has been run by the Federal Government of Nigeria since 1958. Some of the most famous people in Nigeria attended the school and it was seen as a model government school. However, it has not been well funded in recent decades. Some schools that Kings College was far ahead of in the 1980s were now soaring far ahead of KC. These schools looked advanced, while KC now looked like the war zone.

These Kings College Old Boys have been campaigning that the government should hand the school over to them so that they can transform it just like the missionary schools have been transformed. They have been touring old boys associations of the returned schools to learn how they transformed the schools, so that the can do the same at KC.

However, there is a problem. Some teachers complained in 1999 when the Lagos State Government announced that it would hand schools back to the missionaries. This was because they were afraid that they would get sacked.

The Lagos State Government and the churches had to assure the teachers that they have a choice to remain in the returned schools or to move to other Lagos State Government owned schools.

Similarly, Dr Oby Ezekwesili tried to concession Unity (Federal Government owned) schools when she was minister of education, but the Nigerian Union of Teachers (NUT) launched a massive propaganda campaign against her because they were afraid that their members would be sacked.

The NUT scared parents by telling them that they would be made to pay high school fees that they could not afford and so the parents also started protesting and President Obasanjo cancelled the programme.

So Obi wasn't the first to handle schools back to their original owners. Yet our eastern brothers no get let us breathe. Na wa for low self esteem I

muyico:
Over 800 snakes escape into street after snake farm flooded in China

Around 800 to 900 snakes, including venomous cobras, escaped from a farm in a village in Hengzhou, South China's Guangxi Zhuang Autonomous Region after it was damaged by flooding.

Some residents have suffered snakebites, local media reported.

The local city government told media that rescue workers have been dispatched to handle the situation.

Affected by Typhoon Maysak, Guangxi has experienced continuous heavy rainfall, with several reservoirs in Hengzhou, Nanning, facing emergency situations.

On Tuesday, July 7, some netizens posted screenshots and video clips claiming that a snake farm in Dengwei village in Hengzhou city was destroyed by floods, resulting in the escape of a large number of snakes. The posts warned nearby residents to take precautions.

Other netizens commented that some trapped villagers had been bitten by snakes and were facing shortages of medical supplies and treatment, according to CCTV.

"It [the escape] happened on the morning of July 6. According to our preliminary estimate, around 800 to 900 snakes escaped after the farm was washed away by floodwaters. So far, one villager has been bitten by a snake and is receiving emergency treatment at a hospital," Wu Zhi, head of the Dengwei village committee in Yunbiao township, Hengzhou, told Red Star News on Tuesday afternoon, July 7.

Wu said that not all of the escaped snakes were venomous, adding that a large proportion of them were non-venomous water snakes.

A local resident surnamed Shen from Yunbiao township told CCTV that snake farms are located in both low-lying areas and on hillsides across the township.

Due to the breaches at Liulan Reservoir and Yunbiao Reservoir, low-lying areas were inundated, and snakes from some small-scale farms have escaped into surrounding areas.

Shen said some trapped villagers had indeed been bitten by snakes, but they were unable to seek medical treatment in time because they remained stranded.

A local snake farmer surnamed Lei told CCTV that his snake farm is located on a higher ground and has not been affected by the flooding so far. ��Lei estimated that snakes from scattered small-scale farms in low-lying areas may have escaped in large numbers, but added that most farmed snakes in the area live in mountainous forests and are likely to die after being submerged in water for an extended period.

An employee from Hengzhou Emergency Management Bureau told the Global Times on Tuesday afternoon that they were aware of reports that a snake farm had been destroyed and villagers had suffered snake bites, and had notified the frontline workers.

Rescue personnel had been dispatched to handle the situation, but no further updates had been received. The employee said more details would be released in an official announcement. ��Wu Zhi from Dengwei village said that after the incident, more than a dozen residents from nearby villages that were not affected by the disaster voluntarily formed a civilian snake-catching team. They entered affected areas and went house to house to capture snakes in an effort to prevent further snakebite incidents.

"Team members mainly use fishing tools and electric fishing equipment to catch the snakes," Wu Zhi added. "Most of the snakes have already been washed away by the floods. At present, only a small number remain on floating garbage and debris on stagnant floodwaters. Most of the snakes captured at the site have been non-venomous water snakes."

Wu said they have already issued notices urging villagers without professional snake-catching skills not to attempt to capture snakes themselves.

Wu added: "If residents find snakes in their homes, they should immediately report it to the village committee and have professional personnel handle the situation."

https://www.globaltimes.cn/page/202607/1365339.shtml

Flooding Dey China too?

Raydos:
The main factory

Before crazy importer used fake substandard Chinese imports destroyed local manufacturing, ironically today they are shouting consumption to production to deceive the gullibles when will know they will only used cbn dollars to keep their import businesses going

I

PHIPEX:
Even though his election was questionable, Peter Mbah is doing well.

If Aso rock with questionable election did well, we will all be singing their praise but no they prefer politics to governance and have failed woefully.

The money being wasted on the coastal road alone can build this kind of hospital in all states in Nigeria

Una go just talk anyhow like your leader Peter Obi, if FG begins to build hospitals in each states, what then is the job of governors with more money they earn now? If you understand governance FG will also do things that will benefit more than one state at once like a university, coastal road or any inter state roads, power, security etc. the issue of primary health care or state hospitals belongs to governors. Try to understand how governance work first before you start talking. Okay.?

Ofunaofu:
https://www.thecable.ng/obi-its-outrageous-tinubu-hasnt-called-makinde-50-days-after-ogbomoso-school-abduction/

Truly absurd but did Makinde himself call the President? Because that Makinde himself cannot be trusted especially with 20b disaster money and building new state house for 60b just a year to leaving office.

TheStoriesOfMan:
For the bolded, I used to think it is true until a classmate gave me a contract to deliver shirts for a birthday ceremony for the governor of a South Southern State.

Education does influence the definition of a man. It's not about learning knowledge. It is about networking, psychological and social relationships when dealing with humans.

Even the billionaires who made money and dumped education are now going back to school. Some even regretted not going to school in their youthful days.

All the same, a man armed with knowledge is a man ready for change, ready for civilization/relationships and ready for the future.

Education and knowledge are not the same thing. In this context the OP was talking about certificate. Meanwhile, many first generation innovators didn't even finish school. So education doesn't define a man, it can only maybe add values to what he knows. Seeking knowledge to me is vital and more important which can come in any form not just in the classroom.

Racoon:
France is the likely favourite to win this world cup.

With Wetin Cape Verde did Argentina this morning. The only team that has that kind of spirit na Paraguay. The only mistake Cabo Verde made was always waiting for Argentina to always score before they attack which Paraguay seems different. Make France really dey careful o.