₦airaland Forum

President Bola Ahmed Tinubu is expected to present Nigeria’s 2027 budget proposal to the National Assembly before the end of 2026, the Minister of State for Budget, Dr Doris Uzoka-Anite, has disclosed.

Uzoka-Anite made this known on Wednesday while speaking with State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Tinubu at the Presidential Villa in Abuja.

The minister explained that the Federal Government was already working on the preparation of the 2027 budget, with plans to submit the proposal to the National Assembly before the end of the year.

“We are working on the 2027 budget, and our intention is to present it before the end of the year,” she said.

However, the minister did not disclose the specific date President Tinubu would formally present the budget to lawmakers.

The proposed 2027 budget is expected to outline the Federal Government’s spending priorities, revenue projections and economic plans for the coming fiscal year.

Meanwhile, the Budget Office of the Federation has introduced stricter documentation requirements for ministries, departments and agencies (MDAs) seeking personnel cost allocations in the 2027 budget.

In a circular dated September 4, 2026, the Budget Office directed all MDAs to submit their personnel cost proposals alongside copies of their respective establishment Acts.

Major approvals include:
₦209 billion for the 81.1-kilometre Ado–Ilawe–Ilumaba–Ikole Road in Ekiti State

₦167 billion for the 95-kilometre Etuke–Okene–Ankpa–Otopa Road in Kogi State

₦89.2 billion for the Bichi Ring Road in Kano State

The Council also approved projects covering Adamawa and Taraba states, remedial works on the East–West Road, and rehabilitation of the Sokoto–Illela Road.

The Federal Executive Council (FEC) has approved approximately ₦631.3 billion for nine road infrastructure projects across Nigeria. The Minister of Works, David Umahi, disclosed this after Wednesday’s FEC meeting presided over by President Bola Ahmed Tinubu at the State House, Abuja.

He added that the first 118-kilometre section of the Abuja–Kaduna–Zaria Road has been completed, while work on the second section is nearing completion

The Federal Government has received 180 Nigerians who returned from Libya under a voluntary return programme coordinated by the International Organisation for Migration (IOM) in collaboration with the Nigerian government.

The returnees, including 37 children and infants, arrived at the Cargo Terminal of the Murtala Muhammed International Airport in Ikeja, Lagos, at about 4:20 p.m. on Tuesday.

The National Emergency Management Agency (NEMA) disclosed the development in a statement issued on Tuesday and shared on its official X account on Wednesday.

According to the agency, the returnees travelled from Sebha, Libya, aboard an Air Buraq Airlines flight with registration number 5A-BAE.

NEMA said the group comprised 143 adults, 26 children and 11 infants.

The adults included 75 men and 68 women, while the children comprised 12 boys and 14 girls. The 11 infants consisted of three boys and eight girls.

The agency’s Lagos Operations Office received the returnees in collaboration with the National Commission for Refugees, Migrants and Internally Displaced Persons.

As part of efforts to ensure their safe arrival and proper reintegration into society, the returnees received immediate assistance from relevant government agencies and partner organisations.

NEMA explained that the Nigeria Immigration Service conducted biometric registration and documentation to establish the identities of the returnees and maintain accurate records for their reintegration process.

The agency added that food, drinking water and medical screening were provided to the returnees upon arrival.

It also said ambulance services were made available for those requiring medical attention, while officials provided luggage handling, logistical assistance and counselling.

According to NEMA, the returnees also received reintegration support to help them settle back into their respective communities and resume their lives in Nigeria.

The agency stressed that the exercise involved cooperation among relevant government institutions and other partners to ensure that the Nigerians returned safely and were treated with dignity.

NEMA added that the voluntary return programme was designed to provide immediate assistance to Nigerians coming back from Libya and support their transition into their communities.

The return of the 180 Nigerians highlights ongoing efforts by the Federal Government and international partners to assist citizens who wish to return home from abroad through voluntary migration programmes.

Brazilian President Luiz Inácio Lula da Silva has secured a historic fourth non-consecutive term in office after defeating right-wing Senator Flávio Bolsonaro in the country’s presidential run-off election.

Lula’s victory has attracted reactions from political leaders across the world, with several presidents and politicians congratulating him and expressing hope for stronger diplomatic relations, economic cooperation and democratic governance.

The election result, announced on Sunday, October 25, 2026, was celebrated by Lula’s supporters, who flooded the streets to mark his return to power.

However, Flávio Bolsonaro has called for the election to be annulled, describing a two-hour extension of voting time as unacceptable. The extension was granted by Supreme Court Justice Cristiano Zanin, although both presidential candidates had reportedly requested additional time for voting.


The dispute has sparked criticism from some conservative figures in the United States, while several progressive politicians have praised the outcome as a victory for democracy.

World Leaders Congratulate Lula
Mexican President Claudia Sheinbaum congratulated Lula in a message posted on X, declaring that democracy had prevailed and that the Brazilian people had won.

Canadian Prime Minister Mark Carney also congratulated the Brazilian president, expressing optimism about strengthening relations between Canada and Brazil.

Carney said both countries should seize the opportunity to expand trade, create new business opportunities, protect the environment and improve prosperity for their citizens.


Reactions From The United States
Reactions in the United States were divided, with conservative and progressive politicians expressing contrasting views about Lula’s victory.

Donald Trump Jr., son of US President Donald Trump, criticised the election process, focusing on the two-hour extension of voting time. He argued that the American mainstream media would have reacted differently if a conservative government had been involved in a similar situation.

Meanwhile, progressive Senator Bernie Sanders congratulated Lula on what he described as an extraordinary re-election victory.

Sanders praised the Brazilian president for standing up for workers and democracy, adding that he expected Lula to continue doing so during his next four years in office.

US Congressman Ro Khanna also welcomed the result, describing it as part of a wider global resistance against extremism. He argued that authoritarian leaders often attack democratic institutions because they fear the will of the people.

Khanna further urged President Donald Trump to respect the election outcome and avoid undermining Brazil’s electoral process.

New York City Mayor Zohran Mamdani also celebrated Lula’s victory, sharing a message emphasising unity among the people.

California Governor Gavin Newsom’s media office equally expressed support for Brazil, highlighting shared commitments to democracy, environmental protection, workers’ rights and building an economy that benefits working families.

China And Russia Welcome Lula’s Victory
China congratulated Lula through Foreign Ministry spokesperson Guo Jiakun, who said Beijing respected the announcement by Brazil’s electoral authorities that the president had won the second round of voting.

Guo added that China was willing to work with Brazil to strengthen bilateral cooperation and advance their shared development objectives.

Russia also welcomed Lula’s re-election, with Kremlin spokesperson Dmitry Peskov praising his contributions to relations between the two countries and to the development of the BRICS organisation.

Peskov expressed hope that cooperation between Moscow and Brasília would continue to grow under Lula’s new administration.

Latin American Leaders Express Support
Several Latin American leaders also congratulated Lula, expressing optimism about stronger regional cooperation and closer diplomatic relations.

Cuban President Miguel Díaz-Canel described Lula’s victory as historic, saying it would sustain Brazil’s commitment to peace, national sovereignty and social justice.

He also expressed Cuba’s readiness to work with Brazil towards greater unity and integration across Latin America and the Caribbean.

Chilean President José Antonio Kast said he had spoken with Lula by telephone to congratulate him. Kast noted that both countries had opportunities to strengthen economic cooperation and work together to combat organised crime in the region.

Peruvian President Keiko Fujimori reaffirmed her country’s commitment to strengthening its strategic partnership with Brazil, particularly in regional integration, cooperation and the sustainable development of the Amazon, which both countries share.

Bolivian President Rodrigo Paz described Brazil and Bolivia as neighbouring countries with a shared history and common challenges. He said both nations would continue working together to strengthen relations and create more opportunities for their people.

Panamanian President José Raúl Mulino also congratulated the Brazilian people on the election and praised Lula’s victory, expressing his country’s commitment to continued cooperation with Brazil.


European Leaders Celebrate The Result
European Commission President Ursula von der Leyen congratulated Lula, saying the outcome represented a victory for democracy and multilateralism.

She also highlighted the growing partnership between Europe and Brazil, pledging continued cooperation on free and open trade, international rules and climate action.

Spanish Prime Minister Pedro Sánchez described Lula’s victory as a progressive comeback. He expressed hope that the Brazilian result would inspire similar political developments in Spain and other countries.

French President Emmanuel Macron called for stronger strategic relations between France and Brazil, saying both nations had significant opportunities to deepen their partnership and contribute to a fairer world.

Other Leaders Congratulate Lula
Ecuadorian President Daniel Noboa congratulated Lula, noting that countries in the region shared common challenges and stood to benefit from closer cooperation.

Paraguayan President Santiago Peña praised the Brazilian people for their democratic participation and said Brazil and Paraguay would continue working together on regional integration and development.

Uruguayan President Yamandú Orsi also congratulated Lula after speaking with him, describing the election as an important democratic celebration.

Former Argentine President Cristina Fernández de Kirchner congratulated the Brazilian people and Lula, praising his ability to mobilise supporters and secure victory in the closely watched contest.

Lula Faces Expectations Ahead Of His New Term
Lula’s victory marks a significant development in Brazilian politics, with reactions from governments and politicians reflecting both support for his leadership and continuing divisions over the country’s political direction.

While several international leaders have expressed confidence in stronger economic, environmental and diplomatic cooperation with Brazil, the challenge to the election result by Flávio Bolsonaro has added controversy to the outcome.

As Lula prepares for another four-year term, attention is expected to focus on his ability to deliver on domestic promises, strengthen Brazil’s international partnerships and address concerns surrounding democracy and political ddivisions

Domestic refineries in Nigeria received more than 127 million barrels of crude oil and condensate between January and September 2026, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The development reflects improvements in the implementation of the Domestic Crude Supply Obligation (DCSO), which requires oil producers to prioritise local refineries in crude oil supply.

The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, disclosed this on Monday, October 26, 2026, while delivering a speech at the OTL Africa Downstream Energy Week 2026 in Lagos.

Eyesan, who was represented by the Assistant Director of Operations, Mr. Prosper Omonedo, said the commission had taken steps to improve crude oil deliveries following disagreements between oil producers and refinery operators that disrupted supplies in the first quarter of the year.

According to her, engagements between the commission, producers and refiners helped improve deliveries in the second and third quarters.

She explained that domestic refineries received 53.7 million barrels of crude oil and condensate in the second quarter, representing 97.4 per cent performance, while 45.1 million barrels were supplied in the third quarter, representing 76.2 per cent performance.

“From Q1–Q3 of 2026, more than 127 million barrels of Nigerian crude went to Nigerian refineries,” she stated.

Under Section 109 of the Petroleum Industry Act 2021, the NUPRC is responsible for ensuring that domestic refineries receive crude oil supplies before producers export their products.

The commission said it was continuing to engage stakeholders to address supply challenges and improve the availability of crude oil for local refining.

NUPRC Plans Crude Oil Swap Framework
Eyesan also disclosed that the commission was consulting oil producers, refiners and other stakeholders on a proposed domestic crude oil swap framework aimed at reducing transportation costs and improving supply efficiency.

Under the proposed arrangement, refinery operators could receive crude oil from the nearest suitable production or export terminal instead of transporting an allocated crude grade over long distances.

According to the commission, the arrangement could reduce transportation costs by an estimated $3 to $4 per barrel, potentially lowering refining expenses and improving the competitiveness of locally refined petroleum products.

The framework is expected to address some of the logistical challenges affecting crude oil deliveries to domestic refineries.

Nigeria’s Oil Production Records Improvement
On crude oil production, Eyesan said Nigeria recorded an average output of 1.717 million barrels per day of crude oil and condensate in September 2026.

This represented a 2.34 per cent increase compared with the previous month.

She added that crude oil production alone averaged 1.53 million barrels per day, marking the fifth consecutive month the industry met or exceeded its production quota.

The NUPRC chief attributed the improvement to better maintenance of oil production facilities, enhanced security around crude oil transportation infrastructure, stronger cooperation with operators and sustained regulatory efforts to restore previously shut-in production.

She said the commission would continue working with industry operators to sustain the production gains and strengthen Nigeria’s position in the global oil market.Buy Maps

NUPRC Promises Transparent Licensing Round
Speaking on the 2026 oil licensing round, Eyesan said the 40 oil blocks being offered to investors would undergo a transparent evaluation process.

She explained that the commission had established published evaluation criteria and mandatory disclosure of beneficial ownership to promote accountability and discourage the misuse of oil licences.

The NUPRC also reaffirmed its commitment to enforcing the drill-or-drop principle, which is designed to discourage companies from holding oil licences for speculative purposes without developing the assets.

Under the principle, licence holders are expected to carry out the required exploration and development activities within the stipulated period or risk losing their licences.

Eyesan noted that 22 recent awardees were expected to contribute at least 250,000 barrels per day to Nigeria’s oil production within five years.

The commission said the licensing process was part of broader efforts to attract investment, increase production and ensure that oil assets are developed for the country’s economic benefit.

Commission Reaffirms Commitment To Domestic Gas Supply

The NUPRC chief further reaffirmed the commission’s commitment to meeting the Domestic Gas Delivery Obligation and improving coordination across Nigeria’s petroleum industry.

She said the commission would continue working with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to align refinery demand with crude oil supply planning.

According to her, effective coordination between upstream producers, refinery operators and regulatory agencies would help ensure that improvements in oil production translate into tangible benefits for households, businesses and electricity generation.

The commission maintained that strengthening domestic crude supply, reducing transportation costs and increasing production would support the development of Nigeria’s refining industry and improve energy security.Buy Maps

The latest figures come amid ongoing efforts to expand local refining capacity, reduce dependence on imported petroleum products and ensure that a greater share of Nigeria’s crude oil resources supports domestic economic aactivities

MKO Abiola Sports Arena, Abeokuta on Sunday 26th October, 2026.

Exhibition boxing matches were held led by Coach Damola.

Enjoy some of it in this thread pic.twitter.com/PVhIza7nEt

— Yemi King (@TheYemiKing) October 27, 2026

pic.twitter.com/L9VKZiYZ00

— Yemi King (@TheYemiKing) October 27, 2026

pic.twitter.com/OoVZLVeMKq

— Yemi King (@TheYemiKing) October 27, 2026

MKO Abiola Sports Arena, Abeokuta on Sunday 26th October, 2026.

Exhibition boxing matches were held led by Coach Damola.

Enjoy some of it in this thread pic.twitter.com/PVhIza7nEt

— Yemi King (@TheYemiKing) October 27, 2026

pic.twitter.com/qJQoOEch2C

— Yemi King (@TheYemiKing) October 27, 2026

Otunba Segun Showunmi is not giving this News Anchor a free ride. pic.twitter.com/6NeqtiLEGe

— TallJohn🌍 (@JohnFanimokun) October 27, 2026

The owner of Arise TV isnt just a PDP member, he was the NRC member who went to CNN in 1994 to say 'MKO didnt win any election on June 12 unlike what Yoruba media was projecting'.

God bless Pa Clark! Abati is also a senior PDP member! pic.twitter.com/B1FVN5a0b4

— Montero - Olu Lewis (@Montero1016) October 20, 2026

"The owner of Arise TV is a politician. He is my good brother and my good son. So, do not tell me he is not a politician, and he cannot say that to me."

— Elder Statesman Robert Clarke, SAN, pic.twitter.com/3QgJ6xHiPb

— TallJohn🌍 (@JohnFanimokun) October 20, 2026

Ogun State Governor, Dapo Abiodun, has suspended the Eselu of Iselu Kingdom in Yewa North Local Government Area, Oba Akintunde Akinyemi, with immediate effect over alleged partisan political activities.

The suspension was conveyed in a letter dated October 20, 2026, signed by the Commissioner for Local Government and Chieftaincy Affairs, Hon. Ganiyu Hamzat.

According to the letter, the suspension was approved by the State Executive Council pursuant to Section 52(1) of the Ogun State Obas and Chiefs Law, 2021, pending a detailed investigation into the allegations against the monarch.

The letter explained that the council acted following “several complaints concerning the traditional ruler’s conduct, particularly his alleged involvement in overtly partisan political activities, some of which were reportedly publicised by him.”

The government noted that partisan politics was contrary to customary law and prohibited by statute, warning that such conduct could undermine the dignity of the traditional institution and threaten peaceful coexistence among subjects with different political affiliations.
It said the suspension was in the interest of peace, order and good governance in Ogun State, particularly in Iselu Kingdom, while the allegations were subjected to an official and detailed review.

As part of the conditions of the suspension, Oba Akinyemi has been directed to vacate the palace and refrain from entering it throughout the period of his suspension.

He has also been instructed not to present himself as, or claim recognition as, the Eselu of Iselu Kingdom.

The government further prohibited him from “wearing or using any crown, whether beaded or otherwise, ileke, beaded staff, irukere or other paraphernalia associated with the office of an Oba during the suspension.”

The letter also directed the monarch to make himself available promptly for any meeting or sitting convened by the state government to investigate the allegations against him.
Copies of the letter were sent to the Secretary of Yewa North Local Government and the Commissioner of Police, Ogun State Command, for their information and necessary action.

Ondo Court Dismisses UBA Appeal, Upholds N9million Damages Over Wrongful Restriction Of Customer’s Account

The judge held that although a bank was required to comply with valid court orders, it also had a responsibility to establish that the account being restricted belonged to the person identified in the relevant proceedings.

The Ondo State High Court sitting in Okitipupa has dismissed an appeal by United Bank for Africa (UBA) Plc challenging a ₦9 million damages award against it for negligence and breach of its duty of care to a customer whose account was restricted for more than six months.

The court upheld the judgment of the Okitipupa Chief Magistrate Court, which had awarded ₦9 million in general damages and ₦60,000 in costs to the customer, Mr Felix Oyeneyin, over the bank’s handling of a garnishee order that led to the restriction of his account.

In a judgment delivered on October 13, 2026, in appeal number HOK/9A/2025, Justice L.B. Ologun ruled that UBA had failed to exercise reasonable care and diligence before restricting Oyeneyin’s account and had not acted promptly after he complained about the restriction.

The judge held that although a bank was required to comply with valid court orders, it also had a responsibility to establish that the account being restricted belonged to the person identified in the relevant proceedings.

The dispute arose after Oyeneyin, who maintained an account at UBA’s Okitipupa branch, discovered in January 2023 that he could no longer access his funds.

According to the court documents, the bank told him that a lien, or post-no-debit restriction, had been placed on his account pursuant to a garnishee order issued by a Lagos Magistrate Court.

Oyeneyin challenged the restriction, maintaining that he did not know the judgment creditor and had never conducted any transaction with him. He also argued that the garnishee order did not contain his account number or address and lacked other identifying particulars connecting him to the judgment debtor.

Despite his complaint, the restriction remained in place until August 2, 2023, more than six months after he first raised the issue with the bank.

UBA challenged the trial court’s judgment, arguing that it had merely complied with a valid garnishee order issued by a court of competent jurisdiction and therefore could not be held negligent for obeying it.

The bank also argued that a letter written by Oyeneyin’s solicitor amounted to an admission that he was the person involved in the garnishee proceedings. It further contended that the damages awarded against it were excessive.

However, Justice Ologun rejected the bank’s argument that compliance with the court order was sufficient to absolve it of responsibility for the restriction.

“The issue is not about compliance with a valid order of court but about ensuring that a customer that is affected by the order of court is the one whose account is being restricted,” the judge held.

He noted that the garnishee order served on UBA contained only the name “Felix Oyeneyin” without an account number or other identifying particulars linking the order to the customer’s account.

The judge also pointed to the testimony of the bank’s sole witness, who admitted under cross-examination that the order did not contain Oyeneyin’s account number.

According to the judgment, a prudent bank would have sought further information to verify the identity of the judgment debtor before restricting the customer’s funds.

“A blanket obedience of court order without due diligence in this circumstance, apparently fractured the hallowed contractual relationship between a bank and its customers,” Justice Ologun stated.

He added that a reasonable assessment of the order should have prompted the bank to request the account number of the alleged judgment debtor or inform Oyeneyin about the development affecting his account.

The court held that the bank’s failure to exercise due diligence contributed to an avoidable error.

Justice Ologun further examined how UBA handled the customer’s complaint after he discovered the restriction.

The judgment noted that Oyeneyin’s evidence that he spent time at the bank’s branch from 9am to 2pm seeking an explanation was not controverted. His complaint that he neither knew nor owed money to the judgment creditor was also not challenged.

Rather than resolve the matter promptly, the bank reportedly instructed him to travel from Okitipupa to Lagos to address the problem.

The judge held that a prudent bank, upon receiving such a complaint, should have acted swiftly, particularly because the garnishee order did not contain the customer’s account number.

“Instead of the Appellant which owes the Respondent a duty of reasonable care and skill in the operation of the Respondent's account to act with promptness, show care and concern, it merely informed the Respondent to go to Lagos all the way from Okitipupa to have the problem sorted out. Thus, treating him with levity and subjecting him to hardship,” the judge said.

The court also faulted the bank for failing to establish that it had complied with the part of the garnishee order requiring it to file an affidavit to show cause within 14 days of service.

Justice Ologun said timely compliance would have enabled the issuing court to consider the matter on the scheduled return date of March 3, 2023.

Instead, the restriction was not lifted until August 2, 2023.

The judge said UBA’s failure to produce the affidavit to show cause justified the trial court’s reliance on Section 167(d) of the Evidence Act, 2011, which permits the court to presume that evidence withheld by a party would be unfavourable to that party.

On the bank’s reliance on the solicitor’s letter as evidence that Oyeneyin was the judgment debtor, Justice Ologun held that the document had to be read as a whole and could not, by itself, conclusively establish that the customer was the person involved in the garnishee proceedings.

The judge also referred to established legal principles requiring banks to exercise reasonable care and skill in managing customers’ accounts.

Citing the Supreme Court decision in Agbanelo v. UBN Ltd (2000), the judgment reiterated that a bank’s duty of care extends across its banking operations and includes properly interpreting and acting on customers’ instructions.

The court also relied on previous decisions, including GTB Plc v. Yunusa (2024), in considering the standard of diligence expected of a bank when implementing a garnishee order.

Having resolved the issues against UBA, Justice Ologun ruled that the appeal lacked merit.

“In conclusion, I find no merit in this appeal and is accordingly dismissed. The judgment of the trial court delivered on the 29th September, 2025 is hereby affirmed,” the judge held.

The ruling leaves in place the original award of ₦9 million in general damages and ₦60,000 in costs against the bank.

UBA was represented by Sanmi Owoeye, while Solomon Tunya, alongside E. E. Ojubulu and B. J. Jolowo, represented Oyeneyin in the appeal.


The judgment was delivered on October 13, 2026, and a certified true copy was issued by the High Court of Justice in Okitipupa on October 14, 2026.

The figures have finally been released, and they are as disastrous as expected given the delays. After weeks of hiding behind regulatory approvals while its competitors released their half-year figures to the market, Guaranty Trust Holding Company Plc has revealed a set of results that can only be described as a planned disaster and a portrait of institutional decay disguised as stability.

For the six months ending June 30, 2026, GTCO reported a profit after tax of ₦414.19 billion, a humiliating 7.76% drop from the ₦449.01 billion recorded in the same period of 2025. In an economy where banking sector assets are expanding, deposits are increasing, and credit channels are reopening, GTBank somehow managed to orchestrate a contraction in profits.

Let that sink in. While the Nigerian economy is growing, monetary policy is stable, and customer deposits across all sectors soar, GTBank's net profits declined. The bank that once stood for excellence in Nigerian banking now seems to represent mediocrity, and it does so with the confidence of an institution that has forgotten what excellence means.

The headline figures were quite shocking, but the underlying damage is far worse. Profit before tax rose a modest 0.35% to ₦603.03 billion, a statistically stagnant figure that required a 65.94% decrease in loan impairment charges to reach. Excluding that extraordinary accounting gain, the underlying business was in freefall. Net fee income, a key indicator of banking health, plummeted 8.98%. Other income fell from ₦70.92 billion to ₦44.35 billion. Operating expenses increased by 7.31%, with depreciation and amortization soaring by 41.82%.

And then there is the tax bomb. Income tax expenditures rose by 24.33% to ₦188.85 billion, virtually eliminating the pre-tax margin. The government collected more because GTBank's tax planning became as ineffective as its revenue generation. This wasn't a bank pressured by macroeconomic instability, but a bank defeated by its own incompetence.

The most disappointing aspect was the stagnant balance sheet. Customer loans grew by a mere 0.48%, rising from ₦3.13 trillion to ₦3.15 trillion. Amid a recapitalized economy with a desperate need for credit, GTBank hoarded deposits and invested them in securities instead of lending them to real businesses. Total equity decreased by 2.82%. Retained earnings fell by 5.98%. The bank shrank even further in real terms while projecting an image of stability.

This is the anatomy of failure.

The most devastating indictment of GTBank's decline comes not from its own historical performance, but from the trajectory of its competitors, especially those led by women who have demonstrated what competent leadership truly means.

At Zenith Bank, Dame Adaora Umeoji recorded a profit after tax of ₦314.02 billion in the first quarter of 2026, representing a moderate increase of approximately 1% year-on-year that dwarfs that of GTBank. This growth occurred in a challenging environment. It was a leadership that found opportunities where others looked for excuses. While GTBank, under the leadership of Miriam Olusanya, saw its profit after tax decrease by almost 8%, Zenith, under Umeoji's leadership, actually increased its revenue and strengthened its position as Nigeria's leading financial institution.


This comparison is not only numerical but also philosophical. Umeoji assumed leadership of Zenith Bank and immediately focused on innovation, digital transformation, and rigorous risk management. In contrast, Olusanya heads a bank whose net interest income grew by a mere 2.75%, its fee income declined, and its loan portfolio virtually stagnated. One leader is building while the other remains impassive as the current pulls her under.

Even mid-sized competitors outperformed GTBank. Fidelity Bank, under the leadership of Nneka Onyeali -Ikpe, recorded a 38% growth in gross earnings, reaching ₦434.95 billion in the first quarter of 2026. While Fidelity's after-tax profit was pressured during the quarter, its earnings dynamism and aggressive balance sheet expansion demonstrate ambition and strategic positioning. These are qualities completely absent from GTBank's first-half 2026 report.

Let's be frank about who is responsible. Miriam Olusanya is the CEO of GTBank, the flagship banking subsidiary that generates the majority of GTCO's revenue and profit. Deposits kept pouring in, up 11.32% to ₦13.97 trillion, because customers still trust the brand. But what has Olusanya done with that trust? She kept the money invested in securities instead of lending it out. She watched as fee income plummeted. She presided over a 17.73% drop in earnings per share, from ₦13.59 to ₦11.18, which directly impoverished shareholders.

Olusanya has been in the position long enough that she can't blame anyone else for any problems she might have inherited. A collapse in the first quarter of 2025, a drop throughout 2025, another in the first quarter of 2026, and now a disaster in the first half of 2026. This is her track record. A record of declining profitability, dwindling earnings, and strategic paralysis disguised in quarterly press releases as "sustainable earnings" and "core income focus."

The market is not fooled. While the share price has risen 51% since the beginning of the year, this was simply due to market momentum and the search for dividends, not a show of confidence in the leadership. When it's all over, and it always is, investors will remember that Olusanya created a bank with dwindling capital, stagnant loans, and an unstable profit engine.

The board of directors has proposed an interim dividend of N1.00 per share. How generous! How predictable! When a bank can't expand its business, it bribes its shareholders with their own money. The dividend isn't a reward for good performance but a bribe, a distraction from the fact that earnings per share have plummeted by almost 18%. Shareholders are being paid to look the other way while the bank's business deteriorates.

The conclusion from the results for the first half of 2026 is a damning verdict. GTBank is no longer a thriving institution. Despite a growing economy with rising deposits, increasing demand for credit, and stable monetary conditions, the bank is generating lower profits, weaker returns, and reduced equity than last year.

Compare this to Access Holding’s books for example, with pre-tax profit in Q1 reaching ₦272.21 billion from N222.78 billion recorded in Q1 2025 (up 22.19% year-on-year) while delivering genuine earnings growth and expanding its loan book. Olusanya's GTBank, by contrast, is paying out cash it can barely afford to distribute from a balance sheet that is getting weaker by the quarter.

Miriam Olusanya should look at the banking sector as a whole and take note of the achievements, especially of fellow female leadership in other banks. Adaora Umeoji contributed to Zenith's excellent performance. Nneka Onyeali -Ikpe helped Fidelity significantly increase its core revenue. These women don't excuse themselves with "normalizing the environment" or "core earnings transitions." They are simply building, lending, and generating profits.

Meanwhile, Olusanya is managing a decline and the market knows. On September 29, 2019 when the results were published, the stock fell about 3.3% to ₦132.50. The delay in publishing these results was not just a regulatory formality, but a sign of things to come. When a bank takes weeks to publish even an interim report, it's because the situation is dire and those preparing it are struggling to find a plausible narrative. The narrative is now clear: GTBank, under Olusanya's leadership, is a bank in decline.

Nkem Is a Business Consultant writing from Gwarimpa, Abuja

South Africa, Egypt and Nigeria, the three largest economies in Africa by nominal gross domestic product (GDP), are participating in the 81st United Nations General Assembly (UNGA) in New York, but their presidents are not attending the high-level gathering in person.
The three countries remain fully represented at the annual diplomatic meeting, with senior government officials leading their respective delegations.

According to the latest projections from the International Monetary Fund (IMF), South Africa’s economy is expected to be worth about $480 billion in 2026, followed by Egypt at approximately $430 billion and Nigeria at about $377 billion.

The 81st UN General Assembly opened amid a week of high-level diplomatic engagements, with nearly 130 heads of state and government expected in New York.

The General Debate is scheduled to begin on September 22 under the theme, “Restoring trust, managing transformation: A United Nations that delivers for all.”

Issues of importance to Africa
The UNGA discussions cover several issues that directly affect African countries, including global financing, UN reform, peace and security, climate change, sustainable development and international cooperation.

African countries are also continuing their campaign for greater representation in global decision-making institutions, particularly through calls for permanent African representation on the UN Security Council.

Security is expected to be an important issue for Nigeria, which continues to face terrorism and other forms of insecurity.

According to the Global Terrorism Index, Nigeria recorded 171 terrorist attacks and 750 terrorism-related deaths in 2025, the country’s highest terrorism-related death toll since 2020.

With President Bola Tinubu not attending the gathering, Vice President Kashim Shettima is leading Nigeria’s delegation and is expected to present the country’s national statement.

South Africa
South African President Cyril Ramaphosa is absent from UNGA 81 after his medical team advised him to take a break from public engagements and focus on rest and recovery.

The South African Presidency announced on September 16 that Ramaphosa had been advised to rest following medical consultations.

Foreign Affairs Minister Ronald Lamola is leading the South African delegation in New York.

South Africa’s priorities at the UNGA include reform of the United Nations, strengthening multilateral institutions and securing permanent African representation on the UN Security Council.

Lamola is also expected to advance South Africa’s positions on international conflicts and the application of international law.

Egypt
Egyptian President Abdel Fattah el-Sisi is also not attending the UNGA in person.

Prime Minister Mostafa Madbouly travelled to New York on September 21 to lead Egypt’s delegation under the president’s direction.

Egypt’s State Information Service said Madbouly is scheduled to deliver speeches and statements at several UNGA events and hold meetings with international organisations, business executives and representatives of global companies.

His participation allows Egypt to maintain high-level engagement on diplomacy, development, investment and other international issues despite the president’s absence.

Nigeria
President Bola Tinubu is the third leader among the presidents of Africa’s three biggest economies who is not physically present at the UNGA.

According to the Nigerian Presidency, Tinubu is currently in France on a private vacation.

Vice President Kashim Shettima is leading the Nigerian delegation and is expected to deliver Nigeria’s national statement at the General Assembly.

The Presidency said Tinubu is on annual leave and has authorised Shettima to represent him at the gathering.

Shettima is also expected to participate in bilateral meetings and other high-level engagements on behalf of Nigeria.

Nigeria’s participation is significant because of its economic and diplomatic influence in Africa and its longstanding calls for greater African representation in international institutions.

Countries remain represented
Although the presidents of South Africa, Egypt and Nigeria are absent, their countries are not withdrawing from the UNGA.

Each government has sent senior officials with mandates to represent national interests, participate in negotiations and engage other governments and international organisations.

However, the absence of the presidents means they will not personally deliver their countries’ positions during the high-level week or take part directly in the numerous bilateral meetings and diplomatic engagements traditionally held on the sidelines of the General Assembly.

The UNGA high-level week provides opportunities for discussions on conflicts, trade, investment, development financing, climate change, international security and global governance.

For South Africa, Egypt and Nigeria, those discussions will continue through their representatives, even though their presidents are following the proceedings from outside New York.

Ojuede Ojuejo (a pseudonym), a technician based in Lagos, says Zenith Bank has yet to refund N249,500 that was transferred from his account to another recipient without his authorisation.

He told FIJ that he had visited the bank on several occasions and had been seeking a refund for more than a year, but the bank had not reversed the transaction.

According to Ojuejo, the problem started on January 17, 2025. He said that, on that day, he received several one-time passwords on his phone. While trying to make sense of the messages, he received an alert that N249,500 had been debited from his account.

He said he called Zenith Bank, but its customer service line did not connect. He also said he received no response after following up via email.

Ojuejo said he went to a Zenith Bank branch in Agege the following day, where a staff member attributed the incident to a compromised card. Ojuejo disputed this, saying his card had remained in his possession throughout.

He recalled that the Zenith Bank staff member at the counter told him he could have contacted the bank as soon as he began receiving the one-time passwords. But when he explained that his calls were not connecting, she asked him to return after two working days.

“I went back there, but the customer care representative told me she had sent an email on the matter but hadn’t got a response. She also deactivated my card and every form of alert. She then said I should check back in another two working days, which I did,” Ojuejo told FIJ.

He said that when he returned to the branch in March 2025, he told the bank’s staff that he was becoming frustrated with the situation but did not want to lose his temper over it. But the situation remained the same.

Ojuejo said he later took the matter to the branch’s head of operations, who, after hearing his explanation, asked him to return two working days later. When he returned, he said she told him the incident involving his account was not the bank’s fault.

“I then told her I suspected a bank official did this. She asked me, ‘Why did you come to my branch? Why didn’t you go to another branch?’ The bank staff then told me that if I wanted to pursue the matter further, I should go to the branch where I opened the account in Sango, Ogun State. I got angry and left,” he said.

FIJ emailed Zenith Bank about the matter on September 7 but, as of press time, the bank had not responded.

The Nigerian Stock Market hit a record N162.2 trillion in market cap for the first time ever as stocks closed the week on a high.

The last time the NGX hit an all-time high was on May 13, when it hit N161.8 trillion.

Trading on the Nigerian Exchange (NGX) concluded the week on a remarkably bullish note on Friday, September 18, 2026, powered by a significant wave of investor participation.

Investors aggressively exchanged a total volume of 525,991,720 shares across 44,239 distinct deals.

This intensive transactional velocity propelled the total equity market capitalization up to an N162.16 trillion, marking a substantial lift from Thursday’s close of N159.89 trillion.

Concurrently, the flagship All-Share Index extended its weekly upward trajectory to peak at 249,804.56 points.

Market summary
All-Share Index (ASI): Advanced to 249,804.56 points, up 1.42% from 246,315.38 points
Market capitalisation: Reached N162.16 trillion, up 1.42% from N159.89 trillion
Market value gained: N2.27 trillion
Trading volume: 525,991,720 shares, down 52.18% from 1.1 billion shares
Total deals: 44,239, down 18.11% from 54,026 deals

Top 5 gainers
CILEASING: Up 10% to N5.50 from N5
FTGINSURE: Up 10% to N1.65 from N1.50
MTNN: Up 9.20% to N890 from N815
NSLTECH: Up 9.09% to N0.72 from N0.66
MBENEFIT: Up 9.09% to N3.60 from N3.30


Top 5 losers
TRANSPOWER: Down 9.96% to N178 from N197.70
CADBURY: Down 9.32% to N53 from N58.45
OMATEK: Down 8.40% to N1.20 from N1.31
SOVRENINS: Down 6.78% to N2.20 from N2.36
ELLAHLAKES: Down 5.11% to N8.35 from N8.80

Driving the numbers
Market activity was strongly supported by high-volume transactions concentrated within key financial infrastructure and telecommunications listings.

Under the Premium Board category, Zenith Bank Plc registered a staggering turnover of 30,717,172 units traded via 2,514 setups. This was closely shadowed by another major financial services holder, First HoldCo Plc, which accommodated 23,795,891 traded units.

On the Main Board, Sterling Financial Holdings registered heavily with 41,897,646 units, alongside Wema Bank Plc, which generated an active footprint of 22,270,166 shares changing hands.

Meanwhile, telecommunications giant MTN Nigeria Communications Plc maintained strong institutional attention, clocking a turnover of 3,776,601 units.

Sentiment remained strongly positive, backed by high-profile price movements from the market’s premium listings.

C&I Leasing Plc and FTG Insurance Plc both capped the day as top percentage gainers, climbing 10.00% to finish at N5.50 and N1.65, respectively.

MTN Nigeria Communications Plc (MTNN) pulled massive market weight, advancing by N75.00 (+9.20%) to settle at N890.00 per share.

Wema Bank Plc added a sharp lift of +9.03%, rising from N29.35 to N32.00.
First HoldCo Plc also demonstrated muscular expansion, jumping 8.11% to close at N160.00.
Despite the overarching positive market breadth, a select few high-priced stocks experienced
notable downward re-ratings:

Transcorp Power Plc (TRANSPOWER) experienced the most severe contraction on the board, sliding -9.96% to lose ₦19.70, closing down at ₦178.00 per share.
Cadbury Nigeria Plc fell prey to selling pressures, dropping -9.32% from ₦58.45 to ₦53.00.
Other laggards included Omatek Ventures Plc, which contracted -8.40% to close at ₦1.20, and insurance player Sovereign Trust Insurance, which declined -6.78% to end at ₦2.20.

Sectoral breakdown
The Premium Board Banking sub-sector alone cleared 35,115,786 units across 3,391 trades, despite marginal fractional losses from anchors UBA (-0.22%) and Zenith Bank (-0.08%).

The overarching Financial Services sector was pushed into positive territory by an 8.11% surge from First Holdco Plc (N160.00) alongside extensive retail and mid-cap support inside the Insurance sub-sector—where Fortis Global Insurance (+10.00%), International Energy Insurance (+6.64%), and Mutual Benefits Assurance (+9.09%) printed aggressive gains.

ICT & Telecommunications sector recorded 14,888,218 traded units, entirely dominated by large-cap telecom activity.

MTN Nigeria Communications Plc acted as a central structural pillar for the day’s index rally, jumping +9.20% to close at N890.00 on a healthy volume of 3.77 million shares. This easily offset down-board technology re-ratings, such as Omatek Ventures’ -8.40% decline.

Oil and Gas processed a total of 15,404,840 shares. Sub-sector pricing reflected localized accumulation. Eterna PLC advanced +1.45% (N35.00) and Oando PLC pushed up by +0.44% (N34.00). The index’s most expensive energy asset, Aradel Holdings PLC, held completely steady at N1,550.00 per share across 1,670 high-value professional trades.

Consumer Goods logged a highly volatile session clearing 20,488,456 shares across total durable and diversified sub-boards.

The sector experienced massive internal valuation friction. While Dangote Sugar Refinery gained +1.63%, the sector’s broader performance index was severely dragged down by heavy pullbacks from consumer staples, led by Cadbury Nigeria’s -9.32% drop and a -2.50% drop from Honeywell Flour Mill.

Market Breadth
The market breadth for the session closed highly positive, demonstrating strong, widespread buying interest that went far beyond mere index manipulation by a handful of large-cap stocks

With 36 gaining equities outperforming 22 declining equities, the market breadth ratio prints at a bullish 1.64x.

This ratio indicates that for every stock that suffered a price retraction, roughly 1.6 stocks logged positive price advances. The underlying structural health of this bull run is confirmed by looking across small, mid, and large-cap tiers.

What you should know
The positive close concludes the market’s rally for the week with the NGX All-Share Index reaching 249,804.56 points, up 1.42% from 246,315.38 points, reflecting broad-based buying interest across major stocks.

Market capitalisation reached N162.16 trillion, up 1.42% from N159.89 trillion.

Outside of the main equity boards, Exchange Traded Funds (ETFs) contributed a collective volume of 397,194 shares, while the debt instruments market saw soft trading with a quiet turnover of 51,151 units across the bond segment.

https://www.tiktok.com/video/7686755107815361812?_r=1&_t=ZS-99piJ3wFvZl


The Peoples Democratic Party governorship candidate in Ogun State, Oladipupo Adebutu, has challenged the All Progressives Congress candidate, Senator Solomon Adeola, popularly known as Yayi, to sue him over claims concerning Adeola’s ancestry.

Adebutu spoke on Wednesday during a PDP campaign rally in Odogbolu Local Government Area of the state.

Adeola had on Tuesday threatened legal action against Adebutu’s fellow PDP chieftain, Folake Marcus-Bello, and suspended APC member Abayomi Hunye over claims that he is an indigene of Ekiti State.

He gave the two individuals 24 hours to provide evidence supporting the claims or face legal action. Adeola described the allegations as false and libellous.


“I am a bona fide indigene of Ogun State. My mother is from here in Odogbolu, and my father, Sir Kensington Adebutu, is from Iperu, so no controversy about where I came from,” Adebutu said.

Adebutu, however, said he was ready to face the senator in court, claiming he had documents to support his position on the matter.

“It is, however, sad that the APC governorship candidate, Sen Adeola, commonly called Yayi, is threatening to sue people because they said that he is from Ekiti State.

“Did he think that these people were talking about what is not real? I am daring their lawyers to sue me….

“I am waiting for their lawyer to also sue me so that we can go and present all our documents in the court of law. They first claimed that they are from Joga; later they said Ishaga, Ilaro and all that…I am waiting for their lawyer to write to me so that we can show the whole world the truth,” he stated.

Adebutu also alleged that the APC-led government had prevented the PDP from erecting campaign billboards and that some of the party’s posters across the state had been removed or defaced.

He claimed that the PDP had planned to hold its campaign in Idowa but was prevented from doing so and moved the event to Odogbolu.

Adebutu said the alleged restrictions would not stop the party from campaigning across the state.

He also alleged that his campaign convoy came under gunfire.

The APC later disputed the PDP’s account of the incident, alleging that the shooting in Ososa involved security personnel attached to Adebutu.

In a statement issued by its state Publicity Secretary, Femi Nuberu, on Thursday, the APC called on the Inspector-General of Police, Tunji Disu, to investigate the incident.

He said, “We find it deeply disturbing that security details attached to a candidate seeking to become the governor of Ogun State would reportedly cause apprehension among the populace through the reckless discharge of ammunition.

“The incident, which reportedly took place in Ososa, the hometown of our deputy governorship candidate, Mrs. Kudirat Abiodun Adegunwa-Balogun, is troubling and must not be allowed to escalate.

“It is provocative and capable of creating unnecessary fear and tension among law-abiding citizens. We expect the police investigation to establish the facts surrounding the incident and ensure that anyone found to have acted unlawfully is held accountable.

[b]“We call on Hon. Ladi Adebutu and his campaign team to exercise restraint and ensure that their activities do not create fear, intimidation or disorder in any part of Ogun State.”

The APC urged residents to remain calm and called on political parties, candidates and their supporters to conduct their activities within the law.[/b]

Adebutu also used the rally to criticise the APC-led administration in the state, while promising that a PDP government would prioritise local government autonomy, payment of pensioners’ gratuities and access to workers’ cooperative savings.

The PDP deputy governorship candidate, Yemi Sowunmi-Kolapo, urged residents to vote for the party in the 2027 election.

Former Remo North Local Government chairman and former state ALGON chairman, John Obafemi, who recently defected from the APC to the PDP, also urged voters to support Adebutu.

Marcus-Bello, who was also present at the rally, maintained her position on Adeola’s ancestry and said she would reveal more information in the coming weeks.

Efforts to obtain Adeola’s reaction to Adebutu’s latest comments were unsuccessful as calls to his media aide, Kayode Odunaro, did not connect, while he had yet to respond to enquiries sent to his WhatsApp as of the time of filing this report.

OGUN EAST AGOG!

Over 20,000 PDP party faithful from across Ogun East Senatorial District have gathered in Odogbolu to welcome Hon. Ladi Adebutu and other candidates.

The people are out in their numbers as Ogun East comes alive for PDP. #ITURADE #Ogun2027 https://t.co/YKgonAHt85 pic.twitter.com/KFyperIIOt

— Oluwabunmi Michael Awoyemi🇳🇬🇺🇳 (@Harwohyehmi1) September 16, 2026

The Enugu State Structures for Signage and Advertisement Agency has reiterated its ban on the pasting and display of posters across the state, warning violators of a fine of up to N50m.

The agency, in a statement signed by its General Manager, Hon. Francis Aninwike, on Wednesday, said the ban applied to all posters, including those bearing the names, photographs, logos, slogans and messages of political parties, candidates and aspirants.

The warning comes ahead of the Enugu State local government elections scheduled for September 26, 2026, and the 2027 general elections, when political activities and campaigns are expected to intensify.

According to the agency, the ban is backed by the Enugu State Structures for Signage and Advertisement Agency Law No. 12 of 2016, particularly Sections 4(1)(g), 33 and 34(4)(9), which provide for the regulation and control of outdoor advertising and the display of posters and other advertising materials.

ENSSAA said no individual, political party, candidate, aspirant, campaign organisation or supporter was permitted to paste, affix or display posters on buildings, walls, fences, bridges, electricity poles, road infrastructure, public facilities or any public or private surface in the state.

It said the restriction was necessary to prevent the indiscriminate defacement of public and private property and preserve the environmental and aesthetic quality of cities, towns and communities across the state.

The agency also warned printers and printing establishments against producing or facilitating posters intended for unauthorised display or pasting.

“Where any such poster is traced to a printer, the printer may be subject to investigation and appropriate sanctions where its involvement in the violation is established in accordance with the law,” the statement said.

ENSSAA further warned that anyone caught violating the ban would face applicable financial penalties and other sanctions prescribed by law.

The agency advised political parties, candidates, aspirants and campaign organisations to utilise radio, television, print and digital media platforms, as well as approved billboards, for their campaigns.

It[b] stressed that the ban applied “equally and without fear or favour” to all persons, political parties, candidates, aspirants, organisations and individuals, irrespective of political affiliation or status.

“The ban remains in force. All are hereby advised to comply accordingly,” the agency said.
[/b]

The Nigeria Football Federation (NFF) is expected to announce a new head coach for the Super Falcons on Tuesday, September 8, 2026, as preparations begin for the team’s 2028 Olympic qualifying campaign.

The appointment has become a priority with Nigeria facing a crucial Olympic qualifier, according to a senior source at the National Sports Commission (NSC).

“We have an important Olympic qualifier ahead, so we need a new coach, who will be announced any moment now,” the source told Punch.

An NFF official also confirmed that the announcement was close but could not say whether the incoming coach would be formally unveiled on the same day.

“The NSC is in charge, and I am not sure if there will be an unveiling, but an announcement is imminent,” the official said.

The identity of the new coach has not been made public, although reports indicate that all necessary procedures for the appointment have been concluded.

The development comes after the NFF and the NSC parted ways with Justine Madugu and his technical crew following the Super Falcons’ disappointing outing at the 2026 Women’s Africa Cup of Nations (WAFCON) in Morocco.

Nigeria progressed to the quarter-finals of the tournament but were eliminated after a 1-0 defeat to Cameroon. The loss also ended the Falcons’ hopes of securing a place at the 2027 FIFA Women’s World Cup.

Following the setback, the football authorities intensified efforts to appoint a new coach capable of rebuilding the team ahead of the next major qualification challenge.

Several names have reportedly been linked with the vacant position, including former Super Falcons coach Thomas Dennerby and Florence Omagbemi, who guided Nigeria to the 2016 WAFCON title.

American coach Randy Waldrum has also been mentioned among the possible candidates, while former Nigeria assistant coach Imama Amapakabo has reportedly expressed interest in the position.

The incoming coach will be expected to rebuild the squad and guide the Super Falcons through the 2028 Olympic qualifying campaign.

Nigeria have not participated in the women’s football event at the Olympic Games since the 2008 edition in Beijing.

There's an old saying on Wall Street: when a company requests more time to publish its financial results, it's rarely because the numbers are too good to release immediately. Guaranty Trust Holding Company Plc recently obtained an extension from the Nigerian Exchange Limited to delay the release of its financial results for the first half of the year, covering the period ending June 30, 2026, pushing the deadline to September 30, 2026. We are informed that the board of directors approved these results on July 28, 2026. However, weeks later, GTCO still cannot, or will not, disclose even an interim report to the market, unlike other institutions.

To be clear about what's happening, while other financial institutions in Nigeria have released their interim half-year financial statements to investors with the punctuality of professionals, GTCO is still "awaiting the necessary regulatory approvals" before it can publish anything. The group's general counsel and company secretary, Erhi Obebeduo, offered the usual reassurance: if the approvals come soon, the results will be published soon. How reassuring. How predictable.

These are interim results, not audited statements. Interim reports are, by design, less burdensome to produce. They require less granular scrutiny, fewer sign-offs, and shorter review cycles. They are the financial equivalent of a progress report, not a doctoral thesis. Yet GTCO cannot manage even this modest obligation within the standard window. If a bank cannot produce an unaudited half-year summary on time, what exactly is happening inside its finance department?

The question every serious investor should be asking is: what exactly justifies such prolonged regulatory oversight for an interim report? The Central Bank of Nigeria's review process for interim disclosures is nothing new. It's not an unexpected obstacle that appeared overnight. Yet GTCO needs an additional two months to clear the hurdle for figures. Is the Central Bank of Nigeria examining its accounts with unusual skepticism? Or was GTCO's management working behind closed doors to present a plausible version of events before the inevitable disclosures?

Context demands that we view this delay with deep suspicion. After all, this is the same institution that, in the first quarter of 2025, recorded a staggering 41% drop in pre-tax profits. The same institution whose full-year 2025 results showed a 15% decline in profit after tax to ₦865.75 billion, thus surrendering Nigeria's banking crown to Zenith Bank. The same institution whose first-quarter 2026 results, while superficially stable at the pre-tax line, revealed a worrying 15% drop in profit after tax to ₦218.13 billion and a collapse in earnings per share from ₦7.83 to ₦5.89. The pattern is unmistakable. This looks like a controlled downward trajectory, disguised with corporate euphemisms.

Now, in mid-2026, with competitors having already laid their interim cards on the table, GTCO is asking for more time. The market is expected to wait patiently while the "lead regulator" conducts its review. But let's call a spade a spade: this is a delaying tactic that reeks of either disastrous figures in need of cosmetic surgery, or an internal crisis so severe that the institution cannot produce a coherent interim report within the usual timeframe. Neither explanation inspires confidence.

When companies like Stanbic IBTC Holdings announce an interim corporate action framework earlier in August 2026 and GTCO, once the crown jewel of Nigerian banking, needs an extension after a year of decline, more than a few eyebrows must be raised. When a bank with GTCO's resources, pedigree, and infrastructure cannot match the disclosure discipline of its mid-tier competitors, one must wonder what is rotting inside the vault.

The group's CEO, Segun Agbaje, has spent the last eighteen months talking about "sustainable revenue," "core revenue streams," and "ecosystem businesses." His rhetoric is convincing. However, the figures haven't reflected reality. And now, when the market most needs transparency to assess whether the bleeding has stopped, GTCO is hiding behind regulatory delays for even its unaudited numbers. This is an insult to the intelligence of all shareholders who have watched this stock lag behind while its competitors' stocks have soared.

Of course, other possibilities exist. Perhaps the delay was entirely unintentional. Perhaps the Central Bank of Nigeria was conducting an unusually thorough review of GTCO's interim accounts for reasons unrelated to material deficiencies. Perhaps the figures were spectacular, and the regulator simply wanted to verify their superiority. But if you believe that, I have a bridge in Lekki to sell you. In the real world, where capital is allocated based on trust and punctuality, delays breed suspicion. And suspicion, once rooted, is difficult to eradicate.

The Nigerian capital market deserves better. Investors who have held GTCO shares throughout its decline, from the pinnacle of Nigerian banking to its current stagnation, deserve more than vague promises and extended deadlines. The board approved these results on July 28. What has happened in the weeks since? What discussions have taken place between the board and regulators? What revisions have been requested? The silence is deafening.

GTCO's management would do well to remember that, in the age of instant information, a lack of transparency is not a strategy, but an admission. An admission that something is wrong. An admission that management is not well organized. An admission that the "significant change in earnings quality" promised in the first quarter could have simply been an accounting maneuver designed to mask the disappointment of the following quarter.

September 30th is the new deadline. The market will be watching closely. But above all, the market will be asking itself: if the first half of 2026 is truly worth celebrating, why is it taking two more months to share the champagne?


Ismail writes from Gwagwalada

Priests lead Abia State residents in pledging unwavering support for imprisoned IPOB leader and terrorist, Nnamdi Kanu, as a fierce power tussle intensifies within the proscribed group. pic.twitter.com/aCnSI9Om5E

— Emir of Port-Harcourt (@WOkene) August 4, 2026

Iran has executed two men convicted of allegedly spying for Israel, as authorities continue a sweeping crackdown on suspected espionage linked to the country’s conflict with Israel.

The executions, carried out on Monday morning, were confirmed by Iran’s judiciary through its official media outlet, Mizan. The men, identified as Omid Behzad and Pouria Safvat, were found guilty of espionage and collaborating with Israel’s intelligence agency, Mossad.

According to the judiciary, the pair were accused of transmitting the locations of sensitive military and security installations to Israeli intelligence operatives.

Mizan reported that the men were hanged after being convicted of “espionage and collaboration with the Zionist regime.”

The judiciary alleged that Behzad and Safvat provided intelligence that enabled Israeli security agencies to identify key military and security centres during the ongoing conflict.

“They helped the intelligence services achieve their objectives by providing them with information on military and security centres during the war,” the judiciary stated.

However, Iranian authorities did not reveal when the two men were arrested, the duration of their detention, or when their trials were conducted.

Crackdown on Alleged Espionage
The executions are the latest in a series of death sentences carried out by Tehran since the outbreak of its conflict with Israel and the United States in February.

Iran has significantly intensified its campaign against individuals accused of collaborating with Israel, with authorities claiming they are targeting espionage networks operating within the country.

Officials have repeatedly vowed to take firm action against anyone suspected of passing classified military or security information to foreign intelligence agencies.

Rising Number of Executions
Iran continues to rank among the countries with the highest number of executions globally, second only to China, according to international human rights organisations.

Figures released by Iran Human Rights, a Norway-based non-governmental organisation, in collaboration with Together Against the Death Penalty, a Paris-based advocacy group, indicate that Iranian authorities executed at least 1,639 people in 2025.

The organisations described the figure as the highest annual execution tally recorded in Iran since 1989.

Human Rights Groups Raise Concerns
International human rights organisations have repeatedly criticised Iran’s use of capital punishment, particularly in cases involving national security allegations and espionage charges.

Rights advocates argue that many defendants accused of spying or threatening national security do not receive fair and transparent trials.

Recently, Amnesty International condemned what it described as an increase in executions after Iranian authorities announced the hanging of two men convicted over their alleged involvement in anti-government protests.

The organisation has continued to urge the Iranian government to suspend executions and ensure that all defendants are granted fair judicial proceedings that meet international legal standards.

NELFUND's Managing Director/ Chief Executive Mr Akintunde Sawyerr leaving Usman Danfodio University after addressing students on issues around NELFUND.@NELFUND @AkintSawyerr
The youth have spoken.
President Bola Tinubu till 2031.

The skit makers can no longer deceive us. pic.twitter.com/HmIwHI2Krb

— ỌMỌ9JA (@OMO_9JA_) July 28, 2026

The National Agency for Food and Drug Administration and Control (NAFDAC) has announced the official shutdown of three alcohol manufacturing companies in Ota, Ogun State, for allegedly violating the Federal Government’s ban on producing alcoholic beverages in sachets and PET bottles.

A statement by the Agency noted that the sting operation was led by the Assistant Director of NAFDAC’s Investigation and Enforcement Directorate, Kunke Ojo.

During the enforcement exercise, NAFDAC said its team uncovered several violations across the affected factories.

The Agency said its officials inspected the first facility last Friday, and found sachet alcohol in active production alongside large quantities of PET bottles.

“The factory was initially put on hold. However, during a follow-up visit, officials discovered that the sachet products had been secretly removed from the premises.

“NAFDAC has flagged this as a serious violation, as the products were already under regulatory enforcement.”

On the second company (name withheld), NAFDAC said its enforcement team caught the company allegedly continuing the production of sachet alcoholic beverages despite the federal ban.

“The premises were immediately sealed.”

The Agency added that it had inspected the third company (name withheld) in January and had placed on hold 22 production machines, and millions of PET bottles and sachet packaging materials were confiscated for destruction.

During this latest inspection, NAFDAC said its officials discovered that the company had allegedly broken the seals and put the machines back into operation to continue producing sachet alcoholic drinks.

“Millions of additional PET bottles were found on-site, leading to the immediate sealing of the factory”, the statement added

Addressing the operation, NAFDAC reiterated its zero-tolerance policy for regulatory evasion.

“This enforcement exercise is part of our strict commitment to ensuring full compliance with the nationwide ban and protecting public health by removing prohibited alcoholic products from the market.”

Consumers were advised to remain vigilant and report the illegal sale or production of banned sachet alcoholic beverages to the nearest NAFDAC office.

President Bola Tinubu has refused to receive a special envoy sent by South African President Cyril Ramaphosa.

The snub comes as xenophobic attacks against Nigerians in South Africa continue, and less than 24 hours after a Nigerian national was allegedly tortured to death by police in Cape Town.

South African delegation led by Minister of International Relations and Cooperation Ronald Lamola arrived in Abuja on Friday, July 24, carrying what officials described as a “very important message” for Tinubu.

Foreign Affairs Minister Ambassador Bianca Odumegwu-Ojukwu advised the Presidency against granting the delegation an audience, citing the ongoing attacks on Nigerians and their businesses in South Africa, according to diplomatic sources.

The minister insisted South Africa must first sign and commit to the Early Warning Mechanism agreement both countries reached in Abuja last October, before any further engagement. South Africa has yet to ratify that pact, citing reasons Nigerian officials call inadequate.

The mechanism was designed to help both countries track threats of violence, protect citizens, and speed up communication to head off attacks on foreign nationals. It would also have opened a path for Nigerians to claim compensation for property destroyed in xenophobic violence — but South African authorities have resisted this, arguing that only formally registered properties qualify, while structures in informal settlements don’t count.

As of press time, Tinubu had not agreed to meet the envoy, and the outcome of a weekend phone call reportedly initiated by Ramaphosa remained unclear.

The diplomatic freeze follows the death of Chika Ibe, a Nigerian allegedly picked up from his home in Bellville, Cape Town, and killed by South African police. Vanguard obtained video footage of the incident from the Nigerian community in South Africa.

Police say Ibe, 42, collapsed while being arrested during a search that turned up an unlicensed firearm and suspected drugs. But footage obtained by Vanguard tells a different story — showing Ibe, already hit by a rubber bullet, shot by an officer standing guard nearby.

South Africa’s Independent Police Investigative Directorate says a preliminary post-mortem found multiple bruises and abrasions on Ibe’s back and chest. The country’s Inter-Ministerial Committee on Migration confirmed the case is under investigation.

The killing, which happened Thursday, July 23, triggered protests from Nigerians at the scene. In the footage, a man speaking Igbo can be heard decrying the shooting and calling on the community to respond.

Nigeria’s Foreign Affairs Ministry spokesman Kimiebi Imomotimi Ebienfa called the incident “a very unfortunate situation.”

Nigeria has kept up pressure on the xenophobia issue beyond bilateral channels. At the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Lungi, Sierra Leone, Vice President Kashim Shettima — standing in for Tinubu — condemned the attacks and pledged Nigeria would push for tougher continental measures against xenophobia at the African Union.

Shettima called for a unified African response to protect the dignity of Africans across the continent, and told the gathering that the federal government has evacuated 1,490 Nigerians affected by the violence.

The Federal Government has revealed that discussions are underway to revive abandoned textile factories across Nigeria and the Ajaokuta Steel Company as part of its broader plan to strengthen the country’s industrial sector and drive economic expansion.

The Minister of State for Industry, Senator John Enoh, disclosed this during an interview on Channels Television on Tuesday, stating that the Tinubu administration is implementing the National Industrial Policy (NIP) to stimulate manufacturing, create employment opportunities, and support Nigeria’s ambition of becoming a $1 trillion economy.

According to Enoh, the government is working to revive the nation’s cotton, textile and garment industry through the Cotton, Textile and Garment Industrial Transformation Programme.

He explained that the initiative seeks to reconnect cotton farmers, textile manufacturers and garment producers to rebuild the value chain that once supported the industry.

The minister also revealed that discussions are ongoing with investors and development partners interested in transforming abandoned textile factories into modern industrial parks.

He expressed optimism that agreements with the investors would be concluded within the coming weeks, paving the way for fresh investments in the sector.

Speaking on the long-delayed Ajaokuta Steel Company project, Enoh said negotiations with an international consortium were progressing, noting that steel production remains essential for Nigeria’s industrial development.

He stressed that meaningful industrialisation cannot be achieved without a functional steel industry and disclosed that further meetings with prospective investors were scheduled in the coming days.

Enoh described industrialisation as the backbone of the Federal Government’s economic agenda, insisting that increased production remains the foundation for sustainable economic growth.

He noted that while fiscal and monetary policies are important, expanding domestic production is critical to achieving the country’s economic targets.

The minister said the National Industrial Policy, introduced earlier this year, is Nigeria’s first comprehensive industrial blueprint in decades and includes a structured implementation framework with clearly assigned responsibilities and regular performance reviews.

He added that the government aims to increase the industrial sector’s contribution to Nigeria’s Gross Domestic Product (GDP) to 25 percent by 2030.

According to him, every industrialised nation is built on a strong manufacturing base, and Nigeria is positioning itself along the same path.

Enoh further disclosed that the government is encouraging value addition to raw materials before export while expanding access to affordable long-term financing through institutions such as the Bank of Industry.

He also said the Nigeria First Policy is being implemented to promote the patronage of locally manufactured products and reduce dependence on imported goods.

Addressing challenges facing manufacturers, the minister acknowledged that energy costs account for nearly 40 percent of production expenses, adding that the government is working on practical measures to make electricity more affordable and reliable for industries.

He expressed confidence that the ongoing reforms and planned investments would strengthen Nigeria’s manufacturing sector, create jobs and support the country’s long-term economic transformation.

Canada-based Nigerian prophetess, Ezinne Nwanorue, has come under heavy criticism on social media after making a controversial post celebrating the death of her mother-in-law, Comfort Chika Nwanorue.

The backlash began after Ezinne shared her late mother-in-law’s funeral poster on Facebook on Monday, describing the deceased as a “wicked witch” and making several allegations against her and other unnamed family members.

In the post, Ezinne claimed that her mother-in-law and others had worked against her destiny. She wrote that the deceased should “rest in pieces in hell with other dead witches” and warned those she believes were involved in similar actions against her.

The self-proclaimed prophetess further stated that she had entered her “season of manifestation,” insisting that no one could stop her from fulfilling her purpose. She credited God for what she described as her victory over those who allegedly sought to hinder her progress.

Her remarks quickly attracted widespread reactions online, with many social media users condemning her for publicly celebrating the death of a member of her husband’s family. Others expressed concern over the nature of the ongoing family dispute.

The incident has also renewed public interest in Ezinne’s troubled marriage to Franklin Chimaobim Nwanorue, which previously made headlines on social media.

The couple had earlier gone viral after reports emerged that Ezinne required her husband to publicly swear an oath of faithfulness before supporting his relocation to Canada. In a widely circulated video, Franklin vowed to remain faithful to his wife, stating that he should die if he ever cheated on her after relocating. He also promised to be a devoted husband and father to their children.

However, Ezinne later alleged on Facebook that Franklin broke the oath by having an affair with another woman, claiming he had continued a relationship with one of his alleged girlfriends.

Her latest comments about her mother-in-law’s death have once again placed the family’s private dispute in the public spotlight.

As of the time of this report, Franklin Nwanorue and other members of the family had not publicly responded to Ezinne’s latest allegations.