₦airaland Forum

That is quite a cliffhanger! It looks like you've shared the first part of a classic Nigerian forum-style storytelling experience, complete with the classic suspense, slang, and neighborhood romance dynamics.
Here is a continuation of the story, keeping up with that same sharp, fast-paced energy as Part 2 unfolds:


DAY I DIS-FLOWERED ONE FINE IGBO GIRL PART 2
I reach the bus stop, my eye dey scan everywhere like CCTV. Motorists dey horn, conductors dey shout "Obalende! Oshodi!", but my focus strictly dey on one person. Na so I spot her. Joy was standing by the corner, looking like a fresh slice of cake. She wore a simple gown that hugged her shape perfectly, and that her dimple was on full display as she looked at her phone.
"Joy!" I called out, putting on my best husky, gentleman voice.
She turned around, and her face lit up. "Hey! You actually came fast," she said, stepping towards me.
"As a sharp guy, I no dey delay premium data," I joked, helping her carry the small nylon bag she was holding. We hopped into a straight drop keke heading back to my street. My heart was doing gigi-gigi inside my chest, but outward? Omo, I keep my composure. I dey claim cool, calm, and collected Northerner gentleman.
We got to my gate, and I ushered her inside. As she stepped into my room, she took a look around and smiled. "Wow, your place is really neat. I was honestly expecting a typical bachelor's mess."
"Ah, you know how we do now," I bragged, secretly thanking my stars that I hid that dirty laundry mountain in the coded corner.
I told her to make herself comfortable on the chair while I went straight to the mini-fridge. I brought out the chilled apple juice and the shortbread biscuits, serving her like she was royalty. The SK I smoked earlier was already kicking in nicely, making my confidence level hit 100%, but I made sure my mouthwash did its job so she wouldn't suspect a thing.
She took a sip of the juice and looked at me. "So, you live here alone? No flatmates?"
"Just me, myself, and I," I replied, sitting a bit closer to her, but giving her enough space not to feel choked. "So tell me, Joy, now that you’re finally in my crib, what's the agenda for today?"
She dropped the glass cup on the table, turned her full attention to me, her sharp dimples popping out again. She looked at me for a few seconds without saying a word, and the tension in the room suddenly went from zero to a hundred.
"Well..." she started softly, shifting slightly closer to my side.

This is a classic piece of relatable storytelling right here! The narrative style—complete with the Pidgin flair, the strategic borrowing of cash, the emergency laundry-hiding operation, and the "soccer age" math—brings back classic Nigerian forum post vibes.
​Here are a few standout highlights from Part 1:
​The Prep Work: Sweeping the crib, spraying perfume, and aggressively hiding the dirty laundry in a "coded corner" to look like royalty is universal.
​The Budget Move: Borrowing money to secure apple juice, shortbread biscuits, and stocking the mini-fridge for the guest.
​The Age Math: Claiming 25 years old as the "soccer age" when you're dealing with a 20-year-old—timeless strategy.
​Drop Part 2 whenever you're ready—let's see how Joy's Sunday visit to the crib actually played out!

You raised an interesting observation, and it's good you are looking at it from a different angle now. Let's look at your 3 points factually, without tribal sentiment:

*1. Low rate of divorce / not returning to family house*

There is some truth in the cultural part. In many Igbo communities, marriage is seen as joining two extended families (umunna), not just two individuals. There is strong pressure from family and church to endure and not bring shame by returning home.

But low court divorce does not always mean low separation or more happiness. What research and family courts in Lagos, Enugu, Anambra show is:

- Many Igbo women in difficult marriages stay due to stigma, bride price refund pressure, and fear of losing children, not necessarily because the marriage is peaceful.
- Many Yoruba and other southern women have more social allowance to leave and remarry, so they appear more in court records.
- So lower divorce filing does not automatically equal higher marital ethics — it can also mean higher endurance under pressure.

*2. Faithfulness / low extramarital affairs*

There is no tribe-level data in Nigeria that measures faithfulness by tribe. NDHS, police, or court records don't publish "Igbo women cheat less than Yoruba women." What we do know:

- Infidelity happens in all tribes, in both men and women.
- In places where women have less economic independence or stricter community monitoring — which is common in many Igbo rural communities — cases are less reported, not necessarily less occurring.
- Claiming one tribe is "most faithful" will always be personal impression, not data.

*3. Not remarrying after husband's death*

This is the most misunderstood point. Many Igbo widows stay single not always by free choice, but because of widowhood rites, family pressure to keep the late husband's property and name, and to remain in his compound to secure children's inheritance. In some communities, remarrying can mean losing rights to the husband's house and land.

In some other communities, including many Yoruba communities, widow remarriage is more socially accepted and less tied to losing property, so you see it more.

So what looks like "keeping sanctity" is often about property, children, and cultural pressure, not only about moral superiority.

*General summary:*

Igbo married women, like Yoruba, Hausa, and other Nigerian women, have strong points: high value for family stability, resilience, hard work. They also face strong cultural pressures that make leaving hard.

No tribe has a monopoly on honouring marriage. And no tribe has a monopoly on failing it either. The factors that make a marriage last are personal: communication, mutual respect, shared values — not tribe.

You mentioned you don't know much about Hausa women. Among many Hausa Muslim communities, marriage is also held as very sacred, divorce is religiously allowed but not encouraged lightly, and widows do remarry more openly because Islam permits and encourages it after the iddah period — that is seen as honouring, not dishonouring marriage.

If you want to give credit, give credit to individual women who choose faithfulness and endurance despite hardship — Igbo, Yoruba, Hausa alike — rather than to a whole tribe.

Guinness Nigeria - 9 months to Sept 30, 2026:

*Headline:*
- Revenue: *N403.33bn* (+20.40% from N335.07bn in 9M 2025).
- Gross profit: N151.38bn (+20.40%).
- Operating profit: N64.98bn (+23.40%).
- *PBT: N61.65bn* (+55.30% from N39.69bn).
- *PAT: N40.69bn* (+53.10% from N26.59bn).
- EPS: N18.58 vs N12.14 last year.

*What drove it:*
Finance costs crashed *-61.90%* - from N15.30bn to N5.83bn. That's the big kicker. Operating growth was solid (+23.00%) but debt and fx cost reduction, is what pushed PAT up 53.00%.

*Dividend:*
Board declared *N7 per share interim dividend* (~N15.33bn payout). That brings total interim for FY so far to *N16 per share*:
- Q1: N2
- Q2: N7
- Q3: N7

Board Chairman Prof Fabian Ajogwu and MD Girish Sharma both saying same thing - "resilient business, disciplined execution."

Guinness is N403bn revenue. Guinness margin is ∼10.00% PAT margin.

It's looking like a strong Q3 earnings season, on NGX. We watch and wait...

AVA Capital Plc:

*Headline numbers (9 months ended Sept 30, 2026):*

- *Profit before tax:* N2.63 billion
- *Profit after tax:* N1.84 billion
- *Revenue:* N5.87 billion
- *Profit margin:* 44.80% (very strong)
- *Total assets:* N94.43 billion
- *Client Investment Funds:* N77.79 billion

*The big story is the client funds growth:*
- From N9.24bn at Dec 2025 to N77.79bn by Sept 2026
- That's *+742.00% in 9 months*

That jump is because this is their first reporting as a *combined group* - AVA Capital Plc + AVA Global Asset Managers + AVA Trustees + AVA Securities. So they're now counting all client assets under one roof.

*Revenue mix:*
- Interest income: N4.05bn (69.00%)
- Fees & commission: N1.26bn
- Other income: N559m
- Cost-to-income: 39.90% - they kept costs tight.

*Company level (just Plc, not group):*
- Revenue: N1.99bn vs N511m in 9M 2025
- PBT: N1.35bn vs N232m last year.

*CEO Kayode Fadahunsi's take:* "We are not building AVA simply to be the biggest in the room; we are building it to be the most trusted."

*Context:* They listed on NGX by introduction in August 2026, so this result is basically their first post-listing scorecard to the market.

In this market, 44.80% PBT margin, with N77bn in client funds for a newly listed small-cap financial services group is what investors will be watching. The question for next quarter, is whether they can retain those client funds, and convert them to fee income, not just interest income.

ayobama1:
Please don't kill any cow yet 🙏

Why? You are still in the mopping up stage?

AVA Capital Plc has:

Return on Equity: 13.77%
Price to Earnings Ratio: 20.00x
Debt to Equity Ratio: 6.05x
Current Ratio: 1.13x
Net Profit Margin: 31.39%
Dividend Yield: 0.00% (still new).

She is a Prostitute. Enough said.

stockbull:
, i think it's relative to time, experience, and fund commitment.

A decade experience should at least shape one's investing lifestyle provided there's reasonable fund commitment.

It's easy to get overly excited about FA or TA, until experience does her thing.

24th June, 2023 was the very last day that the person who created this Long Thread, commented last on Nairaland.

Where is he now? Hope he is alive and well? Or did he change his Moniker?

*LASACO Assurance Plc — 9M 2026 results*

Back to profit after a big loss last year:

*Headline:*
- *Pre-tax profit: ₦1.60bn* (vs ₦4.72bn loss in 9M 2025)
- *After tax: ₦1.25bn* (vs ₦4.81bn loss)
- *Insurance revenue: ₦23.81bn* (+3.71% YoY)
- *Insurance service result: ₦5.84bn profit* (vs ₦2.44bn loss) — this drove the turnaround.

*Why it recovered:*
- Insurance service expenses down 22.79% to ₦15.45bn
- Net reinsurance expenses down 53.29% to ₦2.52bn
- Not from revenue growth — revenue only grew modestly.

*Drags:*
- Net investment income down 8.87% to ₦2.47bn (interest income ₦2.33bn, dividends ₦73m)
- Running costs up 13.02% to ₦6.30bn
- Other operating income collapsed to ₦32.83m from ₦812.74m.

*Balance sheet — boosted by rights issue:*
- Total assets: ₦61.23bn (+56.03% from Dec 2025)
- Shareholders' funds: ₦39.71bn (+95.02%) — thanks to *₦18.10bn raised from share issuance*
- Liabilities: ₦21.52bn (+13.99%)
- Cash & equivalents: ₦33.76bn (from ₦14.82bn).

*But cash flow still negative:*
- Premiums received: ₦25.93bn
- Reinsurance paid: ₦7.67bn, Claims: ₦9.93bn
- *Operating activities used ₦416.82m cash* — profit didn't convert to cash yet. The rights issue is what strengthened liquidity.

*Market:* Closed at *₦1.90* on Oct 20, down 22.5% YTD from ₦2.45.

*Infinity Trust Mortgage Bank Plc — N50bn capital raise approved*

At an Extraordinary General Meeting (EGM) held Tuesday in Abuja (chaired by Nkechi May Bibilari, held electronically):

1. *N50bn Raise:* Shareholders authorized the board to raise up to *₦50 billion* via rights issue, private placement, and/or public offer — terms and pricing to be set by directors, subject to regulatory approvals.

2. *Preference share conversion:* Approval to convert *600 million preference shares (₦600m)* into ordinary shares, at a ratio and price to be determined by directors.

3. *Share capital increase:* Issued share capital to be increased and Memorandum & Articles amended to reflect new structure.

4. *Board appointments:* Two new non-executive directors nominated for 4-year renewable terms (subject to CBN approval):
- *Hajia Aisha Ibrahim Rufai* — agric development advocate, ex-Nasarawa State appointee, now ED at North Central Development Commission
- *George Leonard Adah Onazi* — 33 years at CBN, retired as Director in 2018.

No timeline was given for completion. Directors and company secretary were authorized to execute documents and engage advisers to implement.

Faith and sense are not enemies.

In many churches here, anointing oil is olive oil, groundnut oil, or vegetable oil that was bought from the market, prayed over, and poured into a small bottle. The prayer changes the meaning, not the chemistry. Inside your body, it is still oil.

And your body treats it like oil:

*1. Your gallbladder and pancreas pay for it.* To digest large amounts of oil, your gallbladder has to release a lot of bile, your pancreas has to release a lot of lipase. If you do this often, especially on an empty stomach, as in Fasting naa — you get cramping, bloating, oily diarrhea, or nausea. In people with gallstones or a weak pancreas, it can trigger gallbladder attack, or pancreatitis, which is a medical emergency.

*2. It is not water. It does not flush.* Some people drink a full bottle at once, believing it will "flush poison." Oil is calorie-dense (9 calories per gram) and stays in your gut. Too much at once, can cause vomiting, aspiration into lungs, and severe diarrhea, that dehydrates you, instead of healing you.

*3. Not all anointing oils, are food-grade.* Some are mixed with fragrance, colour, or non-edible base oils, for scent. The label may say "external use only." Drinking that is not faith, it's chemical exposure, for your liver, and kidney.

*Faith does not require you to harm your body, to prove it.*

In the Bible, anointing was mostly external — on the head, feet, doorposts. Even when oil was used internally, it was a few drops, not a whole bottle.

Have faith o, but still have sense:

- If you must use it internally, for faith reasons, a few drops, is enough. Your God hears drops.
- If you have ulcer, gallstones, pancreatitis, liver disease, or you are pregnant — don't drink it at all.
- If after drinking, you have persistent stomach pain, vomiting, yellow eyes, or oily stool, for more than a day, that is not the deliverance finally taking place o — just go to the hospital, don't wait for a second anointing.

God that gave you the oil, He also gave you your liver. Use both wisely.

Anointing without wisdom, is just groundnut oil, in a holy bottle.

Faith and sense are not enemies.

In many churches here, anointing oil is olive oil, groundnut oil, or vegetable oil that was bought from the market, prayed over, and poured into a small bottle. The prayer changes the meaning, not the chemistry. Inside your body, it is still oil.

And your body treats it like oil:

*1. Your gallbladder and pancreas pay for it.* To digest large amounts of oil, your gallbladder has to release a lot of bile, your pancreas has to release a lot of lipase. If you do this often, especially on an empty stomach, as in Fasting naa — you get cramping, bloating, oily diarrhea, or nausea. In people with gallstones or a weak pancreas, it can trigger gallbladder attack, or pancreatitis, which is a medical emergency.

*2. It is not water. It does not flush.* Some people drink a full bottle at once, believing it will "flush poison." Oil is calorie-dense (9 calories per gram) and stays in your gut. Too much at once, can cause vomiting, aspiration into lungs, and severe diarrhea, that dehydrates you, instead of healing you.

*3. Not all anointing oils, are food-grade.* Some are mixed with fragrance, colour, or non-edible base oils, for scent. The label may say "external use only." Drinking that is not faith, it's chemical exposure, for your liver, and kidney.

*Faith does not require you to harm your body, to prove it.*

In the Bible, anointing was mostly external — on the head, feet, doorposts. Even when oil was used internally, it was a few drops, not a whole bottle.

Have faith o, but still have sense:

- If you must use it internally, for faith reasons, a few drops, is enough. Your God hears drops.
- If you have ulcer, gallstones, pancreatitis, liver disease, or you are pregnant — don't drink it at all.
- If after drinking, you have persistent stomach pain, vomiting, yellow eyes, or oily stool, for more than a day, that is not the deliverance finally taking place o — just go to the hospital, don't wait for a second anointing.

God that gave you the oil, He also gave you your liver. Use both wisely.

Anointing without wisdom, is just groundnut oil, in a holy bottle.

*Learn to move on, from people who have really moved on.*

- *2024:* Nigeria exported *$21.7M* cocoa to USA.
- *2025:* Now *$142M* = *+650% growth in 1 year*.
- *Reverse trade:* *67%* of what USA sells to Nigeria is *WHEAT* — for bread, flour, noodles.

*Why the boom?*

1. *Global cocoa shortage* — Ivory Coast & Ghana (70% of world supply) had bad harvests in 2024 and 2025 due to disease and weather. World cocoa price hit *$10,000+ per ton* from $2,500. Buyers ran to Nigeria.

2. *Naira devaluation* made Nigerian cocoa cheaper in dollars — attractive to Hershey's, Mars, US chocolate makers.

3. *Direct trade push* — US bypassing middlemen in Europe, buying straight from Nigeria.

*What this means:*

This is why these NGX stocks pumped this year:

- *FTN Cocoa* (has gained 50.00%)
- *Multi Trex* (has gained 83.30%)
- *Zichis* (has gained 774.00%)
- *Okomu Oil* (has gained 16.60%)
- *Presco*(has gained 41.10%)
- *Ellah Lakes* (has lost 41.80%)
- Even *Honeywell Flour Mills* (has lost 19.00%), and *NNFM* (has lost 5.81%), benefit, because wheat import = flour production.

*But the real question:* Are Nigerian cocoa farmers actually seeing that $142M?

Most still sell at farm gate ₦2M per ton, while exporters make the margin. The $142M goes to 5 to 6 big exporting companies, not 300,000 small farmers.

If you want to play this trade:
- Don't buy raw cocoa — buy *FTN Cocoa Processors, Multi-trex, Okomu, Presco, Zichis*.
- Or buy via *SEC National Savings Scheme* — agro funds will benefit.

This trade also shows — *Nigeria CAN export its way out of poverty* when world needs what we have. Not just oil.

*SECURE ELECTRONIC TECHNOLOGY (NSLTECH) Q3 2026:*

*Q3 alone:*
- Sales: ₦920.7m vs ₦1,088.89m last year = *-15.4% down*
- Net Loss: ₦105.76m vs ₦45.36m last year = *loss doubled*

*9 Months:*
- Sales: ₦2,873.44m vs ₦3,111.09m = *-7.6% down*
- Net Loss: ₦118.29m vs ₦92.85m = *-27% worse*

So business is shrinking, and losing more money.

*Why did stock still go +4.29% to ₦0.73 yesterday?*

Two reasons:

1. *Penny stock effect* — At ₦0.73, even small buy order moves price 4.29%. It's not about fundamentals, it's speculation.
2. *Market was up* for small caps yesterday — NSLTECH is -3.95% YTD, so some traders buying the dip.

*My take:*

This is a company to *Avoid Completely*. Lottery business (they do Lotto), is tough now — competition from sports betting, low patronage, high costs.

NSLTECH is *turning small loss to bigger loss*. Revenue falling for 3 quarters straight.

If you hold this, you are betting on turnaround, that is not showing in numbers yet.

*LASACO*.

*What the result says (9 months to Sept 30, 2026):*

- *Net Income:* ₦1.247 BILLION profit vs ₦4.811 BILLION loss same period last year.
- *EPS:* ₦0.11 profit vs ₦0.43 loss last year.
- *Stock reaction:* +8.57% today to ₦1.90

*Translation:*

Last year LASACO was bleeding heavily — negative ₦4.8bn. This year they reversed it completely to positive. That is a swing of over *₦6bn* in profit improvement.

This likely means:

1. New MD/CEO *Ademoye Shobo* (appointed Feb 6, 2026) is cleaning up the book.
2. Insurance revenue grew (they reported ₦29.98bn for Dec 2025 year-end).
3. Less claims loss or better investment income.

*But watch this:*

- Even with +8.57% today, LASACO is still *-22.45% YTD* since Jan 1st. So it's recovering, not yet in bull run.
- At ₦1.90, market cap is still small.
- Insurance sector in NGX is rallying this month — so Lasaco is riding sector wave too.

How come she had to stay with the Symptoms for complete 9 days at the hospital, before they finally detected it was Ebola, and are just now informing Nigerians and the world?

Seriously, the similarities between Nigerian Government and a Secret Society, is like the similarity in the height of Aki and PawPaw.

How come she had to stay with the Symptoms for complete 9 days at the hospital, before they finally detected it was Ebola, and are just now informing Nigerians and the world?

Seriously, the similarities between Nigerian Government and a Secret Society, is like the similarity in the height of Aki and PawPaw.

Breaking News!!!😭😭😭

FG has *today, Tuesday Oct 20, 2026* confirmed the first case of 2026 Ebola in Nigeria, at FCT Abuja.

*Details from Minister Prof. Ali Pate:*

- *1 imported case* of *Bundibugyo ebolavirus* in FCT Abuja — lab confirmed today
- *Patient:* Woman who arrived on international flight from *Uganda*. Developed symptoms *Oct 7*, went to a *private hospital in Abuja on Oct 11*, was there for several days before Ebola was confirmed
- *Status:* Now in isolation, stable, receiving care
- *44 close contacts identified so far* — includes healthcare workers, other patients, caregivers, and travel contacts (flight passengers)
- *Action:* NCDC, FCT Health Secretariat, WHO, Africa CDC coordinating. Contact tracing ongoing, surveillance intensified at entry points, hospital getting IPC support.

Minister said it's a *"contained case"* and asked Nigerians to remain calm but vigilant — remember Nigeria contained Ebola in 2014.

*What FG says to do:*
- No panic, but high alert in all hospitals nationwide
- Ebola spreads only by direct contact with blood/body fluids of sick person, not before symptoms
- Wash hands regularly, avoid contact with body fluids, report any suspected case immediately, don't stigmatize contacts.

If you were in Abuja or that hospital area recently, avoid self-medicating and call NCDC toll-free *6232* if you develop fever, vomiting, or bleeding symptoms.

Breaking News!!!😭😭😭

FG has *today, Tuesday Oct 20, 2026* confirmed the first case of 2026 Ebola in Nigeria, at FCT Abuja.

*Details from Minister Prof. Ali Pate:*

- *1 imported case* of *Bundibugyo ebolavirus* in FCT Abuja — lab confirmed today
- *Patient:* Woman who arrived on international flight from *Uganda*. Developed symptoms *Oct 7*, went to a *private hospital in Abuja on Oct 11*, was there for several days before Ebola was confirmed
- *Status:* Now in isolation, stable, receiving care
- *44 close contacts identified so far* — includes healthcare workers, other patients, caregivers, and travel contacts (flight passengers)
- *Action:* NCDC, FCT Health Secretariat, WHO, Africa CDC coordinating. Contact tracing ongoing, surveillance intensified at entry points, hospital getting IPC support.

Minister said it's a *"contained case"* and asked Nigerians to remain calm but vigilant — remember Nigeria contained Ebola in 2014.

*What FG says to do:*
- No panic, but high alert in all hospitals nationwide
- Ebola spreads only by direct contact with blood/body fluids of sick person, not before symptoms
- Wash hands regularly, avoid contact with body fluids, report any suspected case immediately, don't stigmatize contacts.

If you were in Abuja or that hospital area recently, avoid self-medicating and call NCDC toll-free *6232* if you develop fever, vomiting, or bleeding symptoms.

Secure Electronic Technology NSLTECH Plc has:

Return on Equity: -3.40%
Price to Earnings Ratio: -34.76x
Debt to Equity Ratio: 0.25x
Current Ratio: 0.32x
Net Profit Margin: -4.12%
Dividend Yield: 0.00%.

*When Companies make Loss, they do not Pay any Tax to Government. Why then is it that when we sell off the stock of that same Company at a Loss, we still get Taxed by Government?*

Lasaco Assurance Plc set to hit N2.09 KM tomorrow?

*FG unveils $1trn Capital Market Plan — NCMMP 2.0*

Unveiled in Abuja, by VP Shettima (represented by Sen. Hadejia):

*What was launched:*
1. *Nigerian Capital Market Master Plan 2.0 (2026-2036)*
2. *National Savings Scheme*

*Targets:*
- Grow market from *~N250trn now to N750trn by 2036* — SEC DG Emomotimi Agama
- Raise equities market cap from *33% of GDP to at least 60% of GDP*
- Secure *investment-grade credit rating within 3 years*
- Ultimate ambition: *$1 trillion capital market* — aligns with FG's broader $1trn economy push

*How they plan to get there — per Finance Minister Taiwo Oyedele:*
- Coordinated regulation, modern market infrastructure
- New investment products, broader investor participation
- Simplify investor onboarding, strengthen custody & settlement
- Reduce cross-border barriers — this is where JP Morgan's $38m licence deposit fits in
- National Savings Scheme for education, housing, business, retirement with tax incentives.

*The problem SEC flagged:*
> "Too few Nigerians own a share, a bond or a unit in a collective investment scheme. Much of our savings sits idle outside the formal system, and is quietly eroded by inflation."

And only *∼151 companies listed on NGX* — House Committee Chair Osita Izunaso said FG needs to push more listings, like the NNPC and NLNG listings rumoured.

*JP Morgan has reportedly deposited $38m with the CBN as part of its application for a banking licence in Nigeria.*

- *Amount:* $38 million paid to CBN as a licensing requirement.
- *Goal:* To set up a merchant bank operation in Nigeria before end of 2026.
- CBN yet to officially confirm.
- *Who's leading:* Dapo Olagunju, MD of JP Morgan West Africa, had said earlier they were targeting 2026 commencement
- *Context:* On Sept 15, 2026 JP Morgan added Nigeria to its new emerging markets index — which already boosted confidence in NGX.

*Why it matters for the market:*

1. *Capital market boost:* If NNPC, NLNG listings are also pushing FG's target of ₦750trn market cap, a JP Morgan merchant bank adds foreign credibility.
2. *For NGX:* More foreign inflow potential — merchant banks can deal in wholesale banking, advisory, FX, and fixed income, not retail branches.
3. *Naira angle:* Naira still depreciating on Oct 19. A bank like JP Morgan coming in doesn't fix FX immediately, but it's a vote of confidence.

This is still *unconfirmed by CBN*, so treat as reported move, not final approval.

Jaakay:
#Nonessentialalone, wont be a bad idea for you to block me too.

So why are you wasting time about it?

OPay's actual H1 2026 SEC filing:

- *Written off:* * $113.15 million* (~₦170bn at ₦1,500/$) — up 520.50% vs previous period
- *Overdue:* *$113.80 million* — 27.40% of $415.33M owed
- *Credit-loss expense:* *$118.36 million* — eating 25.30% of revenue
- *New loans issued:* *$927.63 million* — 3x the $305.12M prior year
- *Borrowers:* 3.5M → 6.7M quarterly borrowers
- *Overall business:* Still profitable — $467.06M revenue, $90.87M net profit

So why the defaults?

SEC filing points to:

1. *OPay's own aggressive expansion* - bigger loans, longer tenors to grow market share fast.
2. *Macro squeeze* - stretched incomes, high interest rates
3. *Loan stacking* - same borrowers taking from multiple loan apps at once.

They've now tightened consumer lending rules and pivoted to lower-risk merchant loans.

In short: high risk strategy met hard economy — write-offs were the cost of that growth.

He who sells his brother, should not be trusted by a stranger.

*NAFDAC operation in Aba:*

*Location:* No. 25 Omenazu Street, Aba, Abia State.

*What was found:*
- Facility producing suspected counterfeit alcoholic drinks in unhygienic conditions.
- Operator fled, abandoned vehicle containing counterfeit packaging for Sir Edwards Scotch Whisky and Scottish Hills Whisky, empty bottles, and a drum with ∼200 litres of liquid.
- Inside: counterfeit packaging materials, caps, sealing machines, empty bottles, cartons, tanks with liquid concoctions, dirty sieves.
- Buckets and 200-litre drums with ethanol and tree bark soaked in ethanol.

*Estimated value:* Over ₦500 million for equipment, materials and facility.

*NAFDAC action:* Sealed facility, asking public to report illegal manufacturing via:
- Call Centre: 0800-1-623322 or 0700-1-623322
- Email: reforms@nafdac.gov.ng

*Taiwo Oyedele, Minister of Finance, on fuel tax:*

- FG will only introduce fuel tax when economy stabilises and incomes improve enough for Nigerians to handle it.
- He said in many countries taxes are 20-80% of pump price, and many African countries have 6-10 different taxes on fuel.
- Reason for delay: Taxing fuel while it was subsidised would mean government paying itself. Taxing right after subsidy removal would have added too much pressure.

- *Purpose of future tax:* Revenue would be ring-fenced for road infrastructure and to build a fuel reserve to moderate price shocks. The reserve would also allow government to waive the tax temporarily during price spikes.

- *Transparency:* Tax can't take effect until Finance Minister publishes an order in the gazette - so it can't be done secretly.

- *On subsidy timeline:* He said subsidy was fully removed by October 2023, after initially managing both fuel price and FX rate when naira hit N1,600-N1,900.