₦airaland Forum

Osgilliat:
That explains why redemption request was executed same day yesterday. I was surprised.

The combined balance sheets of Nigeria’s top ten commercial banks expanded to ₦202 trillion (approximately $147 billion) in the first quarter of 2026.

This monumental asset surge reflects broader financial system liquidity, the inclusion of newly acquired regional assets, and balance sheet adjustments forced by the Central Bank of Nigeria’s (CBN) newly completed structural recapitalization cycle.

What’s driving the numbers

Access Holdings led the pack with ₦53.43 trillion in assets, followed by United Bank for Africa at ₦33.13 trillion and Zenith Bank at ₦32.01 trillion.

FirstHoldCo Plc reported ₦26.87 trillion, Guaranty Trust Holding Company ₦18.75 trillion and Fidelity Bank ₦11.35 trillion.

Rounding out the top 10 were Stanbic IBTC HoldCo (₦9.7 trillion), FCMB (₦7.54 trillion; December 2025 figure), Wema Bank (₦5.23 trillion) and Sterling Bank (₦4.07 trillion).

Composition and implications

Investment securities, loans and advances, and cash and bank balances were the major components of the asset bases, underscoring a mix between liquidity buffers and interest-earning assets.

The concentration at the top — with Access Holdings’ balance sheet more than 1.6 times the size of the next largest lender — highlights the increasing scale advantage enjoyed by a few groups, a factor that can drive pricing power in corporate and wholesale markets.

The Top-10 Banking Asset Leaderboard (Q1 2026)

The industry remains heavily top-heavy, with the traditional “FUGAZ” elite five capturing 81.25% of the entire asset pool of the top ten banks.

Macro Implications & Investor Impact

Bigger balance sheets bolster capacity to underwrite large corporate credits and deploy capital across regional opportunities, but they also raise scrutiny on asset quality and capital adequacy as banks chase growth.

Investors will monitor how the largest lenders manage risk-weighted assets, provisioning and funding costs, particularly if macro pressures or higher interest rates test asset-quality resilience.

This scale of capital accumulation however provides a vital protective shield for Nigeria’s broader economic system as it enters the second half of the year.

Fund Syndication Moats:
The ₦202 trillion asset base allows the local banking industry to single-handedly anchor mega-scale real-sector projects. High-profile transactions like the upcoming $11 billion Dangote Refinery expansion can now be comfortably syndicated internally using localized trade finance structures.

The Frontier Inflow Window:
These immense asset sizes line up perfectly with FTSE Russell’s upcoming September reclassification of Nigeria back to Frontier Market status. Because Chapel Hill Denham’s recent data shows that banks like Access, UBA, continue to trade at steep discounts (0.36x to 0.45x Price-to-Book), these massive balance sheets make the Nigerian banking index an appealing target for incoming global index-tracking funds.

Coscharis Group Chairman and Chief Executive Officer Cosmas Maduka has expanded the Nigerian conglomerate’s reach into Japan’s manufacturing sector by taking a stake in Izumi Chain Mfg. Co., according to the company’s recent activity and public materials seen by MoneyCentral.

The move adds a new industrial dimension to a business empire that began in 1977 as an importer and distributor of Japanese auto spare parts and accessories. It also aligns with Coscharis’s long-running presence in automotive and industrial machinery, suggesting a push beyond distribution into direct production capabilities.

Industrial Link

Izumi Chain Mfg. is an Osaka-based manufacturer founded in 1916, with a century-long history in industrial, automotive, motorcycle and bicycle roller chains. Its product line includes standard roller chains, stainless steel chains, automotive timing chains and high-performance bicycle and track chains.

By deepening ties with a Japanese original equipment manufacturer, Coscharis is positioning itself closer to the source of precision components and hardware used across transport and industrial applications. That could help support quality control, sourcing and technical know-how for its broader business operations.

Nigeria Angle

The investment also carries symbolic weight for Nigeria’s manufacturing ambitions, where access to technology, reliable supply chains and industrial partnerships remain major constraints. A direct link to a Japanese OEM may help Coscharis bridge global production standards with local market needs.

Maduka’s reported move to spend time in Japan underscores how hands-on the strategy appears to be. It also signals that the company is treating manufacturing not just as a trading opportunity, but as a platform for long-term industrial expansion.

Nigeria’s NGX All-Share Index has rocketed 66% in dollar terms this year, with 12-month gains nearing 200% and a market capitalization of $104 billion that has surpassed New Zealand’s and now rivals Portugal and Ireland in size.

This historic outperformance by Nigerian capital markets is being driven by the aggressive execution of President Bola Tinubu’s economic agenda.

By dismantling long-standing distortions—such as the fuel subsidy and a fragmented foreign exchange regime—Nigeria has transitioned from a “credibility discount” to a primary destination for emerging-market capital.

Market Performance Snapshot

Nigeria’s financial indicators reflect a significant return of investor confidence, further bolstered by surging oil prices amid the ongoing Middle East conflict.

Local-currency bonds have returned 14% in dollar terms year-to-date, outperforming all major emerging markets except Argentina and Brazil, while the naira currency has strengthened almost 6% and ranks as Africa’s No. 2 performer behind Zambia’s kwacha.

Nigeria’s dollar bonds have returned 5%, compared with an average of 1.3% for emerging markets, according to Bloomberg indexes.

Economic growth will accelerate to 4.1% this year, compared with 3.3% when Tinubu came into office three years ago, according to the International Monetary Fund.

Investors Return

Foreign inflows into Nigeria equities surged to ₦181.8 billion in March 2026, more than doubling the February figure of ₦72.3 billion.

“Nigeria is transitioning from a credibility discount to an execution story,” said Romain Bordenave of Edmond de Rothschild.

Corporate Sector Stars

Sector leaders in cement, banking, and energy have seen triple-digit gains as they capture the “growth dividend” of the current administration.
Bua Cement Plc is up 140%, Zenith Bank Plc has climbed 104% and MTN Nigeria Communications Plc, a mobile-phone provider, has gained 57%. Oil and gas exploration company Seplat Energy Plc has almost doubled, while rival Aradel Holdings Plc has soared 172%.

Strategic Catalysts: FTSE and Dangote

Two major structural events are expected to institutionalize these gains and provide a massive injection of liquidity into the market by late 2026:

FTSE Russell Reclassification:
Nigeria will be reclassified to Frontier Market status in September 2026. This move will trigger automatic inflows from global index-tracker funds that have been on the sidelines.

Dangote Refinery IPO: Aliko Dangote has confirmed plans to float 10% of the refinery (valued between $25bn–$45bn) on the Nigerian Exchange, with secondary listings elsewhere in Africa. This listing alone could increase the total market cap of the NGX by over 30%.

Macroeconomic Outlook

The IMF projects Nigeria’s GDP growth to accelerate to 4.1% this year. This optimism is supported by:

Credit Rating
Upgrades: Upgrades from Moody’s and Fitch in 2025, which lowered the sovereign risk premium.

Oil Windfall:
Higher global crude prices have provided a fiscal buffer, supporting the naira and government revenue.

FirstHoldco Plc delivered a masterclass performance in its first-quarter 2026 financials, recording a 72% year-on-year profit before tax (PBT) growth

Profit before tax (PBT) jumped to ₦321 billion from ₦186.47 billion in the corresponding period of 2025, supported by steady interest-earning capacity and robust fee income generation.

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

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

Post its 2025 balance-sheet cleanup, FirstHoldco’s Q1 2026 results also established the group as the second-largest Nigerian lender by absolute profit before tax, trailing only Zenith Bank.

In Q1, 2026, Zenith Bank reported PBT of ₦360.91 billion, FirstHoldCo ₦321 billion, GTCO ₦302.89 billion, Access Holdings ₦272.2 billion and UBA ₦160.65 billion.

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

Rather, it is the result of a deliberate “kitchen-sinking” of bad assets in the 2025 financial year, which saw the group take a historic ₦826.3 billion impairment charge to resolve historical asset quality concerns once and for all.

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

The Profitability Outperformer: Return on Equity Leadership

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

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

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

The Revenue Engine: Optimized Asset Mix

FirstHoldCo’s outperformance is structurally rooted in its superior asset yield, particularly within its loan book. Unlike some peers who have historically relied on the “carry trade” of government securities, FirstHoldCo has aggressively pivoted toward private sector credit. In Q1 2026, the group generated ₦466 billion in interest income from loans and advances to customers, representing a 28% increase from the prior year.

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

Operational Resilience

FirstHoldCo’s Cost-to-Income Ratio (CIR) improved remarkably from 53.8% in late 2025 to 45.2% in Q1 2026. While it still trails GTCO (the industry efficiency benchmark at 30.9%) and Zenith (43.5%), it has significantly outperformed Access Corp (55.8%) and UBA (61.2%).

The improvement in FirstHoldCo’s ratio is even more impressive when considering that its total operating expenses rose 21% year-on-year to ₦298 billion. The key to this outperformance is “positive operating leverage”—the group’s net earnings grew by 41%, effectively “outrunning” its expense growth.

Recovery and Credit Quality

The most profound turnaround in FirstHoldCo’s financial profile is found in its “Other Non-Interest Income,” specifically the “Recoveries” line item. In Q1 2025, the group reported a modest ₦1 billion in loan recoveries; by Q1 2026, this figure surged by 1570% to ₦19 billion.

This outperformance in debt recovery is a direct consequence of the 2025 balance sheet reset. Having aggressively written off legacy non-performing loans (NPLs), the bank’s specialized recovery units are now clawing back value from these assets, which flows directly to the bottom line as non-interest income.

Balance Sheet Dynamics: Liquidity and Funding

FirstHoldCo’s balance sheet reflects a bank that is both liquid and well-positioned for the “normalization” phase of the economy. Total assets stood at ₦26.8 trillion in March 2026, a slight 2% decline from December 2025, primarily due to the strategic balance sheet management.

FirstHoldCo Resets and Positions for Growth in 2026 and Beyond

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

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

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

Georgry:
South Africa and Egypt are out producing Nigeria who has up to 4 times their population, Nigeria is, simply put, not a productive country.

however population doesn’t create productivity systems do. Nigeria has almost four times the people, yet these countries produce more because their infrastructure actually works.

Nigerians are naturally productive people, but how far can productivity go when the most basic structures are missing? Look at electricity alone.

The epileptic power supply is destroying small businesses. A friend running a dry-cleaning shop is spending huge amounts on generators and fuel every week. In Nigeria, the cost of energy compared to income is one of the highest anywhere in the world.

The same thing applies to transportation. Why can’t someone stay in Auchi and easily sell to a bigger market like Benin, which is just about 126 km away? A trip that should take under three hours becomes a major challenge simply because the roads are terrible. Bad infrastructure closes markets and suffocates growth.

Access to capital and high initial start-up cost due to inflation is also a problem, it will cost you over 1 million naira to start a dry cleaning business (basic business) Not because the business is naturally expensive, but because you're forced to provide power, water, security, and other things the system should already have and come to think about it, how many people has 1 million naira in Nigeria?

Nigeria’s problem isn’t that its people are lazy or unproductive. The real challenge is that we are operating in an environment where you must first build your own mini-government before you can run a simple business. Until basic infrastructure is fixed, productivity will remain low, and growth will continue to be slow.

The International Monetary Fund (IMF) has identified the Dangote Petroleum Refinery as a primary driver of Nigeria’s economic diversification, projecting that the facility will boost the country’s non-oil GDP by approximately 1.5% in 2026.

This “refinery dividend” is expected to be a key factor in helping Nigeria reclaim its position as Africa’s third-largest economy, with total GDP projected to hit $334 billion.

Beyond simple fuel production, the IMF’s outlook emphasizes the “multiplier effect” of the $20 billion project, which acts as an industrial anchor for the broader economy.

The Multiplier Effect: Employment and Linkages

The refinery’s contribution to non-oil growth is driven by its deep integration into the domestic supply chain:

Job Creation: The project is estimated to support over 100,000 direct and indirect jobs, significantly impacting the services, logistics, and retail sectors.

Forward Linkages: The refinery provides essential feedstock for a new wave of industrialization:

Petrochemicals: Production of polypropylene and polyethylene for the plastic and packaging industries.

Agriculture: Integration with the fertilizer plant to secure urea supply for the farming sector.

Manufacturing: Reliable access to industrial solvents and chemicals for pharmaceutical and textile firms.

Infrastructure and Real Estate Boom

The sheer scale of the Lekki-based complex has triggered a localized “Gold Rush” in infrastructure development:

Connectivity: The refinery necessitated the construction of the world’s largest sub-sea pipeline network (1,100 km) and major road upgrades in the Lekki-Epe corridor.

Property Value: Real estate analysts have noted a surge in property demand in the surrounding Ibeju-Lekki area, as a massive migration of skilled professionals and ancillary businesses moves into the free trade zone.

Strategic Import Substitution

By shifting Nigeria from a consumer of foreign-refined fuel to a producer, the refinery fundamentally alters the nation’s fiscal math:

Forex Preservation: At full capacity, the refinery is expected to save the country roughly $10 billion annually in foreign exchange, relieving pressure on the Central Bank’s reserves.

Naira Stability: Reduced dollar demand for fuel imports is a core pillar of the IMF’s “constructive” outlook for the Naira in 2026, which in turn lowers the cost of doing business for non-oil manufacturers.

VeeVeeMyLuv:
But gap is getting wide again

N1,490 black market
N1,423 official rate

Nigeria’s gross foreign exchange (FX) reserves have surged to $45.9 billion, marking their highest level since August 2018.

This milestone, achieved in January 2026, signals a significant stabilization of the nation’s external balance sheet and provides the Central Bank of Nigeria (CBN) with a massive “war chest” to defend the Naira and support the ongoing economic expansion.

Drivers of the $45.9 Billion Surge

The rapid accumulation of reserves is the result of a “perfect storm” of orthodox monetary policies and market conditions:

The “Refinery Effect”: With the Dangote Refinery meeting over 70% of domestic fuel demand, the CBN has effectively ended the $1.2 billion monthly drain previously required for petroleum imports.

Crude Oil Volume Recovery: Under the NUPRC’s “Volume Recovery Mandate,” Nigeria’s crude production has stabilized above 1.5 million barrels per day (mbpd), significantly boosting dollar inflows from oil royalties and taxes.

Foreign Portfolio Investment (FPI) Inflows: High-interest rates (with the MPR at 27.25% in late 2025) lured yield-hungry global investors back into Nigerian Treasury Bills and OMO (Open Market Operation) bills, injecting billions in “hot money” into the reserves.

Strategic Implications for the Naira

The $45.9 billion figure provides a psychological and fundamental boost to the currency markets:

Reduced Volatility: With reserves at this level, the CBN has the firepower to intervene in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to smooth out volatility and prevent speculative attacks on the Naira.

Import Cover: Nigeria now boasts over 9 months of import cover, well above the international benchmark of 3 months, enhancing the country’s sovereign credit rating.

Investor Confidence: The “reserves rally” is expected to trigger a further decline in Nigeria’s Eurobond yields as international lenders perceive a lower risk of default.

The Path to $50 Billion?

Analysts forecast that if oil prices remain above $60 and domestic production climbs near the 2.0 million bpd target, Nigeria could see its reserves touch $50 billion by the fourth quarter of 2026. Those would be levels last seen in 2009, under the Presidency of Umaru Musa Yar’Adua.

MoneyCentral estimates that reserves have been rising at a pace of roughly $500 million a month over the past year based on CBN data.

Nigeria’s Dangote refinery supplied 32 million liters/day to the Nigerian market equivalent to 200,000 barrels per day (b/d), 36% less than its projected output for December, the country’s downstream regulator (NMDPRA) said Jan. 15.

This surge represents a critical turning point, as the refinery now satisfies approximately 60-70% of Nigeria’s total domestic gasoline demand from a single facility.

Since starting up its operations in 2024, the 650,000 b/d Dangote plant has been the only domestic refinery in Nigeria to consistently produce gasoline, the main fuel type used in the African economic powerhouse.

Breaking the Import Dependency

For decades, Nigeria relied on “Direct Sale Direct Purchase” (DSDP) swaps to meet its fuel needs. The 200,000 b/d milestone effectively renders large-scale gasoline imports from Northwest Europe obsolete.

By injecting 200,000 b/d directly into the domestic market via sea-borne shuttles to Atlas Cove and truck loading at the Lekki hub, the refinery has slashed the “dead time” associated with importing fuel from the ARA (Amsterdam-Rotterdam-Antwerp) region.

Analysts estimate that this level of domestic production is saving the Central Bank of Nigeria (CBN) approximately $1.2 billion monthly in retail fuel import costs.

The sustained 200,000 b/d output is creating a “supply cushion” that has stabilized pump prices across major Nigerian cities.

If Dangote continues to scale toward its 650,000 bpd nameplate capacity, Nigeria is expected to become a net exporter of gasoline to the West African sub-region (Ghana, Togo, and Benin) by mid-2026.

The NNPC Limited has reportedly reduced its external import orders for Q1 2026 by 85%, relying almost exclusively on the Lekki-based refinery for national energy security.

Supply Chain Transformation

The 200,000 b/d volume has also tested and proven Nigeria’s domestic distribution infrastructure:

The refinery’s gantry is now handling over 3,000 trucks daily, leading to calls for the urgent rehabilitation of the Lekki-Epe expressway and increased use of coastal vessels to reach the Calabar and Port Harcourt depots.

With local production dominating, the “Dangote Price” has become the de facto benchmark for the Nigerian market, decoupling local pump prices from the volatile Atlantic Basin import premiums.

Waltersmith Modular Refinery to Start in January

As the Nigerian energy landscape enters a period of rapid industrialization, the Waltersmith Petroman Oil Limited modular refinery is set to commence its highly anticipated Phase 2 operations in January 2026.

This expansion marks a critical step in the company’s evolution from a niche producer to a major regional energy supplier.

The January 2026 restart represents the commissioning of the refinery’s second phase, which is set to double its output. The refinery began operations in 2020 with a 5,000 bpd capacity, with the expansion to double capacity to 10,000 bpd.

The Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA) granted a License to Construct (LTC) for Phase 2 in late 2024.

Unlike Phase 1, which focused primarily on diesel (AGO), naphtha, and heavy fuel oil, the 2026 expansion includes specialized units for Premium Motor Spirit (PMS/Gasoline) and Dual Purpose Kerosene (DPK).

Waltersmith plans to expand further to a total capacity of 40,000 to 50,000 bpd by adding more modular units.

They are working to secure sufficient crude oil supply, including from their own upstream operations and nearby sources.

The expansion is a key part of Nigeria’s strategy to reduce reliance on imported petroleum products by building local refining capacity.

seunmsg:
The Adenuga and Balogun family can’t rescue their banks?

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has made a bombshell allegation against the Chief Executive Officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, stating that he spent $5 million on school fees for his children in Switzerland and is also engaged in economic sabotage against Nigeria, by approving massive petrol imports.

The NMDPRA regulates one of the Dangote Group’s major businesses, the 650,000 barrels per day Dangote Petroleum Refinery in Lagos.

The central financial allegation is that Engr. Ahmed public sector salary could not have financed spending over $5 million on his children’s education in elite schools abroad, specifically prestigious Swiss schools, the implication of that being alleged corrupt earnings.

Dangote also accused the NMDPRA leadership of economic sabotage for continued issuance of import licenses for refined petroleum products, undermining the domestic downstream oil sector and Nigeria’s economy.

“The regulator Farouk put 4 of his children through elite secondary schools in Switzerland and paid tuition fees of $5 million over a 6-year period on his children’s education, however his income as a public servant does not match his ability to pay those fees,” Dangote said in a press briefing in Lagos.

“He (Farouk) has worked all his life in the public sector, so how did he make such an amount of money to educate his children overseas and pay such a huge amount of money? The downstream must not be destroyed by one person for personal interest.”

Dangote alleged that import licenses covering approximately 7.5 billion litres of PMS (Petrol) were issued for Q1 2026, despite significant local production capacity, which forces local refiners to buy crude at a premium and struggle to compete with subsidized or deliberately encouraged imports.

The NMDPRA said last week that the Dangote Refinery evacuated 23.52 million litres per day of Premium Motor Spirit (PMS) or petrol on average in the month of November, adding that the figure fell short of the planned Dangote Refinery domestic PMS or petrol supply of 35 million litres a day.

Dangote however disputed the NMDPRA figures stating that the regulator was only reporting what had been evacuated from the refinery and not the total output that was produced.

“There is more than enough to supply the market,” Dangote said.

Farouk must be investigated says Dangote
Dangote said the NMPDRA Chief Executive Officer (CEO)Farouk Ahmed must be investigated by the appropriate authorities such as the Code of Conduct Bureau (CCB) to ascertain if his earnings as a public officer matches his high profile expenditure.

“Let the legal process take its place. The CCB needs to see if his (Farouk’s) salary matches the $5 million spent on his children’s school fees. He must not compromise his government job at the cost of Nigerians, when a lot of people cannot pay N100,000 school fees in Sokoto State where he comes from,” Dangote said in the press briefing with MoneyCentral in attendance.

Dangote said that very few foreigners are operating in Nigeria’s downstream sector due to the corrupt practices and regulatory uncertainty hindering the sector.

“The NMDPRA issued a reckless amount of licenses for petrol imports to the tune of 7.5 billion liters for the first quarter (Q1) of 2026,” Dangote said.

“Farouk should not be allowed to continue to destroy the economy of Nigeria. He should be investigated by the Code of Conduct Bureau. I will not be able to afford sending four of my kids to school abroad for six years for $5 million in Switzerland.”

DomPerignon:
A budget that relies on federal handouts and federal guarranteed debt is what you are praising.

Compare the IGR projected income to federal allocations and tell me why we should not refer to Abia as a hopeless welfare state dependent on FG handouts.

KingAzubuike:
There is a parallel universe out there. Because energy cannot be destroyed, life continues in the parallel universe. The kind of life you will continue there depends on the choices you made prior to your death in this dimension.

For example, if you are young and died from a car crash on earth, in a parallel universe you would have remained indoors instead of going out that day. Meaning you would not be involved in a car crash.

If you died from old age on earth, in a parallel universe, you'd roll back the years albeit, certain decisions you made on this dimension would be different from the choices and decisions you made in that parallel universe. For example, I a parallel universe, you would have married a different woman.
Abacha would bot have died and would have still been ruling nigeria.
Or Nigeria would have still been under the British colony.
We might even still be in 1920 instead of 2025
Flying cars might be existing in a parallel universe.
Your mother might have married a different person and hence the way you look in this dimension might be different from the way you would have looked in another.

CodeTemplarr:
I feel for Glo.

muyico:
glo work with weather
if rain fall
they re network fall

Jamie248:
Globacom is nothing but a money-laundering and tax evasion scheme

Madmohamed1:
We knew where the IGR are coming from , don't come here to bust out.

Lagos is like a prodigal son who want to take everything away from his brothers.