COVER
Nigeria under Siege, APC Admits

… Banditry: Residents Deserts 50 Niger Villages
…Abductors Kill Two More Greenfield Varsity Students
…Gbajabiamila Meets Buhari
…Army Records Seven Casualties, Kill Several Insurgents
The ruling All Progressives Congress (APC) yesterday broke its silence over the rising spate of insecurity across the country with an admittance that the country is under siege.
In a statement issued yesterday in Abuja, National Secretary of the APC Caretaker/Extraordinary Convention Planning Committee (CECPC), Sen. John Akpanudoedehe also appealed to Nigerians to eschew partisanship and unite to rescue the nation.
Akpanudoedehe said the issue of insecurity in the country has found expression in terrorist and criminal activities of Boko Haram, bandits, kidnappers, rustlers and recently the highly condemnable attacks on security formations in some states, saying such are current realities that face the country today.
He said the party is well focused on identifying and bringing to book the perpetrators and sponsors of the insecurity, adding that it is only in an atmosphere of tranquility that development will thrive.
“These are current realities and the All Progressives Congress (APC) will not play politics with matters of life and our collective wellbeing as a nation.
“As a progressive party in government, we are fully-focused on identifying and bringing to book the perpetrators and sponsors of this hydra-headed insecurity monster and consolidating on our visible development strides. While the party sympathizes with all affected by the security incidents, we call on all to unite against insecurity and criminality, however expressed.
“Only in safety can we enjoy the current agriculture revolution which has seen Nigeria achieve self-sufficiency in rice and other staple food items. Only in safety can we enjoy the current infrastructure revolution that has witnessed the rehabilitation, construction and reconstruction of over 13,000 kilometers of critical federal roads, construction of thousands of affordable and acceptable housing.”
The APC scribe added that the security services are doing their best to contain the situation and appealed to the people to show understanding and support them.
“We must shun the antics and activities of unpatriotic and sectarian opportunists fanning divisive embers, promote peaceful coexistence, eschew bitterness and unite against insecurity and crime, for the development of the country.
“Despite our natural differences in culture, religion and ethnicities, we are more patriotic, alike and united than bigots, sectarian opportunists and unpatriotic partisans try to make us believe. We have a collective stake in our country’s security and ensuring that Nigeria works for all,” Akpanudoedehe added.
… Banditry: Residents Deserts 50 Niger Villages
Niger State Governor, Abubakar Sani Bello, yesterday said no fewer than 50 villages across five local government areas of the state have been disserted as a result of banditry, causing humanitarian crisis in the state.
Governor Bello stated this when he declared opened a two day workshop on strategies for enhancing Internally Generated Revenue of Local Government Councils in Minna.
Bello, who acknowledged that the workshop is apt, stressing the need for local government Councils to look inwards and strengthen Internally Generated Revenue by expanding the tax net so as to meet the increasing demands in their Local Government Areas in particular and the State in general.
He noted that the present IGR cannot sustain the developmental aspirations of the State particularly with the security challenges that have bedeviled some parts of the State, stressing that while Government is making efforts to boost its revenue, “It must block leakages, cut down cost, adding that it will not hesitate to do away with Local Government Staff that are not adding value.
“As we speak we have not less than 50 villages deserted across 5 local governments now where do we get the resources to take care of them if 80% of our resources go to those that do not add value to the system?
“Now we have to deal with humanitarian problems and security problems all these require resources that we do not have. So the only way we can survive is to increase our IGR.
“At the moment we have over 3,000 IDPs in Minna, apart from other local governments, he said.
The Governor urged participants to be attentive, actively participate and make meaningful contributions that will give them more insight into strategies of enhancing IGR for socioeconomic development at the local government levels.
Chairman, Local Government Service Commission Muhammad Ahmed Dabban and the Permanent Secretary of the Commission Nuhu Garba Ngaski in their separate remarks explained that the workshop was organized for Local Government Directors of Administration and Finance, Revenue officers as well as heads of finance of development areas in Niger State.
They both said that the workshop is primarily to ensure proper and accurate implementation of financial memoranda, have internal control system for enhancing revenue collection by the councils, enhance capacity as well as improve the quality of participants in their respective duties among others at the local government levels.
The Resource Person Malam Haruna Yahaya, who gave the synopsis of the workshop said the objectives of the workshop was to ascertain full understanding of revenue profile , develop comprehensive strategies to ensure enhanced revenue based of each local government and to promote transparency as well as accountability towards proper accounting for the revenue.
Abductors Kill Two More Greenfield Varsity Students
Kaduna state Commissioner, Ministry of Internal Security and Home Affairs, Mr.Samuel Aruwan, has confirmed the killing of two more students of Greenfield University Kaduna.
He said on Monday, that the Government will update the citizenry on further developments. “On a sad note, security agencies have just reported to the Kaduna State Government the recovery of two more dead bodies of Greenfield University students, killed by armed bandits today, Monday 26th April 2021.
“The retrieved corpses have been evacuated to a mortuary, and the university has been notified of the development. ” “The Government of Kaduna State under the leadership of Malam Nasir El-Rufai is saddened by this evil perpetrated against innocent students abducted while pursuing their education for a glorious future. ” “The Government sends its deep empathy to their families and the university management and prays for the repose of their souls. ” “The Government will update the citizenry on further developments,” he said. This now brings the number of students to 5 who were killed by the kidnappers, while demanding N800 million ransom from the parents.
Gbajabiamila Meets Buhari
President Muhammadu Buhari met behind closed doors yesterday with the Speaker, House of Representatives, Femi Gbajabiamila, at the Presidential Villa, Abuja, over the spate of insecurity in the country.
.The meeting was part of the ongoing strategic engagements of the president with relevant stakeholders aimed at finding solutions to the nation’s security and socio-economic challenges.
Speaking to State House correspondents at the end of the meeting with the president, Gbajabiamila reiterated the commitment of the National Assembly to continue to assist President Buhari as “he works hard to find a lasting solution to the present security challenges confronting the nation.’’
He explained that his discussion with the president centred on security and other matters related to the development of the country.
He said: “We always speak about the state of security because that is number one; we spoke about the economy; we spoke about the politics of it all. At least he has a listening ear.
“We proffer ideas and he tells us his own views and we come to some consensus one way or the other.
“Some of these things, you cannot be privy to them for now. We are still working on a way out and all I will always say is, uneasy lies the head that wears the crown.”
According to the speaker, the president is very passionate about finding a solution to the problem.
“The President is dealing with a very difficult situation and he is as passionate as anybody else, to bring it to a closure and we are here to help him achieve that,” he added.
He revealed that the House of Representatives had since set up a special committee that would offer solution to the nation’s security challenges.
“You are aware that the House of Representatives sometimes passed a resolution where we set up a special ad-hoc committee, which involves all Principal Officers and 30 other members of the House.
“We are going to start that process by looking at different solutions and we would be bringing the report to the President.
“He is fully aware of it and he is open to any and everything that would help us in coming to a resolution in this security matter,” he said.
Army Records Seven Casualties, Kills Several Insurgents
Meanwhile, the Nigerian Army foiled multiple attacks lunched by Boko-Haram terrorists and those of Islamic State of West Africa Province (ISWAP) at Mainok town of Borno State
A statement by the Director, Army Public Relations, Brigadier General Mohammed Yerima on Monday, explained that troops of Operation Lafiya Dole deployed in Mainok, Borno State, on Sunday came under multi-directional attacks by Boko Haram/ISWAP terrorists mounted on unconfirmed number of Gun Trucks as well as foot soldiers with possible intent of establishing a phantom caliphate in the town.
According to Yerima, the terrorists were held by the gallant troops of 156 Task Force Battalion until the arrival of reinforcement teams from 7 Division, Special Army Super Camp Ngamdu and Army Super Camp 4, Benesheik.
He said during the fire fight which lasted several hours, the gallant troops tactically lured a number of the terrorists into a killing zone within their camp where the Air Task Force of Operation Lafiya Dole scrambled Alpha jets and helicopter gunboats which took turns in decimating the already trapped terrorists.
“In the aftermath of the encounter, scores of Boko Haram terrorists were neutralized with their body part littering the area and a number of their gun trucks destroyed.
” Regrettably, one gallant Officer and six soldiers paid the supreme sacrifice while 5 other soldiers sustained various degrees of injuries”,he said
He said the wounded soldiers have already been evacuated to the military medical facility for treatment.
As he said troops have taken full control of Mainok and environ as exploitation for fleeing terrorists is ongoing.
“The Chief of Army Staff, Lt. Gen. Ibrahim Attahiru has applauded troops of Operation Lafiya Dole for their resilience, commitment and doggedness and further reassured Nigerians of the Army’s unalloyed commitment to defeating Boko Haram/SWAP terrorists while urging citizens to always avail the troops with accurate and timely information for prompt action”.
COVER
Zenith Bank Profit before Tax Hits N351bn in Q1 2025

By Joel Oladele, Abuja
Zenith Bank Plc has recorded a 10% Year on Year (YoY) increase in Profit Before Tax (PBT), which stood at N351 billion as against N320 billion recorded in Q1 2024. Relative to the same period, Profit After Tax (PAT) also rose 21% to N312 billion.
The bank announced its unaudited results for the first quarter ended March 31, 2025, with a double-digit growth of 22% in Gross Earnings, from N781 billion reported in Q1 2024 to N950 billion in Q1 2025. From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Wednesday, the growth in the topline was driven mainly by a 72% increase in the Group’s interest and similar income which rose from N489 billion in Q1 2024 to N838 billion in the period under review.The growth in interest income was on the back of the sustained high-interest rate environment. However, non-interest income declined by 67%, with the increase in other operating income outpaced by the drop in trading gains.The profitability was further enhanced by a decline in the cost of funds, which stood at 3.9% in Q1 2025 versus 4% in Q1 2024. The cost of risk dropped to 1.8% against the 2.8% reported in March 2024. These reductions reflect the Bank’s proactive deposit mix optimisation, improved asset quality and enhanced risk management, contributing to overall earnings resilience. Net interest margin (NIM) improved to 10.3% in Q1 2025, up from 8.3% in Q1 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) both declined YoY to 29.4% and 4.0%, respectively.This decline reflects the impact of the recent industrywide recapitalization exercise, which expanded the Bank’s shareholding base.Gross loans reported a measured growth of 1% from N11 trillion in December 2024 to N11.08 trillion in March 2025, as the Bank cautiously grows its loan book.Customer deposits grew by 3% from N21.96 trillion in December 2024 to N22.68 trillion in March 2025. Total assets increased by 8% to N32.42 trillion within the same period.Prudential ratios remained well above the minimum regulatory requirement. At the end of Q1 2025, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 24% and 60% respectively, while Coverage Ratio remained strong at 217.2%, demonstrating the Bank’s enduring ability to maintain a robust and liquid balance sheet.As the Bank pursues enhanced profitability, its focus on cost efficiency, delivering superior customer experience, and a strategic improvement on digital adoption remain at the forefront of its blueprint. In addition, the Bank is well-positioned to deploy further capital to expedite its ongoing expansion plans as it seeks to create enhanced shareholder value and go for growth.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards.The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.COVER
Access Holdings Posts N182.75bn Profit in First Quarter
Access Holdings Plc said it generated N182.75 billion profits after tax for the first quarter of 2025, as against N159.29 billion recorded in the first quarter of 2024.The group disclosed this in its unaudited financial statement for the period ended March 31, 2025, which was released through the Nigerian Exchange Ltd.
The group also increased its profit before tax from N202. 74 billion in 2024 to N222. 78 billion in 2025.However, its total asset declined from N41.498 trillion in 2024 to N30.085 trillion in 2025.Meanwhile, its earning per share rose from N4.35 in 2024 to N4.88 in 2025.BUA Foods Declares 24% Revenue Growth in Q1BUA Foods Plc, diversified and leading food business, says the company’s revenue grew by 24 per cent to N442.1 billion in the quarter of 2025, up from N356.9 billion in the corresponding period of 2024.Dr Ayodele Abioye, the Managing Director, BUA Foods, made this known in a statement on Thursday in Lagos.Abioye said the company’s gross profit increased by 39 per cent to N160.91 billion, total equities improved by 29.2 per cent to N554.34 billion and its profit after tax rose by 124 per cent to N125.28 billionHe noted that the development showed robust growth across key financial indicators, driven by substantial increases in revenue from flour, which soared 145 per cent to N176.2 billion.He added that pasta rose by 12 per cent to N41.5 billion, and rice recorded a remarkable increase of 1,617 per cent to N13.02 billion.Abioye, however, noted that sugar revenue saw a slight 11 per cent quarter-on-quarter decrease to N211.3 billion when compared to its 2024 figure of N238.2 billion.“Total operating expenses for the period increased by 56 per cent to N22.39 billion from the Q1 2024 of N14.37 billion due to increases in selling and distribution expenses which rose 13 per cent to N11.08 billion.“In spite of the increase in operating expenses, BUA Foods achieved a substantial growth of 124 per cent in profit after tax to N125.28 billion in Q1 2025, compared to N55.82 billion in Q1 2024.“Consequently, Earnings per Share (EPS) also saw a significant increase of 125 per cent to N6.96 from N3.10 in the corresponding period,” he said.Abioye expressed pleasure of beginning 2025 on a strong note, as the business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape.He said in spite of operating in a high-cost environment, its proactive supply chain measures and improved internal efficiencies enabled the company to sustain strong operational momentum.He said the company remained focused on deepening market penetration and accelerating innovation to meet changing consumer needs.“With a stabilising economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025,” he said.(NAN)COVER
SEC Discovers another Ponzi Scheme, Warns Public against Risks
By Tony Obiechina, Abuja
The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro), warning Nigerians against falling for their antics to obtain money through promises of usually high returns.
The Commission raised the alarm in a notice issued yesterday and made available to journalists. The warning is coming barely a month after the alleged N1. 2tn digital trading fraud perpetrated by the embattled Crypto Bridge Exchange (CBEX) trading platform that reportedly affected over 600,000 Nigerians.In the notice, SEC warned that the suspected investment platform holds itself out as a cryptocurrency trading platform, adding that such an investment scheme is not registered by the Commission.SEC stated that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.Consequently, the SEC strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity, does so at their own risk.The notice further reads, “The attention of the Securities and Exchange Commission has been drawn to the activities of an online platform known as TOFRO.COM (Tofro), which holds itself out as a cryptocurrency trading platform.”The Commission hereby informs the public that the Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.”Investigations have revealed that Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.”Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such investment with the entity, does so at his/her own risk.”The Commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.”The SEC Director-General, Emomotimi Agama had said it is crucial that Nigerians understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by the SEC.