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NLC Cancels Workers’ Day Fanfare in Rivers over Emergency Rule

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By Joel Oladele, Abuja

The Nigeria Labour Congress (NLC) has announced the cancellation of its centralised May Day celebrations in both Rivers and Edo states. The decision is attributed to the enforcement of an emergency rule in Rivers State and allegations of political interference affecting the NLC’s operations in Edo State.

The national leadership of the NLC has instructed all affiliated industrial unions in Rivers State to limit their Workers’ Day observance to a subdued gathering at the state NLC secretariat.

Similarly, unions in Edo State have been directed to commemorate the day independently at their respective union offices.

These directives were communicated through separate letters dated April 22, 2025, and signed by the NLC’s Deputy General Secretary, Ismail Bello.

The NLC opposes the emergency rule in Rivers State, which involved appointing a sole administrator, and called for the reinstatement of the elected government.

In Edo State, the NLC is at odds with the current administration over alleged interference and the creation of factions within the state council.

In the letter to Rivers State NLC Chairman Alex Agwanwor, the NLC stated, “In line with our tradition, Workers’ Day will be commemorated on May 1, 2025. This year, congress has finalised arrangements to mark the day with the theme: ‘Reclaiming the Civic Space amid Economic Hardship,’ to be observed across the 36 states and the Federal Capital Territory.

“However, given the peculiar circumstances surrounding the subversion of democratic governance in Rivers State, the occasion calls not for fanfare, but for critical reflection on the need to restore democratic governance and prioritise the people in leadership.

“As a democratic organisation, we must use this occasion to call for the restoration of democratic rule in Rivers State. Therefore, you are directed to organise a peaceful rally within the premises of the Rivers State Council of the NLC, involving all affiliate members.

“The rally should include messages advocating democratic governance, improved welfare for workers, and the people’s yearning for freedom and liberty.”

In a similar letter to its Edo State Chairman, Olaye Odion, the NLC among others wrote, “Given ongoing efforts to resolve the crisis within the NLC Edo State council and to bring about unity among affiliates, you are directed to inform all affiliates to make independent arrangements to commemorate the 2025 May Day at their respective union offices.

“We assure you that congress will continue its efforts to resolve the crisis as soon as possible and urge all members to ensure a peaceful and hitch-free May Day celebration.”

Recall that the Edo State Government and NLC have had a frosty relationship due to the government’s rejection of Odion’s leadership of the state NLC following perceived political comments in the lead-up to last year’s governorship election.

The government reportedly expressed unwillingness to work with Odion and was accused of engineering factional divisions within the state council.

Attempts by the national leadership of the NLC and the Federal Ministry of Labour and Employment to mediate were allegedly rebuffed by the Edo State Government.

Despite repeated pleas from the NLC to handle the matter internally as an independent body, no progress has been made.

S’Court Afraid to Adjudicate on Emergency Rule, Says HURIWA

The Human Rights Writers Association of Nigeria (HURIWA) yesterday accused the Supreme Court of deliberately stalling proceedings on a critical constitutional case brought by 11 Peoples Democratic Party (PDP) governors challenging the legality of a state of emergency declared in Rivers State.

In a press statement issued by its National Coordinator, Comrade Emmanuel Onwubiko, the prominent civil rights advocacy group alleged that the apex court’s failure to fix a hearing date nearly a month after the case was filed suggests judicial cowardice and a dangerous reluctance to confront executive overreach.

“We believe the Supreme Court of Nigeria is doing the greatest disservice to the country by refusing or unduly delaying the constitution of a panel to adjudicate on the salient constitutional questions posed in this groundbreaking suit,” Onwubiko stated.

The suit, filed by the attorneys general of Adamawa, Enugu, Osun, Oyo, Bauchi, Akwa Ibom, Plateau, Delta, Taraba, Zamfara, and Bayelsa states, seeks a declaration on whether President Bola Ahmed Tinubu acted within the constitution when he allegedly suspended the Rivers State governor and dissolved the state legislature under the guise of emergency rule.

Citing Sections 1(2), 5(2), 176, 180, 188, and 305 of the 1999 Constitution, the plaintiffs argue that no provision empowers the president to unseat an elected governor or install an unelected administrator. They also question the legality of suspending a functioning State House of Assembly.

HURIWA alleged that the Supreme Court’s silence may be a tactical ploy to pressure the governors into seeking a political resolution rather than a judicial one — a move the group warned could set a dangerous precedent.

“The delay is not just ominous; it is toxic,” Onwubiko said. “If the Justices are jittery and refusing to fix a hearing date, then we fear there may be a deeper conspiratorial plot to destabilize constitutional democracy and achieve total state capture. We pray that we are wrong.”

The group further warned that the vacuum created by judicial inaction is fueling political blackmail, with some PDP governors allegedly being coerced into endorsing President Tinubu’s re-election or defecting to the ruling All Progressives Congress (APC).

“The Justices of the Supreme Court should be patriotic enough to entertain this matter and take a decision one way or another,” the statement continued. “This unnecessary delay has allowed the APC to exploit fear among PDP governors who are scared of losing their re-election bids.”

HURIWA expressed alarm that despite the case’s national importance, there has been no communication from the court regarding its progress or scheduling, raising concerns about transparency and impartiality.

“It is surprising that such a landmark case is being treated with such a lackadaisical, ‘we don’t give a damn’ attitude,” Onwubiko said. “Millions of Nigerians and observers around the world are watching closely to see if our judiciary can still be trusted to defend democracy.”

The respondents, including President Tinubu, have 14 days from the service of the summons to enter an appearance. However, the absence of a hearing date has intensified public scrutiny of the court’s role.

“This is no longer just a legal matter. It’s about whether Nigeria’s democracy is governed by the rule of law or the whims of a powerful few,” HURIWA warned.

The group concluded by urging the Chief Justice of Nigeria to urgently constitute a panel and fix a hearing date, asserting that “justice delayed in this matter could very well be democracy denied.”

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Zenith Bank Profit before Tax Hits N351bn in Q1 2025

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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.

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Access Holdings Posts N182.75bn Profit in First Quarter

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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)

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SEC Discovers another Ponzi Scheme, Warns Public against Risks

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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.

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