Connect with us

COVER

Reps Receive 31 Proposals to Create New States in Six Geopolitical Zones

Published

on

Share

By Ubong Ukpong, Abuja

House of Representatives has on Thursday, received 31 proposals for the creation of additional states across all Geopolitical Zones of the country.

Announcing the proposals at Plenary, the Deputy Speaker and Chairman House of Representatives Committee on Constitution Review, Rt Hon.

Benjamin Kalu who presided over the Plenary, outlined constitutional requirements to be fulfilled before approving the proposals.

According to the Deputy Speaker, the 10th National Assembly was committed to amending the nation’s constitution to meet the yearnings and aspirations of citizens.

The requests for additional state creation cut across the six geopolitical zones of the country.

The proposals include seven in the North Central, four in the North East, Four in the North West, five in the South East, Four in the South South and seven in the South West respectively.

Some of the proposed names in the affected zones were repeated and others looked alike, but the proposed boundaries delineation showed that the new states sought were quite less than 31, to take care of the interests of the present agitations across the 36 states and the Federal Capital Territory (FCT).

Furthermore, in the proposals, the FCT was sought to be created as a 37th state while the South East is seeking an additional state to close the gap the present five states in the zone as others have six each.

In a related development, the House of Representatives Committee on the Review of the 1999 Constitution (as amended) in partnership with Advocacy for Civic Engagement Centre, ElectHER and National Assembly Library would next month hold an exhibition on gender inclusion, tagged, “Art for Governance”.

The Deputy Speaker and Chairman of Constitution Review Committee, Rt. Hon. Benjamin Kalu, disclosed this in Abuja, Wednesday when he received a delegation from Albright Stonebridge Group who paid him a courtesy visit in his office.

Addressing the delegation, Kalu explained that the initiative leverages art as a tool for advocacy, focusing on gender inclusion in leadership, particularly through the lens of the Constitution (Alteration) Bill, 2024, which seeks to reserve seats for women in the Nigerian National and State Houses of Assembly.

According to him, the exhibition which will be held at National Assembly library also seeks to creatively engage stakeholders, foster public discourse, and catalyse action on gender inclusion in governance, through the power of art.

The Deputy Speaker said while the participation of women in Nigeria’s political sphere has gradually increased over the years, it is still far from optimal.

He made reference to low representation of women in the country’s Legislative Houses, assuring that the lawmakers are minded to redress that through the gender Bills.

Kalu also informed the delegation that the Constitution Review Committee also intend to hold 12 Regional and National Public Hearings, seeking their collaboration in optimizing advocacy to understand the cultural inhibitions that impede women participation in governance.

This, the Deputy Speaker said will help to advance deeper penetration and understanding of what the bills are for, prior to parliamentary votes.

He commended the delegation for their effort in driving economic growth and advancing opportunities in Nigeria, particularly in promoting gender equality and women’s empowerment in the country.

Kalu said, “On behalf of the Speaker; Rt. Hon. Tajudeen Abass PhD, I welcome you to the People’s Parliament, the House of Representatives. It is gratifying to meet with you today, Hon. Paul Ansah, and your team, especially the work you have done globally. With the established sterling achievements of the Founder; Madeleine Albright, we have no doubt that the current team led by Hon. Ansah will continue to reach significant milestones. We are honoured to hear about your positive impressions of our leadership role at the House of Representatives in engendering a new Nigeria that expands the space for women’s empowerment through transformative legislative policies. The National Women’s Economic (WEE) Policy Dialogue, in which you have made significant contributions, is one of such legislative intervention.

“It may interest you to know that in line with the legislative agenda of the 10th Assembly being led by the dauntless leadership of Rt. Hon Speaker Tajudeen Abass PhD, emphasizes Women Political Representation and Participation, we have proposed a bill for an Act to alter the1999 constitution (as ammended), of the Federal Republic of Nigeria to reserve seats for women in the National Assembly and State Houses of Assembly. There is a low representation of women in the country’s Legislative Houses, and we are minded to redress that through this Bill. It is a temporary measure that is subject to a periodic review but will ultimately lead to a better deal for women. Also, there are four other gender-focused bills to prioritize women inclusion and empowerment.

“We hope to do more as we recognize the value women bring to the table. Like I always say, “women belong in all places where decisions are being made”. We believe that improving women’s political representation and participation in Nigeria is essential for achieving a more inclusive, balanced, and democratic society.

“There could not be a better time for collaboration as we are presently at the verge of launching the “Art for Governance” artistic expression. It’s an initiative by the Office of the Deputy Speaker, House of Representatives, in partnership with ElectHER, the Advocacy for Civic Engagement (ACE Centre) as well as the National Assembly Library Trust Fund, is an Exhibition that leverages the power of art to inspire critical conversations on governance, inclusion, and nation-building.

“This exhibition will be a form of advocacy for the affirmative action bills and particularly, the special seat bill and will display works that reflect themes of female empowerment. By showcasing these pieces, we aim to foster dialogue on how governance can be more inclusive, representative, and impactful for all citizens.”

Earlier, the group led by Paul Ansah, told the Deputy Speaker that they visited to let him know about the work they do, in the social impact space, with primary focus on gender, health and nutrition.

He sought for collaboration in these areas with the parliament as they continue to support the Nigerian government.

COVER

Zenith Bank Profit before Tax Hits N351bn in Q1 2025

Published

on

Zenith Bank
Share

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.

Continue Reading

COVER

Access Holdings Posts N182.75bn Profit in First Quarter

Published

on

Share

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)

Continue Reading

COVER

SEC Discovers another Ponzi Scheme, Warns Public against Risks

Published

on

Share

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.

Continue Reading

Read Our ePaper

Top Stories

Health11 hours ago

NCDC Warns of Cholera Surge, Gives Updates on Other Outbreaks

Share The Nigeria Centre for Disease Control and Prevention (NCDC) has issued a public health advisory following a significant surge in...

General News12 hours ago

FRSC Gets New Sector Commander in Osun 

Share The Federal Road Safety Corps (FRSC) has appointed Mr Leye Adegboyega as the new Sector Commander for Osun RS11.1 Command....

JUDICIARY12 hours ago

Court Remands 6 Men Docked Over Alleged Breach of Peace, Unlawful Gathering

ShareA Grade A Customary Court at Mapo in Ibadan has remanded six men standing trial for alleged breach of public...

Health14 hours ago

Bayelsa Govt. Seeks Private Schools’ Support on Immunization

ShareThe Bayelsa State Government has called for the cooperation of private school owners and proprietors to effectively implement its executive...

NEWS15 hours ago

Edo Gov Increases Minimum Wage For State Workers

ShareFrom Joseph Ebi Kanjo, Benin  Governor Monday Okpebholo of Edo State has increased the minimum wage for the state workers...

NEWS20 hours ago

FG Directs Stop to Work on Sagamu-Iperu Road over Poor Quality

Share The Federal Government has directed that work should stop on the 12km Sagamu-Iperu Road by the Sagamu Interchange on...

NEWS20 hours ago

Wike Visits China over Water Project for FCT Satellite Towns

ShareThe Minister of the Federal Capital Territory (FCT) Mr Nyeson Wike, is enroute to China for a series of official...

NEWS20 hours ago

NSSF urges Robust Policy Reform to Revamp Maternal Health Equity

ShareThe Nigeria Solidarity Support Fund (NSSF) has called for a robust policy reform and financial commitment to revamp maternal health...

NEWS21 hours ago

Osun Amotekun Corps Mourns as Gunmen Kill Operative in Iwo

ShareFrom Ayinde Akintade, Osogbo The Osun State Security Network Agency, codenamed Amotekun Corps, yesterday announced the tragic death of one...

NEWS21 hours ago

CAN Reads Riot Acts to Zonal, State, Local Chapters

ShareBy Laide Akinboade, Abuja The Christian Association of Nigeria (CAN) yesterday said only the current President of the association, Archbishop...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc