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Revocation: CBN, NNPC, NDDC, FRCN, Others Loss Land in FCT

By Laide Akinboade, Abuja
The Federal Capital Territory Administration (FCTA) on Wednesday explained that some Government institutions, private organizations, and private individuals were all part of the 4,794 land titles that were revoked for failure to pay ground rents between 10 years to over 30 years.
It would be recalled that the FCT Minister, Nyesom Wike recently approved revocation of 4,794 land titles over non-payment of Ground Rent for more than 40 years.
The Director of Land, Chijioke Nwankwoeze stated this while briefing journalists after the FCTA Executive meeting in Abuja.
Nwankwoeze said it was not only the Peoples Democratic Party (PDP) land titles that were revoked but there were 4,793 other titles.
He added that PDP is owing N7,603,504 Naira as ground rent, in the central area property.
Among those whose land titles were revoked included, Nigerian Postal Authority, the Central Bank of Nigeria, NNPC, Nigerian Universities Commission (NUC), ConOil, Borno State Government, NDDC, Federal Radio Corporation of Nigeria, Federal Ministry of Environment, the Nigerian Security Printing and Minting Company, etc.
According to the Director of Land, “PDP, as of today, for the central area property, PDP is owing N7,603,504 Naira as ground rent from 2006 to 2025, 20 years.
“Yes, just like you said, the media has been awash with the revocation notice sent to the People’s Democratic Party.
“But the truth is that the minister revoked 4,794 titles. PDP is just one of them – just one, not two.
“The titles we are talking about that belong to PDP are only one, the one in the central area. Where they are occupying as their national headquarters is not their property. That is the clarification that people need to know.
“The property belongs to one Samaila Maman Ofi, who bought it from Wadata and got his papers registered by way of assignment. So, on that property, 28 years’ worth of ground rent has been owed. 28 years, from 1998 to 2025.
“They owe 2,848,173 Naira 36 Kobo for 28 years. And we put out notices for people to come and pay or risk having their titles revoked. From 2023 to now, that’s about a year and a half from when those publications started, they did not pay”.
He continued, “And the Minister had to do what he needed to do – not just on that, but on all other titles. And people are telling me we are revoking two properties belonging to PDP. That’s not true. It’s the only one that belongs to PDP, the one in the central area.
“The one they owe 20 years’ worth of ground rent on, from 2006 to 2025. The one in Zone 5, where they are currently occupying as their national headquarters, does not belong to PDP. It belongs to Samaila Mamangofu.
“And the revocation notice has been served on him at his Kaduna address – the address on record. We did not serve any such notice to the PDP. The only one we served them was the one for the central area.
“You don’t serve a revocation notice on a tenant or an occupier. You serve it on the title holder – that’s what the law says. So, for clarity purposes, it’s only one property owned by PDP that was revoked under those circumstances”.
He said, “And I want to also mention that we are talking about 4,794 titles. There are so many people who are affected. Government institutions, private organizations, private individuals – the Nigerian Postal Authority is there, the Central Bank of Nigeria is there, NNPC is there, INF is there, the Nigerian Universities Commission is there, NNPC is there, Cone Oil is there, Borno State Government is there, NDDC is there, the Federal Radio Corporation of Nigeria is there, the Federal Ministry of Environment is there, the Nigerian Security Printing and Minting Company is there – and so many others.
“It’s not only PDP. So, I don’t know where the information about the revocation being targeted at PDP is coming from. So, let that be noted by the public, please. Thank you very much”.
He noted, “So we implore everyone who has not paid, not just in the A districts, that’s the phase one districts, to please go and pay because who will be coming to do the same thing in the phase two districts.
“Any district that starts, the cadastral zone starts with B is phase II. Anyone that starts with C is phase three. So Gudu, Utako, Mabushi, Jabi, Daki-biyu, Katampe, Katampe Extension and all of those districts, Kado, will soon be coming to them. So please, everybody should go and pay his ground rent.
“I also want to remind you that that’s not the only obligation you have under the grant. You also need to pay your right of occupancy bills and get your certificates. So these are things that are very important for all our allottees to deal with”.
The coordinator of the Abuja Metropolitan Management Council (AMMC), Felix Obuah in his briefing said, the executives during its meeting had concluded arrangements to purchase some equipment which included, SIM card wheel loader 1, Caterpillar wheel loader 950 GC 1, Excavator 320 GS 1, Caterpillar excavator 323 1 Dozer D6, and D6 1. “Total equipment: 6; 5 caterpillars; and movement equipment for movement control”, he said.
“Today, we seek the approval for the procurement of some critical earth-moving machines and equipment for the Department of Development Control under Abuja Metropolitan Management Council, AMMC, in favor of Matrak Nigerian Limited, that was approved by the Council to the total tune of 1,940,572,410 Naira, inclusive of VAT, with a due period of three weeks, and the EXCO gave approval. By the special grace of God, with this purchase of this earth-moving equipment, it will ease the work of the Development Control under AMMC, he said.
On land revocation he said, “Well, as I said the other day, those titles have been revoked and those properties have reverted to the FCT and, of course, in due course, the administration will take possession of them.
“I want to let the public know that it is simply because people are not fulfilling their obligations under the grants that these things are happening.
“Anybody or any organization whose title is revoked by the minister has a window to approach the minister, or write to the minister, appealing for reinstatement of such title.
“And the minister, in some cases – deserving cases – has approved reinstatement of those titles”.
The Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS), Michael Ango, said the Exco also approved for the agency the procurement of Microsoft 365 license at the tune of N242,827,450 Naira.
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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.