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Rivers Assembly Accuses Fubara of Stalling Budget Process

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By Joel Oladele, Abuja

Amid the ongoing political crisis rocking Rivers State, the House of Assembly has accused Governor Siminalayi Fubara of deliberately stalling the 2025 budget process, igniting fears over the state’s financial future.

With accusations flying and public morale at stake, lawmakers are urging citizens to pressure the governor into following due process rather than playing the victim in this escalating political feud.

The Martin Amaewhule-led House, which is loyal to the former governor and the Minister of the Federal Capital Territory, Nyesom Wike, made the accusation yesterday, through its Chairman, House Committee on Information and spokesperson, Dr Enemi George, in Port Harcourt, the state capital yesterday.

The Lawmakers asserted that the governor’s inaction is frustrating the implementation of the Supreme Court ruling mandating him to re-present the 2025 Appropriation Bill for legislative approval.

George urged the public to pressure the governor to follow due process in presenting the 2025 Appropriation Bill, rather than attempting to gain public sympathy by portraying lawmakers as obstacles.

He challenged the governor to produce an acknowledged copy of the letter he claimed to have sent to the House.

He said, “Last week, we were told that on his way to Ogoni for a programme, the governor made a stopover at the gate of the House of Assembly Quarters to grant an interview to the press.

“In that interview, he claimed that he had sent a letter to the House of Assembly indicating his intention to visit and present the appropriation bill, a claim we found rather astonishing as no such letter was received by the House of Assembly.

“His aides later alleged that they forwarded a letter through Whatsapp to some members of the House, which was also awkward, unprofessional and embarrassing.”

George added, “As I speak, the social media space is awash with stories about a purported letter from the governor to the House of Assembly expressing his intention to visit the house to present the appropriation bill for the year 2025.

“Nothing can be farther from the truth. We want to state categorically that there is no such letter before the House of Assembly nor any of its staff.

“We challenge the governor and his aides to produce an acknowledgement copy of such a letter or any evidence that such a letter was sent or received by the House of Assembly. It is absolutely untrue and unfortunate. The general public must as a matter of importance ignore such claims.

“It is now very obvious that if at all there was such a letter, the intended recipient was not the legislature, but the public, and the clear intention was to play to the gallery, whip up public sentiment, demonize the House of Assembly and set the public against us. This is demeaning, denigrating and perilously unfortunate.”

George further said the governor frustrated all the House’s efforts to work with him to resolve the lingering crisis immediately after the Supreme Court judgment, particularly on the aspect of presenting the Appropriation Bill in the interest of the state.

George stated, “Recall after the recent Supreme court judgment on the budget of our state, it became absolutely necessary for the Governor of Rivers State, His Excellency, Sir Siminalayi Joseph Fubara, to present the appropriation bill to the legislature for consideration and passage.

“Also recall that immediately after the judgment, this house wrote to the governor, calling on him to immediately present the budget for speedy consideration.

“It was our hope that by the 15th of March, 2025, we would have concluded the process of passing the appropriation bill into law, so as to give us enough time to approach the Federal Government to release funds meant for our state which have been seized by the judgement of the Supreme Court.

“This we did in the interest of our dear state and in pursuit of peace, recognising that no government can function optimally without a harmonious co-existence between the executive and the legislature.”

According to George, House staff members who attempted to deliver the letter to the Government House were assaulted and turned away.

The lawmakers then resorted to using a courier service, but the governor still did not respond.

He added, “The governor did not heed to our call, nor did he demonstrate any intention to.

“Recall again that the judgment of the Supreme Court invalidated the appointment of most of the commissioners of the state. To bridge this gap and avoid a vacuum, this house immediately wrote to the Governor to submit the list of commissioners for immediate screening.

“Our letter was again rejected at the government house and we once again resorted to delivering the mail through a courier service. Rather than heed our call, the governor instructed them to go to court against us, which they have now done.

“The governor went further to instruct all ministries, agencies and departments of government not to receive any correspondence from the Rivers State House of Assembly nor communicate with us in any manner”.

George said the governor must be reminded that the House of Assembly is not an appendage of the executive and its members are not his slaves, bondservants and serfs.

“We are an independent arm of government in line with the principles of horizontal separation of powers as expressed in Section 4, Section 5, and Section 6 of the Constitution of the Federal Republic of Nigeria, 1999 as amended.

He said the Assembly was the worst hit in the ongoing crisis, lamenting that the lawmakers had suffered untold hardship insisting that the governor must be stopped from extending such punishment to Rivers people.

George said, “This Assembly has borne the brunt of this crisis. We have endured immense hardship. We have been battered almost beyond our carrying capacity. We have been punished unduly and unfairly for trying to perform our constitutional duties.

“Our governor must not extend this punishment to Rivers people. No, please no. We must not allow it.

“We have seen hell: Our hallowed chamber was burnt down by the governor. The House of Assembly Complex was brought down by the Governor, totally demolished alongside our personal effect and belongings.

“Our Speaker’s residence was brutally attacked. Our residential quarters was brutally invaded by the governor.”

He warned that the governor’s actions could negatively impact the livelihoods of Rivers people.

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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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