Alleged cyber bullying: Sowore writes court begs for adjournment

The ongoing trial of the presidential candidate of the African Action Congress (AAC) Omoyele Sowore before a Federal High Court in Abuja for alleged cyber bullying was stalled on Thursday owing to his absence and a letter he wrote praying for an adjournment.

At the mention of the case prosecuting lawyer Akinlolu Kehinde (SAN) noted that the defendant was absent in court.

Defence lawyer T. O. Etonyeaku who said she was holding the brief of Adeyinka Olumide-Fusika (SAN) told the court that Sowore travelled to Ekiti State for his presidential campaign activities.

Etonyeaku prayed the court for a stand-down to enable another senior lawyer who was earlier in court before the commencement of proceedings to arrive and conduct the case of the defence.

The judge Justice Mohammed Umar drew both lawyers’ attention to a letter written to the court personally by the defendant and asked Kehinde if he was aware of the letter.

Kehinde denied being copied with the letter and argued that it was wrong for an accused person who was being represented by a lawyer to bypass the lawyer and write directly to the court and also fail to copy the other party.

He added that since there is no evidence that Sowore has discontinued with the service of his lawyer Olumide-Fusika he ought not to have written personally to the court.

Kehinde however conceded to an adjournment in the interest of justice.

The prosecuting lawyer noted that the defence was yet to respond to the written address he filed as ordered by the court on the issue of whether or not he could be subpoenaed to testify as a defence witness.

Justice Umar adjourned till November 3 for adoption and continuation of defence.

Sowore is being prosecuted by the Department of State Services (DSS) over his August 2025 published posts on X (formerly Twitter) and Facebook describing President Tinubu as a ‘criminal’ and accusing him of lying about the level of corruption in the country.

Yuletide: Travellers face 200% airfare hike as ticket demand surges

For millions of Nigerians travelling to the South-East for the annual Yuletide pilgrimage, home is more than just a holiday, it is a sacred cultural tradition of family reunion and community bonding.

However, getting back to the East has increasingly turned into a financial and logistical nightmare.

As the festive season reaches its peak, flight ticket prices to destinations like Owerri, Enugu, Asaba, Anambra, Port Harcourt, and even Uyo have surged by as much as 200 percent.

This has left travellers grappling with skyrocketing costs, limited seat availability, and the stark dilemma of choosing between exorbitant airfares or risking the notoriously unsafe road trips to the East.

BusinessDay findings into booking engines across local carriers reveal that one-way economy tickets from Lagos to key destinations like Enugu, Asaba, Anambra, and Uyo cost over N300,000 for travel dates between December 19 and December 31, compared to standard off-peak rates that ranged between N105,000 and N135,000 earlier in the year.

The sharpest rate hikes affect high-demand trunk corridors into the South-East. Passengers booking Lagos to Enugu or Anambra on major carriers such as Air Peace, United Nigeria Airlines, Ibom Air, and Enugu Air for the peak window of December 20 to 24 are seeing standard economy tickets priced between N325,000 and N395,000 per seat.

Neighbouring airports like Asaba and Benin are experiencing similar pressures, with carriers like Aero Contractors, Arik Air, and ValueJet listing fares between N250,000 and N380,000 per seat.

Further south, flights connecting Lagos to Port Harcourt and Akwa Ibom (Uyo) on Ibom Air and XEjet range from N280,000 to N365,000.

Travellers who attempted to outsmart the seasonal price spike by booking weeks in advance are finding little financial relief.

Susan Ajiogu, a passenger travelling on the Lagos-Asaba route, recounted her experience after securing her December flight well ahead of time.

‘I booked my Christmas ticket for the Lagos-Asaba route during mid-October, and even at that period, prices were already close to N300,000, which to me was far too high for an early booker,’ Ajiogu explained.

She observed that the traditional advantage of early reservations has virtually disappeared.

‘Before now, if you booked early, you would get a ticket at the price of N150,000 to N180,000, but that is no longer the case. Things have really changed, and it appears the Christmas season is when most airlines want to rake in as much money as they can,’ she said.

Soaring ticket prices have multiplied the financial burden for families travelling together, turning routine holiday trips into massive capital outlays.

Okechukwu Kelechi, a Nigerian businessman, shared the heavy toll of taking his family home to Rivers State for the holidays.

‘For one-way economy class tickets, I spent over N1.7 million for myself, my wife, and my three kids to travel to Port Harcourt by air,’ Kelechi stated.

He noted that while road travel remains a fraction of the cost, escalating security concerns on major highways leave him with no viable alternative.

‘I almost shelved the plan for road transport, but I am deeply worried about the current insecurity, bad roads, and other hazards on the highways. If the roads were good, it shouldn’t take me up to N350,000 to travel with my entire family by road. Yet, that same N350,000 is what I am forced to pay for each person to fly for Christmas,’ Kelechi said.

Industry operators and analysts attribute this increase in price to a combination of seasonal demand, constrained fleet capacity, infrastructural challenges, and persistent foreign exchange pressures affecting operational costs such as Jet A1 fuel and engine maintenance.

Olumide Ohunayo, industry analyst and Director of Research at Zenith Travels, emphasised that standard market dynamics are driving the surge, exacerbated by capacity limits.

‘The forces of demand and supply come into play, and the only way to counter that force is to either increase supply, by airlines acquiring more aircraft, or through government subsidies,’ Ohunayo noted.

He pointed out that because the federal government owns no commercial airline, private carriers must evaluate whether short-term wet-leasing is commercially viable, especially given operational constraints.

‘Most airports in the South-East and South-South do not operate 24-hour services, which severely limits how effectively airlines can utilise leased aircraft during the Christmas rush.’

Ohunayo added that cultural obligations and security anxieties combine to make demand virtually price-inelastic on southern corridors.

‘Culturally, people will travel for Christmas and attend planned family celebrations regardless of the cost of transportation. People will not allow the economic situation or insecurity to deter them from celebrating with their communities,’ he said.

‘Because air transport is currently seen as the only secure option, those who can afford it are willing to pay whatever it takes to reach their destinations, with some even pooling resources to charter private aircraft. While routes heading to the North may not experience drastic price changes during this period, fares for the South-East and South-South will remain elevated,’ he added.

Adding another layer of complexity to this year’s holiday surge is the heightened political activity across the country, which is competing directly with commercial aviation infrastructure.

John Ojikutu (retd.), an aviation security expert and CEO of Centurion Aviation Security and Safety Consult, highlighted that the festive period coincides with election campaign preparations, sharpening competition for available airframes.

‘There are multiple dimensions to these current airfares; chief among them, alongside the traditional Christmas peak, is the election cycle where private aircraft charter operators are competing directly with commercial domestic airlines,’ Ojikutu explained.

Ojikutu revealed that the operational fleet size of scheduled commercial operators remains drastically outmatched by private aircraft, intensifying price competition across the board.

‘The demand for both scheduled domestic airlines and private charter aircraft will remain exceptionally high from now through February or March, driven by regular holiday travellers, incoming international passengers, and politicians.

‘We must not forget that there are about 240 private aircraft operating in the country compared to only about 80 active aircraft managed by domestic commercial operators. During this Christmas and political campaign window, passenger movement will be intense in both directions across these fleets, driving prices to highly competitive levels,’ he noted.

Because festive travel in Nigeria is overwhelmingly one-way, with aircraft flying full loads out of Lagos to the East and South while returning practically empty, airlines rely heavily on dynamic pricing algorithms to recover the operating costs of those low-occupancy return legs. Consequently, lower-fare ticket buckets sell out quickly, leaving only the highest flexible economy tiers available as Christmas week approaches.

In contrast, business-heavy routes display far more moderate fare adjustments during the same period.

Tickets from Lagos to Abuja across multiple airlines, including Air Peace, ValueJet, Xejet, and Enugu Air, remain relatively accessible, fluctuating between N135,000 and N284,500.

With corporate offices closing and federal civil servants wrapping up business ahead of the holidays, outbound commercial demand to the Federal Capital Territory slows significantly, preventing the steep price escalation observed on homecoming corridors.

China Bank Savings renews commitment to supporting educators

The thrift banking arm of China Banking Corp. has committed to deepen its partnership with the Department of Education (DepEd) in recognizing teachers who help shape the country’s future.

China Bank Savings president James Christian Dee said the bank remains committed to strengthening the partnership and finding meaningful ways to serve and support the country’s education community.

‘Our partnership with DepEd reflects our shared commitment to supporting Filipino teachers, whose dedication and hard work make a lasting difference in the lives of our learners. We hope we were able to express our gratitude in recognition of the invaluable role they play in nation-building,’ Dee said.

Niel Jumawan, Automatic Payroll Deduction Lending Group head at China Bank Savings, emphasized the importance of building strong relationships with DepEd and its personnel through consistent support and recognition.

‘Our partnership with DepEd is built on trust, service, and a shared understanding of the needs of our educators. At China Bank Savings, we value the opportunity to recognize our teacher partners and show them that their contributions are appreciated. We look forward to continuing our collaboration with DepEd and providing banking solutions and initiatives that respond to the needs of the education sector,’ Jumawan said.

Dee and Jumawan released the raffle prizes to dozens of Teachers as part of the 2026 National Teachers’ Day Celebrations last Oct. 5 at the Araneta Coliseum in Cubao.

Ivan Hernandez, 29, a teacher who hails from Bayuin National High School in Socorro, Oriental Mindoro, won the grand raffle prize, a Mitsubishi Destinator.

Aside from the grand prize SUV, two sedans, 14 motorcycles, 10 large-screen televisions, 14 laptops, and 20 savings accounts worth P50,000 each were donated by China Bank Savings as raffle prizes during the 2026 National Teachers’ Day Celebration.

China Bank Savings serves the financing and banking needs of educators, small and medium enterprises, salaried workers, and retail customers nationwide. It operates through its growing network of 190 branches, 121 lending offices and branch-lite units, 306 ATMs, and digitally enabled customer touchpoints.

Nigeria’s equity market nears N165trn mark as Index scales historic all-time high

The total equities market capitalisation on the Nigerian Exchange Limited (NGX) crossed another historic milestone on Thursday, closing at an all-time peak of N164.973 trillion.

The record buying momentum was anchored by heavy institutional demand in industrial bellwethers like Dangote Cement alongside maximum 10 percent percentage gains across select mid-cap equities.

The industrial surge effectively cushioned profit-taking pressures across the financial sector, where First Holdco Plc dropped 10 percent to close at N125.55 on intense volume (343.8 million shares traded), pulling the NGX Banking Index down by 2.10 percent

The benchmark NGX All-Share Index (ASI) mirrored the expansion, advancing by 0.47 percent (1,200.24 points) on Thursday to finish at 254,083.02 points, up from the previous session’s close of 252,882.78 points.

Thursday’s close reinforces a sustained multi-month corporate earnings rally on the Customs Street trading floor, placing the Nigerian capital market on its highest valuation trajectory in national history.

The single-session rally added N779.31 billion in net value to investors’ portfolios, erasing Wednesday’s slight profit-taking pullback (N164.19 trillion) and eclipsing the previous record peak of N164.91 trillion set earlier in the week.

The market recorded turnover of 654.14 million shares valued across 35,789 deals (+61.88 percent in volume)

Digital payment service provider eTranzact International Plc led the advancing table, soaring 10 percent to close at N17.60. Sovereign Trust Insurance Plc followed closely, gaining 9.60 percent to hit N2.17, while FTN Cocoa Processors Plc advanced 9.38 percent to finish at N1.75.

Alternative asset tiers also expanded, with the NGX Lotus Islamic Index gaining 1.20 percent to close at 24,087.12 points and the NGX Growth Index adding 0.98 percent to finish at 27,158.78 points.

El Niño effect beclouds easing bad loans ratio

AN economist warned that while the bad loans ratio eased in September, the threat of a super El Niño could reduce the ability to pay by some borrowers.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the gross non-performing loans (NPLs) ratio eased to 3.27 percent in September-the lowest in nine months or since December 2025.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), explained that the easing of bad loans ratio could be partly attributed to ‘higher base’ or ‘denominator effects.’

However, Ricafort warns that ‘the risk of [a] super El Niño drought could also reduce the ability to pay by some borrowers especially in the agriculture sector and related/allied businesses/industries.’

He said that the most vulnerable sectors are businesses or industries that ‘do not have pricing power or ability to pass on higher prices that could lead to lower profit margins or even losses absorbed amid increased competition locally, from imports and other substitute.’

Ricafort also noted that elevated inflation could reduce the purchasing power and ability to pay for lower-income households.

Resiliency signalled

DATA from the BSP showed that the peso value of bad loans fell at end-September to P593.275 billion, 0.51-percent lower than the P596.299 billion as of end-August.

However, the amount of bad loans as of the first nine months of 2026 is 10.09-percent higher than the P538.924 billion as of end-September 2025.

Meanwhile, total loan portfolio amounted to P18.13 trillion as of end-September 2026, up 1.97 percent from the P17.783 trillion at end-August 2026. The end-September 2026 figure was also higher, by 11.41 percent than the P16.276 billion at end-September 2025.

This decline in banks’ NPL ratio to signals ‘improving asset quality and highlights the resilience of both borrowers and lenders,’ Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., said. the

‘Steady loan growth, and stable economic activity have helped contain credit stress,’ added Ravelas.

For the fourth quarter, however, he said that while NPLs could remain ‘manageable or even improve further,’ inflation, borrowing costs, and the pace of economic growth will remain ‘key factors’ influencing loan repayment behavior.

Eased, climbed

BROKEN down, the NPL ratio of universal and commercial bank group eased to 3.02 percent with the peso value of bad loans amounting to P504.19 billion, as of end-September 2026. The figure is lower than the 3.09 percent in August but the same as the 3.02 percent in September last year.

For thrift or savings banks, the NPL ratio fell to 5.90 percent, or P64.396 billion, as of end-September from 6.07 percent in August, and the 6.42 percent level in September 2025.

For rural and cooperative banks, the bad loans ratio climbed to 9.18 percent in September or P18.347 billion at end-September 2026. The figure is higher than the 7.79 percent in June and the 8.89 percent in September 2025.

According to the BSP, the movement of accounts as of September 2026 ‘largely reflects the reclassification of one rural bank to digital bank effective July 18,2026.’

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The asset quality of digital banks also worsened with their NPL ratio climbing to 4.63 percent, or P6.34 billion, as of end-September 2026 from 4.51 percent at end-August. This was however lower compared to the 7.32 percent NPL ratio in September last year.

Meanwhile, past due loans reached P771.75 billion as of end-September 2026, up by 0.24 percent from P769.89 billion a month ago; and higher by 13.86 percent from P677.82 billion at end-September 2025.

The past due loans ratio settled at 4.26 percent of banks’ total loan portfolio, lower than the 4.33 percent as of end-August 2026 and higher than the 4.16 percent at end-September 2025.

U-17 World Cup: Flamingos edge Mexico 2-1 to reach quarter-finals

Nigeria’s Flamingos have advanced to the quarter-finals of the 2026 FIFA U-17 Women’s World Cup after defeating Mexico 2-1 in their Round of 16 encounter on Thursday in Morocco.

The Flamingos scored in both halves to establish a two-goal lead before Mexico pulled one back in stoppage time at Pitch 2 of the Mohammed VI Football Complex.

Head coach Akeem Busari retained the starting XI that defeated defending champions DPR Korea 3-1 in their final Group B fixture, with Oluebube Umejiaku starting and captain Harmony Chidi named on the bench.

Mexico made a bright start, creating early chances, but struggled to break down Nigeria’s resolute defence. The Flamingos gradually settled into the contest and began to create opportunities of their own.

Nigeria broke the deadlock five minutes before half-time through Umejiaku, who fired home from inside the box to register her third goal of the tournament.

The Nigerian team continued to apply pressure after the restart, pushing Mexico deep into their own half as they sought to extend their advantage.

Nigeria eventually secured a 2-1 victory, sealing their place in the last eight and continuing their campaign for the title.

The Flamingos will face Venezuela in the quarter-finals after South America eliminated Germany. A place in the semi-finals will be at stake when the two sides meet.

Ghana, DPR Korea, China and Brazil have also secured quarter-final places, with two spots still available.

States get $4.8bn of Tinubu’s loan bid amid 288% rise in FAAC

Nigeria’s States and the Federal Capital Territory (FCT) are set to receive $4.8 billion from President Bola Tinubu’s proposed $21.7 billion borrowing plan, despite a 288% increase in federal allocations between 2021 and 2025.

The development comes amid concerns over how state governments have utilised increased federal allocations following the removal of petrol subsidies and foreign exchange reforms, with analysts questioning whether the additional revenue has translated into better infrastructure and living conditions for citizens.

The proposed borrowing plan, submitted to the National Assembly for approval, includes $3.3 billion for state projects and about $1.5 billion for the FCT, according to Taiwo Oyedele, minister of finance and coordinating minister of the economy.

President Tinubu, in a statement on Thursday, defended the borrowing plan, saying Nigeria needs sustained infrastructure investment to achieve its target of becoming a $1 trillion economy by 2030.

He identified the Lagos-Calabar coastal highway, Sokoto-Badagry superhighway, Trans-Sahara superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos as major projects expected to strengthen the country’s productive capacity.

‘The real question is not how much we borrow, but what we build, what value we create and what future we leave behind,’ Tinubu said.

A report by Agora Policy shows that gross revenue shared through the Federation Account Allocation Committee (FAAC) increased from N9.23 trillion in 2021 to N35.81 trillion in 2025, representing a 288 per cent rise.

FAAC allocations reached N31.46 trillion in the first nine months of 2026, already exceeding the full-year totals recorded between 2021 and 2024.

The increase followed the removal of the petrol subsidy and foreign exchange reforms introduced in 2023, which raised the naira value of some oil-related receipts and reduced the government’s fiscal burden from subsidising petrol.

The higher allocations have significantly expanded the financial resources available to state governments. However, concerns persist over why the additional revenue has failed to translate into meaningful improvements in infrastructure and public services.

‘In all honesty, we have not seen significant progress to suggest increased investment in infrastructure that would directly impact the people,’ Samuel Oyekanmi, chief research officer at Abuja-based consultancy Norrenberger, said.

Economists argue that borrowing can support economic development when directed towards productive infrastructure, but insist that accountability, transparency and effective project execution remain critical to ensuring that public funds deliver measurable benefits.

‘My concern is that many states appear to be spending without clear priorities. Before taking on more debt, they should demonstrate accountability for the revenue they already receive and show how it has translated into tangible benefits for their citizens,’ Oluwatobi Ojabello, senior economist at BusinessDay, said.

Ojabello said citizens deserve to know how the increased allocations have been spent, what projects have been executed and what measurable improvements have been achieved before state governments incur additional debt.

‘The states should publish detailed reports showing how they have utilised the increased FAAC allocations before turning to additional loans,’ he said.

The 2026 Phillips Consulting State Performance Index (pSPI) further highlights the gap between rising government revenue and citizens’ experience of public services.

The report found that federal allocations to states climbed 118 per cent between 2022 and 2025, driven by reforms that boosted federation account receipts.

Yet average citizen satisfaction with public services stood at just 2.90 out of five, with fewer than half of the country’s states scoring above the report’s benchmark of 3.0.

‘Spending is a number. Progress is an outcome,’ the report said, arguing that the gap between rising government receipts and citizens’ experiences reflects the quality of governance rather than the size of state budgets.

Aplasca files reply to direct assault rap

Former Senate sergeant-at-arms Mao Aplasca has filed his counter-affidavit on the direct assault complaint filed against him over the May 13 Senate shooting.

Department of Justice spokesman Polo Martinez yesterday confirmed Aplasca’s reply to the Philippine National Police’s complaint.

The police Criminal Investigation and Detection Group (CIDG) can respond to Aplasca’s affidavit until Nov. 6, Martinez said.

‘That’s an option for the CIDG. If they do file a reply, Aplasca and two other respondents forming part of the Office of the Sergeant-at-Arms (OSAA), will have the chance to file their rejoinder affidavit,’ he said.

If the CIDG will not respond, Martinez said the case would be submitted for resolution.

The complaint stemmed from the armed confrontation between OSAA personnel and agents of the National Bureau of Investigation (NBI) in the Senate building.

Aplasca fired warning shots while the upper chamber was on lockdown, causing panic among Senate personnel and media workers.

NBI agents were reportedly attempting to enforce an International Criminal Court arrest warrant against Sen. Ronald dela Rosa.

In July, the ombudsman ordered Aplasca’s dismissal for grave misconduct and gross neglect of duty.

Man arrested for allegedly defiling minor in Benue

The Police in Benue State have arrested a 60-year-old man over the alleged defilement of a 10-year-old girl in Igumale district, Ado Local Government Area (LGA) of the state.

The incident was reported to the police on October 13, 2026, while the victim was taken for medical examination and necessary treatment.

State Commissioner of Police, Cletus Nwadiogbu, told journalists in Makurdi during a press conference that the case was ongoing as he assured that the suspect would be dealt with in accordance with the law.

He also pledged to protect the privacy and welfare of the victim throughout the investigation.

Nwadiogbu said that the arrest was among the operational achievements recorded by the command during the month of October under review.

He also explained that the command arrested 14 suspects, recovered seven locally fabricated firearms and 16 rounds of ammunition and cartridges, and neutralised one suspected bandit.

The police commissioner attributed the successes to intelligence-led operations, prompt response to distress calls, sustained patrols and collaboration with other security agencies and community stakeholders.

Nwadiogbu therefore urged members of the public to promptly report cases of violence, abuse and other criminal activities to enable timely intervention.

’As bad as Atiku’s ticket is, Amaechi worsens it’ – Wike

Minister of the Federal Capital Territory (FCT), Nyesom Wike, has criticised the prospect of former Vice-President Atiku Abubakar pairing with former Rivers State Governor Rotimi Amaechi in the 2027 presidential election, declaring that Amaechi would make an already weak ticket worse.

Wike questioned the credibility of the African Democratic Congress (ADC) presidential ticket, arguing that both politicians should be judged by their records in public office.

‘As bad as the Atiku ticket is, attaching Rotimi Amaechi as a vice president worsens it. It is important to show your report card,’ Wike said at a Rainbow Coalition gathering in Rivers State.

The minister challenged Atiku to explain his achievements during his eight years as vice-president under former President Olusegun Obasanjo between 1999 and 2007.

He particularly questioned Atiku’s role in the Federal Government’s privatisation programme.

‘Atiku was vice-president from 1999 to 2007. How many years? He was not just a vice-president, but a very powerful vice-president. He was in charge of privatisation and everything concerning companies and industries owned by the government,’ Wike said.

‘Can anybody tell me, do you see the impact of Atiku Abubakar? No!’

Wike also invoked Obasanjo’s past criticism of Atiku, including reports that the former president had expressed regret over supporting his emergence as vice-president.

He urged Nigerians to consider that assessment when evaluating Atiku’s renewed presidential ambition.

Turning to Amaechi, Wike questioned several financial transactions and projects undertaken during his tenure as Rivers State governor between 2007 and 2015.

He demanded explanations for the reported sale of a gas turbine for $308 million in December 2014, the alleged expenditure of $39 million on a proposed specialist hospital and N68 billion on the state’s monorail project.

The minister also questioned the reported spending of $10 million on a mosquito-control programme.

‘Where is the $308 million? Where is the $39 million? Where is the N68 billion? And where is the $10 million for fumigation?’ he asked.

Wike maintained that politicians seeking higher office must account for their handling of public resources before asking Nigerians for another opportunity to govern.

The Rainbow Coalition, under which Wike made the remarks, is mobilising support for President Bola Tinubu’s re-election in 2027.