Author: user user

NDB posts PAT of Rs. 3 b in 2Q 2026 driven by core banking operations

National Development Bank PLC (NDB) has announced its financial results for the six months ended 30 June 2026. Despite the challenges arising from the fraud uncovered in April 2026, the bank delivered healthy results, driven by strong core banking operations, reflecting the resilience of its business model and the clarity of its strategic direction.

The bank reported an operating profit before taxes on financial services of Rs. 9.5 billion for 1H 2026, after recognising the gross financial impact of the fraud attributable to the period amounting to Rs. 2.55 billion, which related entirely to the quarter ended 31 March 2026. This compares with an operating profit before taxes on financial services of Rs. 4.38 billion for 1H 2025, which has been restated to reflect the applicable fraud impact of Rs. 4.26 billion recognised for that period.

Post-tax profit for 1H 2026 amounted to Rs. 4.83 billion, compared with a restated post-tax profit of Rs. 1.93 billion for 1H 2025, with the net financial impact of the fraud reflected in both periods. Excluding the impact of the fraud, post-tax profit for 1H 2026 would have been Rs. 6.21 billion, compared with Rs. 4.22 billion in the corresponding period of 2025. Notably, the bank recorded a standalone post-tax profit of Rs. 3.01 billion during the 2Q 2026, the first full quarter since the reporting of the fraud. These results underscore the strength of the bank’s underlying franchise, earnings resilience, and the continued momentum of its core banking operations.

The bank continued to deliver a strong income performance during the period under review, generating total operating income of Rs. 25.13 billion, representing a year-on-year (YoY) growth of 12.7% over 1H 2025. This growth was driven entirely by the bank’s core banking operations and is presented before taking into account any financial impact arising from the fraud incident.

Supporting this performance, total revenue increased by 12.8% YoY to Rs. 53.82 billion. Net interest income (NII) grew by 2.8% YoY to Rs. 17.42 billion, supported by prudent balance sheet management, disciplined pricing strategies, and effective asset and liability management. Interest income increased by 8.4% to Rs. 45.86 billion, while interest expense rose by 12.1% to Rs. 28.44 billion. Against the backdrop of the prevailing interest rate environment, the bank’s timely repricing of both loan and deposit portfolios helped sustain margin performance, resulting in a net interest margin (NIM) of 3.8%, compared with 4.1% for FY 2025.

Net fee and commission income continued to be a key contributor to revenue diversification, increasing by 22.4% YoY to Rs. 4.45 billion, driven primarily by credit, cards, operations, and trade-related activities. Other non-fund-based income, comprising gains from trading activities, financial assets measured at fair value through profit or loss, derecognition of financial assets, and other operating income, amounted to Rs. 3.26 billion during 1H 2026. Within other operating income, foreign reserve revaluation gains netted Rs. 1.21 billion, and compared with a Rs. 362.37 million in 1H 2025.

Impairment charges on loans and other investments declined to Rs. 3.46 billion, representing a significant 22.9% YoY reduction. Loan impairment charges decreased by 18.7%, reflecting the benefits of the bank’s continued focus on asset quality management, enhanced credit underwriting standards, closer monitoring of asset quality and stage migration trends, and strengthened recovery efforts. The impaired loans (Stage 3) – Net ratio improved to 3.3% as at 30 June 2026 from 3.8% at end-2025, while Stage 3 provision coverage improved further to 62.9% from 59.1%.

Total operating expenses amounted to Rs. 12.18 billion for the period under review, including Rs. 2.55 billion recognised under other operating expenses in relation to the fraud. The comparative operating expense for 1H 2025, adjusted for the fraud-related expense applicable to that period, was Rs. 13.44 billion.

Following the discovery of the fraud within the bank, several announcements were made to the CSE on 2, 6 and 23 April 2026 to keep stakeholders informed of developments. As per the latest update, issued on 26 June, the bank received the Interim Report from Deloitte Touche Tohmatsu India LLP (Deloitte), which had been commissioned by the Board of Directors to conduct an independent forensic review of the facts and circumstances surrounding the fraud. Based on Deloitte’s examination conducted thus far, the value of the suspicious transactions identified amounts to Rs. 13.58 billion, versus the initial estimate of Rs. 13.2 billion.

The bank has restated its financial statements, including comparative information for prior periods, to reflect the impact of this revised amount of Rs. 13.58 billion as follows: Rs. 1.42 billion to periods prior to 1 January 2025, Rs. 9.62 billion to the financial year ended 31 December 2025, and Rs. 2.55 billion to the quarter ended 31 March 2026. Accordingly, the Statement of Profit or Loss for the comparative period ended 30 June 2025 and the Statements of Financial Position as at 1 January 2025 and 31 December 2025 have been restated.

These restatements have been made in accordance with applicable accounting standards to ensure that the financial statements present a true and fair view of the financial impact arising from the fraud. Following these adjustments, the previously reported post-tax profit of Rs. 9.03 billion for FY 2024 has been restated to Rs. 8.18 billion, while the previously reported post-tax profit of Rs. 11.04 billion for FY 2025 has been restated to Rs. 5.9 billion.

The bank reported total assets of Rs. 949.02 billion as at 30 June 2026 after recognising the financial impact of the fraud, compared with a restated asset base of Rs. 926.14 billion as at 31 December 2025. On an unadjusted basis, total assets as at 30 June 2026 would have amounted to Rs. 960.71 billion, compared with Rs. 935.81 billion at end-2025.

Net loans increased to Rs. 595.28 billion from Rs. 593.6 billion as at 31 December 2025, while total deposits grew to Rs. 712.5 billion from Rs. 707.17 billion. The Bank’s Current Account Savings Account (CASA) ratio stood at 23.6% as at end-1H 2026, compared with 27% at end-2025. Total equity attributable to shareholders amounted to Rs. 80.05 billion, while Group equity stood at Rs. 87.55 billion as at 30 June 2026.

The bank maintained a sound liquidity and capital position throughout the period under review. Liquidity Coverage Ratios (LCR) in both rupee and all-currency terms stood at 163.5% and 163.2%, respectively, while the Net Stable Funding Ratio (NSFR) was 129.5%. All ratios remained comfortably above the regulatory minimum requirement of 100%.

The bank’s solvency position also remained robust, with Common Equity Tier 1 (CET 1)/Tier I Capital and Total Capital Adequacy Ratios (CAR) of 9.7% and 15.3%, respectively, as at 30 June 2026, remaining above applicable regulatory minimum requirements. The corresponding restated ratios as at 31 December 2025 were 11.3% and 14.8%, respectively.

All Key Performance Indicators (KPIs) for 1H 2026 are presented after incorporating the financial impact of the fraud, with comparative figures similarly restated. Return on Average Equity (ROE) improved to 12.7% for 1H 2026, compared with a restated ROE of 7.5% for FY 2025. Pre-tax Return on Average Assets (ROA) was 2.2%, compared with a restated 1.4% for FY 2025.

Annualised Earnings per Share (EPS) increased to Rs. 23.49 from a restated Rs. 13.83 for FY 2025. At Group level, ROE and EPS stood at 11.8% and Rs. 23.54, respectively, compared with restated FY 2025 figures of 8.4% and Rs. 15.77. Net Asset Value (NAV) per share stood at Rs. 185.21 as at 30 June 2026 compared with a restated Rs. 187.67 as at 31 December 2025, while the closing share price was Rs. 112.50 (FY 2025: Rs. 141.25). Group NAV per share was Rs. 199 compared with a restated Rs. 201.61 at end-2025.

Commenting on the bank’s financial performance for 1H 2026, Director/Chief Executive Officer Kelum Edirisinghe said:

‘The bank continues to demonstrate resilience and stability, remaining firmly aligned with its strategic priorities despite the challenges encountered during the year. While dedicated teams remain fully engaged in addressing matters relating to the fraud incident, the broader organisation continues to execute its business strategy with focus, ensuring continuity in operations and service delivery to our customers.

Following the discovery of the fraud, the bank acted swiftly and decisively to strengthen its governance and risk management framework. A comprehensive forensic review by Deloitte is ongoing, while a series of enhanced control measures have already been implemented across the organisation. Investigations by the relevant law enforcement authorities are also progressing independently.

Importantly, the bank remains well-capitalised and liquid, with capital and liquidity buffers comfortably supporting our business operations and future growth ambitions. Our balance sheet strength, coupled with our prudent risk management practices, positions us well to navigate the evolving operating environment.

We remain focused on supporting Sri Lanka’s economic recovery and growth, particularly through continued engagement with the small and medium enterprise (SME) and retail sectors, which are critical drivers of economic activity. The confidence and trust placed in us by our customers, depositors, investors, and other stakeholders have been deeply encouraging, and we remain committed to honouring that trust through consistent execution and responsible stewardship.’

Manila girls rule softball world series

Team Manila-Philippines reclaimed the 2026 PONY International World Series 18-Under Girls Softball championship with an emphatic 8-1 victory over Texas Pride Elite Team in the title game at McAllen Softball Complex in Texas.

Representing the Asia-Pacific region, the Filipino squad capped an impressive tournament run by defeating the host region’s champion to regain the prestigious international crown before a packed crowd.

The victory marked another milestone for the Big City Softbelles, who previously captured back-to-back PONY World Series titles in 2023 and 2024 in McAllen. The team was also recognized as a Major Awardee during the 2023 Philippine Sportswriters Association Awards (PSA).

This year’s tournament featured top youth softball teams from across the United States, including host Texas, as well as international entries from Mexico, Guatemala, the Bahamas and Puerto Rico.

‘We are very proud of the team’s accomplishments, which is why we continue to support the advancement of these world-class youth athletes who come from poor families in the provinces with the promise of free college education from reputable universities in Manila,’ Team Manila Softball president and Manila Councilor Rafael ‘Che’ Borromeo said.

Borromeo said the team’s latest success has also drawn the attention of US collegiate programs.

Up for US recruitment

According to Borromeo, Texas AandM University and Texas Lutheran University have expressed interest in recruiting star pitcher Edralyn Borrico of Smokey Mountain, Tondo, who led the Philippines in the championship game. Other players reportedly being considered include Mary Antoinette Sicapore, Angelica Jean Latriz, Claire Olarte and Rhea Manalo.

Team Manila-Philippines is backed by Manila Mayor Francisco ‘Isko’ Moreno Domagoso, International Container Terminal Services Inc., San Miguel Corporation and the Philippine Sports Commission.

The program has enjoyed sustained international success over the past decade. Team Manila was named the PSA Athletes of the Year in 2012 after winning the country’s first softball world championship at the Girls Big League Softball World Series in Kalamazoo, Michigan. It also earned PSA recognition in 2017 and 2018 after winning consecutive PONY World Series championships in Hemet, California.

Kandy Esala Perahera to gain intellectual property safeguards under WIPO project

The Cabinet of Ministers on Monday approved safeguarding the historical, cultural, and traditional intellectual property of the Kandy Esala Perahera, one of Sri Lanka’s most renowned cultural festivals.

The initiative aligns with the World Intellectual Property Organisation’s (WIPO) project titled ‘Promoting Festival Tourism Development through Intellectual Property’, which aims to strengthen the capacity of cultural festival organisers to use intellectual property rights in tourism development while respecting traditions and heritage.

It was approved to appoint a committee comprising all relevant parties under the co-partnership of the Trade, Commerce, Food Security, and Cooperative Development Minister and Buddhism, Religious Affairs, and Cultural Affairs Minister to prepare and submit the relevant project proposal aimed at protecting intellectual property rights of the historical, cultural, and traditional identity and values of Kandy Esala Perahera, with special attention toward ‘Protection of Publication Rights’ and ‘Trademarks and Brand Names’.

The committee comprising all relevant stakeholders will be appointed to oversee the process, to strengthen both festival tourism and the protection of Sri Lanka’s cultural heritage on the global stage.

The Esala Perahera, rooted in centuriesold art forms and knowledge, has been identified as suitable for submission under this program.

‘Special focus will be placed on copyright protection and trademarks and branding to preserve the festival’s unique identity,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said, at the weekly post-Cabinet meeting media briefing on Tuesday.

He said the objective of this project is to increase the capacity of cultural festival organisers in the beneficiary countries to use intellectual property rights for the development of festival tourism, while respecting local traditions and cultural heritage.

Prosecution team rests case on Sara Duterte ‘threats’

The House prosecution panel on Wednesday rested its case on the fourth impeachment against Vice President Sara Duterte after National Bureau of Investigation Director Melvin Matibag completed two days of testimony by declaring that Duterte’s own public admission that she had spoken to someone to kill President Ferdinand Marcos Jr. was enough to consummate the constitutional offense of betrayal of public trust.

Appearing before the Senate impeachment court for the final time on the fourth article of the verified impeachment complaint, Matibag said identifying the alleged assassin remained important to the bureau’s criminal investigation but was no longer essential to the impeachment charge because Duterte herself had admitted talking to a ‘mamamatay-tao’ to kill Marcos, first lady Liza Araneta-Marcos, and former Speaker Martin Romualdez, and that the person had agreed.

‘The betrayal of public trust as the issue in the impeachment court, we don’t need to investigate even if we pinpointed the person contracted. The point being is the betrayal of public trust was already consummated when she publicly admitted,’ Matibag testified during the continuation of his cross-examination by defense lawyer Mark Vinluan on Day 9 of the trial.

‘There was already an admission that she contracted a killer. That itself is an admission,’ Matibag said, adding that such an act violated the vice president’s oath to preserve the Constitution, faithfully execute the laws and ‘do justice to every man.’ ‘What you want to do is not execute the law but execute the president,’ he pointed out.

Criminal probe separate

Asked whether the NBI intended to file another impeachment complaint after completing its investigation, Matibag replied that the bureau’s probe was meant to determine criminal liability, not to substantiate the impeachment case, because the alleged betrayal of public trust had already been established by Duterte’s own statements.

The defense immediately moved to strike Matibag’s answer from the record, arguing that it amounted to an improper legal conclusion. Lead prosecutor and Batangas Rep. Gerville Luistro objected, noting that the answer was responsive to the defense’s own question. Presiding officer Sen. Francis Escudero denied the motion and ordered that the testimony remain part of the record for the senator-judges’ consideration.

Matibag nevertheless maintained that the alleged assassination plot remained an active national security concern because the person Duterte allegedly contracted has yet to be identified.

Search for alleged assassin

‘We’re sure that there was someone spoken to and who agreed, but the identity has yet to be known,’ he said, adding that protecting the President is part of the NBI’s mandate and that the bureau continues to conduct threat assessments with Malacañang.

Under questioning by Sen. Joel Villanueva, Matibag said investigators had narrowed their list of persons of interest from a much larger pool to fewer than 20 individuals.

‘We started with a lot of names. We are narrowing it down already to less than 20 individuals,’ he said, adding that investigators had interviewed relatives and associates of several persons of interest and hoped to identify the alleged assassin within three to six months.

Matibag disclosed that the investigation includes active uniformed personnel, including one person of interest from the Vice President’s Security and Protection Group (VPSPG). Investigators are also looking into possible links to the Davao Death Squad, relying on intelligence gathering, informants, open-source information and a process of elimination to narrow the list.

Asked by Sen. Erwin Tulfo whether the bureau had identified specific suspects, Matibag declined to disclose names but confirmed the list had been substantially reduced.

Sen. Raffy Tulfo questioned what he described as the unequal treatment of ordinary citizens and powerful officials, citing the warrantless arrests of individuals who offered bounties online for the death of former President Rodrigo Duterte. Matibag acknowledged that those cases were eventually dismissed and agreed that former Vice President Leni Robredo could have been arrested had she made similar statements during the Duterte administration.

Vinluan also asked whether the NBI would disclose its investigative leads if subpoenaed by the impeachment court. Matibag replied that the bureau would first study any subpoena and determine what information could legally be released while complying with established procedures.

Senators spar over witnesses

Sen. Robinhood Padilla, instead of questioning Matibag, asked Luistro what to call a witness who repeatedly changed his testimony, suggesting that such a person was a liar. Referring to former Davao police officer Arturo Lascañas, Padilla urged prosecutors not to present witnesses facing perjury issues.

Padilla ended his interjection with a remark that the prosecution ‘should not be one-sided’ and suggested that they refrain from presenting witnesses facing perjury cases.

Sen. Panfilo Lacson later clarified that the Senate committee on public order and dangerous drugs, which he chaired in 2017, never recommended filing perjury charges against Lascañas despite his conflicting testimonies on the alleged Davao Death Squad. Lacson said the committee instead recommended stronger penalties for false testimony, which later became Republic Act No. 11594.

‘I will confirm that Arturo Lascañas retracted and changed his testimony after several hearings … But I did not file perjury. I just want to correct that,’ he said during the trial.

Sufficiently established

After the defense concluded its cross-examination, prosecutors waived their right to conduct a redirect examination.

Luistro said the prosecution believed it had ‘sufficiently established’ that Duterte’s threats against Mr. Marcos had escalated into a national security concern and supported the impeachment charge of culpable violation of the Constitution and betrayal of public trust.

Although interrupted by defense objections that she was already arguing conclusions of law, Luistro maintained that further questioning of Matibag was unnecessary.

The prosecution’s decision formally closed its presentation of witnesses for Article IV, the first of four impeachment articles accusing Duterte of culpable violation of the Constitution and betrayal of public trust.

Outside the Senate session hall, prosecution adviser and Surigao del Norte Rep. Robert Ace Barbers said the panel was satisfied with the testimony of its three witnesses.

‘The prosecution panel is satisfied with the statements made by the three witnesses presented. They corroborated their statements,’ Barbers said. Using a basketball analogy, he added: ‘We’re still in the first quarter … But we have a lead.’

Next: Confidential funds

Before adjourning, the impeachment court issued subpoenas to former Land Bank of the Philippines branch managers Violeta Constantino and Nenita Camposano to appear when the trial resumes at 10 a.m. on July 29

They will be the prosecution’s first witnesses on the next impeachment article involving the alleged misuse of confidential funds by the Office of the Vice President and the Department of Education.

PNP: Three groups approved to stage rally during Sona

Three groups have been granted permission by the Quezon City local government to stage a rally along Commonwealth Avenue on Monday, July 27, during the fifth State of the Nation Address (Sona) of President Ferdinand Marcos Jr., according to the Philippine National Police (PNP).

The three multi-sectoral groups are the Bagong Alyansang Makabayan, Sanlakas, and Better Brighter, PNP public information chief Col. Allen Rae Co said during a press briefing on Thursday.

He added that, aside from the three groups, applications from other groups to hold public demonstrations on Monday are still pending approval.

Earlier, the National Capital Region Police Office said that four groups had sought permits from the Quezon City local government.

‘We will be deploying an appropriate number of personnel to assist in the traffic situation, of course to ensure the safety of all participants and the general public,’ Co stated.

Co reiterated that it will deploy more than 20,000 personnel for security and public safety measures during the Sona.

‘And we are right now in the process of coordinating with the MMDA (Metropolitan Manila Development Authority) and other agencies to fix the traffic,’ he said.

Meanwhile, Co said that the PNP is continuously coordinating with church leaders of the Iglesia Ni Cristo on their expected 112th founding anniversary celebration, also on Monday.

‘As of this time, we’re still coordinating, continuing ang ating coordination with the church leaders as to where they will hold their anniversary,’ Co said.

2027: Crisis rocks Oyo NDC as members petition national leadership over state chair

A crisis is brewing in the Oyo State chapter of the Nigeria Democratic Congress (NDC) following a petition by some members seeking an investigation into allegations against the party’s state chairman.

The petitioners accused the chairman of abuse of office, anti-democratic practices, anti-party activities and actions they claimed are hindering the growth of the party ahead of the 2027 general elections.

The petition, dated July 20, 2026, was addressed to the party’s national leadership through its National Secretariat in Abuja. It was signed by Engr. Oshiariyo Stephen Adeyinka and co-signed by other members.

Copies were also sent to the party’s National Chairman, Senator Cleopas Moses Zuwoghe; the Deputy National Chairman (South-West), Babatunde Ali; and the party’s National Leader, former Bayelsa State Governor, Senator Henry Seriake Dickson.

The aggrieved members said they submitted the petition ‘in the interest of justice, internal democracy, party unity and the long-term growth of the Nigeria Democratic Congress in Oyo State.’

‘It is with great concern that we bring to the attention of the National Leadership a series of actions allegedly committed by the Oyo State Chairman of the party, Mrs Oyeronke Akinlolu, which, if left unchecked, may seriously undermine the credibility, unity and electoral prospects of our great party,’ the petition read.

The petitioners alleged that the state chairman had exercised the powers of her office arbitrarily by taking unilateral decisions without consulting the State Executive Committee and other relevant organs of the party.

They urged the national leadership to investigate the allegations and take appropriate steps to safeguard internal democracy and unity within the party.

The petition stated, ‘Mrs Oyeronke Akinlolu has allegedly exercised the powers of her office in an arbitrary manner, making unilateral decisions without consultation with the State Executive Committee or relevant party organs, contrary to the principles of transparency and collective leadership.’

The petitioners also alleged that the state chairman had consistently undermined internal democracy within the party by excluding members from decision-making processes and creating an atmosphere of intimidation.

‘The State Chairman is alleged to have consistently suppressed internal democracy by excluding members from decision-making processes, refusing to encourage open discussions, and creating an atmosphere of intimidation within the party,’ the petition read.

The aggrieved members further alleged that more than 50 members were removed from the party’s official Oyo State WhatsApp platform without any disciplinary process.

According to the petition, ‘Over fifty members of the party were arbitrarily removed from the official Oyo State WhatsApp platform without due process or any disciplinary proceedings.’

‘This action has alienated committed members, weakened communication and created unnecessary divisions within the party.’

The petition also accused Mrs Akinlolu of alleged anti-party conduct, claiming that some of her actions and public statements had raised concerns about her commitment to the ideals and objectives of the party.

It added, ‘Several actions and utterances attributed to the State Chairman have raised serious concerns regarding loyalty to the ideals and objectives of the Nigeria Democratic Congress.’

‘Such conduct has caused disaffection among members and has weakened confidence in the leadership of the State chapter.’

The petitioners equally alleged that the state chairman had removed or replaced recognised executive members without following constitutional procedures.

‘The State Chairman is alleged to have removed or replaced duly recognised executive members without following the procedures laid down by the party’s constitution or obtaining the approval of the appropriate organs of the party,’ the petition stated.

They further claimed that the leadership style allegedly adopted by the state chairman had deepened divisions within the Oyo State chapter of the party.

The petition further read: ‘Rather than promoting reconciliation and expansion of the party, the leadership style allegedly adopted by the State Chairman has resulted in factionalisation, mistrust, declining membership and internal crises that threaten the survival of the party in Oyo State.’

The petition also alleged that Mrs Akinlolu had openly expressed hostility towards the party’s presidential ticket comprising Peter Obi and his running mate, Rabiu Musa Kwankwaso.

‘It has been alleged that the State Chairman has openly expressed dislike and shown hostility towards the party’s Presidential Candidate, H.E. Peter Obi, and his running mate, H.E. Rabiu Musa Kwankwaso.’

‘Such conduct, if established, is inconsistent with the obligation of every party leader to promote and defend the party’s candidates at all levels,’ the petition stated.

The petitioners argued that the allegations, taken together, portrayed ‘a pattern of leadership that is inconsistent with the democratic ideals, constitutional provisions and vision of the Nigeria Democratic Congress.’

They urged the national leadership of the party to institute an independent investigation into the allegations, restore members allegedly removed from the party’s official communication platforms pending the outcome of the investigation, review executive appointments and replacements allegedly made outside the party’s constitution, and impose appropriate disciplinary measures if the allegations were substantiated.

The petition also called on the party leadership to introduce measures capable of restoring unity, inclusiveness, fairness and confidence among members of the Oyo State chapter.

‘This petition is made in good faith and in the overall interest of strengthening our great party. We remain committed to the ideals of the Nigeria Democratic Congress and trust that the National Leadership will give this matter the urgent attention it deserves,’ the petition concluded.

Fubara gives nod to Chinda, other Rainbow Coalition candidates

Rivers State Governor, Sir Siminalayi Fubara, has declared his support for President Bola Ahmed Tinubu, the state Rainbow Coalition and all its candidates including All Progressives Congress (APC) governorship candidate, Ovunda Kingsley Chinda.

The governor called on his supporters to join him in embracing the existing peace and political unity in the state ahead of next year’s general election.

Fubara made the declaration on Tuesday.

It was at the laying of foundation of the RIVEN Medical Industries Project at Rumuosi on the East/West Road in Port Harcourt.

He said the period of political conflict in Rivers State was over and urged residents to rally behind the Rainbow Coalition.

The governor said: ‘We have made peace in the state and I am supporting our Rainbow Coalition. President Ahmed Bola Tinubu is our President, and the one we are supporting, O.K Chinda is the governorship candidate that I am supporting and anybody who believes in me will support every candidate in this the Rainbow Coalition’.

He dismissed suggestions that he was maintaining a separate political agenda, insisting that he had fully reunited with his political family.

‘For those of you who are saying, ‘Fubara, let’s stay, we want to collect something before we run,’ there is nothing to collect. I am already in the family. I have gone back to our family. Please, wherever you are, give your total support to that coalition. We need to move forward. The time of war is over; we are in the time of peace, and this peace is taking us to another level,’ he said.

Fubara stressed that he would not be associated with any action capable of causing division in Rivers State.

‘I am not party to anything that will bring any form of disunity in this state. I have done what I need to do. From now, we are moving forward,’ he added.

Fubara also expressed confidence that the RIVEN Medical Industries Project in Rumuosi, Obio/Akpor Local Government Area, would be completed within a short period, saying the investment would transform the state’s economy through manufacturing, job creation and industrial growth.

The governor said he agreed to participate only after receiving assurances from the promoters that the project would not suffer the fate of similar failed investments.

Fubara explained that he was persuaded by the Managing Director of ENPIC and the former Commissioner for Health that the investors had the financial and technical capacity to deliver the project.

He said: ‘Honestly, it is not my style to be involved in this type of event. Before I accepted attending this event, I took time to analyse what I was entering into.

‘I don’t consider this a groundbreaking because we already had something here before, but somehow it was short-lived. I am here because I was convinced that this investor has the capacity, the willingness and what it takes to see the end of this project’.

Fubara said that the government was already battling several lawsuits arising from failed investment agreements, with claims exceeding N200 billion, stressing that his administration would avoid repeating past mistakes.

VIDEO: How I lived in friend’s house for eight years as governor – Aregbesola

National Secretary of the African Democratic Congress (ADC), Rauf Aregbesola, has revealed that he lived in a friend’s house throughout his eight-year tenure as governor of Osun State, insisting he never owned a personal residence while in office.

The former governor made the disclosure in a video shared with his supporters, where he reflected on his years in government and his administration’s priorities.

According to Aregbesola, ‘I’m the first governor in Nigeria to rule a state for eight years without owning a house of my own.’

He further said, ‘I stayed in my friend’s house for eight years as a governor in my father’s land. Whoever says that what I’m saying is not true should come out and show me the house I own.’

The former Minister of Interior under the administration of ex-President Muhammadu Buhari governed Osun State from 2010 to 2018.

Reflecting on his stewardship, Aregbesola said his government was driven by a commitment to improve the lives of residents through policies aimed at reducing poverty, hunger and unemployment.

He said his administration also prioritised healthy living, functional education, communal peace and overall development across the state.

Why I served in Aregbesola’s govt – Osun Commissioner

Osun State Commissioner For Political Affairs and Intergovernmental Relations, Dr Anthony Olabiyi Odunlade has narrated how he met former Governor Rauf Aregbesola and served as commissioner in his cabinet.

Odunlade, an academic, former councilor, former Secretary to Ife Central Local Government and two times commissioner in Osun, has traversed many political parties.

He was in the Alliance for Democracy (AD) before moving to the People’s Democratic Party (PDP) from where he went to join Engr. Rauf Aregbesola in the Action Congress of Nigeria (ACN) and served in Rauf’s administration, first as Special Adviser on Youths and Sports and later became the Commissioner for Social Protection, Sports and Special Needs in 2017.

The Ile-Ife born politician went back to the PDP to join the administration of Governor Ademola Adeleke as commissioner in 2022 before moving with the governor into Accord Party on November 6, 2025.

The Commissioner was a guest at the Osun NUJ Guest Platform, NUJ Press Centre, Osogbo on Wednesday to field questions on the performance of the Adeleke Administration in the last three and a half years.

The ebullient politician was asked by a member of the panel interviewing him on the platform the reason he has been taking flights from parties. He narrated his journey as follows:

‘I grew up as a Human Rights activist and as an academic. I belief in vision, in ideology. I started up as a member of the SDP during the Abiola days. We moved on in a lot of transitions and landed at UNCP, one of Abacha’s parties and left after Abacha’s death. We moved on to the Alliance for Democracy, AD which metamorphosed into AC, ACN. After the ACN experience, we had issues with the leadership of the state then where some anti-lablour policies came on board during campaign, embarking on undemocratic engagements, I had to leave for PDP.

‘Then, I went with Otunba Iyiola Omisore from ACN to PDP when there was misunderstanding. In PDP, I was very prominent. I became secretary to the Local Government for two years 2008 to 2010. Along the line, the PDP also derailed. It became anti-people in some ways. Then came in Ogbeni Aregbesola whom I met on the street. We were in the struggle for emancipation of Nigerians together, then he was a student at the Polytechnic Ibadan and I was a student at Obafemi Awolowo University. So, our paths crossed at the revolutionary level. We met and we discussed and he said ‘Comrade, you have to join us’, and I told him to convince me on why I should join him. He said, ‘I have a very bright vision for Osun State’ and I saw the green book, I went through it and I promised I would join him because I believe in providing and making available the dividend of democracy to the people which is the hallmark of politics and democracy.

‘In a democratic system that does not cater for the common people, I would not want to associate with it. And we went on like that. At the end of Aregbesola’s eight years, we all decided that we were going to continue along that line. All of a sudden, a governor came in and told us that anybody still having anything to do with Aregbesola should not get close to him. I challenged that. He said ‘this is your name on the list of cabinet, you have to sign a paper’. I am not lying about this. If you want me to cite witnesses, you will be surprised. I said how can I sign that I will not have anything to do with Aregbesola, a fellow comrade?

‘I was convinced that didn’t have anything against him (Aregbesola), I should not leave him. So, I told him I would not sign that document and precisely that document was presented by a member of the House of Representatives then from Ilesa who wanted to contest for Senate. So, the rest is history.

‘I moved on and went back to academics at the Obafemi Awolowo University. I told them that I’m back, I don’t think I can do politics again. It was along that line that I was convinced that I should not leave politics outright because they needed forthright people. Then, I moved back to the PDP with Adeleke and that’s how we got together.

‘You know the Adeleke’s story. How he transmitted from PDP to Accord when PDP became compromised at the federal level. So, that’s how I found my way to Adeleke. I never worked with him. They were just looking for brilliant people to support their government and they contacted my boss and I was asked to send my CV. I never met the governor, I never met any of his relations. They just asked me to send my CV and I became a member of the cabinet.’

He spoke of the Adeleke administration’s achievements, saying the administration has accomplished a lot in the areas of road infrastructure, health and human capital development. He took a swipe on the Federal Government over the pervasive insecurity in the country and asked President Bola Tinubu to rise to the occasion.

’Adeleke’s performance made me dump APC’

A former Osun West senatorial aspirant under the All Progressives Congress (APC), Chief Peter Ogundeji, has defected to the Accord Party to support Governor Ademola Adeleke’s re-election bid, citing the governor’s strong leadership and welfare initiatives.

Ogundeji, who spoke at the Government House open field yesterday while leading thousands of supporters into the Accord Party, said he was previously ‘blind’ to good governance while in the APC.

‘Some time ago, when I was in APC, I was blind and not well enlightened on good governance. But today, I have seen light in the Accord Party of Governor Adeleke,’ he said.

The Ejigbo-born politician praised Adeleke’s welfare programmes for civil servants, retirees and workers across the state, and withdrew earlier criticisms he made against the governor while in the APC.

‘Any statement made against your government was political and just mere fallacy. You have done well, Mr Governor,’ he said.

Ogundeji also alleged that the APC senatorial primary in his zone was not properly conducted, claiming that party elders ‘hand-picked’ the candidate. He said one of the aspirants later told him that even the President had endorsed Adeleke for a second term because of his performance.

‘I am sure the President has seen the good works of Adeleke’s government. I urge all other members in that party to join Adeleke to win his re-election,’ he concluded.