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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.’

Methodist Alumni mark 45th anniversary with Lagos-Ibadan train ride

Members of the Methodist Boys’ High School (MBHS) Club ’81 recently celebrated the 45th anniversary of their graduation with a first-class rail journey aboard the Nigerian Railway Corporation’s (NRC) Lagos-Ibadan Train Service (LITS), turning the reunion into a memorable travel experience.

The alumni departed from the Mobolaji Johnson Railway Station in Ebute Metta, Lagos, where they were received by officials of the NRC before boarding the First Class Coach for the trip to Ibadan.

For many of the old classmates, the journey offered more than a comfortable ride. It provided an opportunity to reconnect, relive cherished memories and celebrate over four decades of friendship while experiencing Nigeria’s standard gauge rail service.

Speaking during the trip, Chairman of MBHS Club ’81, Mr. Lorenzo Gomez, said the association deliberately chose rail transport to make the anniversary celebration different.

‘We wanted to celebrate this milestone in a unique way, and the train journey gave us that opportunity. The experience has been smooth, comfortable and enjoyable, and it has added a special touch to our reunion,’ he said.

The association’s General Secretary, Mr. Tunji Ayodele, said members were encouraged to make the trip after hearing positive feedback about the Lagos-Ibadan service.

‘We had heard good reports about the service and decided to experience it ourselves. From the reception at the station to the journey itself, it has been a pleasant experience,’ he said.

Throughout the trip, the atmosphere inside the coach reflected the spirit of the reunion, with classmates sharing memories, exchanging laughter and renewing friendships built more than four decades ago.

NRC officials described the visit as another indication of the growing appeal of rail transportation for group travel, reunions and excursions, noting that organised groups are increasingly choosing the railway for both business and leisure trips.

The Corporation reaffirmed its commitment to providing safe, reliable and customer-focused rail services across its network.

Banker urges building up seaports

A revised transport network that connects China to western Thailand via a new deep-sea port in Ranong could serve as a more viable alternative to the Land Bridge project, which is considered less feasible, says a banker.

Prime Minister Anutin Charnvirakul recently announced the government would review the Land Bridge project to ensure it represents good value for investment, and may initially focus on connecting the “missing links” between ports on the Andaman coast and the Gulf of Thailand, as well as other parts of the country to those ports.

Kobsak Pootrakool, senior executive vice-president at Bangkok Bank (BBL), said if the full-scale Land Bridge project proves difficult to implement, the priority should be developing western seaports and the connecting infrastructure, which has long been advocated.

Speaking following a visit to China with the government over the past weekend, Mr Kobsak said Chongqing could be a key market because cargo from the area could be transported through Thailand’s western ports for onward shipment to India, the Middle East and Europe, offering a more convenient route than via Shanghai.

Postponing the Land Bridge project and focusing on the completion of port development offers a greater chance of project success, he noted.

Rather than upgrading the existing port in Ranong, which is difficult to access due to its river location, Mr Kobsak suggested constructing a new deep-sea port at a more strategically suitable site.

Chinese business interests in Thailand continue to grow. Over the past three years, most foreign direct investment in the country is from China, driven by the “China Plus One” strategy and geopolitical factors.

When establishing operations in Thailand, these companies mainly require working capital, trade finance and local banking services, while domestic financing is expected to become more important in later phases, he said.

BBL aims to strengthen local supply chains. Several Thai companies have already begun producing vehicle bodies and components for Chinese electric vehicle (EV) manufacturers.

Thailand must capitalise on this trend as China expands its strengths in information technology, EVs, solar energy and eventually artificial intelligence, while Japanese technology becomes less dominant, said Mr Kobsak.

Thailand is becoming China’s regional hub for Southeast Asia, with many Chinese cities using the country as a distribution centre, he noted.

Although Chinese manufacturers may not initially rely on Thai banks for financing, later investment phases and supply chain expansion are expected to create new opportunities for local lenders, according to BBL.

This investment trend could help drive Thailand’s economic growth to 3-5% over 3-4 years as infrastructure projects are completed, said Mr Kobsak.

In addition, he said Thailand’s traditional industries must modernise to remain competitive with China.

Factories operating with decades-old technology will struggle to compete, making this an opportune time for businesses to invest in new technologies and production facilities, said Mr Kobsak.

Share of renewables in electricity in Cyprus at 27.5%, according to Eurostat

The share of renewable energy sources in gross electricity consumption in Cyprus stood at 27.5% in 2025, according to data published on Thursday by Eurostat.

Based on Eurostat data, Cyprus is among the countries with the lowest shares of renewables in electricity consumption in the EU. Lower rates were recorded by Malta, with 11.2%, Czechia, with 19.2%, Luxembourg, with 23.3%, and Slovakia, with 24.1%.

At the same time, the overall share of energy from renewable sources in gross final energy consumption in Cyprus stood at 21.5% in 2025.

In the EU, renewable energy sources accounted for 49.9% of gross electricity consumption in 2025, marking an increase of 2.4 percentage points compared with 2024. The corresponding share stood at 15.9% in 2004, when the time series began.

Among EU countries, Sweden had the highest share of gross final energy consumption from renewable sources, at 65.4%. Sweden relied mainly on solid biomass, hydropower and wind energy.

It was followed by Finland, with 53.0%, relying on solid biomass, wind and hydropower, and Denmark, with 48.2%, where renewable energy comes mainly from solid biomass, wind energy and biogas.

The lowest overall shares of renewable energy were recorded in Belgium, with 14.9%, Slovakia, with 16.3%, and Ireland, with 17.2%.

Weather Temperature for Cyprus

Today’s weather and temperatures for Cyprus according to the Department of Meteorology

Date 23/07/2026

Station

TEMPERATURE (C) (FROM 20:00 PC of the previous one until the time of the show)

Humidity at

1200 UTC

Highest

Lowest

Nicosia (Athalassa)

Larnaka Airport

Limassol (New Port)

Pafos Airport

Frenaros

Prodromos

Polis Pafos

Don’t pay anyone for mass wedding registration, Kano Hisbah warns applicants

The Kano State Hisbah Board has warned members of the public against paying money to anyone claiming to facilitate registration for the state’s mass wedding programme, describing such demands as fraudulent.

Deputy Commander-General of the Board, Dr Mujahideen Aminuddeen, issued the warning in Kano on Wednesday.

He said the board had received reports that some individuals were extorting prospective beneficiaries despite the Kano State government’s decision to fully sponsor the programme.

Dr. Aminuddeen stressed that neither the Hisbah Board nor the state government had authorised anyone to collect registration fees or any form of payment from intending participants.

He explained that Governor Abba Kabir Yusuf had approved full sponsorship of the mass wedding programme, covering wedding attire, furniture, transportation of the furniture, and start-up capital for beneficiaries.

According to him, the programme is completely free, and applicants should disregard anyone demanding payment or promising to secure a slot in exchange for money.

The Deputy Commander-General urged members of the public, especially victims of extortion, to report such individuals to the Hisbah Board or relevant security agencies for investigation and prosecution.

The Kano State mass wedding programme is one of the social intervention initiatives of the Abba Kabir Yusuf administration aimed at supporting less-privileged couples and easing the financial burden of marriage.

Daily Trust reports that the state government had approved N1.5 billion for the mass wedding programme involving 1,500 couples.

No date has been fixed for the ceremony.

Repairs to two power-generating units expected during the day, TSOC says

Repairs to two power-generating units with a combined capacity of 165 MW, which developed faults on Wednesday, are expected to be completed during the day, the Transmission System Operator Cyprus (TSOC) said in a statement, citing an update received on Thursday from the Electricity Authority of Cyprus (EAC).

‘If the units operate smoothly and are restored to service, demand is expected to be fully met, while the necessary system reserves will also be secured,’ it added.

Referring to Wednesday’s power cuts, TSOC said the National Energy Control Centre carried out controlled, rotating load shedding across Cyprus on July 22.

It said the decision was deemed necessary because of the particularly high temperatures and the resulting increase in electricity demand, combined with unexpected faults at conventional power-generating units.

‘The measure was implemented to balance electricity generation and demand, with safeguarding the stability of the power system as the absolute priority,’ the statement said.

It added that the maximum duration of the interruption for each group of consumers did not exceed 22 minutes.

Speaking to CNA, TSOC National Energy Control Centre Assistant Director Charis Zavallis said the EAC had included the two units in its generation schedule and that, provided everything proceeded as planned, they would be restored to service and made available to TSOC.

EAC spokesperson Christina Papadopoulou told CNA that faults had occurred on Wednesday at two power-generating units, one at the Dhekelia power station and the other at Vasilikos, and that efforts were under way to repair them.

‘We hope that at least the Dhekelia unit will be available today, if not both units,’ she added.

CNA/CST/HT/AGK/2026S, CYPRUS NEWS AGENCY

NCC advocates regulation to boost broadband penetration

The Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has called on African telecommunications regulators to embrace evidence-based regulation as a critical tool for accelerating broadband penetration across the continent.

Maida made the call on Tuesday while declaring open the Heads of Regulators Roundtable held on the sidelines of the African Telecommunications Union (ATU) Conference Preparatory Meeting in Abuja.

He noted that although African countries operate under different legal frameworks, market sizes and national priorities, regulators across the continent face similar challenges that require coordinated and collaborative solutions.

According to him, discussions among regulators have increasingly expanded beyond traditional regulatory issues to include investment, infrastructure resilience, satellite communications, cybersecurity, affordability, artificial intelligence (AI) and other emerging technologies.

He stressed that these shared challenges make regular engagement among African regulators essential for exchanging practical experiences and strengthening regulatory institutions.

‘Very often, the challenge that one regulator is trying to solve has already been encountered in one form or another by a colleague elsewhere on the continent,’ Maida said.

‘The question is how we make that exchange of experience more deliberate, more systematic and more useful to our institutions.’

Speaking on the theme of the roundtable, ‘Building Africa’s Network Intelligence Ecosystem for Evidence-Based Regulation,’ Maida said the forum offered regulators an opportunity to examine how data, market intelligence and evidence could improve regulatory decision-making.

He urged participants to openly share successful initiatives, lessons from unsuccessful approaches and areas where collaboration could help regulators avoid duplicating efforts while strengthening policy outcomes across Africa.

Also speaking, the NCC’s Executive Commissioner for Stakeholder Management, Ms. Rimini Makama, said Africa’s digital communications ecosystem had become increasingly complex with the rapid expansion of broadband, satellite services, artificial intelligence, cloud computing and digital public infrastructure.

She observed that conventional regulatory approaches were no longer adequate to address the evolving realities of the communications sector.

Makama noted that while regulators now have access to unprecedented volumes of technical, market and consumer data, the real challenge lies in converting such information into effective regulatory actions.

‘The challenge is not collecting data. The challenge is turning it into better decisions,’ she said.

‘As our digital markets become increasingly interconnected, we share common responsibilities in protecting consumers, promoting competition, attracting investment and ensuring resilient communications networks.’

She added that the roundtable would provide a platform for regulators to exchange practical experiences, identify common challenges and deepen collaboration among member states of the African Telecommunications Union.

Makama also disclosed that the NCC would showcase its regulatory intelligence ecosystem, which integrates quality-of-service and quality-of-experience data, consumer complaints, compliance analytics and market intelligence into a unified platform designed to support evidence-based regulatory decisions.

Sabah FC secures win over KuPS in UEFA Champions League Qualifier [PHOTOS]

Azerbaijan’s Sabah FC secured a 1-0 victory over Finland’s KuPS in the first leg of the UEFA Champions League second qualifying round, AzerNEWS reports.

The match, played at Bank Respublika Arena, saw the Azerbaijani champions claim a slender advantage ahead of the return fixture. Sabah’s lone goal proved enough to separate the sides in a closely contested encounter.

The second leg will be played in Finland on July 28, where KuPS will look to overturn the deficit and Sabah will aim to secure a place in the next round of the competition.

The UEFA Champions League is a continental tournament that brings together the best teams from Europe’s top domestic leagues.

It is widely regarded as the pinnacle of club football, attracting millions of fans worldwide.

Clubs from UEFA’s member countries compete for the title, which is seen as the ultimate achievement for European club teams.

The 2026/27 UEFA Champions League is actively underway, having kicked off its qualifying rounds in July 2026.

The tournament will feature 36 teams in the league phase, culminating in the final at the Estadio Metropolitanoin Madrid, Spain, on June 5, 2027.

Court rejects Sowore’s move to tender uncertified document

A Federal High Court in Abuja has rejected the move by the presidential candidate of the African Action Congress (AAC), Omoyele Sowore, to tender an uncertified document in support of his defence in his ongoing trial for alleged criminal defamation.

The Department of State Services (DSS) is prosecuting Sowore for alleged criminal defamation against President Bola Ahmed Tinubu who he referred to as a ‘criminal’ in posts made on his official X and Facebook accounts.

In the course of yesterday’s proceedings, Sowore’s lawyer, Adeyinka Olumide-Fusika (SAN), applied to tender, through the third defence witness (DW3), Wayne Chikezie Elijah, a copy of court documents, which the witness claimed he onced received on behalf of the defendant.

Elijah, led in evidence by Olumide-Fusika, told the court that he was a member of the defendant’s former legal team when he accepted the service of some court documents from the prosecution, on behalf of the defendant.

On the prompting of the defence lawyer, Elijah brought out a copy of the document, which Olumide-Fusika applied to tender in evidence, a move the prosecuting lawyer, Akinlolu Kehinde (SAN), objected to.

Ruling, Justice Mohammed Umar overruled Olumide-Fusika’s argument that it was a court document that emanated from the prosecution and so, required no certification.

Justice Umar said: ‘The document is coming from the custody of a counsel who claimed to be a counsel in the matter before. The reason for certification is to be sure the document has not been tampered with.

‘Having been in the custody of the said counsel, how is the court sure that the document has not been tampered with? The document is rejected and marked as such.’

While Kehinde cross-examined him, Elijah confirmed that he was present in the courtroom while the second defence witness (DW2) testified earlier in the proceedings yesterday.

Elijah said: ‘My lord, I was in and out of the courtroom. The CCTV of the court can confirm that I was indeed in and out of the courtroom.’

Earlier, while being led in evidence by Olumide-Fusika, the DW2, Uwem Davies, an official of the DSS who featured as a subpoenaed witness, described himself as Principal Officer, General Services at the DSS.

Davies said he was subpoenaed to testify in the case at the instance of the defendant.

He confirmed writing, upon the directive of the Director General of the DSS, a letter, requesting the defendant to take down his post on his X and Facebook platforms because it was generating tension in society.

The witness said the letter, dated January 22 was the only letter he wrote, asking the defendant to retract what he had posted on his social media handle on President Tinubu.

When shown a letter, dated September 7, 2025 and addressed to the MD, CEO of Meta, the parent body of Facebook, the witness said the letter contained his name, but was not authored by him.

He said B. Bamigboye, who was also subpoenaed, was his colleague in the same department, but has since retired.

The witness said he did not interface with Sowore before writing the defendant but acted on the directive of the DG of the DSS.

On whether the DG of the DSS and himself were supporters of President Tinubu in view of their claim that Sowore’s post infuriated a number of the President’s supporters, the witness said he did not know.

He insisted that as a lawyer in the employment of the DSS, he was instructed by the DG of the DSS to write Sowore to retract his alleged false post about the President.

Asked if he interacted with the supporters of the President before writing the letter, Davies said he did not but did the letter as directed by his employer.

At that point, Fusika told the court that he would have no option than to subpoena the DG of the DSS, because Davies had been unable to answer his questions the way he desired.

When Kehinde cross-examined him, Davies said all he did on the case was in his official capacity, not personal capacity.

He said the subpoena, which he tendered earlier, was served on the Service (DSS) and that the subpoena was passed on to me in his official capacity.

The witness confirmed that he and B. Bamigbose worked in the same department, but that Bamigboye has retired from service and his present location was unknown to his employer.

He said Bamigboye authored the letter to the Chairman/CEO X Corp on behalf of the DG of the DSS on the case, adding that Bamigboye authored the letter in his official capacity just as he did his own.

Davies said he had a copy of the letter and a copy of the subpoena served on Bamigboye.

Kehinde then applied to tender both documents in evidence, but Olumide-Fusika objected to the move, which the judge upheld.

Although Olumide-Fusika told the court that he had 20 witnesses to call, he applied for an adjournment to enable him to prepare his application for the issuance of a subpoena on the DG of the DSS.

Olumide-Fusika said he had also applied that a subpoena be issued on the spokesman to President Tinubu, Bayo Onanuga, but was told by the court’s bailiffs that they were unable to serve Onanuga with the subpoena.

Justice Umar subsequently adjourned till July 28 for the continuation of the defence.