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Deposits by customers in Nigeria’s five major and strategically important banks crossed the N100 trillion thresholds at the end of September.

The banks pooled a total of N105.01 trillion attracting an additional N8.44 trillion in new customer deposits in the first nine months of the year.

The five strategically important banks – Zenith Bank Guaranty Trust Holding Company (GTCO) First HoldCo Stanbic IBTC Holdings and Ecobank Transnational Incorporated (ETI) – account for more than two-quarters of Nigeria’s banking deposits.

A report by The Nation’s Market Intelligence yesterday showed considerable brand loyalty by customers in the five strategically important banks with all banks reporting growths in customer deposits during the period.

The nine-month report for the period ended September 30 2026 indicated increase in customer deposits from N96.57 trillion in December 2025 to N105.01 trillion by September 2026 an increase of N8.44 trillion or 8.7 per cent.

ETI with the largest base grew customers deposits from N36.44 trillion to N36.70 trillion. Zenith Bank added N2.78 trillion in the first nine months moving from N24.33 trillion to N27.11 trillion. First HoldCo’s customers deposit increased from N18.88 trillion to N22.91 trillion. GTCO saw increase from N12.55 trillion to N13.73 trillion.

Group Chief Executive Officer Guaranty Trust Holding Company Plc Mr. Segun Agbaje said the company’s performance in the third quarter reflected the strength of a franchise built on scale efficiency and discipline.

‘Despite a challenging operating environment and significant fair value losses in the period our core earnings continued to grow our deposit base expanded strongly our cost efficiency remains among the best in the industry and our balance sheet remains strong liquid and well capitalised.

‘Looking ahead we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve without compromising the quality of our risk assets. We will also continue to evolve our platforms and adapt to new technologies to meet the changing needs of our customers as we remain focused on delivering sustainable value and superior returns to our shareholders’ Agbaje said.

Chief Executive Officer Nigeria Economic Summit Group (NESG) Dr. Tayo Aduloju called on banks to deploy their enhanced balance sheet for the economic growth and transformation of the country.

He spoke at the fellowship investiture ceremony of CIBN. The theme of the event was ‘Bank Recapitalization: Leveraging New Bank Capital for Nigeria’s Industrial Transformation’.

Aduloju listed five ways under which commercial banks can provide industrial loans to companies noting that lenders needed to build industrial credit capability sector desks for priority value chains transactions and get engineers and analysts who can appraise plants offtake and cash flows.

He added that banks also need to co-finance and share risk by syndicating loans with Bank of Industry (BoI) Development Bank of Nigeria (DBN) and international development finance institutions (DFIs) and use partner guarantees to stretch capital further.

He said banks would further need to lengthen tenor for facilities by tapping into pension and bond markets and refinancing lines to match long-gestation industrial projects.

According to him with the issues around price risk with data requiring the banks to use credit bureaus the movable-asset collateral registry and digital cash-flow data to lend beyond land collateral are also critical.

He said banks are also required to finance value chains not just firms and also anchor-buyer and supply-chain finance linking MSME suppliers to large manufacturers as well as green finance for cleaner energy.

Aduloju said a weaker naira has cut bank capitals’ dollar value by 71 per cent since the last recapitalisation done decades ago.

He said 46 per cent of bank loans go to oil and gas sector; 8.7 per cent goes to manufacturing compared to 17 per cent in recent years.

He said although recapitalisation built the capacity to lend industrial transformation depends on where the fund is deployed.

He said: ‘The measure of this recapitalisation will be the extent to which it strengthens the industry’s productive capacity enhances the competitiveness of its products and expands its export potential’.

According to him banks should lend to production not only to safety while building the skills partnerships and products that industrial finance needs.

He advised policy makers to make productive lending cheaper and safer: They need to lower reserve and funding costs credible guarantees reliable power and transparent data.

President Bola Ahmed Tinubu has declared that Nigeria has emerged from its difficult economic phase expressing confidence that the reforms undertaken by his administration have laid a solid foundation for sustainable growth and national prosperity.

The President who reaffirmed his commitment to what he described as ‘Project Nigeria’ also pledged to intensify investments in the future of young Nigerians insisting that the ultimate measure of leadership lies in the opportunities created for succeeding generations.

Tinubu spoke on Monday while reflecting on his spiritual journey to Saudi Arabia for the Umrah pilgrimage during which he was granted the rare privilege of entering the Holy Ka’abah in Makkah to offer prayers alongside members of his Nigerian delegation

According to a statement issued by his Special Adviser on Information and Strategy Bayo Onanuga the President expressed optimism about Nigeria’s economic prospects describing the progress recorded under his administration as encouraging.

‘The foundation is solid and the economy has come out of the dark tunnel. This is inspiring’ Tinubu declared.

He maintained that the gains of ongoing reforms must translate into lasting opportunities for young Nigerians stressing that today’s leadership decisions would determine the country’s future.

‘We need to build a future for our youth. If we don’t invest in their future how do we want to be remembered as leaders 50 years from now? That’s the main thing. So this is a rare privilege to lead the country’ he said.

Reaffirming his determination to pursue national development the President said his renewed spiritual experience had further strengthened his resolve to serve Nigerians and build a prosperous nation.

‘My commitment to Project Nigeria is higher. I am determined to usher in prosperity and fully develop the country consistent with the wish of Allah and the support of the people.

‘It is important to put Allah first then move on. Follow your conscience. Follow the right path that will lead Nigeria to that greatness’ he stated.

Tinubu disclosed that he had prayed for wisdom and resilience to discharge his responsibilities as President expressing confidence that Almighty Allah had answered his supplications.

‘Well I asked for wisdom and resilience to continue to serve the people. I know that prayer has been granted. Before the 2023 election I did the same thing. I asked Allah to bless my Umrah then and He did.

‘And I promised that I would come back to thank Him’ the President said.

Reflecting on the responsibilities of leadership Tinubu cited Surah Aal-Imran Verse 26 of the Holy Qur’an which emphasises that ultimate sovereignty belongs to Almighty Allah who grants and withdraws authority according to His will.

He said the teaching reinforced his conviction that political power was a sacred trust that must be exercised with humility accountability and dedication to the welfare of the people.

‘There is no other God but Almighty Allah. He is the giver and the taker. He owns power and authority’ the President said.

He described his emergence as Nigeria’s President and Commander-in-Chief as an extraordinary divine favour which imposed an obligation on him to serve the country diligently.

‘I have faith in that and I believe extremely well that He has done me and my country a great favour. Out of many millions of people to be the President and Commander-in-Chief is a favour that only Almighty God can do to a human being’ he added.

The President also expressed profound appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for granting him and members of his delegation access to the Holy Ka’abah.

Sheikh Dahlulah Muthawal of Masjid al-Haram led Tinubu into the sacred structure where he offered prayers of gratitude for the privilege of serving Nigeria.

Describing the experience as historic and deeply emotional the President said the gesture underscored the enduring friendship and mutual respect between Nigeria and Saudi Arabia.

‘I want to say a big thank you for the faith for the recognition. I can’t believe the fencing of the Ka’abah is in Green-White-Green which reminds us of the Nigerian identity.

‘I thank the Crown Prince and all the administrators of the holy land. I thank them for the hospitality and recognition given to me as the leader of the delegation and the country’ he said.

Acknowledging the challenges confronting Nigeria and other nations Tinubu expressed confidence that faith and perseverance would ultimately prevail.

‘We are all facing challenges and hostility around us. We will overcome them with faith in God Almighty. I’m grateful forever. I thank the King and the royal Crown Prince.

‘It is an honour that I enjoyed and it is gracious of them to have allowed me to enter inside the Ka’abah. This is history’ he declared.

The President reiterated his administration’s resolve to strengthen the nation’s economic foundations expand opportunities for young people and create an environment in which Nigerians could realise their potential.

He also pledged to justify the confidence reposed in him through purposeful leadership and sustained commitment to national development.

Other members of the delegation were equally moved by the spiritual experience.

They included the Attorney-General of the Federation and Minister of Justice Lateef Fagbemi; Coordinating Minister of Health and Social Welfare Ali Pate; and the governors of Borno Sokoto Jigawa Kaduna Yobe and Kwara states.

Also among them were prominent business leaders including the Chairman of BUA Group Abdul Samad Rabiu and the Chief Executive Officer of Oando Wale Tinubu.

According to the statement the officials and business leaders expressed gratitude to Almighty Allah and appreciation to the President for the opportunity to accompany him into the Ka’abah and offer prayers at one of Islam’s holiest sites.

The Nigeria Customs Service’s Federal Operations Unit (FOU) Zone A has intercepted illicit drugs and pharmaceutical products valued at N511.4 million and rescued eight live pangolins in separate anti-smuggling operations across the South-West.

The operations were carried out under the leadership of the Acting Comptroller of the unit Oladapo Afeni who has intensified intelligence gathering patrols and collaboration with other security agencies to tackle smuggling and related crimes in the region.

The seized drugs and pharmaceutical products were handed over to the National Drug Law Enforcement Agency (NDLEA) and the National Agency for Food and Drug Administration and Control (NAFDAC) for further investigation and appropriate action.

The items included 121 parcels of cannabis sativa weighing 65.9 kilogrammes 100 grammes of crystal methamphetamine 400 grammes of cocaine 900 grammes of ground synthetic cannabis 4.3 kilogrammes of hybrid cannabis and 57 cartons of codeine syrup.

Customs also handed over 86 packs of polythene bags allegedly used to conceal the substances two vehicles – a Toyota Hiace bus and a Toyota Sienna – and two male suspects linked to separate interceptions.

According to the unit one of the operations took place at about 1pm on October 10 2026 when an intelligence-led patrol team intercepted a Toyota Hiace bus conveying suspected illicit drugs concealed in polythene bags along the Lagos-Benin Expressway around Ore Ondo State.

The substances were subsequently examined and analysed by NDLEA officials who confirmed their nature.

In another operation on October 7 Customs officers intercepted a vehicle along the Lagos-Ibadan Expressway and discovered 57 cartons of assorted brands of codeine syrup.

Representing Afeni during the handover the Deputy Comptroller in charge of Enforcement Oluwaseun Oguntuase attributed the seizures to sustained intelligence-driven operations across the unit’s area of responsibility.

He said the interceptions and transfer of the exhibits to the relevant agencies demonstrated the Customs Service’s commitment to protecting public health securing the nation’s borders and supporting national security.

The unit’s enforcement activities have also extended to wildlife trafficking with officers rescuing eight live pangolins in two separate operations in October.

On October 12 Customs officers intercepted three live pangolins during an anti-smuggling operation along Oyo Dam at Igbo-Ora. The animals were found inside a sack and concealed in a wire-mesh cage.

The suspected traffickers reportedly abandoned the animals and fled into a nearby swamp after sighting the officers.

In a second operation in the early hours of October 23 officers intercepted five more live pangolins confined in wire-mesh cages along the Igbo-Ora/Imeko-Afon axis.

The suspects allegedly abandoned the animals and escaped as the officers moved in.

The eight rescued pangolins were handed over to the Greenfingers Wildlife Initiative Centre for safekeeping rehabilitation and appropriate management with the possibility of eventual release into a protected habitat.

Pangolins are among the most trafficked mammals globally with their scales and meat sought by illegal traders. International commercial trade in the animals is prohibited under the Convention on International Trade in Endangered Species of Wild Fauna and Flora which lists all pangolin species under Appendix I.

Speaking on behalf of Afeni during the second handover Oguntuase said the interception of two wildlife consignments within a short period required further investigation to identify and dismantle the networks behind the trade.

He reaffirmed the unit’s commitment to intelligence-led operations and cooperation with conservation agencies to enforce laws against wildlife trafficking.

As part of efforts to strengthen security cooperation Afeni on October 14 began a familiarisation tour of sister security and law enforcement agencies in Lagos.

The engagements focused on intelligence sharing information exchange and joint operations to tackle smuggling cross-border crimes and other security threats.

The agencies visited included the Lagos State Police Command Department of State Services Nigerian Army’s 81 Division headquarters NDLEA Lagos State Strategic Command Nigeria Immigration Service and the Army’s 9 Brigade in Ikeja.

During his visit to the Lagos State Police Command where he met the Commissioner of Police Tijani Fatai Afeni said Customs operations required close collaboration with other security institutions.

He also warned that the approach of an election period could create opportunities for criminal elements to engage in activities capable of triggering crises.

‘We know that crime rates often increase as the country approaches the election period as some people may attempt to take advantage of the period to perpetrate illicit activities capable of causing crises during the elections. Therefore we are here to call for closer synergy so that these bad elements do not have their way’ he said.

Afeni said no security agency could effectively tackle complex criminal activities in isolation stressing the need for sustained cooperation among institutions with complementary responsibilities.

The Lagos State Commissioner of Police welcomed the engagement describing the relationship between the police and other security agencies in the state as strong and productive despite the challenges posed by Lagos’s large population and complex security environment.

At the Nigerian Army’s 81 Division headquarters the General Officer Commanding Major General Adebayo Abdulrahman Babalola also stressed the importance of joint operations against criminal activities.

He cautioned against administrative bottlenecks that could undermine operational effectiveness.

Afeni said the FOU Zone A would sustain its patrols intelligence-driven operations and cooperation with relevant agencies across its area of responsibility.

The unit said its enforcement activities were aimed at disrupting the movement of prohibited goods protecting public health and government revenue and tackling crimes that threaten national security and the environment.

The Independent National Electoral Commission (INEC) has commenced a nationwide baseline workshop to identify and address operational risks strengthen election monitoring and ensure effective preparedness for the 2027 general elections.

The two-day workshop organised by the Commission’s Election Monitoring and Support Centre (EMSC) opened on Monday at the Media Centre in Rivers State with a focus on operational Amber and Red Zones considered critical to election preparations.

The exercise is designed to assess the Commission’s level of readiness improve field reporting and strengthen mechanisms for identifying potential challenges before they disrupt electoral activities.

Speaking at the opening Rivers State Resident Electoral Commissioner (REC) Dr. Johnson Alalibo Sinikiem said the success of the 2027 elections would depend largely on early planning continuous monitoring and rigorous readiness assessments.

He said the election was no longer a distant event stressing that preparations must begin well ahead of election day through proactive risk identification and timely intervention.

‘The success of that election will not be decided on election day alone-it is being built right now through foresight meticulous planning and rigorous readiness evaluations’ Sinikiem said.

He urged participants to identify operational risks early and develop strategies to address them before the commencement of voting.

Representing the REC the Administrative Secretary Dr. Angela Ebohdaghe said the workshop’s emphasis on high-risk operational zones was necessary to prevent field-level failures and logistical bottlenecks.

She stressed the importance of proactive planning and effective coordination in ensuring that electoral operations were conducted smoothly.

Participants alongside the Head of Department Planning and Monitoring also reviewed the status of distribution of non-sensitive election materials from INEC headquarters to state offices.

Technical sessions at the workshop focused on validating EMSC checklists standardising data collection and verification processes improving field reporting and clarifying the roles and responsibilities of personnel assigned to election monitoring operations.

The workshop is expected to strengthen INEC’s capacity to detect emerging challenges improve operational coordination and ensure timely interventions as preparations intensify for the 2027 general elections.

House of Representatives Deputy Speaker Benjamin Kalu has warned against creating a new security outfit that will usurp the constitutional functions of the Nigeria Police Force (NPF).

Kalu said this during the consideration of a Senate Bill seeking to establish the Nigeria Mines Ranger Service (NMRS) to prevent and combat illegal mining artisanal mining and other crimes.

The Deputy Speaker expressed concern about the provisions of one of the clauses in the Bill which he said was already contained in the Police Act.

A robust debate centred on Clause 23 of the Bill which deals with the power to obtain information and members expressed concern about the provision.

But Kalu queried the scope of powers granted to the proposed service asking if Mine Rangers were being positioned to perform police duties.

He said: ‘These rangers are they going to be performing the work of the police? I was thinking they will arrest and hand over to the police for investigation. That is not what I am seeing in Clause 23. I am worried about Clause 23: Power to obtain information.’

The clause states: ‘For the purposes of carrying out the powers conferred on the service under this Bill the Commander-General or any other officer or employee of the service authorised in that behalf shall have a right of access to all records of any person or authority affected by this Bill for the specific purpose of discharging his duty under this Bill.’

Kalu said the service was going to be given the power of investigation if the Bill was passed as presently drafted adding that such powers ordinarily reside with the police.

He said: ‘That is investigation. It is the police that have the right to go into the records of individuals. Are you telling me that a mining ranger can when they are invited against you or your properties or your premises have access to your private information? I thought it is the police that is given the right to do that.’

House Leader Julius Ihonvbere said the provision could be subject to amendment where necessary but defended the need for preliminary investigative powers.

‘Well they are subject to some amendment if necessary. But if they do not carry out preliminary investigation of those they accost in the illegal mining they cannot brief the police adequately for prosecution in the law court. So they are not taking over the role of the police’ Ihonvbere said.

For Kalu there was a need to avoid conflict of mandate stressing that the Ranger Service should be under the police in terms of investigation hierarchy.

‘The Chairman is worried about Clause 23 so that there will be no conflict with regard to the mandate of the Nigeria Police and the Rangers. In the order of hierarchy the Rangers should be under the police in terms of investigation.

‘So they are carrying out the duty of the Nigeria Police which the Constitution and the Police Act in this case have given to the police; there will be a conflict’ Kalu said.

Ihonvbere argued that the clause was intended to prevent wrongful arrests citing recent incidents where persons not engaged in illegal mining were arrested.

‘In the recent incident there were persons who were arrested who were not even engaged in illegal mining. I think that clause simply tries to give the rangers the opportunity to separate the criminals from innocent persons and then proceed with the proper regular process under the police’ he said.

But maintaining his position Kalu said any arrest on reasonable suspicion should automatically activate the mandate of the Nigeria Police as provided in the Police Act.

‘I believe that when there is a reasonable suspicion and an arrest is conducted those arrests should be the activation of the mandate of the Nigeria Police as allowed by the Police Act. Anything contrary to that will be usurping the office of the Nigeria Police.

‘I have a problem with that so that we don’t end up creating something that will work against the ground norm of our country which has recognised in this case the police’ he said.

Consequently the House resolved to step down the Bill for further legislative engagements.

‘We will step this Bill down for further legislative engagements. Bill stepped down by the leave of the House. I am not impressed by the drafting of the Bill because clause 23 doesn’t make so much sense to me. Thank you’ Kalu ruled.

All Progressives Congress (APC) National Chairman Prof. Nentawe Yilwatda has declared that no other party can match the ruling party in terms of its solid organizational structure and extensive nationwide presence.

He said the party’s 13 million membership strength would give it a decisive advantage over opposition parties ahead of the 2027 general election.

Yilwatda spoke on the APC’s formidable base and winning capacity while receiving a pre-election fact-finding mission from the Economic Community of West African States (ECOWAS) led by former Sierra Leoneian Vice-President Victor Bockarie Foh at the party’s National Secretariat in Abuja.

A statement by Abimbola Tooki Special Adviser on Media and Information Strategy to the Chairman quoted Yilwatda as saying that years of deliberate political organization have placed the party in a strong position to mobilize voters across Nigeria.

Yilwatda said: ‘Our party is the largest political party in Nigeria. In terms of structure organization and membership no other political party comes close to us. We are approximately three times larger than the next political party in the country.’

The chairman said APC’s 13 million registered members across the country are backed by a verifiable database and membership identity cards linked to the National Identification Numbers (NIN) and voter registration details.

He added that APC can boast of over 261000 elected executive officers spanning ward local government state and national structures.

Highlighting the party’s elected representation as proof of national acceptance Yilwatda pointed out that APC holds 31of the 36 state governorship seats 88 seats of 109 in the Senate and 208 of 360 seats in the House of Representatives

He said the party also dominates most of the Houses of Assembly.

Yilwatda said APC remains the primary vehicle for aspirants nationwide recalling that over 7000 aspirants contested during the primaries.

He said while some unsuccessful aspirants defected to pick tickets in the African Democratic Congress (ADC) and the Nigeria Democratic Congress (NDC) APC recorded very few post-primary court cases.

Yilwatda said APC has fielded candidates for all elective positions and inaugurated its campaign council adding that its candidate were uploaded on the Independent National Electoral Commission (INEC) portal.

The chairman urged the electoral commission to stick strictly to its published election timetable to ensure a fair transparent and predictable contest for all participants.

Yilwatda said: ‘We believe INEC should stick to its timetable. The rules must apply equally to every political party. The electoral process must be fair transparent and predictable without adjusting deadlines in a manner that gives any party an undue advantage.’

Yilwatda assured the ECOWAS delegation that the APC remains committed to democratic principles adding that it will not use its strength to intimidate or suppress opposing voices.

He directed attention to the anti-government demonstrations including the recent ‘Tinubu Must Go’ protests as proof that the democratic space is fully protected under President Bola Ahmed Tinubu.

Yilwatda stressed: ‘Being the largest political party does not mean that we want to suppress anybody. We want a democratic environment in which every party can organize campaign and seek the support of Nigerians without fear.’

The Head of the ECOWAS mission Foh commended Yilwatda for the detailed presentation clarifying that the delegation’s assessment would rely strictly on scientific data collection observation and verification.

He said: ‘Our monitoring is scientific and our decisions on issues are based on scientific observation. We verify information before making any pronouncement and we use a robust application system to collect data. Our reports are therefore not arbitrary.’

Foh explained that the mission was engaging relevant stakeholders to obtain information and perspectives that would assist its assessment of Nigeria’s electoral environment ahead of the elections.

He expressed confidence that the engagement would contribute meaningfully to the mission’s understanding of the political landscape and the conditions for the conduct of the elections.

Foh said the session provided a valuable insight into Nigeria’s political readiness ahead of the polls.