Category: Daily Trust

Three suspects have been arraigned before an Upper Area Court in Ilorin for allegedly conspiring to steal goats worth N1.7 million belonging to two residents of the Fagba Market area.

The suspects, Agboola Abdulhameed, Gbenga Akoda, and Olarewaju Adijat, were accused of criminal conspiracy, trespass, cheating, theft, and criminal misappropriation.

The offence contravened Sections 97, 312, 287, and 309 of the Penal Code Law.

According to the First Information Report (FIR), the case was reported by Mallam Dauda Owura and Abdulrasaq Abdulraheem, both residents of the Fagba Market area.

The prosecutor, Olufunke Makose, told the court that the suspects conspired and stole several goats from the complainants’ properties, valued at about N1,700,000.

She said the suspects reportedly confessed to belonging to a syndicate specializing in the theft of goats and other livestock across Ilorin.

She added that another suspect, identified as Olarewaju (popularly known as ‘Akaje’), who allegedly masterminded the theft, is still at large.

‘Preliminary investigations revealed that the syndicate has been involved in similar theft cases within the Asa Dam and Saw-mill areas of Ilorin,’ she added.

She urged the court to remand the suspects.

However, the defence counsel, Toyin Onaolapo, countered her submission.

In his ruling, Magistrate Sunday Adeniyi ordered their remand and adjourned the case to a two weeks’ time.

Credit to the private sector (CPS) by deposit money banks (DMBs) has dropped by about five per cent month-on-month (MoM) to N72.5 trillion in the month of September, according to the data obtained from the Central Bank of Nigeria (CBN).

With the latest drop, the credit to the private sector has dropped by over six trillion in the last four months amidst complaints of prohibitive interest rates which have limited the capability of private businesses to secure banks’ facilities.

The money and credit statistics data released by the CBN indicated that the credit to the private sector dropped from 75.8 trillion in August to 72.5 trillion in September.

Daily Trust reports that there has been a sustained decline in the last since the beginning of the year after the figure ended 2024 with N78 trillion.

It dropped to N77.3 trillion in January representing 0.9 per cent decrease; N76.2 trillion (1.4%) in February; 75.9 trillion in March and in April the figure rose by 3.9 per cent to N78 trillion.

However, between April and September, the CPS which includes loans, trade credits and other account receivables and supports provided by banks to the private sector has consistently recorded a decline, down by 7.7% within the period.

From N78 trillion in April, it dropped to N77.9 trillion in May; N76.1 trillion in June; N75.8 trillion in August and N72.5 trillion in September; the July figure was not provided in the data.

The data also showed that the various components of the money supply recorded a decline during the period, except Currency Outside Banks (CoB).

Narrow Money (M¹), also declined by 0.76 percent MoM to N39.1 trillion in September from N39.4 trillion in August.

Quasi Money decreased by 1.99 percent MoM to N78.7 trillion in September from N80.3 trillion in August.

Likewise, Demand Deposits fell by 0.86 percent MoM to N34.6 trillion in September from N34.9 trillion in August.

But Currency Outside Banks rose marginally by 0.45 per cent month on month to N4.47 trillion in September from N4.45 trillion in August.

The decline in money supply is driven by a 2.1 percent MoM decline in credit to the economy to N96.7 trillion in September from N98.8 trillion in August, according to analysts.

The Apex Bank had during the Monetary Policy Committee (MPC) meeting held last month cut interest rates by 50 basis points from 27.5 per cent to 27 per cent. It was the first time in five years that the apex bank would cut rate due to the slight disinflation trend in the economy.

However, businesses insist the current rates are too high and prohibitive for businesses as some banks charge as much as 30 per cent as borrowing rates.

Why decline in credit – Expert

Experts and analysts say the steady decline in CPS was largely due to the cost of borrowing which is too high and not sustainable for any entrepreneur.

Director/CEO, Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf said no business can be profitable with a 30 per cent borrowing cost.

According to him, the high interest rates do not encourage people to borrow.

He said, ‘It’s more about the cost of borrowing which is too high. What do you want to do with an interest rate of 30% or even 35%? What do you want to do with that that would be profitable? One major factor which I think is responsible is the high interest rate. Most of those figures that are still outstanding are possibly people that are already owing the banks.

‘You know when you are already owing them, it’s not easy to return their money because you have used the money to buy machinery, otherwise the figure would have been much less than that if people had their way.

‘So basically the issue is about the cost of the credit. For me, I think that’s the biggest factor in the decline because high interest rates do not encourage people to borrow. It doesn’t.

‘Look at all the sectors. How many sectors can we say can support a credit of even over 20%? How many sectors? What will be your return on investment for you to be able to pay that kind of interest rate? That for me is the biggest factor.’

Given the last rates’ cut by the CBN, Yusuf stated that further rate cuts would be largely driven by inflation numbers.

‘All these things will depend on what happens to inflation numbers, what happens to exchange rates, you know, and those factors. If those variables are still in good territory, if they are improving, then that’s an indication that there is no major risk in the macroeconomic environment if there is a relaxation of the monetary condition.

‘So it depends on what happens at the time of their (MPC) meeting. If inflation continues to drop and even appreciates as you can see then you may expect a further rate cut. So it is a conditional thing.’

A financial analyst and aviation stakeholder, Capt. Samuel Calcrick who was speaking yesterday at a 2025 Transportation summit in Lagos said no business can survive by borrowing at 30 to 35 per cent when the profit margin is far less than the interest rates.

For instance, he stated that in aviation the profit margin is about three per cent, saying bank’s credit facilities at double-digit interest rates are unrealistic for businesses.

The federal government has released N2.3 billion to federal universities to clear salary and promotion arrears, reaffirming its commitment to improving academic staff welfare and sustaining dialogue with the Academic Staff Union of Universities (ASUU).

Minister of Education, Tunji Alausa, disclosed this yesterday while giving an update on the government’s ongoing engagement with ASUU and other university-based unions.

He said the disbursement, processed through the Office of the Accountant-General of the Federation (OAGF), demonstrates President Bola Ahmed Tinubu’s determination to resolve lingering welfare and funding concerns in the education sector.

‘A total of N2.311 billion, representing Batch 8 salary and promotion arrears, has been released through the Office of the Accountant-General of the Federation to universities. Benefiting institutions should begin to receive payment alerts anytime from now,’ Alausa said.

He further explained that the government is in the final stages of releasing third-party non-statutory deductions and pension remittances to the Nigeria University Pension Management Company (NUPEMCO), expected to be concluded within days.

The minister also announced plans to fully integrate the Earned Academic Allowance (EAA) into university staff salaries from 2026.

‘This will ensure prompt, predictable, and sustainable payments going forward,’ he said, adding that funds under the Needs Assessment of Nigerian Universities have also been released, with budgetary allocations made to maintain the initiative.

Alausa reiterated the Federal Government’s commitment to addressing long-standing issues through open dialogue.

‘While the government remains committed to improving staff welfare, it will only enter into agreements that are realistic and financially sustainable,’ he said.

He noted that the Yayale Ahmed Negotiating Committee continues to serve as an effective bridge between the government and the unions of tertiary institutions. ‘Negotiations are ongoing in a sincere, mutual, and respectful manner,’ he added.

Three months after his election to the role of National Chairman of the ruling All Progressives Congress (APC), Nentawe Yilwatda remains listed on the official website of the Federal Ministry of Humanitarian Affairs and Poverty Reduction (FMHAPR) as the Minister.

Yilwatda’s appointment as APC National Chairman was announced on July 24, 2025.

The motion for his nomination was moved by Imo State Governor, Hope Uzodimma, and seconded by Speaker of the House of Representatives, Tajudeen Abbas.

He was immediately sworn in to take charge of the party.

Prior to this, he was the Minister of Humanitarian Affairs and Poverty Reduction.

However, checks on the ministry’s website on Thursday morning showed that he is still labelled as ‘Hon. Minister, Prof. Nentawe G. Yilwatda’ with description of his ministerial role remaining active.

In addition, the ministry still retains its old name – Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development – on its official Facebook page, even though the new name is Federal Ministry of Humanitarian Affairs and Poverty Reduction.

Meanwhile, the ministerial post is expected to be filled, with the nomination of Bernard Mohammed Doro to replace him.

The Non-Academic Staff Union of Educational and Associated Institutions, on Wednesday raised the alarm that the recurring bandits’ attacks and fear of abductions have turned universities to zones of anxiety.

It also warned that the tragedy of the Chibok girls must never be relegated to the past as if it were a closed chapter.

President of NASU, Makolo Hassan, stated this in Abuja while addressing delegates of the union at the opening session of its National Executive Council (NEC) meeting.

Speaking during the meeting, Hassan said the government should be accountable at all levels to ensure it protects students, teachers and the future of education in the country.

According to him, insecurity, from kidnappings, banditry to terrorism, threatens Nigerians including workers’ lives and livelihoods as well as every other person resident in the country.

He added, ‘It is unacceptable that, while public schools crumble, the political elite and their collaborators send their children to expensive private institutions or even abroad for their education.

‘We reject this two-tier system that privileges the few and abandons the many. Quality education must be a public good, not a privilege for the wealthy.

‘Equally, we can no longer treat the security of our educational institutions as an afterthought.

‘The recurring bandit attacks and the lingering fear of abductions have turned our schools into zones of anxiety rather than learning.

‘The tragedy of the Chibok girls must never be relegated to the past as if it were a closed chapter. It remains a painful reminder of the urgent need for government accountability and decisive action to protect our children, our teachers, and our future.’

The labour leader further explained that addressing insecurity in the country requires a comprehensive multi-dimensional approach, including but not limited to strengthening security and intelligence gathering, modern technology deployment, governance and political will, eliminating corruption in security spending, promoting justice and rule of law and addressing youth unemployment.

He also warned that Nigerian workers can no longer survive on their current wages, noting inflation, poor governance, and stagnated pay have eroded the dignity of labour.

On his part, NASU’s General Secretary, Peters Adeyemi, condemned the persistent threat by government officials to invoke the ‘No Work, No Pay’ policy, describing it as an attempt to intimidate and silence legitimate trade union actions.

Adeyemi stressed that strikes are never spontaneous decisions but last-resort measures triggered by government failures to honour agreements freely entered into with unions.

Guaranty Trust Holding Company Plc yesterday released its Unaudited Consolidated and Separate Financial Statements as of September 30, 2025, recording profit before tax of N900.8billion on the back of strong performance on the core earnings lines of interest income and fee income which grew y-o-y by 25.6% and 16.8% respectively.

In the disclosure to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), the group’s strong core-earning performance continued to narrow the y-o-y dip in PBT to 26%, thereby cushioning the impact of the N523.2bn fair value gains recognised in Q3-2024, which did not recur in Q3-2025.

The Group recorded growths across all its Asset lines and continues to maintain a well-structured, healthy liquid and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals.

Group’s total assets and shareholders’ funds closed at N16.7trillion and N3.3trillion, respectively.

Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 36.5%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3% and 4.4% % at Bank and Group level in Q3-2025 (Bank 3.5%, Group 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024.

In specific terms, the Group’s loan book (net) grew by 16.5% from N2.79trillion as of December 2024 to N3.24trillion in September 2025.

Similarly, deposit liabilities grew by 16.0% from N10.40trillion to N12.06trillion during the same period.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: ‘Our third quarter performance underscores the consistency and resilience of our business model, as well as the continued strength of our diversified financial services ecosystem.

‘We are seeing steady, sustainable growth across our banking and non-banking businesses, supported by disciplined execution and a strong focus on operational efficiency. The improvements we have made to our digital and payments infrastructure are enhancing customer experience, deepening engagement, and driving greater integration across our ecosystem.’

He further stated: ‘Looking ahead, our focus remains on advancing our competitive edge through innovation, operational excellence, and a commitment to superior customer outcomes. With a clear growth trajectory and strong organizational alignment, we are well-positioned to sustain performance momentum and deliver another year of industry-leading results.’

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 39.5%, Pre-Tax Return on Assets (ROAA) of 7.6%, Capital Adequacy Ratio (CAR) of 36.5% and Cost to Income ratio of 28.8%.

Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom.

The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Wednesday, empowered 1,000 residents with N460 million through the Eko Cares Programme.

The fund was disbursed at the official presentation of cheques to beneficiaries of the Financial Assistance Programme (Eko Cares), organised by the Office of Political, Legislative and Civic Engagement at Agidingbi, Lagos.

During the event, different categories of beneficiaries received cheques ranging from N300,000 to N1.5 million, based on individual needs, for businesses, health, school fees, rent and people with disabilities.

Sanwo-Olu expressed satisfaction with the process, enjoined the beneficiaries to make judicious use of the financial aid to empower themselves for self-reliance.

The Governor, who was represented by his deputy, Dr Obafemi Hamzat, said the Eko Cares initiative reaffirms the true essence of governance, which is to provide comfort, hope, and opportunities for those who need them the most.

He noted that the reforms of President Bola Tinubu’s administration through the Renewed Hope Initiative are essential to uplifting the future of the country; hence, the need for everyone to lend their support for a greater Nigeria, with a call on beneficiaries to see the aid as a seed of hope.

‘This presentation of cheques to over 1,000 vulnerable Lagosians is not just a ceremony; it is a celebration of compassion and our shared humanity. It serves as a reminder that progress is not solely about infrastructure or numbers but about how deeply we care for one another.

Through initiatives like this, we strengthen the social contract between the government and its citizens, a relationship built on trust, empathy, and inclusion,’ he said.

Governor Sanwo-Olu said the initiative is making a real difference in the lives of thousands across the state, noting that its aim is to help residents tackle economic hurdles, foster inclusion and stability and bring back hope and dignity.

‘In 2024 alone, we distributed N1.1 billion to 2,477 residents throughout the state. For this year, we have set aside N1.6 billion to assist an additional 2,850 beneficiaries, and these programmes are still running, with even more residents ready to receive support. This is our commitment to making social intervention inclusive and impactful,’ he said.

Speaking earlier, the Special Adviser to the Governor on Political, Legislative and Civic Engagement, Dr Afolabi Tajudeen, noted that the initiative embodies a deeper commitment of the Lagos State Government to compassion, equity, and empowerment, ensuring that every resident has a fair chance to thrive.

According to Afolabi, since the inception of the Eko Listens Financial Assistance Programme in 2020, the initiative has served as a beacon of hope for thousands of vulnerable Lagosians, reaffirming that the state government is committed to the enduring social contract that no resident will be left behind in the journey of Lagos State’s development.

A Federal High Court in Abuja has dismissed a no-case submission filed by suspended Deputy Commissioner of Police, Abba Kyari, and his two brothers in the criminal case instituted against them by the National Drug Law Enforcement Agency (NDLEA).

The NDLEA filed 23-count charges against DCP Kyari, his brothers Mohammed Baba and Ali, before the court over his failure to declare properties allegedly linked to him in the asset form.

Dismissing the no case submission, Justice James Omotosho held that the prosecution had established a prima facie case against the defendants, warranting them to open their defence.

‘In view of all the exhibits and the evidence of the prosecution, the defendants need to offer to exhaust their defence options before a final judgment,’ Justice Omotosho explained.

He further emphasised that the defendants remain presumed innocent until proven guilty, while the burden of proof rests on the prosecution to establish its case beyond a reasonable doubt, in line with Section 135(1) of the Evidence Act, 2011.

The NDLEA claimed the brothers failed to declare a property at Plot 1927 Blue Fountain Estate, Karsana, Abuja; an estate at Linda Chaulker Road, Asokoro extension, Abuja, a plaza under construction adjacent to No.13 Balin Suleiman Street, behind NNPC Petrol Station, Guzape Abuja; plot of land covered by Certificate of Occupancy No: 000271 issued by Maiduguri Metropolitan Council, Borno State, and plot No, 33, Bama Road GRA Extension Maiduguri, Borno State covered by Certificate No: 80/4319 issued by Borno State Government by deposing to false affidavit at the Federal High Court Maiduguri in suit Number FHC/NG/CS/9/2022.

The charges are brought under sections 35(3)(a) and 18(a) of the Money Laundering (Prohibition) Act, 2011(As Amended) and punishable under Section 15(3)(a) of the Money Laundering (Prohibition) Act, 2011 (As Amended).

They pleaded not guilty to the charges, instead arguing that under Section 128 of the Evidence Act, transactions involving state land could only be proved through certified true copies of title documents, insisting that no other form of evidence was admissible.

The case has been adjourned to November 4, 5, and 6 for continuation of the trial.

The 2025 Lagos State Secondary Schools Handball Championship (Opeifa Cup) continued in spectacular fashion on Wednesday, October 29, as the tournament’s third day delivered a feast of goals, drama, and exceptional performances across the senior and junior girls’ categories.

In the senior girls’ division, Keke Senior High School fell 1-3 to a disciplined CMS Grammar School side, while Creek Senior High School edged Cardoso Senior High School 2-1 in a closely fought encounter that kept fans on the edge of their seats. Jagunmolu Girls and United Christian College played out a hard-earned 1-1 draw in their opener, but Jagunmolu bounced back impressively later in the day with a commanding 5-1 victory over Girls Senior High School.

Elsewhere, Government College Agege and Lagos City College shared the spoils in a 1-1 draw, before Government College returned to action with a narrow 1-0 win over United Christian College in a tight, tactical duel.

The junior girls’ matches were equally entertaining. Igbobi Junior High School narrowly lost 1-2 to Herbert Macaulay Junior High School, while Ikeja Junior Girls and Government College played out a 0-0 stalemate. Government College, however, roared back with a convincing 3-1 victory over Dolphin Junior School in their next fixture.

There were also dominant displays from Muslim Junior College and United Christian Junior School, who both recorded emphatic 10-0 wins over Okesuna Junior School and Greek Junior School, respectively. Dolphin Junior School later cruised to a 5-0 win against Ikeja Junior Girls, while United Christian Junior School capped off a perfect day with another strong 3-0 triumph over Government College.

The competition continues to gather momentum as teams battle for qualification spots, with more excitement expected in the days ahead.

The 2025 Lagos State Secondary Schools Handball Championship (Opeifa Cup) continued in spectacular fashion on Wednesday, October 29, as the tournament’s third day delivered a feast of goals, drama, and exceptional performances across the senior and junior girls’ categories.

In the senior girls’ division, Keke Senior High School fell 1-3 to a disciplined CMS Grammar School side, while Creek Senior High School edged Cardoso Senior High School 2-1 in a closely fought encounter that kept fans on the edge of their seats. Jagunmolu Girls and United Christian College played out a hard-earned 1-1 draw in their opener, but Jagunmolu bounced back impressively later in the day with a commanding 5-1 victory over Girls Senior High School.

Elsewhere, Government College Agege and Lagos City College shared the spoils in a 1-1 draw, before Government College returned to action with a narrow 1-0 win over United Christian College in a tight, tactical duel.

The junior girls’ matches were equally entertaining. Igbobi Junior High School narrowly lost 1-2 to Herbert Macaulay Junior High School, while Ikeja Junior Girls and Government College played out a 0-0 stalemate. Government College, however, roared back with a convincing 3-1 victory over Dolphin Junior School in their next fixture.

There were also dominant displays from Muslim Junior College and United Christian Junior School, who both recorded emphatic 10-0 wins over Okesuna Junior School and Greek Junior School, respectively. Dolphin Junior School later cruised to a 5-0 win against Ikeja Junior Girls, while United Christian Junior School capped off a perfect day with another strong 3-0 triumph over Government College.

The competition continues to gather momentum as teams battle for qualification spots, with more excitement expected in the days ahead.