Category: Daily Trust

The Chairman of Kwali Area Council of the FCT, Nuhu Daniel Kwali, has directed the council’s Works Department to immediately assess damaged drainage channels in the area and commence their reconstruction to prevent floodwater from entering residential buildings.

Kwali gave the directive when he was led by officials of the Works Department on an inspection of damaged drainage channels from the Rhema Clinic area to Overseer Quarters in the council on Saturday.

He said following flood alerts issued by the Federal Government, it was imperative for the council to take proactive measures to prevent and control flooding that could destroy homes and property in the area.

He said he personally embarked on the inspection to assess the damage caused by water overflow and blocked or damaged drainage channels.

‘And you know this is the month, especially August and September, when we witness heavy floods. Hence, the council has to swing into action.

To control flooding, we decided to direct the Works Department to quickly carry out an assessment and see how we can reconstruct the drainage channels to contain floodwater,’ he said.

According to him, there had been reports of flooding in some houses around the Rhema Clinic area through to Overseer Quarters whenever there was heavy rainfall, prompting the council to take urgent action.

The chairman also cautioned residents against indiscriminate dumping of waste, particularly in drainage channels, saying such acts had contributed to flooding.

The Nigerian Electricity Regulatory Commission (NERC), has announced the dissolution of the board of directors of the Kaduna Electricity Distribution Company (KAEDCO).

This is coming two years after the company was taken over by ASI Engineering Limited in June 2024.

NERC in an order signed by its Chairman, Musiliu O. Oseni and Commissioner Legal, Licensing and Compliance, Dafe Akepeneye, yesterday, said the dissolution followed the inability of the new owners to meet up with remittance to the electricity market and also expand its network.

Daily Trust reports that KAEDCO was one of the six companies taken over by creditors due to a liquidity issue that prevented it from paying back loans used in acquiring the company.

It would be recalled that the Nigerian Electricity Regulatory Commission (NERC) had in January 2024, dissolved the board of directors of Kaduna Electric over its inability to pay N110bn debt owed to the Nigeria Electricity Supply Industry.

This led to the appointment of an interim board which oversaw the company for the 6 months before ASI took over.

But NERC in its order said as at May 2026, KAEDC’s cumulative market obligation since privatisation stood at approximately N456.5bn, comprising 415.5billion due to the Nigerian Bulk Electricity Trading Plc (NBET) and N41bn due to the Nigerian Independent System Operator (NISO).

It said the company has accrued other non-market statutory and third-party obligations in the sum of N14.26billion.

‘Since the takeover of operations in KAEDC by ASI Engineering Limited (‘ASI’ or the ‘Core Investor’) in June 2024, the Licensee accrued additional market debt in excess of N118.6billion as at May 2026. The Core Investors and KEADC have persistently failed to furnish NBET and NISO with acceptable/credible payment bank guarantees in compliance with the terms of their Vesting Contract and the provisions of the Market Rules of the Nigerian Electricity Supply Industry (‘NESI’). The Core Investor has also failed to present a credible payment plan for these liabilities.’

‘KAEDC paid only 41.93% of adjusted market invoices, leaving a market shortfall of approximately 46.71 billion in the review period ending 31 December 2025. This poor performance is directly linked to KAEDC’s high Aggregate Technical Commercial and Collection Losses (‘ATC and C’) of 71.88%, which means that in 2025 review period, KAEDC was only able to account for only 28.2% of the energy received and delivered to end-use customers.’

The commission explained that further investigations found that substantial regulatory derogations and Federal Government interventions have not reversed the Licensee’s deterioration as approximately N6.58bn in derogations was granted from January 2024 to May 2026.

‘While aggregate Federal Government intervention disbursements since July 2018 were approximately N53.79bn. The continued underperformance therefore poses material risk to end-use customers, creditors, market stability and continuity of electricity service. The analysis confirms that KAEDC is experiencing severe liquidity constraints and that its commercial viability and continued participation in the market poses a systemic risk to NESI.’

It added that despite the commission’s regulatory initiatives and substantial government interventions, KAEDC’s board has failed to present a credible, funded and measurable pathway for capital injection, operational efficiency and sustainable recovery.

It said following the failure of KAEDC to provide a credible plan for the financial sustainability of the utility, a notification of imminent regulatory intervention was issued to its major shareholders and the Africa Export Import Bank (‘Afrexim’).

‘The notification required the parties to present a credible plan that addresses the financial situation of the utility, failing which the Commission would intervene in accordance with the provisions of the Electricity Act 2023 (‘EA 2023’ or the ‘Act’).’

It thereby announced an interim board for the company to oversee its activities for the next six months to halt what it called its pervasive failure and nonperformance in order to maintain continuity and quality of electricity service, protect end-use customers and market participants.

‘KAEDC’s board of directors is hereby dissolved. All directors of KAEDC are removed from office, and the existing board stands dissolved pursuant to section 75 of the EA. The Commission has notified the Corporate Affairs Commission (‘CAC’) and other relevant stakeholders of the dissolution of the board. The CAC shall not register or give effect to any change in the company’s shareholding, directorship or constitutional records during the special transition period without the Commission’s prior written approval,’ the NERC said.

The Chairperson of Billiri Local Government Area, Eglah Idris, has rewarded chess prodigy Mercy Iliya Namarwa with a N500,000 cash prize following her stellar outing at the recently concluded FIDE World Amateur Championships in Abuja.

Namarwa clinched two bronze medals in the tournament’s Blitz and Rapid U2000 Women categories.

Presenting the reward to Namarwa on Monday, Idris described the athlete’s achievement as a massive source of pride for the local government, Gombe State, and the nation at large.

‘We are proud of Mercy and what she has achieved,’ Idris stated. ‘This reward is our way of appreciating her hard work, dedication, and determination. We want her to know that her community is proud of her and will continue to support her.’

The chairperson emphasized that Namarwa’s success highlights the vast potential of local youths when provided with the right encouragement.

She urged other young people in Billiri to use Namarwa’s victory as inspiration to discover and hone their own talents.

‘We will continue to encourage and support talented youths in Billiri because we believe they have the potential to achieve great things and contribute meaningfully to the development of our society,’ Idris added.

She concluded by noting that the financial reward was designed not just to celebrate Namarwa’s current medals, but to motivate her toward even greater milestones in future competitions.

The Lafia Branch Chairman of the National Association of Okada Riders, Uba Yahaya, has said ten commercial motorcyclists were killed in Lafia, the Nasarawa State capital, in the last two months, by attackers, with all their motorcycles snatched.

Yahaya disclosed this to Daily Trust, while reacting to the frequent attacks on Okada riders in the state.

According to him, as chairman of the association, he personally attended the funerals of all the victims.

‘We ourselves have attended the funerals of ten people. All their motorcycles were taken away! All of them! They were killed,’ he said.

He described how the killings are carried out, citing one case of how a rider was hit with a club along the bypass.

He also recounted another incident where a rider was stabbed ‘straight to his heart’ and had his skull smashed.

‘Some came and were admitted to the hospital with injuries, with their motorcycles taken away,’ he added.

The chairman said security in the area has worsened again despite recent steps taken by the state government that initially brought ‘some relief.

‘People experienced some relief, didn’t they? But because people relaxed, now the problems have started increasing again,’ Yahaya stated.

He said most of the attacks now happen at night, ‘between the Maghrib prayer and the Isha prayer,’ though some occur during the day.

Criminals pretend to be passengers

He alleged that criminals now operate by pretending to be passengers or mechanics and by using commercial motorcycle jackets recently distributed to riders to deceive victims.

‘A certain young man, just recently, had his motorcycle taken. That criminal was wearing the rider’s jacket. So he deceived that other guy. One sat behind the motorcycle, and the two deceivers were on the bike.

‘That’s how they continued to beat him. In the end, he barely escaped, and they took the motorcycle and ran away,’ he narrated.

Yahaya also alleged that one suspect had snatched more than five motorcycles.

‘He uses a gun; if he shows you the gun, if you don’t give him the bike, he’ll pull out the gun. Even during the day, he does this work all alone!’ he said.

The chairman said the association is ‘100% behind the government’s move to reduce the movement of these night travels’ to address the killings and snatching.

‘We are doing the best we can,’ he said, calling for urgent intervention.

My two brothers were victims – Relative

A relative to one of the victims, Abduljalal Muhammad, recounted how his younger brother, Yusuf Muhammad, was shot and killed by suspected criminals, while working as a commercial motorcyclist in Lafia.

Abduljalal said the incident happened after his brother picked up a passenger and was demanding his payment.

‘He picked up a passenger and when he demanded his payment, they shot him.’ he said.

According to him, the attackers used a pistol and shot his brother while he was waiting for his payment

‘They will hold a short gun and point it at you while you’re waiting for your payment. They will shoot at your head.’

He said the killing occurred in Makurdi road after Housing Estates, saying some people told them of the incident. ted by residents.

‘By God, most of the task force officers didn’t even go to that area, let alone see the body. We got the body through the effort of some brave young men,’ he said.

Abduljalal said the area has become dangerous for Okada riders.

He added that another relative was also shot in the same area but survived.

He added that the victims are from Jigawa State and came to Nasarawa State to work as Okada riders.

Police issues advisory to riders

Reacting, Nasarawa State Police Command advised commercial motorcyclists in the state to avoid late-night operations and to remain security conscious, warning that criminals often lure riders with offers of huge fares before attacking them.

The Command’s Public Relations Officer, SP Ramhan Nansel, said most of the attacks on Okada riders happen at night.

‘Whatever you cannot get during the day will be difficult for you to get at night. And most of the time, these criminals, they will lure them with big money,’ Nansel said.

He explained the pattern used by the attackers, ‘Somebody will tell you, ‘from Total, take me to Shabu. From Shabu, go here. From Shabu, now go to other places.’ Don’t worry, I’ll give you so-so amount. When they hear that huge amount of money they will lure them. And then take them to secluded areas, take a gang and attack them now, and dispossess them.’

He urged riders to be mindful and to report any incident to the police to aid investigation.

‘Reporting it will assist us in investigation, because if they don’t, we may not know. The police cannot be everywhere. But people are everywhere. So when they report, we will spread our tentacles and see how it will be investigated,’ he said.

The PPRO added that some of the recent attacks on Okada riders have not been officially reported to the command.

A member of the Kano State House of Assembly representing Tudun Wada constituency, Sule Lawan Shuwaki, has defected from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP).

Speaker of the Assembly, Ismail Falgore, read Shuwaki’s resignation letter during plenary on Tuesday.

In the letter, Shuwaki said his decision followed ‘deep reflection and consultations’ with political associates, supporters and family members.

He thanked APC leaders at all levels for the support he enjoyed while in the party but noted that he had chosen a new political path that aligns with his principles.

Confirming the move, Shuwaki disclosed that he had joined the PDP months earlier but delayed formal announcement due to political consultations.

He also appreciated his former associates and supporters in Tudun Wada, urging residents to maintain unity and cordial relations despite political differences.

The Speaker explained that the Assembly leadership had received the resignation letter about two months ago but held back its reading while engaging Shuwaki to confirm his position.

The Taraba State Government has debunked reports suggesting that the state’s debt portfolio had risen to N1.2 trillion.

The State’s Commissioner of Finance, Dr Sarah Adi Enoch, while reacting to the report during a press briefing in Jalingo, said the report does not reflect its officially recognised debt stock, which was contained in the latest available records of the Debt Management Office (DMO).

She revealed that the state domestic debt stood at N85.51 billion as of December 31, 2025, and not N1.2 trillion as claimed by reports sponsored by some mischief makers.

According to her, the current domestic debt figure of N85.51 billion represents a reduction of about N2.45 billion from the approximately N87.96 billion reported before the administration of Governor Agbu Kefas came into office.

She explained that the DMO had clarified that the Taraba debt figure contained in its March 2023 publication was actually based on the state’s position as of September 30, 2022.

Dr Sarah stated further that the latest DMO data showed that the state’s domestic debt stock as of December 31, 2025, was approximately N85.51 billion.

‘The official DMO figures do not support suggestions that Taraba State’s domestic debt profile rose to N1.2 trillion. That claim is not only false but a calculated attempt by mischievous groups to paint the Taraba government black,’ she said.

Speaking further on the state’s external debt, the commissioner said that the DMO had placed Taraba’s external debt at approximately $46.47 million as of December 31, 2022, compared with $48.04 million as of December 31, 2025.

Dr Sarah, however, described the movement in the external debt position as relatively modest and acknowledged the exchange rate risks associated with foreign currency obligations.

She said the Taraba State government would continue to ensure that external financing remained within the limits of fiscal sustainability and its repayment capacity.

The Nigeria Customs Service (NCS), Federal Operations Unit Zone ‘A’ (FOU ‘A’), Ikeja-Lagos, has intercepted 220 consignments of prohibited and smuggled goods with a combined Duty Paid Value of N3.24 billion and recovered N728.98 million in lost revenue.

The seizures, recorded during intelligence-led operations, included 4,956 bags of foreign parboiled rice, 12 foreign-used vehicles, 2,683 parcels of synthetic cannabis weighing 1,439.9kg, 240,000 tablets of Tramadol and 12,000 tablets of Hypnox.

The unit also intercepted 24,100 litres of Premium Motor Spirit (PMS), 686 cartons of foreign poultry products, 414 bales of used clothing, 2,947 used tyres, foreign vegetable oil, 22 elephant tusks weighing 130.84kg and other prohibited items.

Comptroller Gambo Aliyu, head of FOU ‘A’, who made the disclosure on Monday said the N728.98 million revenue recovery demonstrated the unit’s efforts to tackle leakages arising from under-declaration, false declarations and other customs fraud.

He urged importers, exporters and licensed customs agents to make accurate declarations and comply with customs regulations, warning that the unit would sustain its crackdown on smuggling and revenue evasion.

Aliyu said the interception of restricted food products and other imports would help protect local industries, support food security and safeguard legitimate government revenue.

He added that the seizure of illicit drugs and pharmaceutical products would help protect public health, while the recovery of elephant tusks supported efforts to combat illegal wildlife trafficking.

According to him, improved intelligence gathering, risk profiling and collaboration with sister agencies were central to the unit’s recent enforcement successes.

Eleven firms listed on the Nigerian Exchange Limited (NGX) posted a combined profit of N3.06 trillion in the first half (H1) of 2026, Daily Trust reports.

An analysis of the unaudited half-year results of the companies across the banking, manufacturing, telecommunications, energy, aviation handling, consumer goods and insurance sectors showed improved earnings momentum despite persistent economic pressures.

Experts identified geopolitical tensions, inflationary pressures, exchange rate volatility, inadequate electricity supply, energy costs, cybersecurity concerns, intensifying fintech competition and global economic headwinds as some of the challenges companies battled while striving to remain profitable.

Banking

FirstHoldCo Plc reported another outstanding financial performance for the half-year ended June 30, 2026. Most notably, profit before tax rose by 83.5 per cent to N653.5 billion. Gross earnings increased by 16.7 per cent year-on-year to N1.93 trillion from N1.66 trillion recorded in the corresponding period of 2025, while operating income grew by 25.8 per cent to N1.38 trillion.

The company said the results underscore its transition from recovery to sustainable growth and long-term value creation.

Profit after tax climbed by 81.6 per cent to N526.1 billion from N289.8 billion in the previous year.

Group Chairman of FirstHoldCo Plc, Femi Otedola, described the results as a significant achievement in the group’s transformation journey.

United Capital Plc also released its H1 2026 results, reporting a profit before tax of N24.78 billion for the six months ended June 30, 2026.

This represents a 79.62 per cent year-on-year increase from N13.79 billion recorded in the corresponding period of 2025.

Profit after tax rose by 77.45 per cent to N21.10 billion from N11.89 billion, while basic earnings per share increased by 77.27 per cent to 234 kobo from 132 kobo.

Manufacturing

Dangote Cement Plc, BUA Cement Plc and HBM Nigeria Plc posted a combined profit after tax of N1.17 trillion in the first half of 2026.

The three companies generated an additional N337.65 billion in net profit during the six months ended June 30, 2026.

Dangote Cement maintained its position as the industry’s largest player after posting a profit after tax of N638.53 billion, representing a 22.69 per cent increase from N520.46 billion recorded in the corresponding period of 2025.

Revenue grew by 21.35 per cent to N2.51 trillion from N2.07 trillion, while profit before tax rose by 34.43 per cent to N981.39 billion from N730.03 billion.

HBM Nigeria Plc also delivered a strong performance, with profit after tax rising by 57.03 per cent to N208.30 billion from N132.70 billion. Revenue increased by 31.23 per cent to N678.4 billion from N516.90 billion, while profit before tax climbed by 59.08 per cent to N317.73 billion from N199.74 billion.

BUA Cement recorded the strongest profit growth among the three manufacturers, with profit after tax surging by 79.59 per cent to N324.88 billion from N180.9 billion. Revenue rose by 25.61 per cent to N728.93 billion from N580.3 billion, while profit before tax advanced to N384.44 billion from N214.8 billion.

Telecommunications

MTN Nigeria Communications Plc recorded a profit before tax of N1.09 trillion for the first half of 2026, representing a 75.4 per cent year-on-year increase and its highest-ever half-year performance.

The strong result was driven by robust data demand, improved operating efficiency and lower borrowing levels.

The telecommunications giant also posted a 25.9 per cent increase in revenue to N2.99 trillion despite the challenging macroeconomic environment.

Profit after tax rose by 70.6 per cent to N707.5 billion. Consequently, the Board approved an interim dividend of N26 per share, payable on September 7, 2026, to shareholders on the register as of August 20, 2026.

The company’s balance sheet also strengthened during the period, with shareholders’ equity rising by 69.6 per cent to N930.6 billion, while earnings per share increased by 70.6 per cent to N33.76.

Chief Executive Officer Karl Toriola attributed the strong performance to sustained commercial momentum, improved profitability and robust cash generation despite persistent macroeconomic pressures.

Energy

Seplat Energy Plc reported a 498 per cent increase in profit after tax to $164 million during the period under review.

Revenue grew to $1.82 billion from $1.398 billion year-on-year, while cash generated reached $985.9 million.

Production averaged 139,509 barrels of oil equivalent per day (boepd) in H1 2026, up four per cent from 134,492 boepd recorded in H1 2025 and within the company’s 2026 production guidance of 135,000 to 155,000 boepd.

Gross profit rose by 68 per cent to $815.9 million from $484.6 million.

The company also announced an agreement with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture, a move expected to enhance shareholder returns and bring total expected dividends for 2026 to 68.3 US cents per share.

Chief Executive Officer Roger Brown said the company’s first-half performance benefited from favourable commodity prices, strong cash generation and disciplined balance sheet management.

Oando Plc also reported a strong financial and operational performance for H1 2026.

Revenue rose by 20 per cent to N2.1 trillion, while profit after tax increased by eight per cent to N68.6 billion. Gross profit surged by 331 per cent to N101 billion.

Average daily production rose by 16 per cent year-on-year to 42,789 boepd from 36,836 boepd in the corresponding period of 2025.

Aradel Holdings Plc recorded a 576.88 per cent increase in revenue to N2.49 trillion from N368.08 billion. Profit before tax stood at N752.71 billion, while profit after tax was N191.05 billion.

Aviation

Nigerian Aviation Handling Company (NAHCO) Plc sustained its growth trajectory in H1 2026, recording a 22 per cent increase in profit.

Gross revenue rose to N35.36 billion from N32.33 billion, while operating profit increased by 25.4 per cent to N14.59 billion.

Profit before tax improved by 21.8 per cent to N14.37 billion, while profit after tax rose by 22.2 per cent to N10.85 billion from N8.88 billion recorded in the corresponding period of 2025.

Insurance

AIICO Insurance Plc reported a 14.53 per cent year-on-year increase in insurance revenue to N74.93 billion from N65.43 billion.

Profit before tax rose by 20.63 per cent to N15.05 billion, while profit after tax increased by 18.94 per cent to N13.40 billion, reflecting improved underwriting margins and stronger investment income.

Consumer Goods

Unilever Nigeria Plc recorded a turnover of N119.9 billion during the period under review, representing a 22 per cent increase from N98.1 billion recorded in the corresponding period of 2025.

Gross profit grew by 30 per cent to N54.7 billion from N42.1 billion, while net profit increased to N15.6 billion from N14.4 billion.

Oghenegaren Esiovwa-Thompson made history at the Commonwealth Fencing Championships, winning Nigeria’s first-ever gold medal in the men’s U-23 epee.

The News Agency of Nigeria (NAN) reports that the event took place at Rugby School Nigeria in Atlantic City, Lagos.

The 16-year-old stunned the field, brushing aside three Indian opponents on his way to the podium.

His triumph sparked jubilation among fans and marked a defining moment for Nigerian fencing.

To claim the crown, Esiovwa-Thompson produced a masterclass in the final, defeating Asian champion Lokesh Vemani of India 15-6.

The Nigerian teenager showed composure and class against his more experienced rival, while India’s Godwin Natarajan and Ashwini Shaurya settled for bronze medals.

His path to glory was impressive, beginning in Pool 4, where he went unbeaten to top the group and earn a bye into the round of 16.

He defeated South Africa’s Karabo Mathobela 15-7 before overwhelming India’s Shivaansh Kapoor 15-2 in the quarterfinal.

The semifinal brought another Indian opponent, Ashwini Shaurya, but Esiovwa-Thompson held his nerve to win 15-11 and set up a final showdown with Vemani.

Speaking after his victory, Esiovwa-Thompson said he was delighted to have achieved the feat in Nigeria in front of his family and home supporters.

‘I’m just happy that I’m in Nigeria. I won in Nigeria in front of the Nigerians, in front of my grandma and grandpa,’ he said. (NAN).

The Daily Trust Foundation has commenced a workshop on multimedia journalism for senior editors and news managers from the Zamfara State Media Corporation.

The workshop, which began on Monday, is designed to help participants gain practical knowledge of multimedia journalism and emerging digital media trends.

The workshop will run until Friday, August 21, 2026, at the Daily Trust headquarters in Abuja.

Chief Isiaq Ajibola, who represented the Chairman of the Daily Trust Foundation at the opening ceremony, urged journalists to embrace emerging digital technologies while maintaining the credibility and professional standards of journalism.

Chief Ajibola said the rapid transformation of the media industry had made continuous training necessary for journalists to remain relevant in the profession.

He said the media landscape had changed significantly over the past two decades, with news now reaching audiences instantly through digital platforms.

According to him, the training would provide participants with an opportunity to interact with modern newsroom facilities and understand how different media platforms operate together.

He noted that the programme would expose the journalists to the practical aspects of multimedia journalism, adding that the Daily Trust newsroom had evolved into a multimedia platform where newspapers, radio, television, digital platforms and social media work together.

He said, ‘The new media is changing every day,’ stressing that journalists must continuously update their knowledge to keep pace with developments in the industry.

He described the training as an opportunity for experienced journalists to refresh their knowledge, exchange ideas and gain a better understanding of emerging trends in journalism.

Also speaking at the event, Alhaji Ahmed Sani Tsafe, the Director of News and Current Affairs of Zamfara State Media Corporation, told participants that the state government decided to build the capacity of senior editors through the training as a way of repositioning the media in the North-West state.

He said the state had been collaborating with the Media Trust Group over the years and will continue to do so.

The training programme focuses on digital-first newsroom strategies, multimedia storytelling, audience engagement, social media governance, fact-checking, data journalism, data visualisation, audio and video editing, digital safety for journalists and platform-specific content production.

The programme also includes practical sessions and visits to different departments within the Daily Trust multimedia newsroom, where participants will learn how digital content is produced and distributed across various platforms.

The training is aimed at strengthening the capacity of journalists to produce credible, engaging and multimedia-driven content while maintaining professional and ethical standards in an increasingly competitive digital media environment.

The lead facilitator at the workshop is Dr Abdullahi Tasiu Abubakar of St George’s City University of London.