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A coordinated police operation has resulted in the death of several suspected kidnappers following a dramatic ambush and firefight in a forest in Ughelli North Local Government Area of Delta State.

The incident occurred after operatives from the Commissioner of Police Special Assignment Team (CP-SAT), acting on intelligence, arrested two suspects, Abubakar Musa, 28, and Yusuf Sale, 25 in separate operations across Rivers and Imo States.

The suspects subsequently led officers to a secluded bush between Upper Agbarho and Oviri-Ogor communities to recover a cache of weapons.

According to SP Bright Edafe, as the team exited the bush, they were ambushed by other gang members attempting to free the arrested suspects. A fierce gun battle ensued.

‘The operatives engaged the suspects in a fierce gun duel, where the suspects and some members of their gang who came to rescue them sustained gunshot injuries,’ the Police Public Relations Officer for Delta State Command added.

Two police officers were also wounded in the exchange and are currently receiving treatment.

The injured suspects, he disclosed, were taken to hospital but were pronounced dead while receiving treatment.

Recovered exhibits included one AK-47 rifle, two magazines, 43 rounds of live ammunition, one pump-action gun, and a locally made pistol.

A manhunt for the remaining fleeing suspects is ongoing.

In a related development, the Delta State Police have apprehended 12 suspected cultists and recovered a Beretta pistol in a raid on a suspected gang hideout in Jesse town.

Jesse is in Ethiope West Local Government Area of Delta State.

The operation, conducted on Sunday 5th October 2025 by a combined team of the State Anti-Cult Unit, targeted a location believed to be used for stockpiling weapons and planning attacks on rival groups.

Acting on intelligence following recent cult-related violence in the area, officers stormed a property on Sylvester Street, Ethiope West LGA.

During the raid, one Mudiaga Obey, aged 20, and eleven other individuals were taken into custody.

‘The operatives stormed a hideout where stockpiling of firearms, ammunition, and meetings is usually held before attacks on rival cult groups,’ confirmed SP Bright Edafe in a press release.

The police successfully recovered one Beretta pistol and one live round of ammunition during the operation.

All 12 suspects are currently in custody as investigations continue.

Akwa Ibom State Governor, Umo Eno, has dismissed as false, mischievous and politically motivated reports alleging that he ordered the withdrawal of security detail attached to his predecessor, Udom Emmanuel.

In a statement issued on Sunday by the Commissioner for Information, Mr Aniekan Umanah, the government described the claim as a ‘false alarm’ designed to create unnecessary tension and distrust among leaders in the state.

The rebuttal followed viral reports alleging that policemen attached to the two residences of the former governor in Akwa Ibom had been recalled, sparking mixed reactions and political speculations within the state.

While some commentators accused the Peoples Democratic Party (PDP)-led government of attempting to arm-twist the former governor, others interpreted the development as evidence of a possible rift between Governor Eno and his predecessor.

Umanah, however, dismissed the insinuations as baseless. ‘The Governor did not issue any directive to withdraw security operatives from the immediate past Governor.

‘There has been no complaint or report from any former Governor or their media aides about the withdrawal of security personnel. The rumour exists only in the imagination of those peddling it,’ he clarified.

The Information Commissioner described the publication as a deliberate act by mischief-makers to distract from the administration’s development agenda and strain the cordial relationship between the two leaders.

He reaffirmed that Governor Eno remains focused on peace, unity, and stability across Akwa Ibom and would not be drawn into divisive or sensational politics.

‘Governor Eno will continue to ensure that all citizens, regardless of political affiliation, enjoy the full protection and benefits of the law,’ Umanah added.

He also urged journalists and media houses always to verify reports before publication to avoid spreading misinformation capable of heating up the polity.

At a high-level panel session convened by the Athena Centre for Policy and Leadership during the launch of the Athena Election Observatory in Abuja, leading political figures, Governor Chukwuma Soludo of Anambra State, Governor Dauda Lawal of Zamfara State, and Ogbeni Rauf Aregbesola, National Secretary of the African Democratic Congress (ADC), called for deep reforms, stronger institutions, and improved transparency in Nigeria’s electoral process.

Themed ‘Innovation in Electoral Technology 2015-2025: Gains, Gaps and the Road Ahead,’ the forum brought together policymakers, academics, and civil society actors to assess the impact of technology on Nigeria’s elections, especially the introduction of the Bimodal Voter Accreditation System (BVAS) and INEC Result Viewing (IREV) portal systems by the Independent National Electoral Commission (INEC).

Governor Chukwuma Soludo commended the progress made by INEC under Professor Mahmood Yakubu, describing the agency’s technological advancements as transformational.

He recalled that Anambra was the first state where INEC deployed the BVAS and IREV on a statewide basis and will likely be the last state to conduct an election under Yakubu’s tenure.

‘I believe in technology, and I believe INEC has done greatly well. We must give INEC some credit. There are a few bad eggs, but a lot of good people there have delivered credible results’, Soludo said.

The governor noted that the transition from manual to electronic processes represented a remarkable leap from past elections, particularly when compared to the 2007 polls.

‘If the experience in Anambra since 2019 is anything to go by, we can score INEC’s performance at 90 percent, clear, transparent, open, and accountable,’ he added.

Soludo, however, stressed the need for better staff training and strict enforcement of penalties for officials who violate INEC regulations. ‘Those who collate and falsify results must be prosecuted and jailed. INEC must train its officers properly, and political parties must do the same for their agents’, he noted.

Governor Dauda Lawal of Zamfara State commended Athena for organizing the dialogue, describing it as a timely intervention ahead of upcoming elections.

He applauded INEC’s introduction of the BVAS system as a very good innovation but called for deeper integration between BVAS and the IREV portal to ensure real-time transparency.

‘For me, going forward, let there be proper integration of BVAS and IREV. As accreditation is happening, voting results should reflect online in real time. Infrastructure is key to solving this problem because technology depends on connectivity’, Gov Lawal said.

Lawal urged Nigeria to emulate countries like India, Brazil, and Ghana, where technology has greatly reduced manipulation in elections. He emphasized that the success of any electoral innovation rests on the rule of law, institutional strength, and security integrity. ‘Let us build institutions, not individuals. Without rule of law, no matter what we do here, it amounts to nothing. Politicians must stop using security to intimidate voters for selfish interests’, he stated.

Rauf Aregbesola, former Minister of Interior and now ADC National Secretary, argued that the credibility of elections begins with how INEC officials are appointed.

‘The issues in Nigerian elections are not as simple as we make them. The way the INEC Chairman and Commissioners are appointed does not inspire confidence. We must review it’, Aregbesola said.

He proposed a system where political parties with at least five members in the National Assembly would nominate candidates for INEC leadership positions to ensure fairness and inclusivity.

‘It may require constitutional amendment, but it can be done. The principal beneficiary of manipulation cannot be the one appointing the umpire’, he noted.

Aregbesola also urged INEC to publicly demonstrate any technology it intends to deploy before elections, emphasizing transparency and stakeholder confidence. ‘Don’t tell us you are using BVAS only for us to discover a different system on election day,’ he cautioned.

He further recommended linking voter registration to the National Identification Number (NIN) to eliminate inflated voter registers and multiple registrations.

‘It does not speak well that we register 93 million voters and get less than 20 million votes. A credible register is the foundation of credible elections’, he said.

The panelists agreed that while electoral technology such as BVAS and IREV have improved transparency, institutional weaknesses, poor training, lack of accountability, and political interference remain major obstacles.

They called for continuous innovation, stakeholder engagement, and legal reforms to strengthen Nigeria’s democracy and restore citizens’ confidence in the ballot.

President Bola Ahmed Tinubu has presented a new Toyota Land Cruiser Prado to the Chief Imam of Ibadanland, Sheikh Abdul-Ganiyy Agbotomokekere, in recognition of his role in promoting peace and religious harmony in Oyo State.

According reports, the vehicle was delivered to the Chief Imam on 5th October 2025 by Dr Yunus Akintunde, senator representing Oyo Central Senatorial District, drawing attention and varied reactions from the public.

Photos and videos shared on the Imam’s official Facebook page show him receiving the SUV, surrounded by members of the Muslim community and well-wishers.

The post was captioned, ‘Brand new Toyota Landcruiser Jeep 2025 Gift to His Eminence Sheikh Abd Ganiyy Abubakry Agbotomokekere (The Chief Imam of Ibadanland, The Grand Imam of Oyo State and The Grand Patron League of Imams and Alfas of Yorubaland Edo and Delta State) by His Excellency Bola Ahmed Tinubu GCFR (President Federal Republic of Nigeria) today Sunday 5th of October 2025.’

Former Governor of Ondo, Dr Olusegun Mimiko, on Monday, dismissed a media report claiming he was appointed to lead former President Goodluck Jonathan’s 2027 presidential consultation team in the Southwest.

The report, published by a national daily (not Nigerian Tribune) alleged that Mimiko was chosen to head the consultations ahead of Jonathan’s possible political comeback.

The report also claimed that former Osun State Governor and National Secretary of the African Democratic Congress (ADC), Rauf Aregbesola, recommended Mimiko for the role.

Although former President Jonathan has yet to declare interest in the 2027 presidential race, speculation has intensified that he may seek a return to Aso Rock.

The former president, who lost his re-election bid to the late Muhammadu Buhari in 2015, is reportedly engaged in quiet consultations over the possibility.

However, in a statement issued on Monday through his spokesperson, Mr. Eniola Akinsola, Mimiko described the report as ‘falsehood’ and ‘a concocted rumour dressed in news.’

‘The falsehood in the report is obvious from the get-go. It is just the work of a journalist flying with concocted rumour dressed as news,’ the statement read.

‘The Mimiko that I know respects former President Jonathan but has neither been reached nor appointed for a campaign that is still the subject – and may well end as a subject – of fanciful speculation. I am sure he is also not job-hunting,’ it added.

Akinsola further noted that as politics heats up, more ‘cooked stories’ would likely emerge, especially about prominent figures like Mimiko, who has chosen to stay out of the spotlight for now.

Last week, former Minister of Information and stalwart of the Peoples Democratic Party (PDP), Prof. Jerry Gana, claimed that Jonathan would contest the 2027 presidential election.

Speaking with journalists after a PDP congress in Minna, Niger State, Gana said Nigerians had experienced two other leaders since Jonathan and were now yearning for his return.

‘I can confirm that Goodluck Ebele Jonathan will contest the presidential election in 2027 as PDP candidate, and we should be prepared to vote for him to return as president again,’ Gana declared.

But in a swift reaction, Presidential aide Mr. Bayo Onanuga dismissed Gana’s claim as ‘an absurdity.’

‘However, we should caution former president Jonathan to be wary of the PDP sugar-coated cheerleaders.

‘Politicians of Jerry Gana’s ilk merely want to lure him into the race to satisfy their personal, political, religious, and ethnic interests. They will abandon him midstream, as they did in 2015, and leave Gentleman Jonathan in the lurch,’ Onanuga warned.

President Bola Ahmed Tinubu has stated that his administration recently established a N200 billion intervention fund for Micro, Small, and Medium Enterprises (MSMEs) and manufacturers to enhance competitiveness, address structural challenges, and unlock Nigeria’s productive potential.

Tinubu spoke on Monday while declaring open the 31st Nigerian Economic Summit in Abuja. He was represented by Vice President Kashim Shettima.

The President explained that the fund reflects his government’s commitment to inclusive growth, particularly for young entrepreneurs and vulnerable groups.

He affirmed the commitment of his administration to uplifting the poor, vulnerable, and unemployed groups in the country, saying that as a people-oriented government, his priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable.

Accordingly, Tinubu revealed that his administration has created pathways for young Nigerians to access grants, loans, and equity investments of up to $100,000 to scale their enterprises, innovate, and build sustainable livelihoods.

He added that the reforms introduced since he assumed office are delivering tangible results across multiple sectors, with Nigeria recording a Gross Domestic Product (GDP) growth of 4.23 per cent in September 2025, surpassing projections by both multilateral institutions and local economic experts.

‘All our decisions have been guided by the pursuit of balance between economic logic and public expectation,’ he said. ‘As a people-oriented government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable.

‘We have created pathways for young Nigerians to access grants, loans, and equity investments of up to $100,000 to scale their enterprises, innovate, and build sustainable livelihoods.

‘We established a N200 billion intervention fund to support MSMEs and manufacturers, helping them overcome structural challenges and enhance competitiveness. Our expansion of digital micro-loan access has improved financial inclusion, empowered small businesses, and stimulated community-level productivity.’

The President attributed the progress recorded so far in stabilising the economy and rescuing public finances to the patience and sacrifices of Nigerians.

‘As experts in the economy, you know that the stability in our foreign exchange market is not accidental. It reflects deliberate choices guided by the same economic wisdom that gatherings such as this embody.

‘Along with subsidy removal, these decisions have rescued our public finances, stabilised the economy, and reassured investors at home and abroad. We owe this progress to the sacrifices of Nigerians, whose patience and understanding have been the bedrock of our endurance. To them, I say: the better days we promised are already within sight,’ he stated.

President Tinubu pointed to a ‘resounding consensus’ that ongoing reforms have stabilised the macroeconomic environment, with the economy expanding from N309.5 trillion in 2023 to N372.8 trillion in 2024.

He said total revenue collection rose from N19.9 trillion in 2023 to N25.2 trillion in 2024 and had already reached N27.8 trillion as of August 2025, surpassing the target of N18.32 trillion.

‘These triumphs and projections are guided by the promise we made to the nation, to reduce Nigeria’s debt service-to-revenue ratio from 97 per cent, where we met it, to a sustainable level,’ he said.

‘Aside from the good news that this ratio has now reduced to less than 50 per cent, Fitch has upgraded Nigeria’s sovereign rating to B with a stable outlook, while Moody’s raised our issuer rating to B3. Both cited improved economic foresight and clearer policy direction.’

On fiscal performance, the President said non-oil revenues grew by 411 per cent year-on-year in August, with the tax-to-GDP ratio now at 13.5 per cent, up from 7 a few years ago. He also noted that the debt-to-GDP ratio stands at 38.8 per cent, well below statutory and international thresholds.

Explaining the rationale for increased monthly allocations to states, President Tinubu said: ‘I came to office fully aware that the secret to a successful federation lies in empowering each federating unit with the resources and autonomy to pursue development peculiar to its needs.’

He thanked economic experts and policy stakeholders for their support, stressing that every reform was guided by deep reflection and courage to act in the national interest.

The President assured that the four Tax Reform Acts he recently signed into law will strengthen domestic revenue mobilisation, reduce dependence on oil, and simplify compliance, while protecting low-income earners and fostering fairness in corporate taxation.

Earlier, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, commended the long-standing partnership between the ministry and the Nigerian Economic Summit Group (NESG), noting that reforms introduced since May 2023 are gradually easing the cost of living and boosting domestic production.

NESG Chairman, Mr Olaniyi Yusuf, urged government and stakeholders to prioritise security as a critical enabler of reforms, while Vice Chairman Mr Boye Olusanya praised the administration’s bold economic steps, including forex market stabilisation, tax reforms, and fuel subsidy removal, as essential for achieving the trillion-dollar economy target by 2030.

Dignitaries at the summit included Coordinating Minister of Finance and the Economy, Mr Wale Edun; Minister of Trade, Industry and Investment, Dr Jumoke Oduwole; Minister of Agriculture and Food Security, Senator Abubakar Kyari; and Minister of Communications and Digital Economy, Mr Bosun Tijjani.

The Senate is set to address growing claims of a ‘Christian genocide’ in Nigeria, which have been circulated both locally and internationally by some media outlets, advocacy groups, and religious organizations.

Lawmakers say the narrative misrepresents the country’s complex security challenges as purely religious.

A motion titled ‘Urgent Need to Correct Misconceptions Regarding the Purported ‘Christian Genocide’ Narrative in Nigeria and the International Communities’ will be debated on Tuesday.

The motion, sponsored by former Senate Leader Ali Ndume, has Senators Sani Musa (Niger East), Magatakarda Wamako (Sokoto North), and Ibrahim Bomai (Yobe South) as co-sponsors.

According to a copy of the motion seen by Tribune Online, the senators said the aim is to correct what they described as a distorted narrative in some international media reports portraying Christians as the sole victims of Nigeria’s violence.

They noted that ‘serious security challenges including terrorism, insurgency, banditry, communal conflicts, and targeted attacks which have affected citizens across various religious, ethnic, and regional backgrounds, resulting in loss of lives and property among both Christian and Muslim communities’ are being wrongly presented in religious terms, a development they warned could further divide the country.

The move follows the Presidency’s recent response to United States Senator Ted Cruz, who alleged that Nigerian officials were ignoring or supporting mass killings of Christians by Islamist militants.

Cruz, in a post on his X handle, claimed that Christians in Nigeria were facing systematic persecution.

Responding, Bayo Onanuga, Special Adviser to the President on Information and Strategy, dismissed the claims as false and misleading. He said Nigeria’s security problems are caused by terrorism, banditry, and criminality-not religious persecution-adding that the country enjoys religious harmony.

Ndume and his co-sponsors expressed concern that the US Senate and Congress may have been influenced by such claims and could move to label Nigeria a ‘Country of Particular Concern,’ a designation typically reserved for nations accused of human rights or religious freedom violations.

They urged the Senate to reject the characterization of Nigeria’s security crisis as a ‘Christian genocide’ and to reaffirm that the ongoing conflicts stem from socio-economic, ethnic, and criminal factors that cut across religious lines.

The lawmakers also called on the Federal Government to ‘encourage diplomatic missions especially US Embassy, International organisations, and foreign media to rely on verified, balanced, and credible sources-including security agencies, local communities, and independent observers-when reporting on religiously sensitive issues in Nigeria.’

They further advised the government, through the leadership of the 10th National Assembly, to ‘engage US Senate and Congress; international partners and diaspora networks through official briefings and fact-based publications to correct misconceptions.’

They also proposed that Nigeria ‘support interfaith peacebuilding programmes that emphasise shared victimhood and national unity’ and ‘ensure justice and accountability for all victims of violent attacks-whether Christian, Muslim, or otherwise-to address impunity and rebuild public confidence in state institutions.’

Two persons have lost their lives while several others sustained varying degrees of injuries in road crashes at Idi-Ayunre end of Ijebu-Ode road in Ibadan, Oyo State, on Monday.

The driver of the affected truck, which is said to be a quarry firm operating in the area, lost control of the vehicle and subsequently ran over three persons, leaving one dead on the spot.

Another victim lost his life while receiving medical attention at an undisclosed hospital in the neighbourhood.

The limb of the third victim has also been amputated in a desperate move to save her life.

The incident marks the second fatal crash involving the same company within three months has sparked off protests in the area.

The protesters barricaded the Ijebu-Ode road in demand for justice

The Chairman of the Oluyole local government, Akeem Olatunji, who led top officials of the local government to the scene where angry youths had barricaded the road, sued for calm.

He assured that his administration would leave no stone unturned to bring the driver to book and ensure the affected company properly compensates the families of the victims to reduce the pain and trauma they have been subjected to as a result of the incident.

Olatunji disclosed that most private companies in the council area have failed in the area of carrying out their Corporate Social Responsibility (CSR), especially by creating collaboration targeted at alleviating the suffering and socio-economic challenges of their host communities.

Recall that just a few months ago, a Kulum Quarry truck caused a similar accident that claimed the lives of three students of Prospect High School, Aba Nla.

In the wake of that tragedy, the council chairman, Asiwaju Akeem Olatunji, had promptly ordered the construction of speed breakers on the affected route to forestall future occurrences.

Sadly, Saturday’s crash shows that the warnings and precautions have done little to change or curb the recklessness of the company’s drivers.

Speaking on the incident, Olatunji expressed deep sorrow and described the deaths as both painful and avoidable.

He condoled with the bereaved families and the Idi-Ayunre community, praying for strength and comfort for all those affected.

‘This is another avoidable tragedy. My heart goes out to the families of the victims,’ he said. ‘No one should lose their loved ones in such a cruel manner, especially when it could have been prevented.’

Olatunji reaffirmed his administration’s commitment to the safety of lives and property in Oluyole. He announced that more speed bumps would be constructed along the Idi-Ayunre-Sabo road to curb reckless driving, particularly by heavy-duty vehicles.

He appealed to the youths of Idi-Ayunre to remain calm and resist the urge to take laws into their hands through road blockades or protests.

‘We understand your anger, but we must handle this responsibly. I assure you, justice will be served,’ he said, adding that Kulum Quarry would face appropriate sanctions and legal consequences for repeated negligence.

The council boss also emphasized that companies operating within the local government must henceforth comply strictly with safety and traffic regulations, warning that any firm found wanting would be held accountable.

Meanwhile, eyewitnesses at the scene revealed disturbing details about the driver’s conduct. The trailer, reportedly a brand-new vehicle, showed no signs of mechanical failure. Instead, witnesses alleged that the driver was speeding uncontrollably and appeared to be under the influence of substances commonly referred to as ‘colos’ and sachet alcohol.

Residents of the incident area have since renewed calls for stricter monitoring of quarry trucks and other heavy vehicles operating within Oluyole, insisting that the lives of their people should not continue to be the price of negligence and profit.

Experts cautioned that choking is a dangerous sexual act that can result in stroke, convulsions, and even paralysis, even though pornography has successfully made it a ‘sexual norm’ and a ‘safe’ activity.

They said that although choking during s3x has been effectively established as a ‘sexual norm’ and a ‘safe’ practice by pornography, it is still a dangerous sexual behaviour that can cause paralysis, convulsions, and stroke.

These risks are frequently increased in people who already have medical issues, making awareness and caution essential.

A study, published in the journal the Archives of Sexual Behaviour this week, found that more than half of adults aged 35 and under reported being strangled by a partner during sex.

Sexual strangulation involves applying pressure to the neck and restricting blood flow or breathing to ‘enhance’ a sexual experience. It often incorporates the dominant/submissive sexual dynamic and the use of hands, arms, feet, and binding agents like belts and ropes.

Although choking is distinct and strictly refers to the partial obstruction of the trachea, it is commonly used in sex play and porn.

But experts are warning that it is truly dangerous, no matter how gentle couples may think they’re being, and regardless of whether both partners like it in the moment.

Dr Debby Herbenick, a public health professor at Indiana University, in a recent presentation, warned, ‘There is no zero-risk way of engaging in choking. Though deaths from consensual choking are rare, they do happen.’

According to specialists, the neck is ‘alarmingly fragile,’ and limiting blood flow to the brain, even for a short time, can result in irreversible harm.

Even the ‘relatively low’ amount of force it takes to open a can of soda, when applied to someone’s throat, is enough to cause unconsciousness and risk brain injury.

Sexual strangulation can cause immediate symptoms such as neck bruising or swelling, alterations in eyesight, lightheadedness or vertigo, and difficulty swallowing.

While loss of consciousness can occur in seconds, death or paralysis is possible within minutes of strangulation.

Researchers at Bangor University and doctors at North Wales Brain Injury Service maintain that this loss of consciousness is-at the least-an indication that the person has suffered a mild brain injury.

It may take days, weeks, or even years for additional effects of sexual strangulation to become apparent. A change in voice, incontinence, seizures, memory, attention, and decision-making problems, sadness, anxiety, and miscarriage are some examples of these.

There is also growing evidence that, much like the cumulative harm of repetitive head injuries, hypoxic/anoxic brain injuries from sexual choking can accumulate and lead to long-term cognitive problems.

The co-author of the study, Heather Douglas from Melbourne University Law School, declared the risks associated with brain injury increase with each subsequent strangulation.

‘So it’s a little bit like a head injury in that these injuries can accumulate. Miscarriage can also result from strangulation and can occur a week or months down the track. Strangulation can lead to a stroke. There can also be an incremental reduction in memory,’ said Douglas.

Global credit ratings agency Moody’s Investors Service has cautioned that Nigerian banks could face renewed profitability pressures following the Central Bank of Nigeria’s (CBN) recent decision to cut the Monetary Policy Rate (MPR) to 27 percent from 27.5 percent.

The CBN said the 50-basis-point reduction was aimed at sustaining disinflation, encouraging credit expansion, and stimulating economic recovery. However, Moody’s warned that the move could squeeze banks’ net interest margins (NIMs) – a key measure of profitability – unless lending volumes increase significantly to offset declining yields.

‘We expect the lower policy rate to drive a decline in yields on loans and government securities that will outpace the related decrease in the cost of deposits,’ Moody’s stated. ‘Deposit costs typically adjust more slowly than lending rates,’ he added.

According to the rating agency, the narrowing of margins could erode banks’ earnings capacity in the near term, particularly in an environment of moderating inflation, volatile foreign exchange markets, and weak consumer demand.

Moody’s noted that net interest income-the difference between what banks earn on loans and investments versus what they pay on deposits-accounted for 62 percent of Nigerian banks’ operating income in 2024. A reduction in interest margins could therefore weigh heavily on overall profitability.

While the CBN’s simultaneous move to lower the Cash Reserve Requirement (CRR) may offer some liquidity relief, the ratings agency believes the benefit will be ‘only partial’ and insufficient to fully offset the earnings impact of lower policy rates.

The report added that Nigerian banks are already navigating tight operating conditions, including high funding costs, rising credit risks, and an evolving regulatory environment linked to the ongoing recapitalisation exercise.

Moody’s advised that banks must diversify income sources and strengthen non-interest revenue streams-such as fees, commissions, and digital services-to cushion the effects of compressed interest margins.

Analysts also expect larger Tier-1 lenders, with stronger balance sheets and wider customer bases, to weather the impact more effectively than smaller banks that rely heavily on interest income.

The CBN’s latest policy move aligns Nigeria with global monetary easing trends, as several central banks across emerging markets adopt lower rates to stimulate growth. However, Moody’s cautioned that the long-term effect on the banking industry would depend on how effectively lenders adapt to thinner margins while sustaining asset quality and capital adequacy.

For now, the focus shifts to how Nigerian banks recalibrate their strategies in response to a lower interest rate environment-balancing growth ambitions with the need to safeguard profitability.