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Bichi: Kano City Railway Project Shows Tinubu’s Commitment To Development

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The Managing Director of the Hadejia Jama’are River Basin Development Authority (HJRBDA), Alhaji Rabiu Suleiman Bichi, has said that the recent allocation of N150 billion in the 2025 Appropriation Bill for the construction of a railway line in Kano City is a testament to the President’s commitment to driving growth and development across the nation.

According to him, “This ambitious project is poised to revolutionise transportation in Kano city, enhancing connectivity, facilitating trade, and boosting economic growth.”

Making this known on Friday in Kano, Alhaji Bichi added, “The railway line will not only improve the quality of life for residents but also position Kano as a hub for commerce and industry.”

“As we celebrate another milestone in Nigeria’s journey towards progress, we extend our sincerest gratitude to President Bola Ahmed Tinubu for his visionary leadership,” he said.

Alhaji Bichi said President Tinubu’s administration has demonstrated a clear focus on infrastructure development, as evident from the 2025 budget’s emphasis on revitalising hospitals and investing in healthcare infrastructure.

He emphasised that “the allocation for the Kano railway line is a significant addition to these efforts, showcasing the government’s dedication to transforming Nigeria’s infrastructure landscape.”

“As we applaud this milestone, we acknowledge the President’s efforts to stimulate economic recovery and growth.

The 2025 budget’s projections of generating 18.32 trillion Naira in revenue and setting total government expenditure at 27.50 trillion Naira demonstrate a clear vision for Nigeria’s fiscal future.”

His words: “I must also acknowledge the untiring efforts of our member representing the Bichi Federal constituency, Hon. Abubakar Kabir Abubakar Bichi, popularly known as Abba, in bringing unprecedented developmental projects in both physical and social infrastructure.”

He added that the National Chairman of the APC, Dr. Abdullahi Umar Ganduje’s contributions to the growth of the nation and stability of the political landscape have continued to inspire us to work more for the development of our people and the nation.

“Your tenacity to provide modern transportation hubs in Kano by purchasing 100 high-capacity buses and a light rail project which you pursued at the Federal level has yielded the desired result.

Once again, we express our deepest gratitude to President Tinubu for this groundbreaking initiative. We look forward to witnessing the transformative impact of the Kano railway line on the city and its people.”

We rejected Gambaryan’s $5million bribe, disregard his false allegations – FG

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Disregard Falsehoods Being Peddled by Tigran Gambaryan against Nigerian Government Officials – FG

The Federal Government of Nigeria notes with concern the outrageous allegations, misinformation, and defamatory statements being disseminated by Tigran Gambaryan, an American personnel of Binance who was recently tried in Nigeria for financial crimes.

While the Federal Government of Nigeria is hesitant to engage Mr. Gambaryan, given the high-level diplomatic intervention that resolved his case, we are obliged to set the records straight to stop his falsehoods from gaining grounds.

The first visit by Mr. Gambaryan and his colleagues to Nigeria was discretional on their part and Government was not officially involved. However, when the attention of the Government was called to an alleged bribery demand during that trip an investigation was immediately opened into it though there was no formal complaint by anyone.

Mr. Gambaryan’s second visit to Nigeria was part of a wider probe into the criminal manipulation of the Nigerian currency through peer-to-peer platforms like Binance, but investigators were frustrated by the tactics deployed by Gambaryan and his team.

Mr. Gambaryan was released by the Nigerian government in October 2024 on humanitarian grounds and following a high-level diplomatic intervention that ended with tangible benefits for Nigeria. The government rejected Binance’s offer of a $5 million down payment in exchange for Mr. Gambaryan’s freedom, in favour of a more beneficial settlement with the American government.

We categorically deny the retaliatory claims made by Mr. Gambaryan against Nigerian officials involved in his case, and we urge the public to disregard these false accusations in their entirety.

It is essential to note that Mr. Gambaryan’s allegations are not only unsubstantiated but also lack credibility, given his apparent motive to discredit and intimidate those who ensured he faced justice.

However, we are confident that both the Nigerian and American judicial systems will provide Mr. Gambaryan with a fair opportunity to substantiate his claims in court. Until then, we advise the public to exercise caution and not be swayed by Mr. Gambaryan’s unfounded and malicious claims.

Mohammed Idris
Honourable Minister of Information and National Orientation.

Friday, February 14, 2025

Kano Senator Assaulted At Emir Sanusi’s Daughter’s Wedding For His Ties With APC

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Senator Sulaiman Abdulrahman Kawu Sumaila, representing Kano South Senatorial District was on Friday assaulted at the wedding ceremony of Amina Muhammad Sanusi, the daugther of Emir of Kano, MuhammadLamido Sanusi.

In a video seen by NewsDay, a visibly angry elderly man had tried to hit Sumaila with his shoe at the event.

The man could be heard accusing Sumaila of dumping the leader of Kwankwasiyya Movement, Rabiu Kwankwaso for President Bola Tinubu.

Sumaila was elected under the New Nigerian Peoples Party (NNPP).

It took the intervention of Governor Abba Yusuf before the matter was resolved.

Members of Kwankwasiyya Movement have lately criticised and accused Sumaila of having ties with President Bola Tinubu and the All Progressives Congress (APC).

The Senator had defended himself saying it was Kwankwaso who initiated the relationship between all federal lawmakers from the Kano State and the All Progressives Congress (APC).

In Ibadan, FIRS Seals Firm Over Tax Debt

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In continuation of its enforcement initiative, the Federal Inland Revenue Service, FIRS, on Wednesday, 12 February 2025 sealed the premises of tax-owing company Renyiwood International Ltd in default of payment of N9,423,201.08 (Nine Million, Four Hundred and Twenty-Three Thousand, Two Hundred and One Naira, Eight Kobo Only) judgment sum as ordered by the Tax Appeal Tribunal upon registering same as the judgment of the Federal High Court.

The FIRS Enforcement Team sealed Renyiwood International Ltd located in Ibadan over an aggregate tax debt of N9.4M (Nine Million, Four Hundred Thousand Naira)

Upon application by the FIRS, the Federal High Court, Ibadan issued a Writ of attachment and sale of goods against the judgment debtor -Renyiwood International Ltd] in default of payment of judgment order.

It would be recalled that the FIRS had dragged the defaulted company to the Tax Appeal Tribunal for the failure of the firm to remit Tax payment for its Company Income Tax and Education Development Tax for the 2017-2020 years of assessment, and the decision was granted in favour of the FIRS.

The Court Sheriffs, the FIRS Legal Unit Ibadan, in collaboration with DMO (Ibadan) and the Enforcement team successfully carried out the judgment enforcement exercise.

The taxpayers are enjoined to pay attention to their tax obligations both for FIRS and State taxes to avoid this form of unpleasant experience.

First HoldCo: First Bank Announces New Name, Shareholders Approve New Identity

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First Bank holding company has announced a rebrand as it seeks a uniform identity across its subsidiaries.

-The bank across Africa has been working on creating brand clarity and consistency in recent months.

-First Bank has branches in several countries across Africa and Europe and is also one of Nigeria’s oldest banks.

FBN Holdings Plc has been renamed First HoldCo Plc (FirstHoldCo) as part of plans to create a uniform identity across all its subsidiaries. The leading Nigerian financial company announced the change in its name in a statement released on Tuesday, February 11, 2025.

The rebranding was intended to highlight FirstHoldCo’s commitment to innovation, customer focus, and operational excellence.
Part of the statement from the banking firm read:

“FirstBank, FirstHoldCo Plc will retain First Bank Nigeria Limited as its flagship brand while adopting new, unified names for its other subsidiaries in Asset Management, Capital Markets, Securities, Trusteeship, and Insurance Brokerage.”

The statement also confirmed that this change would be effected across the group once the relevant regulatory approval had been given. Legit.ng previously reported that at the 12th AGM of the holding company in November 2024, First Bank shareholders approved a change in the legal and brand names from First Bank Holdings to FirstHoldCo Plc and FirstHoldCo, respectively.

First Bank described the transformation and rebranding as a pivotal milestone in its journey to redefine its identity, unify its subsidiaries, honour its heritage, and solidify its leadership in the financial services industry.

Group managing director Wale Oyedeji said the transition was significant for the company and marked a strategic shift towards future growth and innovation, as reported by Punch.
“The transition to FirstHoldCo Plc marks a defining moment in our history as we embark on a bold path toward the future.”

He added that the rebranding was not just a name change but also described this process as a ‘reaffirmation of our purpose, vision, and commitment to providing world-class financial solutions to our stakeholders’.

Oyedeji said the rebranding would unify the company’s identity across subsidiaries and regions, reinforcing its leadership position in Africa while maintaining a global presence. “It strengthens our dedication to creating lasting value while preserving the trust and confidence that have shaped our relationships for over a century.”

The GMD highlighted that within Nigeria, FirstHoldCo’s unified brand structure would strengthen operational synergies, enhance clarity in service offerings, and improve the delivery of tailored solutions for businesses and individuals nationwide.

“Internationally, it strengthens the Group’s position as a formidable organisation, enabling us to capitalise on global market opportunities while reinforcing our role as a trusted partner in financial services.”

ThisDay reported that the GMD said the rebranding aligned with the company’s strategic vision of staying ahead of industry trends through innovation and a customer-centric approach. “We are not just redefining a brand; we are shaping a legacy that seamlessly blends heritage with progress, tradition with transformation, and local impact with global reach.”

https://www.legit.ng/business-economy/money/1640273-first-bank-announces-shareholders-approve-identity/

Details About First Bank’s Name Change.

-First Bank described the transformation and rebranding as a pivotal milestone in its journey to redefine its identity, unify its subsidiaries, honour its heritage, and solidify its leadership in the financial services industry.

Group managing director Wale Oyedeji said the transition was significant for the company and marked a strategic shift towards future growth and innovation, as reported by Punch.

“The transition to FirstHoldCo Plc marks a defining moment in our history as we embark on a bold path toward the future.” He added that the rebranding was not just a name change but also described this process as a “reaffirmation of our purpose, vision, and commitment to providing world-class financial solutions to our stakeholders.”

Oyedeji said the rebranding would unify the company’s identity across subsidiaries and regions, reinforcing its leadership position in Africa while maintaining a global presence. “It strengthens our dedication to creating lasting value while preserving the trust and confidence that have shaped our relationships for over a century.”

The GMD highlighted that within Nigeria, FirstHoldCo’s unified brand structure would strengthen operational synergies, enhance clarity in service offerings, and improve the delivery of tailored solutions for businesses and individuals nationwide.

“Internationally, it strengthens the Group’s position as a formidable organisation, enabling us to capitalise on global market opportunities while reinforcing our role as a trusted partner in financial services.”

ThisDay reported that the GMD said the rebranding aligned with the company’s strategic vision of staying ahead of industry trends through innovation and a customer-centric approach. “We are not just redefining a brand; we are shaping a legacy that seamlessly blends heritage with progress, tradition with transformation, and local impact with global reach.”

IGP Urges Senate To Conduct Closed-Session Investigation On Alleged Missing Arms

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Inspector-General of Police (IGP) Kayode Egbetokun has urged the Senate to make the conduct of investigation on the alleged missing firearms a closed session for security reasons.

Mr Egbetokun stated this in a letter addressed to Senate President Godswill Akpabio and read at plenary on Thursday.

He commended the Senate’s efforts to conduct a thorough investigation on the alleged missing firearms.

“We appreciate the Senate committee’s probe into the alleged missing firearms,” said Mr Egbetokun. “We urge the committee to conduct future hearings on sensitive security issues in camera so that wrong impression will not be created in the minds of Nigerians and the minds of the international community.”

Mr Egbetokun stated that this would ensure national security and prevent misinformation.

Conducting hearings on these sensitive security issues in camera will help prevent the spread of misinformation and protect national security interests.

“It will also allow for more candid discussions and fact-finding,” he said.

The inspector-general of police expressed his commitment to maintaining a strong partnership with the National Assembly to drive positive changes in the country and improve the lives of Nigerians and the country’s security.

After reading the letter, Mr Akpabio said the IGP’s letter was very clear: “It speaks for itself.”

He said that while the investigation would be done internally by the police, further investigation would also be conducted by the Senate.

(NAN)

10 Biggest Commercial Banks In Nigeria By Market Value In 2025

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The list of the largest commercial banks in Nigeria as of February 2025 has been revealed, as investors scramble for top bank shares

 

-Checks indicate that Zenith Bank and GT Bank top the list as the largest commercial banks in the Nigerian market.

 

-The share prices of various commercial banks have risen as investors compete for leading banks’ shares, driven by earnings prospects

 

Guaranty Trust Holding Company Plc has emerged as the biggest commercial bank in Nigeria based on market capitalisation. Data obtained from the Nigerian Exchange showed that the combined market capitalisation of 12 commercial banks stood at N10.78 trillion as of Friday, February 7, 2024.

 

 

Market capitalisation refers to how much a company is worth as determined by the stock market. It is calculated by multiplying the company’s current share price by the number of shares outstanding.

 

Here is the current ranking of the 10 biggest banks in Nigeria based on their market cap;

 

-1). GTCO N1.71 trillion Guaranty Trust Holding Company Plc the parent company of GTbank leads the table with a market capitalisation of N2,18 trillion. Its share value recently rose to its highest level ever and is currently priced at N64.00.

 

-2). Zenith Bank. N1.63 trillion Based on share prices traded on Friday, Zenith Bank is the second largest bank in Nigeria. With a market valuation of N1.63 trillion, the bank’s shares closed on Friday at N52.00.

 

-3). Access Holdings. N1.49 trillion Access Bank has once again joined the trillion club as its market valuation rose to N1.49 trillion on Friday following a rise in its share prices to N28.

 

-4). UBA. N1.34 trillion United Bank for Africa has been overtaken by Access Bank and currently has a market value of 1.34 trillion. On Friday the bank’s share price rose to N39.15.

 

-5). FBN Holdings. N1.02 trillion First Bank is ranked 5th with a market of N1.18 trillion. On Friday, Nigeria’s oldest bank’s share price closed at N33.00

 

-6). Fidelity Bank. N560.21 billion Fidelity Bank PLC’s shares are valued at N17.50, and the company is worth N560.21 billion. The bank’s stock declined 0.29%.

 

-7). Stanbic Bank. N803.33 billion Stanbic IBTC Holdings Plc, the parent company of Stanbic, is another bank that has risen in ranking, with a market capitalization of N803.33 billion, thanks to the rise in its share price to N62.

 

-8 ). Fidelity Bank Plc. N665 billion Fidelity Bank’s share price rose to N20.80 which helped the bank’s market capitalisation to N665.85 billion.

 

-9). Ecobank. N574.34 billion Ecobank is ranked eighth with a market capitalization of N574.34 billion and a share price of N31.30.

 

-10). FCMB. N471.30 billion First City Monument Bank is the ninth-ranked bank with a market capitalisation of N471.30 billion, while its share price is N11.90. Wema Bank – N243.23 billion

 

Wema Bank Plc made it to the top 10 list with a market capitalisation of N243.23 billion and a share price of N11.35. Access Bank reaches agreement to buy South African bank Legit.ng earlier reported that Access Bank moved to expand its presence across Africa and the world with the planned acquisition of another bank.

The bank had announced its plan to acquire Bidvest Bank, the leading second-tier South African bank, in a deal worth over $159 million.

MTN Pegs Call Rate At N13.8/minute, Apologises For 200% Data Price Hike

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As part of the ongoing tariff hike and restructuring, telecommunications firm, MTN has pegged call rate on its pulse bundle at N13.8 per minute from N7.8 per minute, which represents a 76.92 per cent increase.

Checks showed that the rate prior to yesterday, used to be 13k/seconds and N4/SMS, but message that came after calls via the pulse bundle showed new rate of 23k/seconds and N6/SMS. This means by 23k by 60 seconds amounted to N13.8 per minute. Recall that by the January 20, 2025 Federal Government approved 50 per cent tariff hike, the floor price (minimum acceptable price) of calls was pushed to N9.6 per minute from N6.40 and the ceiling price (maximum acceptable price) of calls to N50; the cost of SMS to N6 from N4; and the cost of 1GB of data to N431.25 from N287.5. The average price of calls will be N16.5/minute from N11.

IN a related development, MTN Nigeria apologised to its customers following a backlash that followed the sudden 200 per cent increase in the price of its 15GB weekly digital bundle. MTN admitted the change was unexpected and acknowledged customer dissatisfaction. The company said that it understood how frustrating it must have been for subscribers to wake up to such a significant price adjustment. MTN, which has 84 million subscribers and 51.4 per cent market share, in a message, yesterday, said: “We know how upsetting it must have been to suddenly wake up to a 200 per cent increase on your favourite digital bundle. We could share several reasons and provide explanations, but omo, all that one na story.” “We don cast. We get it and admit it. Let’s just say na mistake. In this love season, don’t stay angry with us. Please forgive and forget. You matter die and we will never stop showing you how much. Let’s continue our relationship. Thank you for your understanding (sic).”

Meanwhile, it has launched a new campaign tagged: ‘Go Make a Difference (Go M.A.D.)’ in Abuja. The new campaign, which is targeted at inspiring residents to take bold steps towards meaningful change, brought together young changemakers, spoken word artists, creatives and everyday Nigerians eager to use their voices to spark transformation. The activation, which is part of MTN’s nationwide movement, encouraged individuals to harness their skills, passions and digital tools to create impact in their communities. From interactive sessions to thought-provoking discussions, the Abuja activation provided a platform for changemakers, entrepreneurs and Nigerians from different facets to share their experiences and ideas on how to make a difference. One of the highlights was a community-driven impact showcase, where individuals shared success stories of transformation, proving that small, consistent efforts can lead to lasting change.

Speaking on the initiative, Senior Manager Sales and Trade Development North, MTN Nigeria, Ohwofasa Obazenu, emphasised the campaign’s vision: “Go M.A.D. is a movement that empowers Nigerians to act. Whether in business, education or social impact, we want people to know that their bold steps can create a ripple effect of change.”

CBN To Sanction Bankswith ATM Withdrawal Limit Below N20,000

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The Central Bank of Nigeria, CBN, has threatened to sanction banks that limit Automated Teller Machines (ATM) withdrawal to less than N20,000 per transaction.

The apex bank disclosed this in a document addressing concerns over the reviewed fees on ATM withdrawal.

Recall that CBN on Tuesday increased ATM transaction withdrawal fees, saying, from March 1st, bank customers will pay N100 charge for every N20,000 withdrawal from the on-site ATM of other banks.

The CBN in a circular to banks and other financial institutions, the CBN said, “ATM Transaction Fees On-Us for customers withdrawing at the ATM of the customer’s financial institution in Nigeria with No charge.

“Not-On-Us for withdrawal from another institution’s ATM in Nigeria; On-site ATMs will attract a charge of N100 per N20,000 withdrawal.

“Off-site ATMs will attract a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.

“The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.

“International Withdrawals (per transaction) whether debit/credit card: Cost Recovery – exact charge by international acquirer.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”

However, following widespread concerns over the limit on ATM cash withdrawal by banks, the apex and yesterday released a list Frequently Asked Question, FAQ, to clarify implementation of the new charge.

The CBN noted that the charges for withdrawals made from other banks on-site and off-site ATMs are based on banks allowing customers to withdraw up to N20,000 per transaction.

CBN said: “The fees are based on banks allowing customers to withdraw up to N20,000 per transaction. Any bank that compels a customer with sufficient funds in his/her account to withdraw less than N20,000 per transaction against the customer’s desire for a higher sum would be contravening this regulation’s spirit and sanctioned appropriately.

“Consumers that are denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using cpd@cbn.gov.ng.”

The regulator also explained that banks can not charge more than the stated fees, but a bank can charge a lower amount depending on its cost structure, among other things.

“The charges and surcharges are capped. Thus, banks and other financial institutions are not allowed to charge more than the fees prescribed in the circular.

“Note also that though the surcharge per transaction is capped, there is flexibility for a bank to charge a lower amount depending on its cost structure and business development drive.

To avoid paying ATM transaction fees, the apex bank said: “You should withdraw money from your bank’s ATM (On-Us transaction) to avoid the transaction fees.

“Additionally, limiting your use of off-site ATMs is advisable to minimise the surcharge.

“Further, consumers can explore other payment channels such as mobile apps, POS devices for payments, etc.”

Prosperity Cup 2025: Bayelsa Governor’s Football Tournament Organizers Conclude Draws

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The draw for the season seven of Nigeria’s biggest grassroots football fiesta, the Bayelsa Governor’s Football Tournament tagged the Prosperity Cup has been completed in Yenagoa, the Bayelsa State capital.

The draw, which was held at the main bowl of the Samson Siasia Stadium had representatives and officials from the various participating teams in attendance, alongside key actors in the sports sector, who witnessed the ceremony.

Prosperity Cup Season Seven will see 255 teams comprising 231 in the men’s category and 24 of the female side battling for supremacy in the tournament in 25 centers across the eight local government areas.

Defending champions, Ogboinbiri FC will kick start their title defence at Oporoma center in Southern Ijaw that has Ikianbiri FC, Ludoun FC, Oyoma FC, Amatuburu FC and Otuan FC.

Nembe City last year’s finalists at the Nembe City center will face Respect FC, Ultimate Lakers, Etie FC, Okoroba FC, Fantuo FC, Tbbe FC and Fisherman Son FC while former champions Krusaders FC of Peretorugbene will confront Samba Boys FC, Ayamasa FC and Isampou Town at the Ekeremor Town center.

The Nigeria Union of Journalists and the Sports Writers Association of Nigeria NUJ/SWAN team will be seeking to take their opponents to the cleaners when they face Odi United, Sabagreia Boys, Sampou FC, Kings Warriors of Igbedi and Creek FC at the Ekpuwari- Opokuma center in Kolokuma Opokuma Local Government Area.

Ogbia champions, Mover’s FC of Otuasega will take on Milcom FC, Otuoke Pain FC, Emeyal 2 FA, Rising Stars FC of Oruma, Chief Street FC of Otuokpoti, Kolo 3 FC, Global FC and Jerry FC of Ogbia Town at the Imiringi center, while 2022 champions, Eternal Grace Ministry EGM FC were drawn at the Ogboloma center in Yenagoa LGA.

Director General of the tournament, Mr. Ono Akpe in a remark, urged the players of the various participating teams to discharge their duties with utmost responsibility, maintaining that apart from the huge prize, the tournament would witness man of the match award in every game in the competition.

According to him, the man of the match award would start on Monday in the opening fixture of the tournament, stating that the man of the match prize money would be paid to the individual’s account at the end of the game.

He noted that all the center coordinators, coaches and the media would work hand in glove with the scouting team led by Perela Aboroson to identify outstanding players across the different centers.

The DG hinted that winners at the local government level would smile to the bank with one million naira and five hundred thousand naira for runner up, pointing out that they are working round the clock to ensure that teams get more financial support in the tournament.

Mr. Akpe explained that allowances would be given to teams who qualifed to the round of 32 in the competition, which he describes as a new development in the tournament, emphasizing that there would be a local government selected team to identify players who are good but whose teams exited the tournament in the early stages.

He appreciated the governor, Senator Douye Diri and Deputy, Senator Lawrence Ewhrudjakpo, the commissioner for Sports Development, Dr. Daniel Igali for the huge investment in the development of sports.