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Zenith Bank Posts First Trading Loss In Over A Decade

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Zenith Bank Plc managed to absorb the shock of a deep plunge from asset trading gains of N1.10 trillion in the previous year to a loss of over N63 billion in 2025. How the bank was able to tide over the revenue loss that big and shield its bottom line from being hit sums up its earnings story in 2025.

Trading gains of N1.10 trillion accounted for 27.7 percent of the bank’s gross earnings in 2024 and the plunge into a loss position in 2025 depicts the high volatility of earnings to which the bank and the banking industry as a whole is subject.

Zenith Bank’s audited financial report for the full year ended December 2025 shows the first trading loss in more than a decade coming after two preceding years of huge trading gains. In two years to 2024, the bank raked in more than N2 trillion in asset trading gains – more than the sum of its trading gains for 10 years to 2022.

The boom reversed in 2025 and the strong growth in non-interest earnings recorded over the two preceding years overturned to a drop of 63 percent from N1.10 trillion to close at N405 billion.

The bank’s management had to look elsewhere to make up for the huge revenue loss and interest earnings came to the rescue. Interest income from lending and investing activities of the bank rolled in N3.67 trillion, marking additional inflow of N952 billion in the year.

The figure represents an increase of 35 percent in the year against single digit increases in loans and advances and investment securities. This means a significant increase in asset yield, as the average interest earned per naira of loans and advanced grew from 27 percent to an all-time peak of over 35 percent over the review period.

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Interest income therefore more than compensated for the disappointing performance of trading activities and accounted for an increase of 5.6 percent in gross earnings to N4.19 trillion at the end of 2025.

The good performance of interest income reflects some gains in overall credit quality standard of the bank with write backs on a number of asset classes during the year. A major slowdown in net impairment charges on financial assets was recorded in the year from 60.4 percent rise in 2024 to 13 percent increase to N742 billion in 2025.

The same ability to keep up the top line was recorded in defending the bottom line despite the revenue constraint. The bank applied cost saving to free earnings good enough to keep profit from losing the height attained the previous hear.

The biggest cost saving centre in the year is cost of funds, which slowed down drastically from a rise of 143 percent in 2024 to an increase of 4 percent in 2025. Customer deposits grew more than two and half times faster at 10.8 percent to N24.32 trillion, meaning that on the average, cost of funds declined.

The management of interest income and expense relationship in the year – stretching out earnings and squeezing cost, provided the room to dress up the bank’s bottom line performance.

Interest expenses were reined in while interest income grew close to nine times faster to permit an impressive growth of 52.7 percent in net interest income. To that was added further cost saving from net loan impairment expenses that slowed down from 60.4 percent growth in the preceding financial year to an increase of 13 percent to N742 billion in 2025.

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Zenith Bank’s management succeeded in reducing significantly the proportions of interest earnings claimed by both interest expenses and loan impairment charges. These two steps powered a surprising growth of 77 percent in net interest earnings after loan loss expenses, which closed at N1.90
trillion for the year.

The increase represents additional income of N825 billion,  which provided the much needed room to level up the drop in non-interest earnings and absorb operating expenses without hurting profit volume. However, cost saving could not be extracted from operating expenses – which grew by over 23 percent to N1.04 trillion, more than four times the increase in gross earnings.

Operating cost margin therefore increased from 21.3 percent in 2024 to 24.8 percent in 2025, yet one of the lowest cost margins of the bank in many years. The increase in operating cost margin lowered profit margin from
26 percent in the previous year to 24.8 percent in 2025, the lowest net profit
margin in three years.

In effect, all the cost savings managed to cover revenue disappointments and cost increases, leaving after tax profit flat at N1.04 trillion.

Zenith Bank closed the 2025 operations with earnings per share of N25.32, slightly up from N25.15 per share in 2024. The directors have announced a final cash dividend of N8.75 kobo per share in addition to an interim cash dividend of N1.25 paid in the course of the financial year.

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Ojogwu Godwin Chukwudi hailed from Delta State. A young talented personality, Alumnus of Delta State university,Abraka Studied Library and information science. He is an intellectual cyber communicator expert and a prolific blogger professional.

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Police Foil N50m Kidnap Plot Against Chinese National, Arrest Suspects

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The Ogun State Police Command has successfully thwarted a planned abduction of a Chinese expatriate, arresting two suspects in connection with an alleged N50 million ransom plot.

 

The command’s spokesperson, DSP Oluseyi Babaseyi, confirmed the development in a statement on Thursday, revealing that the suspects were apprehended on Tuesday based on credible intelligence.

According to the police, intelligence reports pointed to a planned kidnapping operation along the Ijebu-Ode/Odogbolu Expressway.

 

Officers from the Obalende Division moved swiftly to the area and intercepted the suspects before they could execute their plan.

Preliminary investigations showed that the suspects had conspired to kidnap the Chinese national and demand a N50 million ransom.

 

One of the arrested individuals allegedly used his role as an interpreter and driver in the victim’s company to gather information and facilitate the plot.

Police said a third suspect is still at large, and efforts are ongoing to apprehend him while broadening the investigation.

 

The case has been transferred to the State Criminal Investigation Department (SCID) for further probe.

 

Reacting to the operation, the Ogun State Commissioner of Police, CP Bode Ojajuni, commended the officers for their professionalism, vigilance, and prompt action, which prevented what could have become a major kidnapping incident.

 

Ojajuni emphasized the critical role of intelligence and public cooperation in combating crime.

 

He reassured residents and the business community of the police command’s commitment to proactive, intelligence-driven policing and urged the public to report any suspicious activities promptly.

This intervention highlights ongoing efforts by security agencies to protect expatriates and curb kidnapping threats in the state.

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2027: Kwankwaso Meets Igbo Leaders, Gains Support for Obi Partnership

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Rabiu Kwankwaso, vice-presidential candidate of the Nigeria Democratic Congress (NDC), has hosted a delegation of the Igbo Elders Consultative Forum at his Abuja residence.

Kwankwaso revealed the meeting in a post on X, noting that the elders pledged their support for the proposed Peter Obi/Kwankwaso ticket ahead of the 2027 general elections.

The delegation was led by Dr. S. N. Okeke, Chairman of the Ohanaeze Council of Elders for 19 states and the Federal Capital Territory (FCT), alongside former Enugu State Governor, Okwesilieze Nwodo.

According to Kwankwaso, the elders commended the strengthening partnership between him and Peter Obi within the NDC and assured the movement of electoral backing across the South-East and beyond.

He expressed satisfaction with his collaboration with Obi, reaffirmed his commitment to the OK Movement, and emphasized the party’s determination to secure victory in 2027.

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Reps Confirm Fred Agbedi as House Minority Leader

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The House of Representatives has officially named Bayelsa lawmaker Fred Agbedi as its Minority Leader, ending weeks of intense lobbying and consultations among opposition members.

Speaker Abbas Tajudeen made the announcement on Thursday at the start of plenary, also confirming Sokoto’s Abdusamad Dasuki as Deputy Minority Leader and Bauchi’s Mansur Manu Soro as Minority Chief Whip.

Agbedi, who represents the Peoples Democratic Party (PDP), will lead the minority caucus alongside Dasuki of the African Democratic Congress (ADC) and Soro of the Allied Peoples Movement (APM).

The appointments follow heated disputes over the leadership position, with some lawmakers previously staging protests in the chamber.

Notably, Ikenga Ugochinyere of Imo State and his allies had opposed the process, chanting “No announcement, No sitting” during an earlier session.

With Thursday’s announcement, the House appears to have settled the leadership tussle, paving the way for opposition lawmakers to focus on legislative business under Agbedi’s leadership.

 

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Wike Opens Up: How Road Construction Stress Landed Me in Hospital

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has disclosed that he resorted to fasting and prayers while battling hypertension in his bid to secure funds for key road projects in Abuja.

Speaking at the commissioning of the newly constructed Airport Expressway to Kuje road, inaugurated by Vice President Kashim Shettima on behalf of President Bola Tinubu, Wike recounted the challenges faced in completing the project.

He explained that persistent funding requests to contractors often left him stressed, saying: “Each time I call, my BP goes high.

“When they request money, my BP also goes high. I don’t use to fast before, but I started fasting from morning till night because of this particular road.”

Wike assured that the administration remains committed to further infrastructure development, including the dualization of the Kuje–Gwagwalada road, stressing that God’s guidance and determination would see the projects through.

He praised Arab Contractors for their resilience despite health challenges faced by its managing director, while reaffirming his dedication to accountability and service delivery in the FCT.

The commissioning formed part of events marking President Tinubu’s third year in office.

 

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Seven-Year Jail Term for Fake NIN Registration, ICPC Warns

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued a stern warning to front-end enrolment partners of the National Identity Management Commission (NIMC), stating that involvement in fraudulent National Identification Number (NIN) registrations could result in a seven-year prison sentence upon conviction.

 

The warning was delivered on Thursday in Abuja during a security briefing organised by NIMC for its enrolment partners in collaboration with the Office of the National Security Adviser and other security agencies.

 

Assistant Director at the ICPC, Mark Faison, emphasised that enrolment agents must strictly adhere to the terms of their engagement, describing any deviation as an abuse of office and an act of corruption.

 

“If you abuse the privilege you have been given, that amounts to abuse of office because you are operating on behalf of NIMC to register Nigerians. And if you do otherwise, you are abusing the trust that has been placed in you, and you will be punished for it if you are caught,” Faison said.

 

He added: “Seven years’ imprisonment is the punishment for that kind of offence. So I urge you, please, for the sake of the safety of our country, do the little you can do in your own corner.”

 

Faison particularly flagged the registration of non-Nigerians as citizens, noting that such actions constitute a serious national security threat.

 

He revealed that security agencies have arrested individuals who obtained NINs through some enrolment centres only to be discovered as foreigners by immigration officers.

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The NIMC Director-General and Chief Executive Officer, Abisoye Coker-Odusote, explained that the briefing was necessary due to the expanding role of digital identity in government services, finance, telecommunications, healthcare, education, and social interventions.

 

She stressed the need for stronger security controls and system integrity, warning that only NIMC-approved and certified software would be permitted in the ecosystem.

 

The commission plans to intensify audits of enrolment partners to prevent data leakages and ensure compliance.

 

Other speakers, including NIMC’s Head of IT and Identity Data Department, Suleiman Falade, and a representative from the Office of the National Security Adviser, Kayode Oni, reinforced the call for diligence, warning that violations would attract sanctions.

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APC to Deploy 4.4 Million Polling Agents for Tinubu’s 2027 Bid, Uzodinma Says

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Imo State Governor Hope Uzodinma has disclosed that the All Progressives Congress (APC) plans to deploy approximately 4.4 million polling unit officials as part of its strategy to secure President Bola Tinubu’s re-election in the 2027 general elections.

 

Speaking at a recent party event, Governor Uzodinma emphasised the ruling party’s commitment to mobilising a massive grassroots structure to ensure victory at the polls.

 

He described the deployment as a key component of the APC’s preparation to dominate every polling unit across the country.

 

The announcement underscores the APC’s early and aggressive positioning ahead of the 2027 presidential election.

 

With Nigeria’s electoral system requiring officials and agents at hundreds of thousands of polling units nationwide, the figure of 4.4 million suggests an ambitious plan that includes core party officials, ad-hoc staff, and reserve agents to guarantee strong representation and minimise any potential gaps on election day.

 

Political observers note that such large-scale mobilisation is typical for major parties in Nigerian elections, where ground-level presence often plays a decisive role in voter turnout and result management.

 

However, critics may view the early declaration as a sign of over-confidence or an attempt to psychologically dominate the political space well before the official campaign period.

 

Further details on the exact breakdown of the 4.4 million figure or the timeline for training and deployment of these officials isn’t yet ascertained.

 

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‘Busted’: Sirika Accused of Renting Plane for Fake Nigeria Air Launch

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The 12th Prosecution Witness (PW12) Christopher Odofin, in the ongoing trial of the former Minister of Aviation, Hadi Sirika, on Wednesday, told Justice S.C. Oriji of the Federal Capital Territory, High Court, Abuja, how Sirika allegedly passed off an aircraft belonging to Ethiopian Airline as that of the promised Nigeria Air by the government of the late President Muhammadu Buhari.

The decoy aircraft, adorned with the livery of the promised Nigeria Air, found its way on the tarmac of the Nnamdi Azikiwe International Airport, Abuja on May 27, 2023, being three days to the expiration of the tenure of the Buhari government and was flown back to Addis Ababa in the morning of May 29, 2023, being the handover date to the successor government.

Hadi Sirika is facing prosecution by the Economic and Financial Crimes Commission (EFCC) on amended six-count, bordering on alleged abuse of office and misappropriation of public funds to the tune of over N2 billion.

He is being tried alongside his daughter, Fatima Hadi Sirika, son-in-law, Hamma Jalal Sule, and Al Buraq Global Investment Limited.

The contract for the setting up of Nigeria Air was awarded to Tianaero Nigeria Limited, belonging to Gabriel Tilmann, a close associate and friend of the former minister.

 

Reading from a portion of contract agreement with Ethiopian Airline, the witness, an investigator with the EFCC said, “The aircraft will depart from Addis Ababa (ADD) late evening of May 26, 2023 for it to be positioned early morning of May 27, 2023 at the Abuja (ABV) airport.

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“The aircraft will stay in ABV airport for static display of Nigeria Air livery until May 28, 2023. The aircraft will leave ABV airport early morning on May, 29, 2023. The chartered flight will be operated by the Ethiopian Airline crew in Ethiopian Airline uniform.

 

“The Federal Government of Nigeria and Nigeria Air may put together local models who will be in Nigeria Air uniforms to pose for ceremonial pictures. The models may come to Addis Ababa so they may fly with the chartered flight to ABV.”

 

The witness told the court that the display of the aircraft in Abuja International Airport was deliberately planned to coincide with the end of the first defendant’s tenure as Nigeria’s Minister of Aviation and Aerospace Development on May 29, 2023 and to pass the aircraft off as the actualization of his promise of the return of Nigeria Air.

 

After the less than 72 hours display of the aircraft, he stated that the Nigeria Air logo was removed from the aircraft and flown back to Ethiopian Airlines in Addis Ababa.

 

The witness further disclosed that the investigating team was also able to ascertain that Ethiopian Airlines entered into a charter arrangement for the static display of the Nigeria Air livery for a duration of just three days, beginning from May 27 to May 29, 2023 based on information and documents received from the airline following a letter from it, dated June 12, 2023, in response to the EFCC’s request for information regarding Nigeria Air.

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Though the purpose of the contract was for the establishment of Nigeria Air, the charter agreement with Ethiopian Airlines was entered on May 24, 2023, five days to the expiration of the defendant’s tenure for just a static display of the Nigeria Air logo on an aircraft.

 

All the documents tendered in evidence by the prosecution were shown to have been duly signed, authorized, and accompanied by certificates of identification and were not objected to by any of the counsels to the four defendants.

 

Among the exhibits is a compact disk containing a voice note from the first defendant, Hadi Sirika, marked Exhibit 37, which the prosecution counsel applied to be played in the court at the next adjourned date.

 

Further in his testimony, the witness told the court told that though the contract for the start-up of Nigeria Air, which was awarded to Tianaero Nigeria Limited for over N299 million on April 4, 2022, saw a contract extension award to the company on October 17, 2022, to a sum, exceeding N599 million on the instructions and directives of the first defendant, based on his relationship with the company’s alter ego.

 

According to him, “The investigating team arrived at this position when the phone of one Enitan Muyiwa Abel, who was a Permanent Secretary in the first defendant’s ministry was analysed, showing a voice note sent to the Permanent Secretary while the first defendant was in Spain instructing him to ensure that the contract was awarded to Tianaero Nigeria Limited.”

 

Justice Oriji adjourned the matter till next week June 17, 2026 for the continuation of the trial.

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Adamawa Gov Gives Appointees ‘Join APC or Resign’ Ultimatum

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Adamawa State Governor Ahmadu Fintiri has given political appointees in his administration a stark choice: defect to the All Progressives Congress (APC) or resign their positions immediately.

In a statement issued on Wednesday by the governor’s Chief Press Secretary, Humwashi Wonosikou, the government directed all political office holders who have declared allegiance to or defected to other political parties to submit their resignation letters to the Office of the Secretary to the State Government within 48 hours.

The directive aims to maintain loyalty, discipline, and the integrity of public service. According to the statement, appointees are expected to fully support the policies, programmes, and political direction of the current administration.

 

“Continued service by persons who have aligned with another party poses a clear risk of sabotage, information leakage, and obstruction of policy implementation and party strategy,” the statement read.

It further warned that failure to comply within the stipulated time would lead to immediate termination of appointments, stoppage of salaries and entitlements, and additional administrative actions.

 

The Office of the Secretary to the State Government and the Head of Service have been tasked with compiling a list of affected appointees for monitoring.

The move comes after Governor Fintiri defected to the APC, while many of his appointees remained in the Peoples Democratic Party (PDP) or joined other parties, reportedly working against the APC in the state.

Governor Fintiri emphasised that public office is held in trust and must align with the vision and mandate of the administration, adding that divided loyalty would not be tolerated.

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Senate Directs Arrest of Ex-NNPC GMD Mele Kyari Over N210tn Missing Funds

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The Senate Committee on Public Accounts has ordered the arrest of former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, for repeatedly failing to appear before it to explain allegations of N210 trillion in unaccounted funds between 2017 and 2023.

The directive was issued on Wednesday during an investigative hearing into queries raised by the Office of the Auditor-General of the Federation regarding the company’s financial records for the period under review.

 

Kyari’s absence prompted the committee to rule against further delays, leading to the issuance of a warrant for his arrest and production before the panel.

 

During the sitting, some senators, including Saliu Mustapha (Kwara Central) and Tony Nwoye (Anambra North), appealed for caution, noting that Kyari was reportedly ill and receiving treatment in Germany. They urged the committee to grant him another opportunity to appear.

However, other members strongly opposed the plea. Senator Abdul Ningi (Bauchi Central) insisted that verbal excuses were unacceptable without documented proof, while Senator Victor Umeh (Anambra Central) formally moved the motion for Kyari’s arrest.

 

The motion was seconded by Deputy Chairman Senator Peter Nwaebonyi (Ebonyi North).

Senator Adams Oshiomhole (Edo North) also backed the decision, warning that the Senate risked diminishing its authority if it failed to enforce compliance with its summons.

 

“Some people believe they are bigger than Nigeria. The law must be effective when it catches the lion, not only when it catches the rabbit,” he said.

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Chairman of the committee, Senator Ibrahim Dankwambo (Gombe North), subsequently ruled that Kyari should be arrested wherever he is and brought before the committee.

 

At the centre of the probe are alleged financial discrepancies totalling N210 trillion flagged in NNPCL’s accounts. However, the former Chief Financial Officer of the NNPCL, Umar Isa, who appeared before the committee, challenged the figure, describing it as misleading.

Isa insisted that no funds were missing and noted that NNPCL’s total revenue for the period was about ₦54.5 trillion before production costs.

 

He argued that publishing audited accounts would have been impossible if such a massive sum had disappeared.

The committee directed Isa and former Chief Upstream Investment Officer Bala Wunti to reappear before it within two weeks as the investigation continues.

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