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Femi Otedola reveals why FirstBank wrote off N748bn bad loans

Group Chairman of First Bank Holdings, Femi Otedola, has explained the reasoning behind the company’s decision to write off N748 billion in legacy non-performing loans, describing the move as a deliberate step aimed at protecting the bank’s long-term financial stability, despite its significant impact on profits. Otedola made this known in a post on his X handle on Saturday, January 31, where he revealed that the extensive provisioning exercise led to a 92 per cent decline in the group’s reported profit. According to him, the decision was in line with the Central Bank of Nigeria’s directive encouraging financial institutions to confront bad loans directly rather than postponing the issue. “At First HoldCo we decided to clean house properly. We took a huge one-time hit of N748bn to admit old bad loans instead of pretending they do not exist. That is why profit looks like it crashed by 92 per cent. Painful headline, but it is a serious long-term move,” he wrote. The billionaire investor explained that the write-off was necessary to finally address problematic loans that had built up over several years, adding that the move would help restore confidence among investors and other stakeholders. “Why do this now? Because the CBN is pushing banks to stop kicking problems down the road. So First HoldCo basically closed the chapter on messy loans from past years which sends a clear message that borrowing has consequences and it helps rebuild trust,” Otedola added. He concluded that while the short-term financial impact may appear severe, the decision positions the bank on a stronger footing for sustainable growth and improved governance going forward.

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Governor Alex Otti’s Aides Survive Gunmen Attack In Owerri, No Casualties Reported

Labour Party Will Not Join Any Coalition Ahead of 2027, Says Governor Otti

Abia State Governor, Dr Alex Otti, has stated that the Labour Party, LP, has no intention of joining any political coalition ahead of the 2027 general elections. Otti said the party already functions as a coalition, made up of Nigerian workers and citizens who share progressive ideals. He made the clarification while addressing journalists after the Labour Party’s National Executive Committee, NEC, meeting held in Abuja on Saturday. According to the governor, discussions about the party aligning with other political groups are misplaced, as there are no such plans within the LP. “Labour is already a coalition. This is the coalition of Nigerian workers and people who are progressive like-minded. “So, I know when people talk about joining another coalition. We have no such plans,” he said. The NEC meeting was held just days after a Federal High Court sitting in Abuja affirmed the removal of Julius Abure as the party’s National Chairman. In its ruling, the court also directed the Independent National Electoral Commission, INEC, to recognise the Senator Nenadi Usman-led National Caretaker Committee as the legitimate leadership of the party. Confirming the development, Governor Otti said INEC had complied with the court order by removing Abure’s name from its official website and replacing it with that of Mrs Usman. However, Julius Abure has rejected the judgment, describing it as unacceptable. He has also indicated his intention to challenge the ruling at the Court of Appeal in a bid to seek redress.

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Snoop Dogg’s Daughter Cori Broadus Announces Death of Her Baby Girl

Snoop Dogg’s Daughter Cori Broadus Announces Death of Her Baby Girl

Cori Broadus, the daughter of American rap icon Snoop Dogg, has announced the heartbreaking loss of her baby girl, Codi Dreaux. Cori shared the tragic news via her Instagram Stories, posting a black-and-white photo of herself smiling while holding her child. Overlaying the image, she wrote, “Monday I lost the love of my life. My Codi.” Her fiancé, Wayne Deuce, also took to Instagram Stories to mourn their daughter, sharing a series of emotional photos. “I been the saddest since u left me Codi Dreaux. But I know u at peace. Daddy will always love you,” he wrote over an image of himself holding the baby. “My baby,” he added. Cori is the youngest child of Snoop Dogg and his wife of over 35 years, Shante Broadus. The actress and entrepreneur had previously shared details of Codi’s birth in an Instagram post on March 1, 2025, revealing that her daughter arrived prematurely. “The princess arrived at 6 months,” she wrote at the time. Opening up about the emotional toll of the experience, Cori added, “I’ve cried and cried, I’ve compared and compared, blaming myself that I wasn’t able to give her all that she needed. But no matter what, God always shows me that I’m His Child! “Baby girl came at 25 weeks today and she’s perfect as ever!” she continued. “Thank You God for getting me this far no matter the odds that are constantly thrown against me.” In a separate Instagram Stories update shared the same day, Cori disclosed that she had undergone a C-section after doctors warned she was developing Hemolysis, Elevated Liver enzymes and Low Platelets, known as HELLP syndrome. Codi spent 10 months in the neonatal intensive care unit, NICU, before Cori announced earlier this year that she had finally been able to bring her daughter home. “She’s home,” she wrote in a January 6 Instagram post showing mother and child cuddling on a bed. “Thank you for every prayer, every message, every ounce of love. God heard them all.” The announcement of Codi’s passing has since drawn an outpouring of sympathy and support for Cori and her family.

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Ayra Starr Names Burna Boy as Her Dream Collaboration Ahead of 2026 Grammys

Nigerian Afrobeat singer Ayra Starr has revealed that Burna Boy remains her top choice for a future music collaboration. The award-winning artiste made the disclosure during a Billboard interview with Love Island USA star, Chelley Bissainthe, while speaking about her nomination for the 2026 Grammy Awards. Reflecting on her journey and growing confidence in her career, Ayra Starr described the latest nomination as a reassuring moment, especially when compared to her first experience. “I am very grateful that I’m actually a two-time Grammy nominee. The first time I got nominated, it was like oh my God, I got nominated. “But the second time I was like maybe I need to trust God and myself a bit more. I have collaborated with many people, and I still want to collaborate with more people. But everyone knows Burna Boy is like my number one person I want to collaborate with,” she said. TRENDBRIO reports that Ayra Starr secured a Grammy nomination in the Best African Music Performance category for Gimme Dat, her collaboration with Wizkid, which was released in April 2025. The nominations were officially announced in November 2025, ahead of the Grammy Awards ceremony scheduled for February 1, 2026. Reacting to the honour, the singer reiterated that the recognition serves as reassurance of her growth and consistency in the global music space.

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Cole Palmer Faces Neighbour Dispute Over Plans to Build Home Gym

Cole Palmer Faces Neighbour Dispute Over Plans to Build Home Gym

Chelsea star Cole Palmer has reportedly become involved in a disagreement with neighbours over plans to construct a private gym at his residence in Surrey, close to the club’s training ground. The England international is said to be seeking approval to add an outdoor gym facility within the grounds of his mansion, but the proposal has drawn objections from a nearby resident who is unhappy with the planned development. According to reports, Palmer intends to build a detached gym structure at the far end of his garden, measuring about 36 by 16 feet and standing roughly 11 feet high. The location of the proposed building, which would sit close to the boundary line, is said to have caused concern for the neighbour. The objecting resident has reportedly written to the local council, arguing that the gym would affect privacy and generate noise. The neighbour also raised concerns about the impact on existing greenery. “The proposed building is right up against our border which will involve removing two mature trees which will mean we are no longer screened from the house it belongs to,” they said. The neighbours have suggested that the gym should instead be positioned closer to Palmer’s house and further away from their property. The local council is expected to consider and rule on the matter in March. The off-pitch issue comes at a time when Palmer is regaining form on the field. The midfielder has had to manage an injury for much of the current campaign, limiting his appearances. However, he recently returned to action and made a strong impact. Coming off the bench against Napoli, the former Manchester City player helped inspire a turnaround that secured Chelsea a place in the top eight of the Champions League. Since his move from Manchester to west London, Palmer has emerged as one of Chelsea’s standout performers. New manager Liam Rosenior will be hoping the midfielder can stay fit and continue delivering key performances as he navigates a challenging start to life in the Premier League.

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Funke Akindele Fires Back at Kunle Afolayan Over Comments on Cinema Profits and Marketing

Funke Akindele Fires Back at Kunle Afolayan Over Comments on Cinema Profits and Marketing

Popular Nollywood actress and filmmaker, Funke Akindele, has reacted to comments made by her colleague, Kunle Afolayan, on profit-making strategies in the Nigerian film industry and blockbuster cinema earnings running into billions of naira. Afolayan, in a series of videos, had criticised what he described as the current marketing culture surrounding cinema releases, questioning the sustainability and personal financial benefits of such strategies. Speaking during the launch of his movie Anikulapo, the filmmaker dismissed the idea of competing over box office figures, arguing that high gross earnings do not always translate to personal profit. “There is no competition between us. I don’t just want N1 billion or N2 billion in the cinema that I won’t be able to personally receive N10 million from,” he said. He further elaborated on his stance during an appearance at the Lagos Business of Film Summit, where he explained why he does not actively collaborate with cinema-focused marketing approaches. “I want to make a film if you can guarantee I don’t have to dance to sell. We need to come up with other strategies. How do we sell without exhausting ourselves? I don’t know how the likes of Funke Akindele and others are doing it. Creating skits every day, changing costumes all the time. I can’t do it,” Afolayan said. Reacting to the remarks via her Instagram story, Funke Akindele attributed his comments to jealousy and insisted that she was not responsible for anyone’s lack of progress in the industry. “I’m not the one hindering your progress. Ka rin ka po, yiye ni n ye ni,” she wrote. She encouraged creatives to focus on their individual journeys rather than comparing themselves to others, stressing that success comes in different forms. “If you can’t beat them or join them, create your own path. No allow jealousy burn you. The sky is so big for everybody to fly. Eyin Werey jojo. You can do it! The opportunities are endless, and everyone has their own path. I’m focused on mine, and I have faith in God’s plan for me. “Go ahead and create alternative promotion or marketing strategies for promoting your business, or hire a company to handle it”, she said. Trendbrio reports that Afolayan’s comments came against the backdrop of recent box office milestones, with Nollywood actresses Toyin Abraham and Funke Akindele recording cinema grosses of N1 billion and N2 billion respectively.

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Tinubu Remains Best Southern Candidate to Lead Nigeria Beyond 2027– Ganduje

Former National Chairman of the All Progressives Congress, APC, Abdullahi Ganduje, has declared that no politician from Southern Nigeria is better positioned to lead the country beyond 2027 than President Bola Ahmed Tinubu. Ganduje made the statement in Abuja while receiving a delegation of youth leaders from Northern Nigeria, drawn from all 19 northern states. During the meeting, he dismissed suggestions that the North would oppose Tinubu’s bid for re-election, describing such views as misplaced. “There is no better candidate to govern Nigeria beyond 2027 from the southern Nigeria than Asiwaju Bola Ahmed Tinubu,” Ganduje stated. He warned critics against assuming that Northern voters would abandon Tinubu in the 2027 presidential election. “Pertaining to the next election in 2027, those that are nursing or thinking otherwise that the north will vote another candidate other than Asiwaju are making a big mistake,” he said. According to the former APC chairman, Tinubu possesses uncommon political experience that sets him apart, noting that the country is fortunate to be led by someone whose life has been deeply rooted in politics and democratic ideals. “This is the first time Nigeria as a nation is lucky to have a politician as president; his constituency is politics, his upbringing is politics because he believes in the unity of this country,” he said. Ganduje also highlighted Tinubu’s involvement in Nigeria’s pro-democracy struggle, recalling the personal sacrifices he made during the military era. “In fact, he struggled; he was even in exile for democracy to survive in Nigeria. So, there is no better person to be elected in 2027 than Bola Ahmed Tinubu,” he added. He further referenced a political understanding reached before the emergence of former President Muhammadu Buhari, which, according to him, ensured that power would return to the South after eight years. “Asiwaju has only been there for less than four years now, and we have seen the measures, the reforms that he undertook,” Ganduje said. “The reforms that he introduced in order to improve the social economic development of this country.” Ganduje concluded by insisting that the reforms introduced by President Tinubu demonstrate his capacity to continue leading Nigeria beyond 2027.

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Jide Kosoko Describes Emergence as Oloja of Lagos-Elect as Call to Service

Jide Kosoko Describes Emergence as Oloja of Lagos-Elect as Call to Service

Veteran Nollywood actor Jide Kosoko has described his emergence as the Oloja of Lagos-elect as a serious responsibility rooted in service to culture and community. The 72-year-old actor was formally presented as the Oloja-elect on January 24 at the palace of the Elereko of Lagos, signalling a major transition in his public life beyond the entertainment industry. Speaking to journalists on Friday, Kosoko expressed excitement over his selection, stating that he believes the choice was well earned. He, however, did not state whether his new traditional role would affect his career in Nollywood. Following the announcement, Nollywood actor and theatre practitioner Bolaji Amusan, popularly known as Mr Latin, congratulated Kosoko, describing the development as a testament to the discipline and relevance of professionals in the film industry. “Jide is not the only prince in Lagos or in the Kosoko family, but because of his intelligence and respect in the community, he was chosen as Oloja of Lagos,” Amusan said. Kosoko’s emergence places him among a growing number of entertainers who have assumed traditional leadership positions, including comedian and actor Okey Bakassi, who was crowned a monarch in his Imo State community last year. The Oloja of Lagos stool had been vacant since the death of Chief Adebola Ige in 2017. The announcement of Kosoko’s selection was made by Mrs Mutiat Ali-Balogun, the Olori Ebi General of the King Kosoko Royal Family, who officially presented him to members of the royal household and invited guests. As part of the ceremony, she raised his hand in public acknowledgment while traditional rites and prayers were observed. She was joined by the Deputy Olori Ebi General, Oyindamola Ayepola, who also serves as the head of the Meshimo Ruling House.

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