Category: Local

By [Kamal Yalwa] Global credit rating agency, Fitch Ratings, has upgraded Fidelity Bank Plc’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B’. The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers, sustained earnings growth, and prudent risk management practices. According to Fitch, Fidelity Bank’s Fitch Core Capital (FCC) ratio improved to 29.9% at the end of 2024, significantly above the regulatory minimum and one of the highest in Nigeria’s banking industry. The rating agency cited the bank’s robust capital base, improved profitability, and stable deposit structure as key factors driving the upgrade. The development comes on the back of successful capital-raising initiatives by Fidelity Bank, including a rights issue and a public offer, which boosted its capital base. Fitch also noted expectations of further capital inflows ahead of the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement deadline for international banks in 2026. Commenting on the development, Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, said: “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders. Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity.” Fidelity Bank recorded improved earnings in 2024, driven by higher net interest income and efficiency in deposit mobilization. As of year-end 2024, 93% of the bank’s total deposits were low-cost current and savings accounts (CASA), reflecting one of the strongest deposit structures in the Nigerian banking industry. Fitch also ranked Fidelity Bank as the sixth-largest bank in Nigeria by total assets, controlling approximately 5% of the industry’s asset base. The bank’s well-diversified funding profile, robust risk controls, and expanding digital banking footprint further supported the positive rating action. The rating upgrade is expected to enhance investor confidence and support the bank’s capital market activities, including efforts to expand its operations locally and across key international markets. Fidelity Bank currently serves over 9.1 million customers through 255 business offices in Nigeria and its UK subsidiary, FidBank UK Limited. The bank has earned multiple recognitions for innovation, SME support, and digital transformation, including: As regulatory and macroeconomic pressures continue to shape the Nigerian banking landscape, Fidelity Bank’s improved rating underscores its strong fundamentals, capital adequacy, and operational resilience—positioning it to capture future growth opportunities across retail, commercial, and investment banking segments.

The Federal Government has officially declared Friday, June 6, and Monday, June 9, 2025, as public holidays to mark this year’s Eid-ul-Adha celebration. The announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, who extended warm congratulations to all Muslims in Nigeria and across the world on the occasion. Dr. Tunji-Ojo called on the Muslim faithful to emulate the values of sacrifice and faith demonstrated by Prophet Ibrahim (peace be upon him). He also urged Nigerians to use the festive period to pray for peace, unity, and prosperity in the country. The minister reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to reposition Nigeria on the path of sustainable growth and development through its people-focused reforms and the Renewed Hope Agenda. While wishing the Muslim Ummah a joyful Eid-ul-Adha, Dr. Tunji-Ojo appealed to all Nigerians to unite in supporting the administration’s efforts to restore Nigeria’s pride and global standing.

A faction of the pan-Yoruba socio-political group, Afenifere, has delivered a damning mid-term report on President Bola Ahmed Tinubu’s administration, declaring that the much-touted “Renewed Hope” agenda has turned into a nightmare for Nigerians over the past two years. In the report released yesterday by its Leader, Oba Oladipo Olaitan, and National Publicity Secretary, Justice Faloye, the group accused Tinubu’s government of running on “massive propaganda” while the country grapples with deepening poverty, rising debt, and a collapsing economy. Afenifere said Tinubu’s administration has presided over a “titanic crash” in domestic production, an “astronomical rise” in public debt, and a “horrific increase” in poverty levels, blaming the government’s policies for worsening the living conditions of millions of Nigerians. “It has been a harrowing experience living through the pain and anguish of the last two years, inflicted on the nation by the administration of President Bola Tinubu,” the group said. They further accused the government of profligacy and wasteful spending, highlighting that instead of cutting costs by implementing the Oronsaye Report as promised, Tinubu has expanded government spending to favour cronies and allies. “The government’s first supplementary budget and subsequent budgets were spent not only on preserving but increasing the luxurious lifestyle of those in government – new presidential jets, Cadillac limousines, N160 million cars for each federal legislator, and scandalous increases in unaccounted constituency projects worth billions to each legislator,” the report stated. The group also criticized Tinubu for centralizing power, undermining federalism, and steering Nigeria towards a one-party state. “Tinubu is destructuring, not restructuring, the military-imposed constitution,” Afenifere said, adding that the President has shown “increasingly centralizing tendencies to further weaken the federalist elements in the constitution by attacking federating units with the takeover of their administrative units, known as local governments.” Afenifere warned that democratic institutions are being eroded under Tinubu’s leadership, citing the neutralization of the legislature and judiciary, intolerance for protests, suppression of civic groups, and alleged infiltration of opposition parties. The group concluded by urging Tinubu to reflect and change course “for the love of Nigeria and Nigerians,” stressing that no amount of propaganda will erase the reality of hunger and poverty in the land. “Rather than focusing on service delivery, the Tinubu administration is focusing on winning the 2027 election regardless of the voters,” the group said.

…Uzodimma: I’ll Follow Party’s Decision …Ex-Minister Hassan Dumps APC There is growing tension within the All Progressives Congress (APC) over the proposed automatic tickets for National Assembly members ahead of the 2027 general elections. LEADERSHIP gathered that some APC governors, particularly from the South East and South West, are opposed to the plan and are mobilizing efforts to frustrate it. The governors are expected to meet with the APC National Chairman, Dr. Abdullahi Ganduje, in Abuja shortly after the Sallah celebration to discuss their concerns. Sources revealed that while some governors are indifferent, others are hesitant to oppose the plan due to President Bola Ahmed Tinubu’s backing of the automatic ticket arrangement. Speaking to LEADERSHIP, the Chairman of the Progressive Governors Forum and Governor of Imo State, Senator Hope Uzodimma, through his Chief Press Secretary, Oguwike Nwachuku, said he would abide by the party’s decision. However, he clarified that his statement reflected only his personal position, not that of other governors. Efforts to reach the APC National Publicity Secretary, Felix Morka, for comments were unsuccessful. LEADERSHIP had earlier reported that the automatic ticket proposal, backed by the Presidency, is aimed at ensuring stability within the party and avoiding legal tussles during primaries. APC National Chairman Ganduje, speaking at a recent North Central APC stakeholders’ meeting, said the high turnover of lawmakers was detrimental to institutional memory. He advocated for a system to ensure that performing legislators return to the National Assembly. However, a source within the Progressive Governors Forum disclosed that while some governors support the automatic ticket proposal, two South West governors are strongly opposed, arguing that the President’s decision should not be challenged. The proposal is seen as part of the President’s strategy to consolidate party structures and prevent disruptive legal actions that could affect the 2027 elections. Meanwhile, the policy has sparked backlash in some quarters. An APC chieftain in Ondo State and an ex-Niger Delta agitator have threatened to fund opposition candidates if the automatic ticket plan is not dropped. Former Minister Dumps APC In a separate development, former Minister of Environment, Barrister Mohammed Hassan Abdullahi, has resigned from the APC. Abdullahi, who previously served as Minister of State for Science and Technology under the Buhari administration, cited personal reasons for his departure in a resignation letter addressed to his ward chairman in Uke, Karu Local Government Area, Nasarawa State. The former minister thanked the party leadership for the opportunities given to him and wished them well in the future. These developments signal growing discontent within the APC ranks as the 2027 elections approach.

LAGOS, JUNE 1 (URHOBOTODAY) – “Education is not a scam.” That was the powerful theme at the five-year anniversary celebration of the Orogine Ohwofa Education Foundation’s scholarship programme, held in Ohoror, Uwheru community, Ughelli North Local Government Area of Delta State. Founded by High Chief Simeon Ohwofa and other like-minded philanthropists, the Foundation has, over the past five years, awarded scholarships to 50 secondary school students and five university students from the Uwheru community, with some of the beneficiaries already making strides in their careers. Speaking at the event, High Chief Ohwofa shared his personal journey, recounting how he benefitted from education and was supported during his university days by the late Albert Eko and others. Inspired by their generosity, he decided to give back to his community. “When I was in the university, I struggled financially, but people like the late Albert Eko stepped in to support me. There’s no longer such help available today, so we asked ourselves, what can we do? That’s how the Orogine Ohwofa Educational Foundation was born,” he said. The Foundation provides two scholarships per quarter in Uwheru for secondary school students and one scholarship per quarter for university students every year. The initiative, named in honour of his mother, Orogine, and the Ohwofa family, aims to build human capital, which Chief Ohwofa described as the most valuable investment. “Some people build houses, buy cars, or plant crops. I believe in growing human beings. Train them, and you’ll reap the benefits for 50 years,” he said. In an inspiring speech, Dr. Benson Uwheru, a fellow of the Chartered Institute of Bankers of Nigeria (FCIB), urged the students to be intentional, relentless, humble, yet bold, and to always remember their roots. “When you succeed, reach back and lift someone else, just as the Foundation is lifting you,” he advised. Other dignitaries at the event included former Delta State Commissioner for Higher Education, Prof. Sunny Ohwefada, motivational speaker Dr. Apoki, students, and community members. The Orogine Ohwofa Education Foundation continues to shine as a beacon of hope, empowering the next generation through education and community support.

The Minister of Humanitarian Affairs and Poverty Reduction, Nentawe Yilwatda, has revealed that the federal government is using artificial intelligence (AI) technology to identify poor Nigerians living in urban slums, as part of efforts to expand the national social register and improve the reach of anti-poverty programs. Speaking on Arise TV’s Prime Time programme on Friday, Yilwatda said the updated social register now covers both rural and urban communities, growing from 13 million to 19.7 million individuals. “To help someone, you must first know them. You can’t support people you can’t identify. That’s why we started by validating the social register,” Yilwatda explained. He said AI, combined with satellite imagery, telecoms data, and financial access records, was used to locate urban slums, identify phone users in those areas, and verify their economic status. The minister noted that the federal government is targeting 15 million households — about 75 million Nigerians — through various anti-poverty interventions, including conditional cash transfers. Addressing the issue of food poverty, Yilwatda highlighted that 42% of Nigerians, or approximately 80 million people, face challenges in accessing sufficient food. The federal government aims to reach 75% of these households with support, including cash transfers of N75,000 per household. “While that figure might seem small to someone in the city, it has a significant impact in rural communities. Studies with the World Bank and civil society partners have shown that 18% of recipients started nano or small-scale businesses with this support, 82% used it to improve food security, and 52% paid school fees for their children,” Yilwatda said. He also pointed to broader structural efforts, including N1.5 trillion in loans for farmers through the aggregate bank, student scholarships, and measures to stabilize food prices and reduce inflation. Yilwatda stressed that while humanitarian aid remains important, the government’s focus is shifting towards long-term solutions that lift people out of poverty entirely. “Poverty alleviation reduces the pain; poverty reduction moves people out of poverty entirely,” he said.

News Reporter: Kamal Yalwa At least 151 people have been confirmed dead, and thousands more displaced following devastating floods in Mokwa, Niger State, central Nigeria. The disaster struck after relentless rainfall from Wednesday night into Thursday, leaving a trail of destruction, heartbreak, and uncertainty. Authorities from the Niger State Emergency Management Agency (NSEMA) disclosed on Saturday that search and rescue operations are ongoing, with many bodies recovered as far as 10km (6 miles) downstream from the worst-hit areas. The actual death toll could be much higher, with many still missing. Al Jazeera’s Ahmed Idris, reporting from Mokwa, highlighted the grim reality, stating, “When officials give you a figure, the real toll could be two, three, or even four times higher.” The floods have displaced at least 3,018 people, with 265 houses completely destroyed. Residents, many now homeless, are left combing through rubble and muddy waters, searching for loved ones and salvaging what little remains. President Bola Tinubu, in a condolence message, assured Nigerians that search and rescue operations were underway, supported by security forces. He also directed the immediate deployment of relief materials and temporary shelters to assist affected families. “We lost everything, the families. We don’t have anywhere else to go, the property has gone,” Mohammed Tanko, a local resident, told Al Jazeera. Another survivor shared: “I escaped with only my nightdress. Right now, I can’t even identify where our home used to be.” The exact cause of the floods remains unclear, but residents speculate a possible dam failure upstream. Authorities have not confirmed this, but the volume and force of the water caught many unprepared, overwhelming homes and communities. As families mourn and search teams continue their grim task, the tragedy in Mokwa has once again underscored the vulnerability of rural communities in Nigeria to extreme weather events and the urgent need for improved flood management and disaster preparedness. For more updates on the Mokwa floods and ongoing rescue efforts, visit [news platform link].

By: Kamal Yalwa Today was a poignant reminder of the joy and sorrow that often accompany the world of sports. After a series of engagements at the London Business School, I had the honour of attending the Unity Cup match between Nigeria and Jamaica at the Brentford Stadium in the United Kingdom. The match ended in a thrilling 2-2 draw and was eventually decided by a penalty shootout, with the Super Eagles of Nigeria emerging victorious. Beyond the result, it was a profound celebration of unity, culture, and the indomitable spirit of Nigerians both at home and in the diaspora. Sitting among fellow Nigerians and friends of Nigeria, I saw firsthand how sports can bridge divides, uplift communities, and ignite a collective sense of hope for a brighter future. I commend the organisers for reviving this important event and using it as a platform to showcase our rich heritage and the extraordinary talent of our young athletes. Congratulations to the Super Eagles for making us proud. Yet, as we celebrated, tragedy struck elsewhere. News broke of a heartbreaking accident involving members of the Kano sports delegation returning from the just-concluded National Sports Festival in Ogun State. Reports indicate that 22 lives were feared lost in the tragic road accident. This devastating news casts a shadow over the day’s celebrations and reminds us of the fragility of life. As we continue to support initiatives that promote unity and national pride, let us also pause to reflect on the lives lost and extend our deepest condolences to the families who now mourn. My thoughts and prayers are with the families of the victims, the National Sports Commission, and the Government of Kano State during this profoundly difficult time. May the souls of the departed rest in peace.