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Afribank Records N 5.52 Bn Half- Year Profit

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Afribank Nigeria Plc has posted a Profit Before Tax (PBT) of N5.52billion for the half-year unaudited financial Account for the period ended June 30, 2010.
The bank recorded a PBT of N3.52billion in the second quarter, which represents a growth of 77% over the N1.99billion recorded in the first quarter of the year ended March 31, 2010. The quantum growth indicates strong prospects of better returns in the financial year for the bank.
Other performance indicators of the bank also witnessed growth as gross earnings moved up from N25.09billion in the first quarter to N46.56 billion in the second quarter, amounting to 86% increase within the period.
Market watchers lauded the bank’s strategy, which is being driven by improved efficiency, as the management was able to reduce its administrative overheads to N12.77billion in the current half-year from N19.28billion in the corresponding period in 2009.  Also, the interest expense paid was reduced from N31.51billion in 2009 to N26.97billion in the half-year ended June 2010.
The management of the bank restated its commitment to sound corporate governance in all its operations. “We expect that our performance will continue to improve in the year. We will continue to remain focused on our guided growth strategy and implement sound corporate governance practices in all our operations.”
The steady improvement in the fundamental performance ratios of the bank is an indication that the growth strategies initiated by the bank, anchored on the Two-year Turnaround Plan, is delivering on its promises.
The business approach of the bank has facilitated its penetration into a club of big lenders and partnership with industry leaders in key sectors of the economy. Afribank’s creative approach to managing public sector business has also yielded results with the bank now emerging as major revenue collections bank for many public and private sector institutions.
The bank’s turn-around plan has an overall intent to ensure the business continuity of Afribank by leveraging on competitive strategies such as value-chain banking, improved relationship management, service excellence, group integration, product innovation and market intelligence, cost optimisation and retraining of staff. All these strategies are hinged on excellence.
 “Our overall aim is to continue to strategically grow our deposits liabilities, grant quality loans, to our customers, in our identified target market; improve our operations by leveraging on technology and upgrade the skill set of staff in risk management, banking operations and relationship management,” the bank added.
 


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Catholic Bishops Urge FG to Give Tax Laws Human Face

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Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

Catholic Bishops Urge FG to Give Tax Laws Human Face

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.

The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.

Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.

They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.

In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.

“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.

“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”

The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.

The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.

“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.


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Taraba Adopts Electronic Case Management System

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Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


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Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

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Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

  • Do not click on links or respond to unsolicited emails.
  • Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
  • Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

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