General News
First Bank Records 32% Increase in Revenues
First Bank of Nigeria Plc has recorded a 32 percent increase in revenues from N96.6 billion to N128.1 billion for the six months ended 30 September 2009.
The bank’s unaudited results presented at the floor of the Nigerian Stock Exchange shows deposits liabilities increase of 41 percent, from N851 billion to N1.2 trillion, while its total assets of N1.8 trillion increased by 14 percent to N2.0 trillion.
Its profit after tax indicated a drop from N23 billion to N2 billion (N30.0 billion September 2008), experienced a decrease of 89 percent on prior year while shareholders’ funds of N308 billion also fell by 8 percent from N334 billion in September 2008
Bisi Onasanya, group managing director of First Bank while commenting on the results said: “In line with our conservative nature, we have taken provision in excess of the N20.1 billion mandated by the Central Bank of Nigeria. We believe that subsequent recoveries of these loans will have positive impact on our performance in coming periods.”
Onasanya affirms that First Bank remains committed to capturing synergistic value through further diversification of the bank’s business model, supported by enhanced cost efficiencies and a strong capital base, saying that the bank strong capital adequacy ratio of 22 percent and stable funding base allows it to withstand short-term pressures without deviating from our long-term objectives.
Ola Oyelola, group chief financial officer, First Bank on his part believes that the bank’s conservative approach to provisioning against doubtful debts is the correct one, as evidenced by the successful conclusion of the Central Bank’s audit.
“We cannot deny the impact the global financial crisis continues to have on our customer base, and we have made further prudent provisions against the value of loans and investments on our balance sheet. This allows us to provide a transparent view of the bank’s assets at the end of the period, as well as look forward with confidence that the impact of the prevailing market environment has been largely recognised”, he said.
The bank’s operational highlights include the opening of 25 new branches, bringing its total number of branches, agencies and subsidiaries to 561 as at September 2009.
It recorded an expansion of its ATM network to 1,368 from 999 at the end of the March 2009.
First Bank improved its Wide Area Network infrastructure including optimizing cost of operations through VSAT replacement and deployment of WAN accelerators where replacement is not feasible and also establishment of FirstContact, a 24/7 customer interaction centre, to expand the range of the bank’s customer service channels, and enable the migration of substantial volume of requests and enquiries.
The Bank is in the final stages of the establishment of a centralized processing centre to serve as a large scale back-office for routine, non customer-facing processes to enable it reduce transactions processing costs, increase processing efficiency by leveraging on economies of scale and the concentration of core competency, achieve consistency and standardization in transactions processing.
Over the next 12 months, the bank plans to focus on solidifying its leadership position within the Nigerian financial services industry by leveraging its scale advantages e.g. distribution network, balance sheet strength, etc. to serve customers better and more efficiently.
First Bank’s performance management strategy is designed to make it the premium employer brand and a talent magnet in the Nigerian banking industry as it has put in place robust performance management systems that will enable it repeatedly deliver against its corporate objectives and develop a performance culture among its workforce.
General News
House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims

House of Representatives has released certified true copies of the four tax reform Acts signed into law by President Bola Tinubu, addressing public concerns over alleged discrepancies between legislative versions and circulated gazetted documents.

Tax Reform Acts
House spokesperson, Akin Rotimi, disclosed this in a statement, noting that Speaker Tajudeen Abbas directed the immediate publication of the Acts—including endorsement and presidential assent pages—for public verification, in collaboration with Senate President Godswill Akpabio.
The move followed allegations raised by Rep. Abdulsamad Dasuki on the House floor, highlighting inconsistencies between Bills passed by the National Assembly and executive gazetted versions, which he warned could erode legislative integrity and public trust.
Abbas constituted a seven-member ad hoc committee chaired by Rep. Aliyu Betara, with members including Idris Wase, Sada Soli, Adedeji Faleke, Igariwey Iduma, Fred Agbedi and Babajimi Benson, to investigate the alleged alterations, unauthorised circulation and preventive measures.
The committee’s mandate includes probing circumstances around the discrepancies, while Abbas ordered internal verification and public release of certified copies to dispel doubts and safeguard legislative records. Legal experts, tax professionals and civil society had demanded clarification and implementation suspension amid heated debates triggered by Dasuki’s intervention.
The released laws comprise the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; National Revenue Service Establishment Act, 2025; and Joint Revenue Board Establishment Act, 2025, described as foundational to modernising Nigeria’s tax system.
These reforms aim to enhance compliance, curb inefficiencies, eliminate overlaps and bolster fiscal coordination across federal, state and local tiers, following extensive stakeholder consultations, committee reviews and plenary debates under Abbas’s leadership.
Rotimi reassured Nigerians: “The National Assembly is an institution built on records, procedure, and institutional memory. Every Bill, every amendment, and every Act follows a traceable constitutional and parliamentary pathway.”
He emphasised that only National Assembly-certified versions hold authority, urging the public, institutions and stakeholders to disregard all other circulating documents as unofficial.
General News
MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.

MultiChoice
The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.
MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”
Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.
According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”
The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.
General News
Nigeria Police suspends tinted glass permit enforcement over court injunction

Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Tinted glass permit
The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.
An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.
Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.
The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.
IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.
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