News
Nigerian Banks Have Highest Cost Base

Nigerian banks have been discovered to have the highest cost base amongst their peers due to increased levy paid to the Assets Management Company of Nigeria (AMCON) as well as the poor state of infrastructure in the country
According to a report by JP Morgan, “Nigerian banks have higher cost/income ratios versus their Central and Eastern Europe, Middle East and Africa (CEEMEA) bank peers due to lack of necessary infrastructure in form of quality manpower, steady electricity supply, security of physical assets, etc.”
Noting from levies paid by banks to the bad bank that AMCON has risen substantially in recent times, JP Morgan’s analysts in a report on Nigerian banks said, “Higher AMCON levy limits cost/income improvement on our estimates.”
The report noted that contribution to the sinking fund of AMCON has risen to 50 basis points (bps) of total banking assets per annum compared to 30bps previously.
“Following the increase in AMCON levy, we believe AMCON charges will rise 130 per cent year-on-year average 2013 estimate versus 28 per cent year-on-year 2012 audited, adding to the operating expenses growth this year and 11 per cent year-on-year per annum average 2014-16 estimate; between 2013-2016 estimates, we expect AMCON charges to form 11 per cent of Nigerian banks cost base versus five per cent previously.”
Apart from increased operating cost due to contribution into the AMCON sinking fund, JP Morgan analysts say they also expect banks to strive to make up for loss of revenues arising from regulatory pressure on removal of commissions on turnover (COT).
“On average for the banks under our coverage, COT formed 44 per- cent of 2012 actual fee income and 10 per cent of overall revenues; COT will be phased out gradually through 2016 estimates and we believe banks will look to recover this revenue loss via higher focus on fee-yielding transactions and participation in higher-yield financial intermediation.
“However, we estimate average fee incomes as a percentage of total revenues to decline from 24 per cent 2012 actuals to 15 per cent 2016 estimates with a flat year-on-year annual growth in fee income through 16E (following 16 per cent year-on-year 2012 actuals).”
The report which forecast a 25 per cent year-on-year average growth in non-performing loans (NPL) of banks between 2013 and 2016, noted that “recent guidance on NPL development within these banks has remained low; nevertheless for our 2013-2016 estimates forecasts, we have assumed a steady deterioration in the NPL ratio including the 16-17 per cent year-on-year average annual loan growth that we have forecast for these banks for 2013-2016 estimates.
“We see this estimate as conservative but given the lack of a consistent, comparable disclosure from the banks, low economic diversification, tendency to shift lending mix to higher yield categories in 2013-2016 estimates as discussed above. Feedback from channel checks and excesses observed in the past, we prefer to err on the side of conservatism,” the JP Morgan report stated.
Refreshing its ratings and views on shares of four Nigerian banks within its coverage, JP Morgan upgraded Guaranty Trust Bank Plc (GTB) and United Bank for Africa Plc (UBA), from Neutral to Overweight.
FBN holdings and Zenith Bank Plc were on the other hand downgraded. While FBN Holdings was downgraded to Neutral from Underweight, Zenith was downgraded to Overweight from Underweight.
GTB and UBA were named JP Morgan’s “preferred stocks in the Nigerian banks space, each offering an attractive 45 per- cent potential upside to their December 2014 fair values – among the highest within the CEEMEA banks currently.
“While GTB’s valuation (2.0x14E t.book) is at a 33 per- cent premium to the CEEMEA peer average (1.5x 14E), we estimate its offers roughly 60 per cent higher tangible ROE vs. The CEEMEA average (29 per cent 14E in GT – the highest in CEEMEA banks – versus 18 per cent 14E CEEMEA) and nearly double the dividend yield.
“UBA on the other hand offers a 30 per cent higher tangible ROE (of 23 per cent in 14E) on our estimates vs. CEEMEA banks average and a significantly higher dividend yield (10 per cent) for a 33 per cent valuation discount (1.0x14E tangible book) vs. CEEMEA banks.”
News
NCDC Issues Public Advisory on Cerebrospinal Meningitis

Nigeria Centre for Disease Control and Prevention (NCDC) has issued a Public Health advisory on the spread of Cerebrospinal Meningitis (CSM).

It said that the caution is particularly for states within the African Meningitis belt.
In a statement by the Corporate Communications Division of NCDC urged all Nigerians to remain vigilant and adopt preventive measures.
The statement said: “As Nigeria continues through the peak dry season months, the Nigeria Centre for Disease Control and Prevention (NCDC) alerts the public to the ongoing risk of Cerebrospinal Meningitis (CSM), particularly in states within the African meningitis belt.
“Cerebrospinal meningitis occurs more frequently between December and April, when dry, dusty conditions, overcrowding, and poor ventilation increase the risk of transmission.
“The NCDC urges all Nigerians to remain vigilant and adopt preventive measures. Surveillance and response activities remain ongoing nationwide, and laboratory testing is being conducted at the state level while national laboratory capacity is being strengthened.
It explained that Cerebrospinal meningitis is a serious infection of the protective membranes covering the brain and spinal cord.
According to NCDC the affliction is most commonly caused by bacteria, particularly Neisseria meningitidis.
“Bacterial meningitis can progress rapidly and may be fatal within hours if untreated.
“However, early diagnosis and prompt antibiotic treatment significantly improve survival and reduce complications. CSM spreads through respiratory droplets during close contact, especially in overcrowded or poorly ventilated environments.”
It said that symptoms to watch out for include sudden high fever, severe headache, and neck stiffness.
It said other symptoms may include: nausea or vomiting, sensitivity to light, confusion or altered consciousness and seizures.
For In infants and young children, NCDC said the symptoms could bulging soft spot on the head.
The Centre said that early recognition and treatment can save lives.
News
Report finds the Number of Trojan Banker Attacks on Smartphones Increased by 56% in 2025

According to a Kaspersky report “Mobile malware evolution,” the number of Trojan banker attacks on Android smartphones increased by 56% in 2025 compared to the previous year*.

This type of malware is designed to steal user credentials for online banking, e-payment services and credit card systems. Cybercriminals commonly distribute Trojan bankers through messaging apps, as well as through malicious webpages.
The number of new Trojan banker installation packages for Android (unique APK files) also increased sharply, reaching 255,090 packages – a 271% increase over 2024. This may indicate that these tools generate substantial profit for cybercriminals.
Kaspersky experts believe threat actors will continue both to expand delivery channels and develop new Trojan variants trying to evade detection by security solutions. Among all detected Trojan bankers, the leading families were Mamont and Creduz.
“Although Trojan bankers for smartphones are the fastest-growing type of malware, we also observed another important trend: preinstalled backdoors such as Triada and Keenadu appeared more frequently compared to previous years. People purchase completely new, but infected, Android devices and may be unaware of the threat.
Once integrated into the firmware fully functional preinstalled backdoors provide attackers with unlimited control over the victims’ smartphones and tablets. As a result, all information on infected devices can be compromised.
It’s quite difficult to remove such malware. If the device is infected, we recommend users check for firmware updates. After the update, run a scan of the device with a security solution again to make sure newly installed firmware is not infected,” comments Anton Kivva, malware analyst team lead at Kaspersky.
News
FG Can Now Track, Prosecute Visa Overstayers – Interior Minister

Federal Government has said it now has the capacity to identify and apprehend foreigners who overstay their visas in the country.

Minister of Interior, Olubunmi Tunji-Ojo
The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this on Thursday in Abuja during the 2026 Sectoral Performance Review Retreat of the Federal Ministry of Interior.
Tunji-Ojo said the government now possesses comprehensive data that enables authorities to track individuals who have entered the country over the past decade and determine those who have failed to comply with their visa conditions.
According to him, the development followed the establishment of an Integrated Operations Centre and a Network Operations Centre by the Nigeria Immigration Service.
The minister, however, said the FG will go after foreigners who have overstayed their visas, adding that outside of the country, Nigerians are not being spared.
He said, “In NIS, I know we are doing a lot already. As of today, we have been able to build our Integrated Operations Centre and the Network Operations Centre, which we never had before.
“With that, we can access, in the last 10 years, everybody who has entered, where you came from, everything, we have all your records, we have everything, we know the exact people who have overstayed in our country, and we will go after them, with due respect, because, outside of Nigeria, they go after the irregular immigrants and we think we have to protect the sanctity of our borders,” the minister stated.”
The minister also stressed the need for reforms across agencies under the ministry, including the Nigeria Security and Civil Defence Corps, to ensure services are delivered transparently and without corruption.
Tunji-Ojo said the goal of government institutions should be to protect citizens, particularly the most vulnerable in society.
NSCDC provides protection in an organised and corruption-free manner, where the son of a nobody will have the same opportunity as the son of anybody in government.
“If you are a businessman or there is a genuine threat to your life, you should be able to access protection without going through the minister, the Commandant General, or anyone else. It is only then that we can truly say we have a service that works for Nigerians.
“Nigeria should not be about selective service delivery. The essence of government is to protect everyone, with greater emphasis on protecting the weakest in society, ” he said.
Speaking on correctional reforms, he argued that a system where individuals repeatedly return to custody reflects a failure of rehabilitation.
“Anybody who goes in there must be reformed and transformed,” he said, adding that the objective was to reduce cases of repeat offences to the barest minimum.
In her remarks, the Permanent Secretary of the ministry, Magdalene Ajani, emphasised the importance of accountability in leadership.
She said leadership was about “devotion, promises, performance, and impact,” noting that the ministry’s agencies play critical roles that affect the daily lives of Nigerians and therefore require transparency and effective service delivery.
The move to go after foreigners who overstay their visas comes amid renewed efforts by the Federal Government to strengthen border management and enforce immigration regulations across the country.
This definitely would allow immigration authorities to track the movement of travellers and identify individuals who remain in Nigeria beyond the duration permitted by their visas.
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