General News
Wema Bank Releases Last 2 years Financial Statement
Wema Bank Plc has released its financial statement of the last two years, which the bank said was a reflection of the challenging period it faced.
The statement showed that although gross earnings increased by 82 per cent to N23.683 billion, the increase was not reflected in the net result because of additional provisions of N36 billion.
The bank said the release of these results marked a fulfilment of the new management’s commitment to transparency, adherence to regulations and sound corporate governance practices.
The new management stated that the previous challenges faced by the bank have impacted adversely on its business, as evidenced by the weak financial performance reported in its published accounts. A major challenge for the bank is the quantum of non-performing loans and advances in the sum of N116.355 billion which have been provided for in the accounts and led to erosion of the capital base.
The issues the bank faced during this period led to the appointment of an interim management board by the Central Bank of Nigeria (CBN) to oversee the operations of the bank.
After 18 months, the interim board handed over responsibility of the bank to the current management team led by Segun Oloketuyi on June 10, 2009.
“However, in this challenge lies our greatest opportunity to recapitalise the bank through the bold initiatives that the board and management have taken to recover these non-performing loans,” the bank stated.
“We are pleased by the result achieved so far. A significant amount of recoveries have been made post September 30, 2009 balance sheet date. These recoveries will improve the shareholders funds when our accounts are published for the year ending December 31, 2009.
“Furthermore, the new board and management have articulated and commenced the implementation of a three-phase turnaround programme to restore the bank as a leading financial institution in Nigeria. A critical phase in the transformation process is the need to strengthen the capital base of the bank in line with regulatory requirements and we have put in place a recapitalisation programme that will achieve this objective within the first quarter of 2010.
“The support of the CBN in this turnaround programme has been invaluable, especially the recent injection of funds into the bank. Given our financial performance in the last couple of months, we are emboldened to confirm that the bank is on the road to recording stronger results in the future,” it stated.
General News
First Trustees to Host 8th Islamic Estate Planning Clinic in Abuja

First Trustees, a subsidiary of First HoldCo Plc., and a leading provider of trust solutions for individuals, corporates, and government institutions, is proud to announce its 8th Islamic Estate Planning Clinic, scheduled to take place on February 7, 2026, in Abuja, Nigeria.

This highly anticipated forum is designed to educate and empower participants on structuring Islamic wealth transfer in today’s evolving world. The Clinic will provide practical guidance on how to secure and preserve legacies in accordance with Islamic principles, ensuring that wealth is managed and passed on responsibly across generations.
The event is being hosted in partnership with The Metropolitan Law Firm and will feature an esteemed lineup of speakers, including: Professor Isah Ali Pantami, Former Minister of Communications and Digital Economy; Professor Adam Abubakar, ESQ, Professor of Islamic Banking and Finance, Yobe State University; Professor Dauda Abubakar, Founder and Director, Dawood Research Institute; HE Aisha Babangida, Chairperson, Better Life Program for the African Rural Woman; Ummahani Ahmad Amin, Managing Partner, Metropolitan Law Firm; Barrister Mohammed Yunusa, Partner at The Metropolitan Law Firm; Ismail Rufai, Managing Director/CEO, One17 Financial Services Limited; Mutiat Olatunji, Al-ameen Trustees Limited; and Rotimi Obende, Head, Private Trust, First Trustees Limited.
Together, these thought leaders will share insights on the importance of Estate Planning within Islamic law, highlighting strategies for safeguarding family wealth and ensuring continuity.
First Trustees remains committed to providing innovative trust solutions that help clients preserve their legacies while staying true to their values.
General News
Nigeria’s Data Privacy Economy Hits ₦16.2bn – NDPC Commissioner

Nigeria’s data privacy ecosystem has generated an estimated ₦16.2 billion in less than two years, according to the National Commissioner of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji.

NDPC
Speaking during a virtual press conference at a capacity-building engagement held at the Marriott Hotel, Ikeja, Lagos, Olatunji said the figure reflects the growing importance of data protection in Nigeria’s digital economy.
He noted that the Commission’s initiatives have created jobs, boosted compliance, and strengthened trust in digital transactions.
Olatunji explained that Nigeria’s journey in data protection began in 2019 with the establishment of the NDPR framework, which later evolved into the NDPC.
Since then, the Commission has focused on building awareness, strengthening compliance, and creating a robust ecosystem that integrates technology, collaboration, and sustainability.
He highlighted Nigeria’s active role in the Network of African Data Protection Authorities (NARPA), stressing that the country has emerged as a continental leader in privacy regulation.
In December 2025, the NDPC won the Picasso Award as Africa’s most outstanding data protection authority, a recognition he said underscores Nigeria’s growing influence in the global privacy space.
Responding to questions from journalists, Olatunji assured that the Commission is committed to protecting the rights of data subjects, including the ability to correct or ratify personal details on government platforms.
He urged citizens to report violations to the NDPC for immediate intervention.
On concerns about international data transfers, particularly agreements involving Nigeria and foreign governments, Olatunji said the Commission would continue to monitor such arrangements to safeguard national interests and ensure compliance with data protection laws.
He concluded by stressing that data privacy is central to Nigeria’s future economy, calling for sustained investment in human capital, technology, and regulatory frameworks to build trust and confidence in the digital space.
General News
How Plot to Topple Tinubu was Uncovered, Foiled

A covert intelligence operation coordinated by the Army Headquarters and the State Security Service (SSS) helped thwart a deadly plot to overthrow President Bola Tinubu’s government and assassinate key political figures, PREMIUM TIMES can authoritatively report.

Multiple senior administration insiders said the plot began to unravel in late September 2025 after an unnamed military officer with direct knowledge of the coup contacted the Olufemi Oluyede, then Chief of Army Staff.
The officer reportedly disclosed the scheme, saying he feared being implicated as an accessory to treason if he failed to alert authorities.
Our sources said around the same time, the SSS independently gathered intelligence indicating that some serving army officers were plotting to “destabilise the government and undermine Nigeria’s democracy.” An official familiar with the matter said Oluwatosin Ajayi, director-general of the SSS, personally briefed Mr Oluyede on the findings.
Faced with converging intelligence from multiple sources, the two security chiefs agreed to act swiftly. A wide-ranging but discreet joint operation was launched by the army and the SSS, with coordinated arrests planned across different parts of the country to neutralise the coup’s masterminds and other collaborators.
On 30 September 2025, as President Tinubu travelled to Imo State for an official visit, unaware of the plot to depose and possibly assassinate him, the joint operation went into effect. The sweep led to the arrest of the alleged principal architects of the coup, alongside other military and civilian suspects.
Emmanuel Undiandeye, chief of Defence Intelligence (CDI), and the then Chief of Defence Staff, General Christopher Musa, were subsequently briefed.
Mr Undiandeye was then requested to detain the suspects in the underground holding facility of the Defence Intelligence Agency.
Following the initial arrests, President Tinubu was formally informed of the foiled plot. A visibly shaken president immediately ordered the cancellation of the 1 October National Independence Day parade. He also approved the constitution of a special investigative panel, which later led to additional arrests. The investigative panel was led by General Undiandeye.
One of the detained soldiers later escaped custody but was rearrested by SSS operatives in Bauchi, a military insider said.
Meanwhile, a retired officer identified as General Adamu and a former governor, Timipre Sylva, accused of bankrolling the coup plotters, remained at large.
Tinubu later fired and retired General Musa, then Chief of Defence Staff, as well as the chiefs of the navy and air force. My Oluyede was appointed CDS and promoted to the rank of General. Weeks later, Mr Musa returned to government as Minister of Defence.
In a statement issued on 4 October, the Defence Headquarters said the arrested officers were being investigated for “indiscipline and breach of service regulations.”
It added that preliminary findings suggested the officers’ grievances were linked to “career stagnation and failure in promotion examinations.”
Despite mounting evidence and a series of detailed reports by PREMIUM TIMES and other media outlets, the military repeatedly denied that a coup plot existed.
In an 18 October statement, the Defence Headquarters described the probe involving the 16 arrested officers as a routine internal investigation aimed at maintaining discipline and professionalism within the armed forces.
However, on 26 January, the military publicly acknowledged for the first time that officers had indeed plotted to illegally overthrow President Tinubu’s administration. It announced that those indicted would be arraigned before a military judicial panel.
According to the Defence Headquarters, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”
It said the findings revealed “a number of officers with allegations of ‘plotting to overthrow the government,” describing such conduct as ‘inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”
“Accordingly, those with cases to answer will be formally arraigned before an appropriate military judicial panel to face trial in accordance with the Armed Forces Act and other applicable service regulations,” the statement added.
In an earlier report, PREMIUM TIMES quoted sources with direct knowledge of the investigation as identifying top officials allegedly marked for assassination. They include President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas.
“There are other people targeted,” one source said. “But those are the key targets.”
The plotters also planned to detain senior military officers, including the service chiefs. “They did not want to kill them,” the source added.
According to the sources, the conspirators intended to assassinate the political leaders simultaneously. “They were waiting for a day when all of them would be in the country,” one official said. “Wherever they were, they would be assassinated.”
The sources said the plotters relied on informants within the Presidential Villa and around the officials slated for elimination.
“They have people inside the Villa who monitor the movements of these officials,” the source said. “The plan was to kill them at the same time and install a military government.” (PREMIUM TIMES)
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