General News
Zenith Bank Shareholders Approve N11.3 Billion Dividend, Lauds Ovia
Shareholders of Zenith Bank have lauded Jim Ovia, its outgoing chief executive, who midwifed it from inception 20 years ago to today’s enviable height, and is scheduled to leave office at the end of June this year.
The gathering also approved the bank’s proposal to distribute N11.3 billion as dividend, translating to 45 kobo per share for the 15-month to December 31, 2009, from earnings per share 82 kobo, which they considered impressive. This is particularly so, according to them, at a time some of its peers are offering as little as 10 kobo per share. The bank, they noted, has also offered a bonus of one-for-four for the same period.
Gross earnings income for the period rose by N65.661 billion or 31.025 per cent to N277.3 billion from N211.639 billion in the previous full year, out which interest and similar income stood at N193.545 billion, compared with N138.737 billion previously, while net interest expenses grew to N83.957 billion, up from N53.294 billion. This brought net interest income to N109.588 billion, as against the previous N85.443 billion, just as there was “other income” of about N78.65 billion, up from N68.799 billion.
Profit before tax was however depressed N35.085 billion, representing a decline of about N21.027 billion or 37.47 per cent, while profit attributable to shareholders stood at N20.603 billion, from the previous N51.993 billion. This translates to earnings per share of 82 kobo
Ovia, used the occasion to restate his faith in the ability of Godwin Emefiele, his successor and pioneer staff of the bank and his deputy for the past nine years to guide, the Zenith Group to even greater heights.
“Godwin is a seasoned banker of high integrity with a clear strategic focus and enduring commitment to Zenith Bank,” he assured the meeting in what is his last annual CEO Letter to shareholders, while expressing confidence that the in-coming chief executive “will offer excellent leadership and guide the Group successfully to greater heights.”
“I am confident that under the leadership of Godwin Emefiele, the bank will continue to draw upon its superior people, excellent service culture and continuous deployment of state of the art technology to elevate the Group to greater heights,” he added
The meeting also noted the fact that the bank could offer much more at the end of current year, judging from the equally remarkable first quarter result, indicating a N55.03 billion gross earnings. The result also showed a 12 per cent increase in profit before tax from N11.8bn in March 2009 to 13.2 billion in March 2010, and N9.509 billion net profit.
Reacting to the un-audited first quarter result submitted to the NSE on Monday, market watchers noted that it is a good start for the group and an opportunity to sustain investor confidence.
A breakdown of the first quarter result showed 9 per cent growth in total asset to N1.8 trillion, over the December 2009 level, while capital adequacy stood at 28 per cent (while the bank had 34 per cent), representing almost three times more than the 10 per cent regulatory minimum requirement. Liquidity ratio for the period stood at 48 per cent (while the bank had 59 per cent), almost two times the 25 per cent minimum required by regulation.
Analysts believe that Zenith’s balance sheet is strong enough to propel its planned expansionary activities and also to withstand any adverse event.
General News
SERAP Asks Tinubu to Probe Alleged N6.79Bn Missing Police Funds, Firearms

Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct, Lateef Fagbemi (SAN), attorney general of the federation and minister of Justice; Olatunji Rilwan Disu, inspector-general of Police, and relevant anti-corruption agencies to investigate allegations that more than ₦6.79 billion in public funds were missing, diverted or misapplied within the Nigeria Police Force and the Federal Ministry of Police Affairs.

The allegations are contained in the Auditor-General of the Federation’s 2022 Annual Report, published on September 9, 2025.
In a letter dated August 1, 2026, and signed by Kolawole Oluwadare, deputy director, SERAP, the organisation urged the government to ensure that anyone implicated in the report is prosecuted and that all missing public funds, firearms and ammunition are recovered.
“Anyone suspected to be responsible—including contractors, companies and public officials implicated in the report—should be promptly prosecuted, while all missing public funds, firearms and ammunition should be fully recovered, secured and properly accounted for.”
SERAP described the Auditor-General’s findings as a serious breach of public trust.
“The Auditor-General’s findings suggest a grave betrayal of the public trust and raise serious concerns about corruption and the management of public funds, police exhibits, firearms and ammunition.”
The organisation also expressed concern over allegations involving missing firearms, unauthorised use and release of police exhibits, and poor storage of weapons.
“The report also raises serious concerns over missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for exhibits, and the insecure storage of firearms, creating significant risks to public safety and national security.”
According to SERAP, the alleged diversion of funds meant for policing and the reported irregularities have weakened the operational effectiveness of the Nigeria Police Force.
“The diversion of funds meant for policing, abandoned security projects, missing firearms and ammunition, and the misuse of police exhibits undermine the operational effectiveness of the Nigeria Police Force, weaken public confidence and may contribute to Nigeria’s worsening insecurity.”
The organisation said the Auditor-General’s report documented several alleged financial irregularities, including payments for projects that were never executed, abandoned contracts, inflated contract costs, irregular procurement, unretired cash advances, unsettled insurance claims and payments for services allegedly not rendered.
“The report documented numerous alleged financial irregularities within the Nigeria Police Force and the Federal Ministry of Police Affairs, including payments for projects that were never executed, abandoned contracts, inflated contract costs, and irregular procurement.”
“The report also documented unretired cash advances, unsettled insurance claims, payments for services allegedly not rendered, and other suspected diversion and misapplication of public funds amounting to over ₦6.79 billion.”SERAP further cited allegations of missing firearms and ammunition, failures to properly account for recovered weapons and exhibits, and insecure storage of firearms.
“The allegations also include missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for recovered firearms and other exhibits, and the insecure storage of firearms, posing serious risks to public safety and national security.”
The organisation gave the Federal Government seven days to act on its demands, warning that it would pursue legal action if no response is received.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest.”
SERAP also argued that the allegations, if left unaddressed, would violate constitutional provisions requiring the government to combat corruption and safeguard the welfare and security of Nigerians.
Among the specific findings cited from the Auditor-General’s report were allegations of payments for abandoned and unexecuted police projects worth hundreds of millions of naira, inflated contract values, unretired cash advances, irregular procurement processes, unsettled insurance claims exceeding ₦681 million, over ₦1 billion in uncleared insurance policy liabilities, missing firearms and ammunition, unauthorised release of police exhibits, and contracts allegedly awarded without due diligence by the Federal Ministry of Police Affairs.
General News
Dare Tackles Onaiyekan over Criticism of Tinubu, Says Economic is Working

Sunday Dare, special adviser to the President on Media and Public Communication, has faulted the criticism directed at President Bola Tinubu and his economic policies by John Cardinal Onaiyekan, Archbishop Emeritus and the Catholic Bishops’ Conference of Nigeria (CBCN).

Sunday Dare, special adviser to the President on Media and Public Communication,
During an interview with Arise TV, Onaiyekan, who had led Catholic Bishops on a visit to the President, revealed details of their discussion.
“When the nation is bleeding, you cannot expect a polite meeting with the Head of State. We told him the economy is not helping our poor people; he told us the economy is doing fine. Frankly speaking, he told us quite clearly that he did not agree with us,” Onaiyekan said.
He added, “We didn’t expect him to agree with us. We have done our duty, we have delivered our message, and we have a feeling that somehow, along the line, somebody will show him a few of the things we said.”
Reacting, Dare stated that while Onaiyekan and his cohort choose the easy path of populist lamentation, the facts of President Tinubu’s administration reveal a relentless, methodical restoration of the Nigerian state. He said that by courageously removing the petrol subsidy and unifying the foreign exchange windows within his first days in office, President Tinubu ended decades of economic illusion.
“State and local governments now receive record-breaking monthly allocations from the Federation Account Allocation Committee (FAAC), enabling governors—including those in the Catholic heartlands—to pay salaries, fund local infrastructure, and service pensions promptly. The debt service-to-revenue ratio has been dramatically slashed to under 65%, pulling Nigeria back from the edge of default and restoring international credit rating confidence, he said..
According to Dare, the administration did not merely reform numbers; it invested in human dignity. He noted that through the landmark establishment of the Nigerian Education Loan Fund (NELFUND), millions of indigent students across tertiary institutions now access interest-free loans for tuition and stipends. “Academic calendar stability has been restored, ending the agony of prolonged university strikes that once paralysed national development,” he said.
The presidential spokesperson revealed that to counter global inflation and local supply shocks, the Tinubu administration deployed emergency agricultural interventions that involve direct distribution of hundreds of thousands of metric tons of grains and fertilisers to smallholder farmers nationwide, the multi-billion naira investments in dry-season farming, mechanisation hubs, and irrigation infrastructure aimed at achieving permanent food self-sufficiency.
He said to understand the weight of President Tinubu’s achievements, one must first measure the abyss Nigeria faced on the eve of his inauguration. He recalled that in May 2023, the Nigerian nation was hovering on the precipice of total economic collapse and structural paralysis.
“The unsustainable petrol subsidy regime was draining trillion-naira holes into the national treasury monthly, enriching a parasitic cabal of smugglers and middlemen while starving sub-national governments of basic infrastructure funding. A fraudulent multi-tiered foreign exchange system had turned the Central Bank of Nigeria into an arbitrage engine, crippling legitimate manufacturing, scaring off foreign direct investment, and burning through scarce external reserves.
“The nation’s debt service-to-revenue ratio had spiralled to an unsustainable 97 per cent, meaning Nigeria was literally borrowing money to pay interest on past loans while operational governance ran on fiscal fumes. This was the broken, bleeding nation handed over to President Tinubu. It required bold surgery, not diplomatic sedation. Yet, when the President applied the sharp scalpel of structural reform, armchair critics and political opponents decried the incision while ignoring the terminal tumour it removed,” he said.
General News
Lenacapavir, HIV Injectable Drug Offers Pregnant, Lactating Mothers 100 Percent Protection – Study

Lenacapavir, injectable HIV prevention drug, has been found to provide 100 percent protection against HIV infection among pregnant and breastfeeding women using it as pre-exposure prophylaxis (PrEP).

This is according to sub-study of the landmark clinical trial evaluating the safety and efficacy of the twice-yearly injectable HIV prevention drug.
The Phase 3 PURPOSE 1 trial results, published in the Lancet Medical Journal last week and presented at the ongoing 2026 International AIDS Conference Rio de Janeiro, Brazil, show the injection to be safe for use in pregnancy.
While Lenacapavir was previously studied and demonstrated high efficacy and safety as PrEP in cisgender women, its use during pregnancy and lactation, when women are disproportionately vulnerable to HIV acquisition, was not described in the initial studies that formed the World Health Organisation’s global recommendation for the drug.
Now, in the latest study, Dr Flavia Matovu Kiweewa, a senior Research Scientist at MUJHU, said they checked for drug traces in breast milk and exposure to an unborn baby and found drug exposure levels across all trimesters and postpartum were comparable to non-pregnant participants, confirming no dose adjustments are needed for this group.
Among 5345 women enrolled between Sept 28, 2021, and Sept 15, 2023, 487 participants, 184 allocated to Lenacapavir and 303 allocated to oral PrEP, had one or more pregnancies, resulting in 509 total pregnancies with 512 pregnancy outcomes, including three sets of twins.
While the study involved women aged between 16 and 26 years in both South Africa and Uganda, 80 percent of all the pregnancies recorded were in Uganda. Results show Lenacapavir was present in breast milk, but exposure in breastfed infants was minimal. Drug concentrations were measured in the blood of the mothers, breast milk, and breastfed infants’ blood.
Kiweewa said thatthese results are a breakthrough as pregnant and postpartum women face elevated vulnerability of HIV acquisition, yet historically they have been excluded from early prevention trials, leading to years-long evidence gaps.
The study compared twice-yearly Lenacapavir with daily oral PrEP in women who were not pregnant at enrollment.
But, unlike previous studies, women who got pregnant while participating in the study were, for the first time, left on their allocated study drug.
Now, because of the new findings, Kiweewa said at one of their study sites in Mityana District Hospital, they have decided to dedicate seventy percent of their drug supplies to women.
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