News
First Bank writes off N748 billion bad loan, gives reasons
Group Chairman of First Bank Holdings, Femi Otedola, has explained the company’s decision to write off N748bn in legacy non-performing loans, saying the move was a deliberate strategy aimed at securing long-term financial stability, even though it significantly reduced reported profits.
Otedola made this known in a post on his X handle on Saturday, where he explained that the large-scale provisioning led to a 92 per cent drop in the holding company’s profit figure.
According to the billionaire investor, the write-off was in line with the Central Bank of Nigeria’s directive encouraging banks to confront non-performing loans openly instead of postponing the issue.
“At First HoldCo we decided to clean house properly. We took a huge one-time hit of N748bn to admit old bad loans instead of pretending they do not exist. That is why profit looks like it crashed by 92 per cent. Painful headline, but it is a serious long-term move,” he wrote.
He noted that the decision was taken to finally address problematic loans accumulated over previous years and to strengthen confidence among stakeholders.
“Why do this now? Because the CBN is pushing banks to stop kicking problems down the road. So First HoldCo basically closed the chapter on messy loans from past years which sends a clear message that borrowing has consequences and it helps rebuild trust,” Otedola added.
Despite the scale of the write-off, Otedola maintained that the bank’s core business remained solid, stressing that strong earnings demonstrated the institution’s underlying financial strength.
He disclosed that the bank generated N2.96tn in interest income and N1.91tn in net interest income, figures he said were sufficient to absorb the clean-up while keeping operations stable.
“The key point is this: our business itself is STILL strong. It made N2.96tn in interest income and N1.91tn in net interest income, which gave it the strength to take the cleanup and still stay standing,” he stated.
Looking ahead, Otedola expressed confidence in the bank’s future, saying the balance sheet clean-up has positioned First Bank well for recapitalisation and sustained growth.
“Now at First Bank and beyond we go into 2026 lighter, cleaner and better prepared for the recapitalisation era and serious growth. Bad loans cleared + strong income engine + long-term thinking = real value creation,” he concluded.
News
Experts raise alarm on Shawarma, Cancer, Kidney Disease
Health professionals have warned that regular consumption of shawarma containing high amounts of salt, sugar, fat, seasoning and processed meat may contribute to hypertension, obesity, diabetes and kidney disease.
Excessive salt can raise blood pressure and put additional strain on the kidneys, while high-calorie sauces may contribute to weight gain.
Nutrition experts advised Nigerians to eat shawarma in moderation, use less mayonnaise and other sauces, choose lean grilled meat and add more vegetables. Consumers were also urged to check vendors’ cleanliness and avoid food prepared where ingredients are exposed to flies, dust or poor handling.
A recent report by experts also warned that frequent consumption of Shawarma may increase the risk of other food-borne infections and long-term health problems.
The report contains documented cases of people who suffered vomiting, diarrhoea, stomach pain and weakness after eating shawarma, with some requiring hospital treatment.
According to the report, poor hygiene could allow bacteria and other contaminants into shawarma, causing illnesses including cholera, dysentery, typhoid and salmonellosis.
It also raised concerns about mayonnaise and creamy sauces kept without proper refrigeration and warned that poor storage could encourage bacterial growth and increase the risk of food poisoning.
A study cited in the report found bacterial contamination in ready-to-eat shawarma sold on the streets
Experts also raised concerns about processed meat such as sausage, noting that the International Agency for Research on Cancer classifies processed meat as carcinogenic to humans.
News
Phone communication exposes married woman in the case of Abuja resident who died in a hotel
The mystery surrounding the death of a man whose body was found by the roadside in Abuja has taken a new turn, with police tracing the case through his missing mobile phone to a married woman who allegedly spent time with him at a hotel.
The FCT Commissioner of Police, Mohammed Sanusi, disclosed this on Saturday in Abuja, saying investigators arrested Rukayat Muhammed after tracing the deceased’s final communications.
The man was found dead on August 26 along the Kubwa Expressway, near Katampe under the bridge, after his family had earlier reported him missing.
According to the police, the case initially raised suspicion of a possible “one chance” incident. Investigators, however, established that the dead man was the missing person after identifying his remains.
Sanusi said the deceased’s mobile phone was missing and had been switched off. Police investigators subsequently traced his last known communication, leading them to Rukayat, a resident of Garki Area 2.
Investigators reportedly discovered that Rukayat, who is married, was allegedly in a romantic relationship with the deceased. The police said she had saved his contact under the name “Safiyat.”
The CP said the pair had lodged at Good Samaritan Guest House on 2nd Avenue, Gwarinpa, where the man later died.
Sanusi said Rukayat allegedly discovered that the man was no longer breathing but failed to alert the police or hotel management. Instead, she allegedly took his phone and left the hotel.
The case took another turn when hotel management later discovered the man’s body inside the room after attempts to contact the occupants failed.
Rather than reporting the discovery, two hotel staff members, Ibrahim Omeiza and Kefat Bitrus, allegedly removed the body from the room and transported it to the Kubwa Expressway, where they dumped it under the Katampe bridge.
The police said the action was apparently intended to distance the hotel and its management from the death.
Sanusi said detectives were still working to establish exactly how the man died and determine the individual roles of those connected to the incident.
He warned that anyone found to have participated in the death, concealment or abandonment of the body would face prosecution.
The commissioner said the investigation remains ongoing.
News
Enugu State govt suspends monarch for hosting Peter Obi
The Enugu State Government has suspended His Royal Majesty, Igwe Eze William Ezugwu, the traditional ruler of Ibagwa Ogbozalla Opi Autonomous Community, in Nsukka Local Government Area of Enugu state.
The state government accused Igwe Ezugwu of violating provisions of the state’s Traditional Rulers Law.
In a letter of suspension dated September 24, the Enugu State Government cited his alleged failure to constitute his cabinet, failure to establish a Town Union governing body, and persistent conduct deemed inconsistent with the laws governing traditional rulers in the state.
The suspension comes barely three weeks after Igwe William Ezugwu received NDC presidential candidate Peter Obi at his palace in Opi, Nsukka LGA, where he reportedly blessed Obi’s presidential ambition.
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