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Nigeria’s financial sector experiences 30% growth

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has said that Nigeria’s financial sector grew by over 30 per cent in the first half of 2024.
Edun who was represented by the Managing Director of Ministry of Finance Incorporated, Dr Armstrong Takang, at the 17th Annual Banking and Finance Conference in Abuja on Tuesday, noted that the growth indicated a strong recovery from the contractions observed in 2021, further contributing to Nigeria’s economic stability.
“The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021. The sector has grown by over 30 per cent during the first half of this year, further bolstering our overall economic stability,” Edun stated.
He also emphasised the sector’s vital role in driving economic growth.
In his speech, Edun highlighted that the Nigerian economy had shown promising signs of progress despite challenges in some sectors.
He pointed out that Nigeria’s Gross Domestic Product had improved, with growth rising from 3 per cent in the first quarter to 3.2 per cent in the second quarter of 2024, with hopes of reaching a 3.7 per cent target by the end of the year.
“Our commitment to continue reforms aims to achieve a 3.7 per cent growth target by year-end,” he said.
The minister also acknowledged sector-specific developments, especially in oil and gas, which recorded 10 per cent growth during the second quarter of 2024.
“The oil and gas sector saw a notable increase of 10 per cent during the second quarter and a significant rebound from the contraction experienced in the same period last year,” he said.
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Gov Ododo: Kogi not under seige

Governor Usman Ododo of Kogi State has reiterated its unwavering commitment to ensuring the safety and security of lives and property across the state, declaring that it is not paying lip service to the security of its people.
Addressing the media in Lokoja on Friday, the Commissioner for Information and Communications, Kingsley Fanwo, said the administration of Governor Ahmed Ododo has taken concrete steps to deal decisively with insecurity, stressing that the state is not under siege and will not be.
Fanwo acknowledged security concerns in parts of Yagba land, particularly in Yagba West, but assured citizens that the situation is being carefully and silently managed to avoid escalation.
“We are managing the fine line between urgency and the need to tread softly in order not to compound the situation. Government is on top of the matter, and our interventions are guided, targeted, and strategic,” he said.
Fanwo also addressed concerns over alleged threats to some churches in Yagba East, noting that Governor Ododo has ordered thorough investigations to verify the claims.
“Security has not broken down in any part of Kogi and will not break down. We have reached an advanced stage of collaboration with national security structures to neutralise every threat to peace and stability in our state,” he emphasised.
The Commissioner commended local security structures such as the Okun hunters and other grassroots security outfits for their vital role in maintaining peace and order.
“These community-based efforts are critical to our overall strategy, and His Excellency has given the State Security Adviser a marching order to deepen community push-back mechanisms against insecurity,” Fanwo revealed.
He explained that government intelligence has pinpointed the location of certain criminal elements, but cautioned that operational plans are being meticulously executed to avoid collateral damage.
“These criminals are hiding behind innocent Nigerians, many of whom have been kidnapped from Kogi and other states. Our mission is to secure our people without endangering the lives of innocent victims,” he said.
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Criminal charges: Lawyers ready to defend Natasha with ‘factual evidence ‘

The legal team of suspended Kogi Central Senator, Natasha Akpoti-Uduaghan, say they are ready with factil evidence to defend her in court.
The team received a formal summons in the case filed against her by the Federal Government at the Federal Capital Territory High Court last week.
On Friday, May 16, 2025, the Federal Government filed the suit, marked CR/297/25, over alleged defamatory remarks made during a live appearance on Channels Television’s Politics Today on April 3, 2025.
The government accused the senator of “making imputation knowing or having reason to believe that such imputation will harm the reputation of a person”, citing Section 391 of the Penal Code, cap 89, Laws of the Federation, 1990.
Among the witnesses listed to testify during the trial were Senate President, Godswill Akpabio, and a former governor of Kogi State, Yahaya Bello.
Others include Asuquo Ekpenyong, a senator; Sandra Duru; Maya Iliya, investigating police officers; and Abdulhafiz Garba, investigating police officers.
However, in a statement issued Friday night by Dr. Ehiogie West-Idahosa (SAN) on behalf of the legal team, Akpoti-Uduaghan’s lawyers confirmed receipt of the formal summons and pledged to prepare all “factual and statutory defences” available to the lawmaker during trial.
“At about 2:30pm on Friday, May 23, 2025, within the premises of the Federal Capital Territory High Court, Abuja, we received the information filed by the Director of Public Prosecutions, containing three counts alleging that our client, Senator Natasha Akpoti-Uduaghan of Kogi Central, made imputations she had reason to believe would harm the reputation of Senator Godswill Akpabio, President of the 10th Senate,” the statement read.
“We received the said information on her behalf through a letter of authority duly issued and filed in the court’s registry.
“The legal team will fully prepare and present all factual and statutory defences available to our client during the trial.”
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FCTA begins take over of PDP hqtrs, 4,793 other properties over unpaid ground rent

The Federal Capital Territory Administration (FCTA) will on Tuesday next week begin the take over of 4,794 properties in Abuja, including the Peoples Democratic Party (PDP) headquarters, due to unpaid ground rent.
The PDP headquarters, currently under construction in Abuja’s Central Business District, is among the affected properties, having been revoked in March for several years of unpaid ground rent. The FCTA disclosed that 4,794 titles had been revoked for failure to pay ground rent, with some defaults dating back 43 years.
The affected properties are located in various districts, including Central Area, Garki I and II, Wuse I and II, Asokoro, Maitama, and Guzape.
The defaulters owe over N6.96 billion in ground rent. The FCTA had given a 21-day grace period for owners with debts under 10 years, which has now expired.
The FCTA officials announced that the takeover would begin on Monday, May 26, 2025, with the sealing off and restriction of access to the affected properties.
The Director of Land Administration, Chijioke Nwankwoeze emphasized that the revocations were carried out under Section 28(5)(a)(b) of the Land Use Act, which empowers the government to reclaim land when the terms of occupancy are violated.
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