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Five major banks post N680bn bad loans

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Five of the major banks in the country, also known as Tier-1 banks, have posted whopping N683bn non-performing loans in the 2020 financial year, findings have revealed.

According to the financial reports of the banks, released in April this year to the Nigerian Stock Exchange, the bad loans were linked to the downturn in the economy as a result of the COVID-19 pandemic and other factors.

The financial reports revealed that some of the five Systemically Important Banks recorded an increase in their bad loans while others recorded a decrease during the year under review, compared to the previous year.

The five banks are Access Bank Plc, FBN Holdings Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc.

They reported N161.2bn, N170.7bn, N111.46bn, N120.08bn and N125.24bn bad loans, respectively.

Further analysis showed that while FBN Holdings and GTBank reported NPL ratios that were above the prudential guideline of the Central Bank of Nigeria put at five per cent, Access Bank, Zenith Bank and UBA recorded NPLs that were within the regulatory threshold.

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Meanwhile, eleven of the nation’s banks cumulatively recorded an 87 per cent increase in loan impairment charges in the 2020 financial year, compared to 2019.

A loan impairment charge is described as a deterioration in the realisable value of loans and advances or risk assets extended to banks’ customers. The occurrence of this event results in a reduction in the earnings of the affected bank and its shareholders.

In simple terms, impairment charges are charges banks make against their profit in order to reflect a fall in value or worse-than-expected performance of the loans or asset.

Specifically, findings showed that the 11 banks cumulatively incurred N342bn impairment charges during the 2020 financial year, compared to the N181.95bn recorded in 2019. This indicates a whopping 87 per cent increase in impairment charges.

The banks are Zenith Bank, Access Bank, GTBank, UBA, FBN Holdings, Ecobank Transnational Incorporated, Stanbic IBTC Holdings Plc, FCMB Holdings Plc, Sterling Bank Plc, Fidelity Bank Plc, and Jaiz Bank Plc.

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The breakdown revealed that Zenith Bank incurred N39.5bn impairment charges in 2020, up by 64.5 per cent from the N24.03bn recorded in 2019.

Access Bank in 2020 reported N62.89bn impairment charges, a 211.5 per cent increase above the N20.2bn it reported in 2019.

In the year under review, GTBank recorded a jump of 299 per cent in impairment charges from N4.911bn in 2019 to N19.572bn in 2020.

Also, UBA reported impairment charges of N22.44bn last year, up by 37.4 per cent from the N16.336bn it reported in 2019.

However, FBN Holdings’ impairment charges dropped by 0.97 per cent to N50.6bn in 2020 from N51.09bn in 2019.

Sterling Bank reported N7.91bn impairment charges in 2020, a 35 per cent increase from the N5.84bn in 2019, while Ecobank posted impairment charges of N86.7bn, indicating an increase of 79 per cent from N48.32bn booked in 2019.

FCMB Group’s impairment charges stood at N22.31bn in 2020, indicating an increase of 62.3 per cent from the N13.75bn in 2019 while Fidelity Bank which had a write-back of N5.29bn in 2019, reported an impairment charge of N16.86bn in 2020.

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Also, Stanbic IBTC Holdings and Jaiz Bank reported significant hikes in impairment charges in the year under review, reporting 508.76 per cent and 180.1 per cent increase to N9.94bn and N3.21bn in 2020 respectively.

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Wale Tinubu, Rabiu, others Join President Tinubu in Makkah for Umrah

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The Group Chief Executive Oando Plc, Jubril Adewale Tinubu; Chairman of BUA Group, Abdul Samad Rabiu, and several other Nigerian business mogul have joined President Bola Ahmed Tinubu in Makkah, Saudi Arabia, for the performance of Umrah, the lesser Islamic pilgrimage.

The presence of the prominent Nigerian business leaders alongside the President in the holy city has drawn attention, bringing together three influential figures from Nigeria’s political and business communities in a moment of religious observance.

Tinubu and Rabiu, both prominent names in Nigeria’s corporate landscape, were seen alongside the President dressed in the traditional white Ihram garments worn by Muslim pilgrims performing Umrah.

Umrah, unlike the obligatory Hajj pilgrimage, can be undertaken at any time of the year. It involves a series of religious rites in Makkah and holds profound spiritual significance for Muslims across the world.

For the Nigerian business community, the appearance of the corporate leaders alongside the President also offers a glimpse into the intersection of faith, business and public life, particularly when influential figures come together outside the usual settings of boardrooms, corporate engagements and official functions.

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The development comes as President Tinubu undertook the pilgrimage to seek divine guidance and offer prayers for Nigeria’s peace, unity, stability and progress.

According to the Presidency, the President performed the Umrah rites early Friday, October 30, at the Grand Mosque, Masjid al-Haram, where he circumambulated the Holy Ka’abah.

Speaking after completing the spiritual exercise, Tinubu described the pilgrimage as significant, linking it to his commitment to Nigeria and its people. He also expressed gratitude to Allah for the opportunity to pray for the country.

The President’s prayers reportedly centre on national harmony, security, economic prosperity and the need for Nigerians to live together peacefully.

Rabiu also used the occasion to express his hopes for the country, describing it as an honour to accompany the President on the spiritual journey. He prayed for lasting peace, unity and prosperity in Nigeria.

For Tinubu, whose Oando Group occupies a prominent position in Nigeria’s energy industry, the journey offered a departure from the familiar world of corporate leadership and business engagements. Rabiu, similarly, is a major player in the country’s industrial sector, with interests spanning manufacturing, cement and food production.

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Their appearance in Makkah alongside the President underscores the presence of leading figures from Nigeria’s private sector at an important spiritual moment for the country’s leader.

Umrah, often described as the lesser pilgrimage, is a significant act of worship in Islam. Unlike Hajj, which takes place during a specific period in the Islamic calendar, Umrah can be performed throughout the year.

President Tinubu is expected to return to Nigeria next week after completing his spiritual engagements in Saudi Arabia.

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Atiku’s son Abba Abubakar promises to deliver Adamawa for Tinubu

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Abba Abubakar, son of former Vice-President Atiku Abubakar, has promised to deliver Adamawa, his father’s state, for President Bola Tinubu in the 2027 elections.

He spoke on Friday at the All Progressives Congress (APC) national secretariat in Abuja during the Haske Bola Tinubu Organisation (HBTO) unveiling and the launch of its subsidised public transportation support scheme.

Abubakar, HBTO founder, said his decision to back Tinubu is not an attempt to antagonise his father, the African Democratic Congress (ADC) presidential candidate.

“I recognise that political decisions, particularly those that differ from the positions of individuals with whom one shares personal and family relationships, often attract considerable public attention,” he said.

“However, political conviction is a matter of personal judgment, conscience, and the freedom of every individual to make independent choices.

“My decision to establish and lead the HBTO is a deliberate political choice made with a firm belief in the direction we have chosen.”

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He said democracy is strengthened when individuals can make independent political choices, engage in constructive dialogue, and support the leadership and political platforms they believe best represent their aspirations.

“It is within this spirit that HBTO was established,” he said.

He commended the economic reforms introduced by the Tinubu administration, citing the Nigerian Education Loan Fund (NELFUND), national infrastructure investments, increased statutory allocations to state governments, and transport support schemes as some of the key social intervention programmes.

Asked whether he would ensure the president gets maximum votes in Adamawa, Abubakar said: “Yes, yes, yes. We are going to deliver Adamawa state.”

He, however, said his decision should not be seen as a betrayal of his family ties or his father’s political aspiration.

“I’ve always supported my father since I started acting in politics, and I supported him because of what he has done for the country,” he said.

“But I believe that whenever a government comes out with policies that will help the people, I will join them.

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“It’s not just because it’s my father. I don’t think I am antagonising him; I simply believe in the current government’s policies and the reforms taking place.”

Abubakar joined the APC in January 2026, vowing to mobilise support for Tinubu’s re-election.

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Good morning! Nigerian Newspapers Headlines: How AI-generated photos entered voter register, by INEC

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1. The Independent National Electoral Commission (INEC) yesterday  blamed some of its registration officers across the country  for the appearance of suspected artificial intelligence (AI)-generated photographs and other irregularities in its preliminary voters’ register.

The commission alleged  that some officials  exploited their authorised access to its registration system to introduce questionable records into the database.

2. Rising temperatures, compounded by erratic electricity supply, are forcing residents in many states to sleep outdoors, take repeated night-time baths and spend more on alternative power sources as households struggle to cope with the heat. While many Nigerians who spoke with Saturday PUNCH reported prolonged blackouts and inadequate water supply, others said the conditions had made nights uncomfortable.

3. Troops conducting internal security operations across the country killed more than 217 terrorists and other armed criminals in October, the Defence Headquarters, DHQ, has said. The operations, conducted between September 30 and October 30, also led to the rescue of hundreds of kidnapped victims, the arrest of suspected terrorists and their collaborators, and the surrender of more than 50 terrorist fighters and their family members.

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4. A businessman, Akinbolusere Kayode, popularly known as Tolufe, has allegedly committed suicide at Igba town in Ondo State, after lamenting his personal and business challenges in a video that has gone viral on social media. Akinbolusere, 46, reportedly died in his office beside BOVAS Petrol Station, Igba Town, at about 3 pm on Thursday. The State Police Command confirmed his death in a statement issued by its spokesperson, Jimoh Abayomi, in Akure on Friday evening.

5. Omoyele Sowore, presidential candidate of the African Action Congress, AAC, and the Ekiti State Police Command have given conflicting accounts of an incident at a restaurant in Ado-Ekiti, Ekiti State, on Friday. While Sowore insisted that he and members of his team were violently attacked, the police described the incident as an altercation with some individuals, saying the activist sustained a minor injury.

6. The Federal Capital Territory Police Command has arrested a pastor, Edwin Nwabueze, and another suspect, Sadiq Jamiu, over the alleged theft of a Toyota Camry in Abuja. The vehicle was reportedly stolen at UTC Plaza in the Garki area of the Federal Capital Territory. The police said Nwabueze, who identified himself as a pastor with Salvation Power Bible Ministry in the North Bank area of Benue State, was arrested, following investigations into the theft.

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7. Kemi Badenoch, leader of Britain’s Conservative Party, says “racist attacks” against her are “not going to work”, after Raheem Kassam, a former aide to Nigel Farage, called her a “Nigerian scammer”. Badenoch spoke during an interview on ITV’s Good Morning Britain on Thursday, following a series of posts by Kassam criticising her.



8. Senator Adams Oshiomhole has defended President Bola Tinubu’s decision not to attend every campaign rally ahead of the 2027 general elections. He insisted that there is no contradiction between the President’s religious activities and his responsibility to govern the country. Oshiomhole said Tinubu’s decision to limit his participation in campaign activities was a matter of choice and the prerogative of the ruling All Progressives Congress.

9. The Nigeria Security and Civil Defence Corps, Kano State Command, has busted an illegal diesel refining site at Panisau, Ungoggo Local Government Area of Kano State, leading to the arrest of five suspects. This was disclosed on Friday in a statement signed by the command’s Public Relations Officer, Ibrahim Abdullahi.

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10. A 15-year-old Ghanaian boy, Javits Frimpong, has been shot and killed in the Bronx, New York, while on his way to school, with his father alleging that bullying at school may have contributed to the incident. Frimpong was shot in the stomach near East 171st Street and Third Avenue shortly after 9 a.m. on Thursday, according to law enforcement officials. The shooting happened just steps from his home. 

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