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‘My family fled Nigeria’ — Soludo on banking sector consolidation, says it was ‘dangerous war’

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Charles Soludo, governor of Anambra, says the consolidation of the Nigerian banking sector has permanently changed the system — but the process was a dangerous war.

 

Soludo spoke on Saturday at the launch of a book, titled, ‘Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players’.

 

Launched on Saturday in Lagos, the book was written by Ray Echebiri, chief executive officer of Centre for Financial Journalism.

 

Soludo, who served as the governor of the Central Bank of Nigeria (CBN) from 2004 to 2009, spearheaded the consolidation policy of the Nigerian banking system.

 

According to the CBN, consolidation is the reduction in the number of banks and other deposit-taking institutions with a simultaneous increase in the size and concentration of the consolidated entities in the sector.

 

It often involves a process where banks merge with or acquire other banks, resulting in fewer but larger institutions.

 

Reflecting on the banking sector’s transformation, the Anambra governor said it was a dangerous “gambling and war”.

 

He said his family went into exile after facing multiple threats and attacks from various people following the restructuring policy he introduced as the CBN governor.

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Soludo, however, said the consolidation exercise was a major revolution that transformed the industry forever.

 

“Let me start by a disclaimer, I have not read the book. My gratitude goes to the author of this book and I appreciate my major incredible team,” the governor said.

 

“I also thank the Nigerian stakeholders for the massive support because it was like a revolution time; today, we are celebrating the possibility of Nigeria.

 

“The revolution changed the Nigerian banking system forever.

 

“As a leader, you must be self-sacrificing and ready to pay the prize to avoid personal interest.

 

“The major message of today is the revolution for the banks themselves, who are now giants, such as Access and Standard Trust Bank.

 

“I want everyone to know that what is stopping and limiting us from developing is our mind. If we can dream it, we will achieve it.”

 

In his remarks, Olusegun Obasanjo, former president of Nigeria, urged all economic players and government at all levels to collaborate in order to improve the country’s current situation.

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Obasanjo, who was represented by Donald Duke, former governor of Cross River, said the weight of the government is important in improving the economy.

 

“Like the title of the book says, without the team we cannot win the match; the captain is Soludo, with his team, and I take pride in all the team,” the ex-president said.

 

“Yes, CBN governor made a policy but the weight of the government is also important.

 

“When Soludo took over, I could tell the difference between a banker and an economist and we need someone who sees the country holistically.

 

“We appreciate the author of this book and we look forward to the volume two of the book.”

 

Also speaking, Babajide Sanwo-Olu, governor of Lagos state, said the current leadership of the CBN should utilise the gathering to “test the blood pressure and temperature” of the system.

 

Sanwo-Olu expressed hope that there would be another review of the consolidation of the banking sector in the next 20 years.

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‘NIGERIA’S ECONOMY GOING THROUGH TURBULENCE’

Dapo Abiodun, governor of Ogun state, said the country’s economy is facing turbulence, urging CBN stakeholders to take action.

 

Abiodun said appointing the right people to serve in public sectors is crucial for the growth of the economy.

 

“Currently, the country’s economy is going through turbulence; we need the stakeholders in CBN to do something, so that in the next 20 years we can gather like this,” the governor said.

 

“Soludo was not an accidental CBN governor because he was so cerebral that he won several prizes all through in his academics.”

 

Akpan Ekpo, former director-general of the West African Institute for Financial and Economic Management, said the event was crucial because consolidation in the banking sector is becoming stagnant.

 

He said the banking sector is crucial to the economy and requires highly skilled individuals to drive the system effectively.

 

 

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NDLEA arrests two France-bound Nigerians with 200 cocaine wraps

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The National Drug Law Enforcement Agency (NDLEA) says its operatives have arrested two Nigerians based in Europe with ingested 200 wraps of cocaine weighing 3.46Kg while attempting to travel from Abuja to Paris, France.

According to a statement issued on Sunday by NDLEA’s spokesperson, Femi Babafemi, the suspects, identified as Aliocus Odife and Sam Blackborn, were arrested on Wednesday, October 28, during the outward clearance of an Air France flight, AF 832, at the Nnamdi Azikiwe International Airport, Abuja.

Babafemi said the suspects, who had returned to Nigeria for holidays, were arrested after body scans confirmed that they had ingested illicit substances.

He said Odife, who lives in France and works in a factory, arrived in Nigeria on October 21 for a short holiday but was arrested while attempting to return to Europe.

Odife was said to have confessed to ingesting 110 wraps of cocaine, which he subsequently excreted under observation. The drugs weighed 1.901kg.

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The statement partly read,  “Two Europe-based Nigerian ‘businessmen’ who flew home on holiday and attempted to return to Paris, France with their bellies loaded with cocaine have been arrested by operatives of the  NDLEA at the Nnamdi Azikiwe International Airport, Abuja.

“The duo, Aliocus Godian Odife and Sam Blackborn, were intercepted on Wednesday, 28th October 2026, during the outward clearance of Air France flight AF 832 from Abuja to Paris. Both men have excreted a total of 200 wraps of the Class A drug weighing 3.460 kilogrammes.

“Odife, who claims to live in France where he works in a factory, had arrived in Nigeria for a short holiday on 21st October.

“He was, however, arrested by NDLEA operatives on his return flight a few days later, when he was subjected to a body scan, which confirmed the presence of foreign objects in his stomach.

“Under interview, he admitted to having ingested 110 pellets of cocaine. He was placed under observation during which he excreted all 110 wraps, which tested positive for cocaine with a total weight of 1.901 kilogrammes.”

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Babafemi added that his co-traveller, Blackborn, also tested positive during a body scan and confessed to swallowing 90 wraps of cocaine.

According to the agency, he excreted all the wraps under observation, with the substances weighing 1.559kg.

Meanwhile, NDLEA operatives on patrol along the Abuja-Kaduna Expressway arrested a woman, Aisha Isah, with 266 rounds of live AK-47 ammunition

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Relief as suspected Ebola cases in Adamawa tested negative

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The Nigeria Centre for Disease Control and Prevention (NCDC) has said that there are currently no laboratory-confirmed cases of Ebola  in Adamawa.

The NCDC had on Saturday said that there were two suspected cases of Ebola in the north-east state, adding that the individuals had been isolated while contact identification was ongoing.

But in a statement on Sunday, the director-general of NCDC, Jide Idris,
said samples collected from the two individuals, who had symptoms suggestive of Ebola, tested negative after two rounds of testing.

“The report was received by the Adamawa State Public Health Emergency Operations Centre (PHEOC) in the early hours of 30 October 2026, following the identification of two individuals presenting with symptoms suggestive of Ebola, requiring further investigation,” the statement reads.

“Hence the alert that was released early this evening. The individuals have been isolated, and appropriate public health measures have been initiated.

“Samples were collected for laboratory testing to establish the cause of the illness. Fortunately, the samples turned out negative for EBV after two rounds of testing.”

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Idris commended the Adamawa health commissioner and his team for their “proactive approach”, adding that the NCDC was working closely with the state government to investigate the report of suspected Ebola cases.

“Currently, there is no laboratory-confirmed Ebola case in Adamawa state,” he said.

“The index case previously confirmed in the Federal Capital Territory remains the only confirmed case reported in Nigeria to date.”

He urged the public to remain calm and avoid sharing unverified information or speculating about the situation.

“The public is encouraged to obtain information from official government and public health communication channels,” he said.

Idris described Ebola as a serious infectious disease that requires prompt identification, appropriate clinical management and effective infection prevention and control measures.

“Anyone experiencing symptoms such as fever, severe weakness, headache, muscle pain, vomiting, diarrhoea or unexplained bleeding, particularly following relevant exposure, should seek immediate medical attention and inform healthcare workers of any relevant travel or contact history,” he said.

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“Individuals should avoid self-medication and follow the advice of healthcare professionals.”

Nigeriaconfirmed its first Ebola case in more than a decade on October 20, after a 42-year-old Swiss woman tested positive for the Bundibugyo strain in Abuja.

The patient, who had travelled from Uganda to Nigeria, was subsequently isolated and treated by Nigerian health workers.

On Monday, the federal governmentevacuated the patient to Switzerland aboard a medical plane.

Her husband, who was identified as a close contact, was also evacuated to Switzerland.

Ali Pate, coordinating minister of health and social welfare, said the patient was clinically much improved, stable, conscious and communicating, with her laboratory test results approaching baseline levels.

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Good morning! Nigerian Newspapers Headlines: 2027: S’West ADC leaders revolt against Atiku

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1. Many leaders of the African Democratic Congress in the South-West have expressed dissatisfaction with what they described as the marginalisation of the party’s structure in the region by the ADC presidential candidate, Atiku Abubakar, ahead of the 2027 presidential election.

The ADC leaders, including some state chairmen and governorship candidates, alleged that Atiku had been conducting his political activities in the region through his friends and allies, while leaving the party structure sidelined as presidential campaign activities prepared to gather momentum.

2. A United States federal court has rejected an attempt to obtain discovery from President Bola Ahmed Tinubu and DCI Group in an ongoing Freedom of Information Act (FOIA) lawsuit involving the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA). 

3. The Zamfara State Commissioner of Police, CP Muhammad Bello, has confirmed the “rescue of three of the six Islamic clerics kidnapped on September 12 while travelling to Talata Mafara, Zamfara State.” Bello gave the confirmation in an interview with select reporters in Gusau. He said the rescue followed a multi-agency collaboration and seamless synergy between the Office of the National Security Adviser, ONSA, the Department of State Services, DSS, and police operatives.

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4. The Grand Patron of the PBAT Door-to-Door Movement, Chief Government Ekpemupolo, popularly known as Tompolo, Osun State Governor, Ademola Adeleke, and the Minister of Marine and Blue Economy, Adegboyega Oyetola, have set a target of at least 1.5 million votes for President Bola Tinubu in the 2027 presidential election. According to a statement, the target was announced on Saturday in Osogbo during the inauguration of the movement’s state and local government structures.

5. Nigerians lose no less than N75bn annually to visa application expenses across foreign missions, with rejected Schengen visa applications alone accounting for an estimated €11.5m, equivalent to about N19bn in 2025.
This is according to a visa-cost analysis report obtained by Sunday PUNCH from the Ministry of Foreign Affairs

6. With one accord, the governors of Enugu, Imo, Ebonyi, and Anambra States yesterday urged the people of the Southeast to avoid political distractions, and vote massively for President Bola Tinubu in next year’s presidential election. Governors Peter Mbah, Hope Uzodimma, Francis Nwifuru and Charles Soludo, said it was necessary for the zone to support Tinubu’s re-election bid to enable him consolidate the gains of his administration’s economic reforms

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7. Former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, has said Nigeria’s security challenges predate the administration of President Bola Tinubu, noting that terrorism, insurgency and banditry had been entrenched in the country before 2023 when Tinubu assumed office. He said the country’s security problems were rooted in years of porous borders, illegal arms proliferation, youth unemployment and the spread of extremist ideologies.

8. Minister of the Federal Capital Territory, FCT, Mr Nyesom Wike has directed supporters of President Bola Tinubu to deliver their polling unit in the forthcoming 2027 general elections. Addressing the supporters, Wike framed the upcoming general elections as a critical opportunity for residents of the nation’s capital to rectify past electoral missteps and unite under a strategic development banner.

9. The Independent National Electoral Commission, INEC, has removed the name of the Kano State governorship candidate of the National Democratic Congress, NDC, Aminu Abdussalam Gwarzo, from its updated list of candidates for the 2027 general elections. A check on the commission’s website shows that the names of Gwarzo and his deputy were conspicuously missing from the updated list.

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10. Four young men have been arrested by the Bauchi State Police Command for allegedly abducting and gang-raping a 12-year-old girl in Sakwa District, Zaki Local Government Area of the state. The suspects were arrested following a complaint by the victim’s 50-year-old father, who reported the incident at the Sakwa Divisional Police Headquarters on Thursday.

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