Business
First Bank too big for one person to own, says Emefiele
No one person can lay claim to ownership of a big bank such as the First Bank, the Governor of the Central Bank of Nigeria, Godwin Emefiele, has clarified.
He also said the Securities and Exchange Commission would provide the final decision on the ownership structure of FBN Holdings Plc, the parent company of First Bank Plc.
The company’s majority stake recently became a subject of controversy among investors, following the announcement of a significant share acquisition by billionaire business mogul, Femi Otedola.
Emefiele, commenting for the first time on the controversy at the end of the Monetary Policy Committee (MPC) meeting in Abuja, said that SEC as the capital market regulator would have the final decision on the ownership structure.
He said, “We have cleaned up the balance sheet of the bank. The NPL has dropped. People are now competing for the shares of First Bank.
“Should I quarrel that people are now competing for the shares of First Bank which six years ago was N2.00 and they were running away from it. The last time I looked at it, last weekend, it was N11. 55.
“I am happy that they are competing for the shares. But of course, we should all know that First bank is so big that no one person can say he owns First Bank.
“I have read the SEC clarifying the shareholding percentages and differences and indeed they are the people that are supposed to look at it.
“Our examiners were also opportune to look at it. I think we should take the SEC’s position because the SEC is the regulator of the capital market. We will take their position and they will give guidance on this subject.
“And of course as it affects the operation and the running of the bank we will ensure that the right things are done.”
On developments in the domestic economy, Emefiele said that the MPC noted the continued improvement in the Manufacturing Managers Index.
“This improvement indicated the gradual recovery of output growth driven largely by increase in new orders associated with rising aggregate demands and off-swing in business activities,” he said.
Emefiele noted that there were no major challenges of flooding this year and that as such he was optimistic of a bumper harvest.
A good harvest, he said, would further drive down the rate of inflation, given that the food basket has been a major driver of inflationary trends.
On forbearance, the CBN boss said that the institution expected all those who took bank loans should be able to start repayment next year, when the forbearance earlier announced would end.
He said, “At this time, we believe that global economy has opened up, lockdown have been lifted and of course, we know the casualties, the economic damages and the fatalities that were caused as a result of the lockdown, and I am so sure that not too many countries, if at all, will embark on a wholesome lockdown any longer, particularly because most countries are all administering vaccination that they think should assist in reducing the impact of the spreading of the virus.
“So, we believe in Nigeria, businesses are back or companies are back to business, revenue has been improved and if revenue improves then, then you expect naturally that companies that took loans should be able to pay back their loans.
“So as a result, we do not see a likelihood of increase in NPL. Indeed, we have worked so hard to bring the NPL down from as high as about 9% to 10% about two years ago to the level it is today, which is about 5.3%.
“And we are gratified that we are aggressively working NPL down to the maximum threshold that has been set by the CBN.”
The CBN had, at the outbreak of the COVID-19 pandemic, last year, announced a one-year moratorium for loans that people, companies and businesses had taken from banks. It was later extended by another one year, early this year.
Emefiele announced the decision of the MPC to retain the Monetary Policy Rate (MPR) at 11. 5 per cent and the asymmetric corridor of +100/-700 basis points around the MPR.
He added that the Cash Reserve Ratio, CRR, at 27.5 per cent and the 30 per cent Liquidity Ratio were equally maintained.
Auto
NAJA 19th Auto Awards: Industry’s best to battle for honours December 3
NAJA 19th Auto Awards: Industry’s best to battle for honours December 3
The battle for recognition among Nigeria’s automobile brands, executives and industry players will reach its climax on December 3, 2026, as the Nigeria Auto Journalists Association (NAJA) stages the grand finale of its 19th annual automotive awards.
The prestigious ceremony, scheduled for the Civic Centre, Victoria Island, Lagos, is expected to bring together leading automobile manufacturers, distributors, dealers, financial institutions, policymakers, motoring enthusiasts and other major stakeholders in the automotive industry.
The organisers said the 19th edition is being designed to surpass previous editions in scale, organisation and glamour, without compromising the credibility and professional standards for which the awards have become known.
Chairman of the 2026 NAJA Awards Planning Committee, Frank Kintum, said the committee was determined to deliver a ceremony that would reflect the growing importance of the automotive industry to Nigeria’s economy.
According to him, the awards have evolved beyond a mere celebration of popular brands to become a platform for identifying and rewarding individuals, companies and products that have made measurable contributions to the development of the sector.
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Kintum said the 19th edition would be “bigger and more glamorous” than previous editions, adding that the committee was working to ensure that every aspect of the ceremony reflects the quality, innovation and achievements of the industry.
He said products, brands and personalities would be assessed across relevant segments of the automotive sector, with winners emerging through the approved NAJA awards modalities.
Also speaking on the awards, NAJA Chairman, Theodore Opara, said the association was focused on rewarding genuine excellence rather than simply celebrating the biggest players in the market.
Opara said the objective was to recognise individuals and organisations that had demonstrated measurable excellence and made meaningful contributions to the growth and transformation of Nigeria’s automotive industry.
He noted that the awards had continued to gain relevance among industry stakeholders because of the credibility attached to the judging and evaluation process.
The 2026 edition comes at a critical period for Nigeria’s automotive industry, which is undergoing significant transformation driven by emerging technologies, electric mobility, local vehicle production, changing consumer preferences and evolving government policies.
Against this backdrop, NAJA said the awards would provide an opportunity to celebrate companies and individuals at the forefront of these changes and those contributing to the future direction of the industry.
The association urged automobile manufacturers, distributors, dealers and other stakeholders to participate actively in the awards process as preparations gather momentum for the December 3 grand finale.
NAJA 19th Auto Awards: Industry’s best to battle for honours December 3
Auto
Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut
Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut
Jetour Nigeria is taking the battle for Nigeria’s premium pickup market to Abuja with the debut of the all-new RELY R8, a heavy-duty pickup that combines rugged off-road capability with the comfort, technology and refinement of an executive SUV.
The premium pickup will headline the Jetour Experience in the Federal Capital Territory from September 22 to 24, 2026, following the strong reception recorded during the showcase in Lagos.
The Abuja edition is expected to attract government officials, corporate executives, fleet operators, business owners, automobile enthusiasts and members of the media, with prospective customers given an opportunity to experience the R8 first-hand.
The RELY R8 is positioned as a versatile workhorse designed to serve demanding sectors including agriculture, construction, logistics and security, while offering the level of comfort and sophistication increasingly demanded by premium pickup buyers.
Unlike conventional work-oriented pickups, the R8 seeks to bridge the gap between utility and executive motoring, combining heavy-duty capability with a refined cabin and advanced technology.
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Its off-road credentials are underpinned by high ground clearance, a reinforced chassis and an All-Terrain Management System featuring dedicated driving modes for mud, sand and asphalt.
The configuration is designed to give the pickup the versatility to move from challenging work environments to recreational adventures without compromising its rugged character.
Inside, Jetour has given the R8 a spacious five-seat cabin with SUV-inspired ergonomics, targeting drivers and passengers who spend long hours on the road.
The smart cockpit is powered by a high-performance processor and supports Level 2+ intelligent driving assistance. It also comes with a 12.3-inch HD touchscreen, Apple CarPlay, Android Auto and remote engine-start functionality.
For Jetour Nigeria, however, the R8’s appeal goes beyond performance and technology, with the company putting considerable emphasis on ownership support.
The automaker currently operates through seven accredited dealerships across the country, including Elizade Nigeria Limited, New Era AutoVehicle Services, Kojo Motors, Germaine Auto Centre, Tab Autos, R.T. Briscoe Motors and Mandilas Motors.
The network is expected to provide customers with access to authorised service facilities, genuine spare parts and manufacturer-backed warranty protection.
The company is also leveraging its growing presence in the Nigerian market, following industry recognition from the Nigeria Auto Journalists Association.
Jetour was recently named Fastest Growing Auto Brand of the Year by NAJA, while the Jetour Dashing won the Car of the Year award at the NAJA International Auto Awards.
The latest Abuja showcase is therefore expected to provide Jetour with another opportunity to strengthen its footprint in the premium and commercial vehicle segments, particularly among fleet operators and corporate users.
Jetour Nigeria is inviting prospective customers, automotive stakeholders and enthusiasts to register for test drives and obtain updates on the Abuja experience through its website, social media platforms or email.
With its combination of heavy-duty capability, off-road technology, premium cabin appointments and intelligent driving features, the RELY R8 is expected to be one of the major attractions of the Abuja automotive calendar this month.
Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut
Business
BREAKING: OPay Warns Customers Against Viral Shutdown Message, Threatens Legal Action
BREAKING: OPay Warns Customers Against Viral Shutdown Message, Threatens Legal Action
OPay, one of Nigeria’s leading digital financial services platforms, has dismissed reports circulating on social media claiming that the company is shutting down its operations or proceeding on an indefinite leave.
The company, in an official statement, described the messages as false and misleading, urging its customers and members of the public to disregard the reports and refrain from sharing unverified information.
The clarification comes amid messages being circulated across social media platforms allegedly advising OPay customers to withdraw their funds because the fintech company was purportedly preparing to shut down.
However, OPay said there was no basis for the claims, stressing that its operations remained fully functional and that customers could continue to use their accounts as usual.
“OPay remains fully operational, and your money is safe and secure,” the company stated, adding that its services were continuing to run normally.
The digital banking platform assured customers that they could continue using their OPay accounts “with confidence,” apparently seeking to calm concerns that may have arisen from the viral messages.
OPay further pointed to its regulatory status in Nigeria, stating that it is duly licensed by the Central Bank of Nigeria (CBN) and its deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
The company said its regulatory and insurance status underscored its commitment to providing safe, reliable and convenient financial services to Nigerians.
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The fintech firm also revealed that the authorities had taken the circulation of the alleged false information seriously.
According to OPay, the Central Bank of Nigeria, in conjunction with security and law-enforcement agencies, is investigating the individuals responsible for creating and spreading the messages.
The company warned that those found culpable would face legal consequences.
“We take this matter seriously,” OPay said, adding that violators would be prosecuted “to the full extent of the law.”
The company also appealed to its customers to exercise caution when receiving information about its operations, particularly messages circulated through social media and other unofficial channels.
OPay urged users not to believe or share unverified claims, advising them to rely on the company’s official communication channels for accurate information concerning its services.
Reaffirming its commitment to the Nigerian market, the company said: “OPay is committed to Nigeria and Nigerians. We are here, and we are not going anywhere.”
The statement ended with an appreciation to customers for their continued confidence in the digital banking platform.
The development comes against the backdrop of the growing influence of digital financial platforms in Nigeria, where millions of customers use fintech applications for money transfers, payments, savings and other financial transactions. Consequently, unverified reports concerning the stability of a major digital banking platform can generate considerable anxiety among users.
OPay’s clarification therefore appears aimed at preventing panic withdrawals and reassuring customers that its services remain available.
BREAKING: OPay Warns Customers Against Viral Shutdown Message, Threatens Legal Action
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