Five things to know to start your Monday

Election Tribunals conclude sittings, prepare to decide 400 N’Assembly cases

National Assembly Election Petition Tribunals across Nigeria are set to deliver judgements on over 400 election petitions this week.

While 552 petitions were initially filed by aggrieved candidates who participated in National Assembly elections, more than 150 cases have already been decided, with some petitioners withdrawing their cases.

Notably, several federal lawmakers, including senators and House of Representatives members, have had their victories overturned by these tribunals.

The rulings have ordered re-run elections and declared new winners in various constituencies.
Additionally, some state tribunals are expected to announce verdicts soon, further impacting Nigeria’s political landscape.

Read also: Tribunal judgement exposes petitioners’ poor legal research, trial plan-Akindiya

Amid economic challenges, banks grapple with N478bn in NPLs

During the first half of 2023, four Nigerian banks, including Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc, reported a combined N478 billion in non-performing loans (NPLs), marking a nearly 16 percent increase from the N413.36 billion recorded in the full year of 2022.

FBN Holdings reported N226.24 billion NPLs with a 4.3 percent NPL ratio, while GTCO declared N115.29 billion NPLs.

Fidelity Bank reported N84.73 billion, and FCMB Group had N52.66 billion in NPLs during the first half of 2023.

Nigerian banks continued efforts to reduce NPLs through write-offs and debiting of debtor accounts, in compliance with CBN’s Global Standing Instruction guideline.

The banks also maintained capital adequacy and liquidity ratios above regulatory thresholds.

States pocket N1.51tn in 6-month FAAC windfall says NEITI

In the first half of 2023, Nigeria’s 36 states received approximately N1.51 trillion, which accounts for 34.5 percent of the N4.37 trillion total government revenue distribution, as reported by the Nigeria Extractive Industries Transparency Initiative.

This data is from their “2023 Federation Account Statutory Revenue Allocations Report.”

The report highlights that a 12 percent reduction in overall allocation during the second quarter led to a 15.8 percent decrease in states’ share, dropping from N817.8 billion to N688.2 billion in the first quarter.

Notably, even with this decline, states’ allocations, when including the 13 percent derivation revenue, exceeded that of the Federal Government. Additionally, nine oil-producing states received extra allocations, totaling around N869.09 billion.

UK Warship arrives Nigeria to support maritime security

The Royal Navy warship, HMS Trent, has docked in Lagos for the second time to assist in combating illegal activities, such as piracy and illicit trafficking, in the region.

The ship’s mission includes capacity training and support for maritime security in West Africa. HMS Trent carries a team of UK Royal Marines and a Puma surveillance drone to aid West African allies in developing their capabilities to combat sea-based criminal activities and promote stability.

With £6 billion of UK trade passing through the region, the ship aims to enhance security in the Gulf of Guinea by conducting patrols and fostering cooperation among partner navies.

Alibaba shares slide 4% after former CEO quits cloud unit

Alibaba Group’s Hong Kong-listed shares dropped over 4 percent following the unexpected departure of former CEO Daniel Zhang from the tech giant’s cloud computing unit.

Zhang’s decision to leave the cloud business was announced internally, with co-founder Eddie Wu taking over as acting CEO and chairman.

Alibaba’s cloud unit is China’s largest with a 34 percent market share but faces increased competition and regulatory challenges.

Zhang’s departure is seen as a personal decision, and while it may not significantly affect the unit’s listing plans, it underscores the sector’s challenges. Alibaba plans to execute the spin-off despite Zhang’s exit.