Business
Abba Yusuf and His Misadventure in Kano* By Aliyu Maina
*Abba Yusuf and His Misadventure in Kano*
By Aliyu Maina
Oh, our majestic Kano! A land renowned for its rich history, resilient hustle, and unwavering hope. Alas, a dark and foreboding shadow has descended upon our beloved city, casting a pall of despair over its inhabitants. This ominous shadow is the result of a man’s broken promises and misguided leadership, a man who pledged to usher in an era of prosperity but instead unleashed unmitigated chaos upon us.
This individual, Abba Yusuf, our governor, a stranger in our midst, callously disregards the plight of our city as it burns, his actions a stark betrayal of the trust placed in him. For the sons and daughters of Kano, the past few years have been an interminable ordeal of suffering and shattered dreams, a direct consequence of Abba Yusuf’s governance. Our once-thriving metropolis, teeming with life and commerce, has been reduced to a desolate ghost town, a mere shadow of its former vibrant self.
Abba Yusuf, a man who professed to bring prosperity, has instead inflicted upon us a reign of unrelenting hardship. He dons the guise of a leader, but beneath this façade lies a puppet manipulated by invisible forces, ensnared in a sinister political game of power and control. His actions have brought our city to its knees, leaving its people to suffer the consequences of his misguided leadership.
As a Kano indigene, I am compelled to express my deep disappointment and anguish at the actions of Governor Abba Yusuf, who has utterly failed to prioritize the welfare of the poor masses in our beloved state. His tenure has been marked by a series of misguided decisions that have inflicted immense suffering on the very people he swore to protect.
You see, I have lived in Kano for over 50 years. I’ve seen governors come and go, each with their own vision for our beloved city. But Abba Yusuf? He’s a different breed altogether. He came in with a broom, they said, sweeping away corruption. But instead of sweeping away the dirt, he ended up uprooting the very foundations of our lives.
The first blow came barely a week into his tenure as Governor when he revoked the certificate of occupancy of several properties, claiming they had been acquired illegally from the previous administration. With nary a thought for the countless families who called these properties home, he ordered their demolition. The dust had barely settled when he delivered yet another blow – the suspension of thousands of civil servants employed by his predecessor, Gadunje, on the shaky premise of false recruitment allegations. Which has left countless families without a breadwinner. Thousands of families left jobless overnight. How do you explain that to a man who just put his children through school, hoping for a brighter future, only to see it snatched away by the stroke of a vindictive pen? This callous move has exacerbated poverty and hardship, pushing many to the brink of despair.
The actions of Abba Yusuf have not gone unnoticed. The Federal High Court, first in Abuja and then in Kano, ordered the Kano State Government to pay hefty sums in compensation for the unlawful demolition of properties, further proving the government’s egregious violation of fundamental rights. But has he paid? Not a kobo. Court orders? Pah! Yusuf cared little for the law.
However, these court orders represent a hollow victory for the victims. They are but a small salve on the deep wound inflicted by a ruler who has lost touch with the people he promised to serve. Rather than uplift our city to the heights of prosperity he promised, Abba Yusuf has left Kano in ruins. The rubble of demolished buildings is a stark reminder of the homes and livelihoods that have been lost. People who’d saved for years, invested their life savings – their dreams turned to dust. The man who promised to clean up Kano has become the biggest stain on our city’s reputation. Thousands have been directly and indirectly affected by his actions, their lives upturned without warning or justice. Tears flow in the streets of Kano, a once proud city brought to its knees by a man lost in the labyrinth of political games. The cries of the poor and disenfranchised echo through the city, a haunting reminder of the promise of prosperity that was but a fleeting illusion.
It is a bitter pill to swallow, realizing that the man at the helm of our city’s destiny is far removed from the realities on ground. Instead of using the opportunity God has given him to guide Kano towards a brighter future, Abba Yusuf seems set on a course that only deepens our despair. In the face of this adversity, the spirit of Kano remains unbroken. Instead of using the state’s resources for the good of the people, Abba Yusuf has been busy gallivanting around, using the state’s funds to hunt down political oppositions and past administration leaders.
This, my friends, is not the Kano we know. The Kano we know, is the city that embraced all, and gave opportunities to those who strived. Yusuf has turned it into a place of fear, a place where the powerful prey on the weak. We, the ordinary people, the ones who make Kano tick – we are the ones suffering. Yusuf, blinded by his vendetta, has forgotten his duty. He’s become a puppet in a political play, more interested in settling scores than serving the people. He promised prosperity, but delivered misery. Promised hope, but brought despair.
We are a resilient people, forged in the crucible of hardship but never bowed. We continue to hope for a leader who will truly serve the interests of the masses, a leader who will lead us out of this darkness and into the light of a prosperous future. Until then, we bear witness to the misadventure of Abba Yusuf, a man clearly lost in the intricate web of politics, using his position to punish the very people he swore to serve. In the end, we, the people of Kano, are the true custodians of our city’s destiny. We will rise from these ruins, stronger and more united than ever, holding onto the hope that one day, justice will be served. Until then, we stand firm, refusing to be silenced, our voices echoing through the heart of Kano, a testament to our resilience in the face of adversity.
As a Kano person, I have witnessed firsthand the anguish and despair that Abba Yusuf’s actions have caused. His policies have punished the poor, rewarding only his political allies. We, the people of Kano, won’t stay silent. We will raise our voices, louder than the roar of the bulldozers. We will not let him turn our city into rubble. We will fight for the Kano we know and love, the Kano that gave us a future.
On behalf of the thousands of Kano people who have suffered this hardship, I say, “enough is enough”. We demand justice and an end to this misadventure, lest our beloved Kano be reduced to nothing but rubble and tears. This is our story. The story of a city betrayed. The story of a people yearning for a leader, not a destroyer. The story of Kano, waiting to rise from the ashes.
Maina, an anthropologist wrote this piece from Gidan Kofar, Kano.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
*Why Nigeria’s Banks Still on Shaky Ground with Big Profits, Weak Capital*
*BY BLAISE UDUNZE*
Despite the fragile 2024 economy grappling with inflation, currency volatility, and weak growth, Nigeria’s banking industry was widely portrayed as successful and strong amid triumphal headlines. The figures appeared to signal strength, resilience, and superior management as the Tier-1 banks such as Access Bank, Zenith Bank, GTBank, UBA, and First Bank of Nigeria, collectively reported profits approaching, and in some cases exceeding, N1 trillion. Surprisingly, a year later, these same banks touted as sound and solid are locked in a frenetic race to the capital markets, issuing rights offers and public placements back-to-back to meet the Central Bank of Nigeria’s N500 billion recapitalisation thresholds.
The contradiction is glaring. If Nigeria’s biggest banks are so profitable, why are they unable to internally fund their new capital requirements? Why have no fewer than 27 banks tapped the capital market in quick succession despite repeated assurances of balance-sheet robustness? And more fundamentally, what do these record profits actually say about the real health of the banking system?
The recapitalisation directive announced by the CBN in 2024 was ambitious by design. Banks with international licences were required to raise minimum capital to N500 billion by March 2026, while national and regional banks faced lower but still substantial thresholds ranging from N200 billion to N50 billion, respectively. Looking at the policy, it was sold as a modern reform meant to make banks stronger, more resilient in tough times, and better able to support major long-term economic development. In theory, strong banks should welcome such reforms. In practice, the scramble that followed has exposed uncomfortable truths about the structure of bank profitability in Nigeria.
At the heart of the inconsistency is a fundamental misunderstanding often encouraged by the banks themselves between profits and capital. Unknown to many, profitability, no matter how impressive, does not automatically translate into regulatory capital. Primarily, the CBN’s recapitalisation framework actually focuses on money paid in by shareholders when buying shares, fresh equity injected by investors over retained earnings or profits that exist mainly on paper.
This distinction matters because much of the profit surge recorded in 2024 and early 2025 was neither cash-generative nor sustainably repeatable. A significant portion of those headline banks’ profits reported actually came from foreign exchange revaluation gains following the sharp fall of the naira after exchange-rate unification. The industry witnessed that banks’ holding dollar-denominated assets their books showed bigger numbers as their balance sheets swell in naira terms, creating enormous paper profits without a corresponding improvement in underlying operational strength. These gains inflated income statements but did little to strengthen core capital, especially after the CBN barred banks from using FX revaluation gains for dividends or routine operations. In effect, banks looked richer without becoming stronger.
Beyond FX effects, Nigerian banks have increasingly relied on non-interest income fees, charges, and transaction levies to drive profitability. While this model is lucrative, it does not necessarily deepen financial intermediation or expand productive lending. High profits built on customer charges rather than loan growth offer limited support for long-term balance-sheet expansion. They also leave banks vulnerable when macroeconomic conditions shift, as is now happening.
Indeed, the recapitalisation exercise coincides with a turning point in the monetary cycle. The extraordinary conditions that supported bank earnings in 2024 and 2025 are beginning to unwind. Analysts now warn that Nigerian banks are approaching earnings reset, as net interest margins the backbone of traditional banking profitability, come under sustained pressure.
Renaissance Capital, in a January note, projects that major banks including Zenith, GTCO, Access Holdings, and UBA will struggle to deliver earnings growth in 2026 comparable to recent performance.
In a real sense, the CBN is expected to lower interest rates by 400 to 500 basis points because inflation is slowing down, and this means that banks will earn less on loans and government bonds, but they may not be able to quickly lower the interest they pay on deposits or other debts. The cash reserve requirements are still elevated, which does not earn interest; banks can’t easily increase or expand lending investments to make up for lower returns. The implications are significant. Net interest margin, the difference between what banks earn on loans and investments and what they pay on deposits, is poised to contract. Deposit competition is intensifying as lenders fight to shore up liquidity ahead of recapitalisation deadlines, pushing up funding costs. At the same time, yields on treasury bills and bonds, long a safe and lucrative haven for banks are expected to soften in a lower-rate environment. The result is a narrowing profit cushion just as banks are being asked to carry far larger equity bases.
Compounding this challenge is the fading of FX revaluation windfalls. With the naira relatively more stable in early 2026, the non-cash gains that once flattered bank earnings have largely evaporated. What remains is the less glamorous reality of core banking operations: credit risk management, cost efficiency, and genuine loan growth in a sluggish economy. In this new environment, maintaining headline profits will be far harder, even before accounting for the dilutive impact of recapitalisation.
That dilution is another underappreciated consequence of the capital rush. Massive share issuances mean that even if banks manage to sustain absolute profit levels, earnings per share and return on equity are likely to decline. Zenith, Access, UBA, and others are dramatically increasing their share counts. The same earnings pie is now being divided among many more shareholders, making individual returns leaner than during the pre-recapitalisation boom. For investors, the optics of strong profits may soon give way to the reality of weaker per-share performance.
Yet banks have pressed ahead, not only out of regulatory necessity but also strategic calculation.
During this period of recapitalization, investors are interested in the stock market with optimism, especially about bank shares, as banks are raising fresh capital, and this makes it easier to attract investments. This has become a season for the management teams to seize the moment to raise funds at relatively attractive valuations, strengthen ownership positions, and position themselves for post-recapitalisation dominance. In several cases, major shareholders and insiders have increased their stakes, as projected in the media, signalling confidence in long-term prospects even as near-term returns face pressure.
There is also a broader structural ambition at play. Well-capitalised banks can take on larger single obligor exposures, finance infrastructure projects, expand regionally, and compete more credibly with pan-African and global peers. From this perspective, recapitalisation is not merely about compliance but about reshaping the competitive hierarchy of Nigerian banking. What will be witnessed in the industry is that those who succeed will emerge larger, fewer, and more powerful. Those that fail will be forced into consolidation, retreat, or irrelevance.
For the wider economy, the outcome is ambiguous. Stronger banks with deeper capital buffers could improve systemic stability and enhance Nigeria’s ability to fund long-term development. The point is that while merging or consolidating banks may make them safer, it can also harm the market and the economy because it will reduce competition, let a few banks dominate, and encourage them to earn easy money from bonds and fees instead of funding real businesses. The truth be told, injecting more capital into the banks without complementary reforms in credit infrastructure, risk-sharing mechanisms, and fiscal discipline, isn’t enough as the aforementioned reforms are also needed.
The rush as exposed in this period, is that the moment Nigerian banks started raising new capital, the glaring reality behind their reported profits became clearer, that profits weren’t purely from good management, while the financial industry is not as sound and strong as its headline figures. The fact that trillion-naira profit banks must return repeatedly to shareholders for fresh capital is not a sign of excess strength, but of structural imbalance.
With the deadline for banks to raise new capital coming soon, by 31 March 2026, the focus has shifted from just raising N500 billion. N200 billion or N50 billion to think about the future shape and quality of Nigeria’s financial industry, or what it will actually look like afterward. Will recapitalisation mark a turning point toward deeper intermediation, lower dependence on speculative gains, and stronger support for economic growth? Or will it simply reset the numbers while leaving underlying incentives unchanged?
The answer will define the next chapter of Nigerian banking long after the capital market roadshows have ended and the profit headlines have faded.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
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