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Sterling Bank Showcases Opportunities in Agric Sector

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Sterling Bank Plc, Nigeria’s leading commercial bank, has said there are massive opportunities in the Nigerian agricultural sector for those who are prepared to work hard, with a clear vision and commitment.

Chairman of the board of directors of the bank, Asue Ighodalo disclosed this in his address of welcome at the opening of the 2022 Agriculture Summit Africa, ASA, hosted by the bank recently in Lagos themed Engineering A Trillion Dollar Agricultural Economy.

This year’s ASA is hosted by the bank in collaboration with her esteemed partners including, Leadway Assurance, Nestle Nigeria Plc, Thrive Agric, GIZ, Noor Takaful, Microsoft Nigeria, and Stears Data, among others.

Ighodalo remarked that the ASA remains a signpost of the bank’s commitment to the agricultural sector, one of the five sectors of specific focus in the bank’s HEART strategy. The other sectors are health, education, agriculture, renewable energy, and transportation.

According to him, “As a major financial institution and the leading institution in this sector, we are ready and prepared, and we have the financial expertise to partner strongly with such resourceful agripreneurs.”

He also noted in his speech that Nigeria remains “a net food importer“. He further remarked that” Today, we only export primary raw materials with minimal value added. Sadly, in four years, our food imports have increased fourfold causing massive pressures on our foreign reserves and thereby also exporting our jobs,” adding, “As a nation that seeks economic growth urgently and food security; we must reverse this trend, immediately.”

He said developed countries jumpstarted their development by building and growing the manufacturing industry through the process of adding value to their agricultural products. Adding that “it has also become a critical imperative that Nigeria increase the quality and yield of its production, achieve food security, capitalize on trade opportunities within the African region and thereby hasten its climb towards economic competitiveness and prosperity.”

Zenith Bank Surmounts Headwinds With Strong Q3 Topline, Bottom Line Performance

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Ebenezer Onyeagwu - Zenith Bank PLC MD

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2022, recording a remarkable double-digit growth of 20 percent in gross earnings from N518.7 billion reported in Q3 2021 to N620.6 billion in Q3 2022. This performance demonstrates the Group’s resilience against a challenging macroeconomic environment.

According to the unaudited account presented to the Nigerian Exchange, NGX, the growth in the topline was driven by interest and non-interest income growth. Interest income grew by 27 percent from N308.8 billion to N390.8 billion, driven majorly by growth in risk assets and an improvement in pricing. This also strengthened Earnings Per Share, EPS, by nine percent to N5.55.

This double-digit growth in the topline also aided the bottom line, as the Group also recorded a 13 percent year-on-year, YoY, increase in profit before tax, growing from N179.8 billion in Q3 2021 to N202.5 billion in Q3 2022. Profit after tax equally grew by nine percent from N160.6 billion to N174.3 billion in the same period.

Growth in non-interest income was enabled by the Group’s retail strategy, with continued substantial customer acquisition driving transactions, deposit growth, and growth in electronic banking income.

Due to inflationary pressure and the rising cost of doing business, operating costs grew by 17 percent. However, this was below the growth in gross earnings (20%), thereby facilitating the double-digit growth in the bottom line.

The continuing elevated yield environment affected the cost of funding which increased from 1.4 percent to 1.7 percent in the current period. This affected the net interest margin, NIM, which dropped due to the immediate implementation of higher yields on interest-bearing liabilities. However, the NIM is expected to see a correction in subsequent quarters as the assets side is repriced correspondingly.

Total assets grew by 20 percent from N9.45 trillion to N11.34 trillion in 2022, mainly driven by growth in customers’ deposits. Customer deposits grew by 24 percent from N6.47 trillion in December 2021 to N8.04 trillion in September 2022 due to the market’s confidence in the brand.

Loans and advances also grew by 16 percent from N3.5 trillion in December 2021 to N4.06 trillion in September 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation. As a result of this growth, the capital adequacy ratio reduced from 21 percent to 19.1 percent, while the liquidity ratio reduced from 71.6 percent to 68.9 percent. Both prudential ratios remain very strong and are still well above regulatory thresholds.

In the year’s final quarter, management is determined to sustain the strong performance trajectory while adapting to changes in the regulatory environment and focusing on creative initiatives to mitigate inflationary trends, foreign exchange pressures and the growing competitive environment.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

Naira Notes Change: CNPP Hails CBN, Says Only Intending Vote-Buyers, Beneficiaries Of Proceeds of Crimes Will Kick Against Move

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Chief Willy Ezugwu

Conference Of Nigeria Political Parties (CNPP) has hailed the Central Bank of Nigeria (CBN) over its sudden move to redesign high denominations of Naira notes, including N200, N500 and N1,000 banknotes.

The CNPP in a statement issued in Abuja by its Secretary General, Chief Willy Ezugwu, noted that “only politicians who intended to buy votes and financially induce electoral officials, the ignorant of the import of the policy or beneficiaries of proceeds of crimes, including drug barons and kidnappers, will kick against the move by the CBN.”

According to the umbrella association of all registered political parties and political associations in Nigeria, “the effort of the CBN to control the amount of money in circulation, where N2.7 trillion out of the N3.3 trillion currency in circulation was said to be outside the vault of commercial banks across the country, and are found to supposedly be held by members of the public, is of high risk for the country’s economy and her internal security.

“It is therefore obvious that many politicians, especially since 2015, amassed illicit wealth and deplated the national commonwealth to the extent that the currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022, according to the CBN data.

“Certainly, this is unacceptable in any economy controlled by sane financial experts.

“The CNPP is glad that the timing for this Naira notes redesign is right as there is no better time than in an election year, especially where politicians have made vote-buying an alternative to convincing the electorates through their track records and capacity to govern beyond rhetoric as well as a commitment to selling the manifestos of their political parties during campaigns.

“In recent times, rather than candidates and their supporters work towards convincing electorates to vote for their preferred political parties, they resort to use of derogatory words against the opposition or fan the embers of ethnicity and religion.

“So, as dramatic as the move may seem, the CNPP is totally in support of the CBN and the CBN Governor, Mr Godwin Emefiele on this policy initiative and hereby call on all security agencies, including the Directorate of State Services (DSS), the Economic And Financial Crimes Commission (EFCC) and the ICPC to redouble efforts to reduce insecurity and electoral corruption by placing all politicians contesting in the 2023 general elections on perpetual surveillance.

“We urge the anti-graft units of all security agencies and commissions to use the opportunity created by the new and existing currencies exchange window from December to January 31, 2023 when the existing currencies shall cease to be a legal tender, to monitor illicit campaign financing, money laundering, terror financing, rasom to hostage takers and drug barons.

“In the same vein, bank managers should be banned by the CBN from any form of home delivery of cash to citizens and corporate organizations until after February 1, 2023 to ensure that the country reaps the gains of the CBN monetary policy.

“We urge the CBN to ensure that all exchanges of old notes with new notes should go through the bank accounts of the individuals exchanging large sums of money to as part of efforts to track illicit funds as such individuals and corporations can be made to explain how they came about the large sums of monies to security operatives, especially the EFCC.

“We therefore call on all well-meaning Nigerians, patriotic Whistleblowers and security agencies to ensure that this lifetime opportunities leads to sanity in the Nigerian economy and the political arena as part of efforts in deepening democracy and reduced the number of drug lords and corrupt politicians in office from 2023 general elections.

“We equally commend President Muhammadu Buhari for his approval of the planned redesign of the currency notes, especially at this time”, the CNPP stated.

70% Of Bayelsa Submerged In Flood – Jonathan; Calls For Help

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Former President, Dr. Goodluck Jonathan has called for support for victims of the devastating flood that has killed hundreds and destroyed several property in many states across the country.

The former President in a statement released by his office after he visited Otuoke his community and other affected areas in Bayelsa State lamented that this year’s heavy flooding has resulted in an unprecedented humanitarian crisis in the most affected states, adding that the situation requires urgent action and collaboration by all stakeholders.
Dr. Jonathan noted that many states are now helpless, including Bayelsa, his home state with more than 70 percent of its land area already submerged.

The former President said: “I sympathize with the victims of this year’s flood across many states of the federation who have lost loved ones and  properties worth millions. The worsening humanitarian crisis in the affected states calls for urgent action and collaboration by all stakeholders.

“I am touched by the dire situation in some of the affected states, especially my home State Bayelsa where almost all the local government areas  are submerged in water and the East-West Road section leading to the State has become impassable, creating scarcity of food and essential commodities.”

He said further: “Today, I visited Otuoke, my community and a few other communities in Bayelsa State to assess the impact of the flood. It is still a depressing situation in many of the affected communities because of the magnitude of the flood and the disruption and destruction it has caused.

“This is a moment of crisis; we need to work in unity to achieve the goal of giving hope and providing succor to all victims. I urged all citizens  of goodwill and humanitarian agencies to  demonstrate solidarity with these victims and provide support to those affected.”

Three Reasons Why We Are Not Releasing Nnamdi Kanu –  Malami

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By Gideon Njoku

Even though Mazi Nnamdi Kanu has secured a series of victories in his case with the Federal Government, including the judgment of the Court of Appeal, Abuja Division, which discharged and acquitted him of terrorism charges, lashed the Federal Government for what it called the illegal abduction of Kanu from Kenya, as well as the judgment of the Federal High Court Umuahia  on Wednesday, which ordered the Federal Government to send Kanu back to Kenya, and awarded the sum of N500m against the FG, the chances of Kanu being released is very remote.

The Attorney General of the Federation and Minister for Justice, Abubakar Malami, SAN, said the thought of Kanu’s  release, based on the judgments, should be perished.

According to Malami, there are three reasons why the FG is still holding unto Kanu, and would continue its prosecution of the IPOB Leader.

Malami  said that the release of Kanu cannot be based on the judgment on the extraordinary rendition alone because he had other cases pending against him before the rendition.

Said Malami: “To release or not to release Nnamdi Kanu is a function of law and the rule of law for that matter. In arriving at a decision on whether to release or not release is one: You look at the rule of law. Two, you look at the public and the national interest. Three, you look at the security situation. Four, you look at international diplomacy.

“Let me talk first on the rule of law. This is someone that had been granted bail on account of charges that have been preferred against him at the Court. Someone jumping bail to the international community. A case of a fugitive is established against the background of jumping the bail.

“Two, arising from the national security, this is someone that is charged with treason, incitement and destruction of civil authority, murder and assassination of others on account of his incitement that boil down to issues of national security and criminality.

“Three, on account of international diplomacy, that we have against his person, he used the international community or a foreign country to launch an attack against a nation, against his nation for that matter.

“So, all these naturally come into play to determine what to do. So, if you have, through judicial processes, established multiple cases of treason, homicide, bail- jumping among others, the fact that you have, indeed, succeeded in one case as against multiple others that are pending goes to establish the fact that that case cannot be the only basis and criteria for determining whether you are entitled to be released or not.”

Malami’s latest stand is a huge disappointment to Kanu’s legal team led by Mike Ozekhome, SAN, IPOB members and Ohanaeze Ndigbo who had hoped that the Federal Government would use the window offered by the Court judgements to release Kanu, especially, as it has been argued that Kanu did not deliberately jump bail.

He was forced to escape from the country when Federal Troops, inexplicably, invaded his father’s palace where he was enjoying the freedom of his bail.

Kanu was brought back to Nigeria from Nairobi, Kenya, in June 2021 while he was on a trip to that country from London where he resides. He has a dual citizenship of Britain and Nigeria.

Since he was brought back, he has been in the custody  of the Department of State Services, DSS, where the Court ordered him to be remanded.

How Senator Chimaroke Nnamani’s SSG, Dr Shere, Was Abducted

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Dan Shere

By Charles Igbo

A former Secretary to the Enugu State Government during the Governorship tenure of Senator Chimaroke Nnamani, Dr Dan Shere, has been abducted.

Shere, like Nnamani, a Medical Doctor-turned politician, was abducted on Thursday, in broad day light, with a number of other people, along the Enugu-Ugwuogo- Nike- Nsukka road.

An eye-witness, and a survivor, who posted a video of the attack said the abductors were about eight in number.

Allegedly, rogue Fulani herdsmen, the survivor said they blocked the road, and attacked from all angles, shooting at vehicles.

He narrated: “They shot severally at our vehicle. One of us was hit by the bullets. But our driver managed to move on. We succeeded in taking the victim to the hospital.

Dr Shere was on his way to Nsukka for a meeting when he was kidnapped.

As at Thursday evening, neither the Enugu State Government nor the State Police Command has issued a statement. No contacts has also been made by the kidnappers.

A couple of days earlier, kidnappers had, also, along tye same road, abducted a number of people, including some students of the University of Nigeria, Nsukka, who were returning  to school after the  eight-month strike by the Academic Staff Union of Universities, ASUU.

Allegedly, they are asking for N300m in ransom money for their release.

Terror Alert: Jabi Lake Mall  Shuts Down

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Jabi Lake Mall - Abuja

By Gideon Njoku

The alert by the American Embassy in Nigeria, of an imminent terror attack in Abuja, is beginning to take its toll on the residents and businesses. While residents live in panic, it is pulling Abuja economy down.

The Management of one of the biggest malls in Abuja, Jabi Lake Mall, has, as a precautionary measure, shut it down.

The sprawling and ever busy Mall is located at the Jabi area of Nigeria’s capital, Abuja.

The Management took the decision to shut it down following the terror alert raised by the US Embassy and a couple of other Foreign Missions in Abuja. They include those of the United Kingdom, Canada and Australia.

In its alert, the US listed areas it considers vulnerable to the attack. They include malls, Government buildings, places of worship, schools, markets, transportation terminals and others. They also warned against large gatherings.

On Wednesday, the Embassy followed up in a statement where it said it was evacuating its non-essential staff and their families, as well as other American citizens who might require assistance.

The United Kingdom has, also, warned its citizens not to travel to Abuja, unless it was absolutely necessary. Those who live in Abuja, the UK Mission advised, should stay home and be aware of their environment.

Jabi Lake Mall’s Management, on Thursday, in a post on its Instagram page, said it shut down to review its security situation. It added that it would inform customers when it would reopen.

Said the post: “To all our valued shoppers,  Jabi Lake Mall will be closed today, Thursday, October 27, 2022. This decision has been taken in the overall interest of the safety of all staff and customers of the mall.

“Centre Management is committed to minimizing any disruptions. However, the safety of our staff and shoppers remains our highest priority.

“Management is constantly reviewing the security situation in consultation with relevant security authorities, and will inform you when the mall will be reopened.

“We apologise for any inconvenience caused and hope to provide you with a quality shopping experience soon. Thank you.”

In the wake of the terror alert, some private schools in Abuja had quickly closed their schools. But on Wednesday, the Minister for the Federal Capital Territory, Muhammad Musa Bello, ordered them to reopen.

Same Wednesday, the Minister for Information and  Culture, Lai Mohammed, expressed the Federal Government’s strong disapproval of the terror alert by Foreign Embassies in Nigeria, and scolded the Media for lapping it up without confirming from relevant agencies.

It is alleged that Security Agencies may have advised the Jabi Lake Mall to shut down temporarily, given its location. A couple of other such places could follow the path of the Mall.

Kidnappers Abduct UNN Students, Demand N300m

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By Charles Igbo

The joy of some students of the University of Nigeria, Nsukka, UNN, their parents and guardians over the suspension of the strike action by University Teachers, has turned awry.

Nigerian University Students in public schools had been languishing at home for eight months over the strike action by the Academic Staff Union of Nigerian Universities, ASUU, over their welfare and the sorry state of the Universities.

A few days ago, ASUU, grudgingly, called off the strike action. And Students of various institutions promptly packed their things to go back to school.

But for a yet-to-be known number of Students of UNN, their case has become one of “from frying pan to fire.”

On their way back to school over the weekend, they were abducted, along with other passengers, as they were entering Nsukka. The incident happened along the Opi-Nsukka Road, along the Enugu-Nsukka Express Way.

That road, as almost all the States in the South-east, has become notorious for the abduction of innocent and hapless citizens.

The abductors, according to reports, have made contacts with families, and are demanding a whopping N300m in ransom money.

There has been no statement from either the Enugu Police State Command or the authorities of UNN.

Osun: Oyetola Boasts, “I Am Going Nowhere, I Will Commission This Road 18 Months Time”

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Oyetola and Seyi Makinde Commission Road

By Ayodele Oni

Despite that his tenure expires in less than a month’s time, Osun State Governor, Adegboyega Oyetola and his Oyo State counterpart, Seyi Makinde, on Thursday, flagged off the reconstruction of the 91km Osogbo-Iwo-Ibadan road.

Governments of Osun and Oyo states recently, jointly awarded the reconstruction of road, to put an end to the untold hardship faced by motorists and other road users.

This is even as Governor Oyetola declared that by the special Grace of God, he would be the one to commission the project when completed. The road project is expected to be completed within 18 months.

The road, which is said to be of economic importance to both states, links Ibadan, the Oyo State capital and Osogbo, the Osun State capital via different towns and villages, including the ancient town of Iwo.

Speaking at the flag-off ceremony in Osogbo, Governor Oyetola, said his administration considered the road project as of utmost importance, noting that the award of the reconstruction of the road further demonstrates his government’s commitment to the infrastructural development of the State and wellbeing of the citizenry.

He added that the flag-off of the road project represents another fulfilment of his electioneering promise to the citizens of Osun particularly Iwo people.

Oyetola disclosed that the road contract was awarded through the e-procurement process as contractors who had shown capacity to deliver within specifications were allowed to bid for the contract.

According to him, the award of the Osun section of the road contract, measuring about 55km was done through a transparent bidding process.

He stated  that the reconstruction of the Osun section of the road will be completed within 18 months as it is equally expected to be executed under two main segments.

“The first segment, the dualization of Osogbo carriageway on either side of the road separated by 2.0m width median, 1.0m width hard shoulders on either side of the carriageways, and 1.5m width walkway on either side of the road, furnished with solar powered street lighting.

“The Dele Yes Sir Roundabout and the islands shall be adorned with a spectacular landscape that will bring out the beauty of Osogbo as the capital city of Osun and the home of culture.

“The second segment which shall begin from the Sawmill (Ido Osun) and end at the Oyo State Boundary, with a total length of 52.6km, shall be of Single Carriageway with a width of 7.3m and 1.5m width hard shoulder.

“This leg of the road shall also make provision for adequate hydraulic structures with thorough treatment of the problematic sections by the provision of filter bed, removal of unsuitable materials, and improvement of the vertical alignment of the road.

“In general, the road, which has the best alignment in the entire South-West shall be completely overlaid after all the necessary problematic sections had been treated.

“This road project will no doubt further boost the socioeconomic activities of our dear State, especially because it is an addition to the massive road networks our administration had unleashed on the State.

“It is our hope that the immediate benefitting towns and other parts of the State will take advantage of the road for personal economic gains.’

In his remarks, Governor Seyi Makinde of Oyo described the project as a revolution aimed at strengthening the bond of unity and cohesion between Oyo and Osun states.

Makinde disclosed that N12.5billion will be expended to reconstruct the section of the road belonging to the State, saying that with what Osun will spend, the two states would spend a total of N24billion on the project.

He lauded the collaborative effort of Governor Oyetola in advancing the cause of the state since his assumption of office.

“Today, I am here to say a single word. This is a revolution that is happening in Southwest Nigeria as it is yet another time history is made.

“I believe strongly that what we are witnessing today is actually a revolution. This is because the road in question was constructed by the Western region government of late Obafemi Awolowo. We thank God that another history is made by Governor Adegboyega Oyetola and myself.

“This revolution has led us to changing the formal way of doing things. In the past, states did their things separately but now we are pursuing collaboration with our sister states.

“We started with one of the biggest collaboration that led to the establishment of Western security network codenamed Amotekun, this happened because we put our people first.

“Also, just recently, we celebrated another one that put us together and Oyetola was part of the history on the joint ownership of LAUTECH.

“So, I am joining Oyetola, and together today, we are making history. We will be linking our dear states with road projects.

“I need to acknowledge the fact that we both demonstrated the fact that politics should be put behind while governance and people’s interest must be given priority.”

Terrorism: FG Decries Security Alert On Nigeria By Foreign Embassies; Blames Media

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Alhaji Lai Mohammed

By Gideon Njoku

The Federal Government has  disapproved, strongly, of what it called  the unverified security alert issued on Nigeria by a couple of  Embassies in the country.

Both the United States Embassy and the United Kingdom Mission in Abuja, had on Sunday issued a security alert on an imminent Terrorist attack on Nigeria, especially, in Abuja.

The US Embassy detailed some of the places prone to the would-be-attack. They included Government buildings, Facilities of Security Agencies, places of worship, markets, schools, transportation terminals and more.

On Wednesday, US Embassy followed it up by saying it was evacuating its non-essential Embassy Staff and their families as well as other US citizens in need of any assistance.

Since then, Canada and Australia have followed in raising the security alert.

But the Federal Government has frowned at the alert by the Foreign Embassies and blamed the Nigerian Media for publishing without verification from relevant agencies or authorities.

Alhaji Lai Mohammed, the Minister for  Information and  Culture, on Wednesday,  condemned the alert at a Ministerial Panel at  the UNESCO Media and Information Literacy Week in Abuja.

Mohamned, also, did not spare  the Nigerian media, traditional and social, for spreading the security alerts without verifying its authenticity. He also said the Media did not consider, or care about the consequences.

He was of the view that the alert issued by the Embassies was not the true position of the security situation in the country, and dismissed it as scare-mongering which could cause unnecessary tension and panic.

He also lashed out at the Media which he said fed on the unverified security alert. He said their latching on it without verification, was meant to attract traffic to their site, and accused them of not considering the effects on the country.

The Minister: “Some Media outlets and Social Media personalities are usually caught spreading unverified information on their platforms just for click bait and the attendant monetary gain.

“Talking of click bait, this may be what informed the spread of the supposed security alert issued recently by some foreign embassies in Nigeria.

“One would imagine that if indeed this kind of security alert was issued, it was for the attention of citizens of the issuing countries in Nigeria.

“Suddenly, this alert found its way into the Media, both new and traditional, thus creating panic in the polity.

“Schools were shut, businesses were closed. travel plans were altered, lives were disrupted. No one cared to find out about the authenticity of these alerts.

“They just published, got the benefit of massive click bait and damned the consequences.

“The country is safer today than at any time in recent times’, with the efforts and sacrifices of the military.

“We do not discountenance the fact that terrorists, bandits and their kind would always want to do whatever it takes to disrupt our nation’s peace, security and stability.

“Well, I can assure all that our military and other security agencies have continued to do everything possible to secure and protect Nigerians and foreigners living in Nigeria.

“Terrorists have been hard hit and put on the run. Bandits have been decimated and scattered.”

Speaking on the theme, Mohammed defined disinformation as “a deliberate act to spread falsehood with extreme consequences on national peace, security and stability.’’