Fresh allegations have emerged against 2023 Presidential candidate, Senator Rabiu Musa Kwankwaso and 13 others, as the New Nigeria People’s Party (NNPP), has accused the former Governor of fraud and mismanagement of funds.

In a petition sighted by NewsDirect, the National Secretary of the party, Oginni Olaposi Sunday, and sighted by Vanguard in Abeokuta, was titled: ‘Petition against Senator Rabiu Musa Kwankwaso and 13 others over mismanagement of NNPP funds,’ was dated 2nd May, 2024 and was submitted to the EFCC headquarters, in Abuja same day.

According to Ogini, “In 2022, Senator Rabiu Musa Kwankwaso through his representatives, led by Elder Buba Galadima and other very well respected Nigerians, which include but not limited to Senator Hunkuyi Suleiman and Prof. Bem Angwe approached the leadership of the NNPP at the country home of Dr. Boniface Okechukwu Aniebonam; founder of our great party.

“Present at the meeting were the original members of our great party, including the current National Chairman of the party, Dr Major Agbo Gilbert and the expelled National Secretary of the party, Mr Dipo Olayoku.

“Senator Rabiu Musa Kwankwaso requested through his representatives for an opportunity to contest for the office of the President of Nigeria on our political party platform.

“We obliged him at no cost with a memorandum of understanding entered into and duly signed by both parties.

“Accordingly, the National Executive Committee was dissolved and new officers elected to run the party. We did this with a very clean mind, but unknown to us, Senator Kwankwaso just wanted to use our political party to propagate the kwankwasiyya movement and equally use it for political gains.”

Oginni added, “As events unfold, we realise that Senator Rabiu Musa Kwankwaso was not interested in the presidential election, but rather using the platform to enrich himself.”

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189 percent in Gross Earnings, from N270 billion reported in Q1 2023 to N781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to N320 billion in Q1 2024, representing an increase of 270 percent from the N87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291 percent from the N66 billion reported in Q1 2023 to N258 billion in the current period.

Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155 percent from the N192 billion reported in the quarter ended March 2023 to N489 billion in the period to 31 March 2024.

The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 24.75 percent. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.

The Group reported an impairment charge of N56 billion for Q1 2024, up from N8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.

The cost of funds grew by 48 percent from 2.7 percent in Q1 2023 to 4 percent in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157 percent from N71 billion reported in Q1 2023 to N182 billion in the period to March 2024.

Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20 percent from 6.9 percent in the 3 months ended March 2023 to 8.3 percent in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114 percent and 119 percent, respectively, due to improved profitability.

Gross loans, which are largely funded by customer deposits, grew by 30 percent from N7.1 trillion in December 2023 to N9.2 trillion in March 2024. Customer deposits also grew by 11 percent from N15.2 trillion in December 2023 to N16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19 percent to N24 trillion within the same period.

The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 20 percent and 67 percent, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.

The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.

A Chieftain of the People’s Democratic Party (PDP) and  Former governor of Jigawa State, Sule Lamido has attributed the results of court procedures as responsible for the reason many individuals are resigning from the party.

The Chieftain’s statement is coming on the heels of massive defections from the PDP in Imo and some other states.

In an interview, Lamido blamed the current crisis in the party on the procedures of the court.

He said if the Supreme Court did not overturn the election of Hon. Emeka Ihedioha as Imo Governor, would have remained a sitting governor of the state.

He added that the PDP mass resignation was as a result of frustration occasioned by the leadership of the party and the judiciary.

The former governor said if the court did not insist that Senator Samuel Anyanwu was the National Secretary, when he (Anyanwu) went and contested for the Imo State governorship election, the position of National Secretary  would have gone to another person from Imo State.

Lamido said, “Emeka Ihedioha and other chieftains of the PDP that resigned from the party were humiliated and frustrated out. They were humiliated by the leadership of the party, with the help of the judiciary.

“Ministers resigned to contest election. Other government officials and even party officials resigned to contest elective offices. Senator Anyanwu ought to have resigned to contest the governorship election in Imo state.

“What did he (Anyanwu) do? He held on to the office of national secretary and contested for the governorship election. You cannot eat your cake and still have it back. You cannot appropriate the two positions. You are the national secretary and the governorship candidate at the same time. This is not done.

“So, when the stakeholders from Imo state complained, the judiciary aided him and affirmed his position as National Secretary when he lost his governorship election.

“So, Ihedioha and his group felt frustrated and humiliated by the action of the leadership of the party by failing to stand up for justice. So, as a person, I don’t blame Ihedioha and his associates. I can understand why he and his associates left. Some external influences are tele-guiding the party.”

On the defection of the former Governor of Katsina  the APC, Lamido said the State was formally under the control of the All Peoples Party (APP), adding that  it was the influence of former President Olusegun Obasanjo that made the PDP win the state in 2003.

He, however, said with the influence of former President Muhammadu Buhari and all his political associates it went back to the APC.

He stated, “I see it as he wants to meet them. I don’t believe that he went to APC because of the EFCC. Though, I remember what the former national chairman of APC, Adams Oshiomhole said that when you defect to the APC, all your sins are forgotten.”

Speaking further on the situation in PDP Imo State, he said, “The leadership of the party was extremely unfair to Ihedioha who first asked if Anyanwu will contest for governor and when Anyanwu said yes, Ihedioha left it for him and yet, Anyanwu still did not leave the post of National secretary. It is not fair.”

On the role of the judiciary in the plights of the PDP, he cited the case of the Supreme Court on Ihedioha’s case, arguing that, “if not the ignoble role of the Supreme Court, Ihedioha will still be governor and the same courts was used to support Anyanwu retaining the office of the National Secretary and the Governorship candidate.

“When the history of the PDP is to be told, the role of the courts must occupy a special place. This is especially with the southeast geopolitical zone.”

When asked if he was likely going to join the APC, he said, “No, they will not accept me. Go and ask President Bola Tinubu if he and his APC will accept me.”

Meanwhile, those that have left the party in the State include former Military Administrator, Air Commodore Luke Ochulor; Former Deputy Governor, Engr. Gerald Irona; Former Ministers of the Federal Republic, Engr. Charles Ugwuh, Chief Chuka Odom and BOT member of the party – Chief Chris Okewulonu.

Former NEC member of the party – Chief Henry Ekpe; Former elected members of House of Representatives – Hon. ThankGod Ezeani, Hon. Mayor Eze, Hon. Uche Onyeaguocha, Hon. Ugonna Ozurigbo, Hon. Obinna Onwubuariri and Hon. Jonas Okeke.

Others that have dumped the PDP included Chairman PDP elders’ committee – Prof. Jude Njoku; Secretary PDP elders’ Committee – Prof. Obioma Iheduru; Members of the South-east Zonal Executive Committee, Chief Stanley Ekezie; Chief Augustine Elochukwu; Two senatorial candidates of the party in the last election- including Chief Emmanuel Okewulonu, former local government chairmen, several House of Assembly candidates of the party.