Democracy is Forever, Military Declares, Dismisses Rumour of Coup Plot

*Brigadier General, Colonel, Lt. Col., 13 other officers remain in military custody for misconduct

Linus Aleke in Abuja

The Defence Headquarters (DHQ) yesterday declared that the current democracy in Nigeria is forever, promising that the military would not tolerate any behaviour that undermines its integrity or threatens its constitutional role under democratic authority.

The clarification by the DHQ comes amidst a fresh revelation that a Brigadier General, a Colonel, and a Lieutenant Colonel were among the 16 military officers in detention for what the military described as misconduct.
There were speculations that the officers were arrested over a failed coup attempt that was to be executed on October 1, 2025.

But the DHQ has dismissed the claim that some top generals were being held at the underground detention facility of the Defence Intelligence Agency (DIA) in Abuja, insisting that its October 4 statement on the arrest of the 16 officers for professional misconduct never mentioned a coup.

A statement issued yesterday by the Director of Defence Information, Brigadier General Tukur Gusau, also described as false and misleading, an insinuation that the cancellation of activities marking Nigeria’s 65th Independence Anniversary on October 1 was linked to an alleged attempted military coup.
While describing the viral report as entirely false and malicious, DHQ said it was intended to cause unnecessary tension and distrust among the populace.

The DHQ explained that the decision to cancel the 65th Independence anniversary parade was taken to allow President Bola Tinubu to attend a strategic bilateral meeting outside the country and for members of the Armed Forces of Nigeria (AFN) to sustain momentum in the fight against terrorism, insurgency, and banditry.
“Furthermore, the DHQ wishes to reassure Nigerians that the ongoing investigation involving the sixteen officers is a routine internal process aimed at ensuring that discipline and professionalism are maintained within the ranks. An investigative panel has been duly constituted, and its findings will be made public,” the statement added.

The DHQ called on all peace-loving citizens to continue to provide necessary support to security agencies.
 It stated that the federal government, the legislature, and the judiciary are working closely together to ensure the safety, development, and well-being of the nation.

While noting that democracy is forever, the DHQ added that the Armed Forces of Nigeria remain firmly loyal to the Constitution and to the federal government, under the leadership of the Commander-in-Chief of the Armed Forces, President Bola Ahmed Tinubu.

The military had, on October 4, informed the public that a routine military exercise had resulted in the arrest of 16 officers over issues of indiscipline and breach of service regulations.
It revealed that some of the apprehended officers had already been under military jurisdiction for various offences, either awaiting or undergoing trial, adding that their conduct was deemed incompatible with the standards of military service.

However, quoting unnamed military sources, reports had claimed that the detained officers were involved in a coup plot, which was to be executed on October 1.
“Their grievances were that they were not promoted and that even their juniors were promoted above them.
“They were to execute their plan on October 1. They were to target some areas for bombing, including the Presidential Villa and the Abuja airport,” one of the sources explained.

Another source explained that the military officers had a civilian accomplice, who was a player in the oil and gas sector.

​  

  • Related Posts

    Cardoso: $8bn New Investments in Energy Sector Evidence of Improved Security, Success of Tinubu’s Reforms

    Cardoso: $8bn New Investments in Energy Sector Evidence of Improved Security, Success of Tinubu’s Reforms

    *Nigeria joins World Bank programme to scale agricultural innovation

    Eromosele Abiodun and Nume Ekeghe in Washington DC

    The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said the over $8 billion in new investments in the country’s energy sector is clear evidence of improved security and investor confidence in the Nigerian economy, following President Bola Tinubu’s reforms.

    This is just as the Minister of State for Finance, Doris Uzoka‑Anite, revealed that Nigeria has joined a new agricultural innovation programme spearheaded by the World Bank, aimed at scaling agribusiness development through blended-finance support for women- and youth-led enterprises.
    The federal government, Cardoso stressed, has ensured improved security in oil-producing regions and sustained policy reforms over the past two years.

    He stated this while addressing journalists at the conclusion of the International Monetary Fund (IMF)/World Bank Annual Meetings in Washington, D.C.
    Nigeria is set to assume the chairmanship of the Intergovernmental Group of 24 (G-24) on November 1.
    The apex governor explained that the reforms implemented over the last two years, ranging from foreign exchange unification and monetary tightening to fiscal consolidation, have started yielding tangible outcomes, including moderating inflation, stabilising the exchange rate, and restoring investor trust.

    Cardoso said: “Reduced insecurity in oil-producing areas and targeted incentives have increased production and attracted over $8 billion in new energy investments. Public finances are in better shape, with rising non-oil revenues providing much-needed diversification and fiscal stability.”

    He reaffirmed the apex bank’s commitment to sustaining ongoing economic reforms, warning against the dangers of “reform fatigue” that could erode recent policy gains.
    The CBN governor emphasised the importance of policy consistency and clear communication as inflation begins to trend downward.
    He said the CBN remains focused on consolidating the progress achieved so far in restoring macroeconomic stability.

    “We want to ensure that the policies we have already applied stay the course and that we don’t allow reform fatigue to set in. The risk and danger of allowing reform fatigue is that we may lose all the gains we have already benefited from. So, we must continue to show results, because this is not a short dash, it’s a marathon. As inflation begins to trend down, which it will, people must see and feel the benefits to know that better days lie ahead.”

    Cardoso, who was the leader of the Nigerian delegation, highlighted the CBN’s growing engagement with fintech companies, saying innovation and regulation must progress together to ensure inclusion and responsible growth.

    He said, “The Fintech meeting and its outcomes were, frankly, more of a meeting for us to hear from them. We had already held several engagements at different levels of the bank with fintech operators, where we called them in, listened to their concerns, and developed what I would describe as a draft blueprint. It summarised the discussions, their pain points, and our understanding of where the road of travel should be.”

    Speaking on events that occurred at the meetings, Uzoka-Anite said: “Nigeria is also participating in the human capital and conclave, where the theme for this annual meeting is from sectors to systems, building drawbridge, economies to scale, and this resonates very strongly with Nigeria’s developmental priorities, particularly in our commitment to structural reforms, job creation, and resilient infrastructure.
    “So, basically, at this event, we were also able to enumerate the effect of the reforms of the government in sustaining macroeconomic stability. First of all, you know, after stability, then we now start looking at growth, and in our fiscal management now, we are prioritising investments into infrastructure, into the digital economy, into agriculture.

    “And Nigeria also joined the World Bank in the agriculture programme that is going to scale innovation in the Agri space, including the use of blended finance to support women and youth-led businesses in the agric sector. This is actually some of the initiatives of the World Bank that we think will catalyse the sort of good job creation and job growth that we are seeing.”

    ​  

    *Nigeria joins World Bank programme to scale agricultural innovation Eromosele Abiodun and Nume Ekeghe in Washington DC The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has

    Despite Competition from Fintech, Banks’ Fee Income Soars 23% to N986.5bn in Half-year 2025

    Despite Competition from Fintech, Banks’ Fee Income Soars 23% to N986.5bn in Half-year 2025

    By Kayode Tokede

    Despite mounting competition from fintech operators, Nigeria’s tier-one and mid-tier banks have strengthened their non-interest income streams, posting a combined N986.5 billion in fees and commission income in the first half of 2025, representing a 23 per cent surge from the N805.3 billion recorded in the corresponding period of 2024.

    A THISDAY analysis of financial statements from seven leading banks, including Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings, FCMB Group, and Wema Bank, revealed that transactions across PoS, USSD, ATM, and internet banking platforms drove the impressive rise, underscoring the resilience of traditional lenders in defending their turf amid the fintech onslaught.

    The growth was fuelled largely by a widening customer base and higher fees from credit-related services, account maintenance, foreign currency transactions, and electronic product commissions.
    However, digital-only banks such as Opay, Moniepoint, Palmpay, and Kuda continue to woo customers with zero charges on deposits and transfers.

    While fintech firms gained traction with no-charge models, the federal government’s decision to enforce a N50 Electronic Money Transfer Levy (EMTL) on all transactions from N10,000 and above, effective December 1, 2024, narrowed the competitive gap.
    The levy, introduced under the 2020 Finance Act, ensured that both banks and fintechs now operate on a more level fiscal field.

    Analysts noted that fintechs’ aggressive pricing has created a new savings and withdrawal behaviour among bank customers, compelling traditional banks to innovate around loyalty, convenience, and reliability.
    UBA led the industry with N253.6 billion in fees and commission income for H1 2025, a modest 1.2 per cent rise from N250.7 billion in 2024, with N100.5 billion coming from electronic banking alone, nearly 40 per cent of the total.

    The bank attributed the marginal gain to “strategic rebalancing” of income streams towards scalable, fee-based services despite pressures on traditional lines.

    Zenith Bank followed closely with N196.4 billion, up 21.1 per cent from the N162.2 billion in H1 2024.
    GTCO grew its fee and commission income by 33 per cent to N151.5 billion.

    Stanbic IBTC Holdings delivered one of the strongest performances, growing 39 per cent to N123.8 billion, buoyed by robust asset management and e-payment inflows.
    Mid-tier lenders FCMB Group and Wema Bank also impressed, recording N47.4 billion and 45.4 billion respectively, the latter surging by nearly 92 per cent year-on-year on the back of its aggressive digital banking push.

    A deeper look into the numbers shows that the banks collectively earned N113.4 billion from current account maintenance fees, a 23 per cent rise from N91.9 billion in the same period last year.
    The uptick follows the Central Bank of Nigeria’s reintroduction of the negotiable Current Account Maintenance (CAM) fee, capped at N1 per N1,000 debit transaction, effectively replacing the phased-out Commission on Turnover (CoT).

    According to the CBN circular, the revised guide to bank charges, effective since April 1, 2013, permits the negotiable CAM fee “in the interest of the stability of the banking system.”

    Financial analysts say the strong fee growth underscores banks’ adaptability amid narrowing interest margins and digital disruption.
    According to investment banker and stockbroker Tajudeen Olayinka, “banks gain on these income lines as they extend retail and loan offerings. The spike in transactions during the first half of 2025 is translating directly into stronger fee and commission earnings.”

    However, market watchers warn that the CBN’s limited enforcement of pricing caps and rising customer charges may attract regulatory scrutiny, especially as consumers become more price-sensitive in a fintech-driven marketplace.

    The performance reaffirms that, far from being eclipsed, Nigerian banks are reinventing their revenue model, blending old-school account fees with new digital income streams — as they battle to stay relevant in a rapidly evolving financial ecosystem.

    In a market where fintechs promise convenience and zero fees, legacy banks are showing they can still turn every swipe, tap, and transfer into billions.

    ​  

    By Kayode Tokede Despite mounting competition from fintech operators, Nigeria’s tier-one and mid-tier banks have strengthened their non-interest income streams, posting a combined N986.5 billion in fees and commission income

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Business & Economy

    Nigeria emerges Africa’s fastest-growing FMCG market with 54.1% growth – Report 

    ‎NiMet predicts 3-day sunshine, haziness nationwide

    Enugu Govt slashes C Of O, other land-related fees by 50%

    Lagos will Become a Model for Sustainable Transport in Africa, Says EU Ambassador

    Turning Nigeria’s Youth Population into Engine for Global Competitiveness

    PREMIUM TIMES’ Business Editor selected for US govt’s programme on Trade, Development Finance

    PREMIUM TIMES’ Business Editor selected for US govt’s programme on Trade, Development Finance

    CAC, SMEDAN to inject N6 billion into Nigerian economy through youth business registration 

    Inflation drives 6 in 10 Nigerian shoppers to switch brands in 2025 – Report 

    Tinubu heads to Abuja after participating in Aqaba Process Summit in Rome 

    BUA Foods signals Q3 result delay, sets new deadline beyond October 30 

    NGX: Bonds moderate at N51.48 trillion as ETP rises to N32.19 billion  

    Nigeria’s fixed-income market value moderates at N89.14 trillion as investors weigh risks 

    Lagos abattoirs: 8 major slaughterhouses powering N328 billion beef market 

    NCC, CBN move to tackle failed airtime recharges on electronic platforms 

    Nollywood box office: Top 10 movies with record opening weekends 

    UAC of Nigeria Plc opens N45 billion commercial paper issuance; yield up to 19.5% 

    Okomu Oil declares special dividend as nine-month profit more than doubles

    Okomu Oil declares special dividend as nine-month profit more than doubles

    Rhema-Love Abraham, 13-year-old emerges winner of 2025 Heirs Insurance Essay Championship 

    Meet Tolu Obamuroh, former Lagos Court of Arbitration counsel, appointed partner in White & Case 

    Okomu Oil grows Q3 pretax profit 49% to N17 billion, declares interim dividend 

    EFCC witness denies knowing SunTrust executives in $12 million money laundering trial 

    CBN says investor confidence in Nigeria rising as reforms deliver results 

    Samuel Mensah: Trends Often Start in Nigeria, Spread to Africa and Influence the World

    Karl Hala: Organisers Now Have Confidence to Host International Events in Abuja

    Bemoaning Absence of  Vehicle Finance Schemes Reps Industry Committee to Invite CBN, BoI, NADDC 

    Carloha Sponsors NAPE Golf Tournament with Tiggo 8 Pro As Hole-in-One Prize

    TFN, Partners Empower Young Innovators through Hub Pitch Contest

    Nigeria’s Economic Outlook at a Turning Point

    Nigeria, Qatar Set to Sign MoU on Cultural, Tourism Cooperation

    Omi Eko: Lagos commences €410 million inland waterway project on Lagos Lagoon 

    UBA, ACCESSCORP lead volume as All-Share Index firms above N94 trillion cap 

    Over 50% of migrant HIV cases in Switzerland occur post-migration – Study 

    Nigerian Customs raises alarm over fake appointment letters circulating online

    SEC warns Nigerians against Shalom Coin over potential fraud risks 

    Sidel opens new Lagos office to accelerate sustainable packaging and regional growth in West Africa 

    Nigeria’s gold ambition grows as bullion metal hit $4,250 per ounce