During the ongoing money laundering trial of former Kogi State Governor Yahaya Bello, a prosecution witness from the American International School, Abuja (AISA), Nicholas Ojehomon has testified that there was no court order mandating the school to refund fees to the Economic and Financial Crimes Commission (EFCC).

The witness, an internal auditor with the AISA, spoke while being cross-examined by Bello’s lawyer, Joseph Daudu (SAN), who asked Ojehomon to read out the part of the judgment, showing that the school erred in refunding the school fees in contention to the EFCC.

The trial judge, Justice Maryanne Anenih had, earlier noted that the school could not unilaterally grant the request for refund by a third party (the EFCC), except in accordance with the agreement or upon a court order.

The witness was told to read out part of the certified true copy (CTC) of the judgment given in a suit marked: FCT/HC/CV/2574/2023, filed by Ali Bello against AISA.

He quoted the judgment as saying, “It is hereby declared that the defendant cannot lawfully and unilaterally grant the ‘request for refund’ and pay over to a third party, the Economic and Financial Crimes Commission, or anyone howsoever described, the sum of $760,910.84 or any other sum paid pursuant to the ‘Agreement for Prepaid School Fees except in accordance with the said agreement or upon an order of court.

“It is hereby declared that any refund/payment of the sum of $760,910.84 or any other sum made to a third party, the Economic and Financial Crimes Commission or any other person, however described, pursuant to any request for refund, or howsoever described, without regards to due process or agreement of the Claimant is in breach of the Agreement for Prepaid School Fees.”

The court also gave “an order of perpetual injunction restraining the Defendant whether by itself, its trustees, members of staff, agents, privies, representatives and or any person howsoever described, from giving effect to any request for refund and/or paying over the sum of $760,910.84 or any other sum paid pursuant to the Agreement, to the Economic and Financial Crimes Commission or anybody or account, howsoever described, except as ordered by a court of competent jurisdiction or with recourse to the due process of law.”

After reading parts of the judgment, Ojehomon agreed that the judgment implied that the school was wrong to have refunded the said fees to the EFCC without a court order.

The witness was also shown the agreement for the prepaid school fees, marked Exhibit AX4, and he confirmed that Yahaya Bello was not a signatory.

Ojehomon, who said he had worked as an internal auditor for AISA for about eight to nine years, added that no payment originated from the former governor.

The court had, while the witness was testifying earlier, admitted the CTC of the judgment in the suit between Ali Bello and AISA, as Exhibit AO.

Justice Anenih, thereafter, stepped down an application challenging the jurisdiction of the Court for ruling and adjourned sitting to May 8.

Senate President Godswill Akpabio has declared that he believes the African Democratic Congress (ADC) is “dead” following a massive wave of defections from the party within the National Assembly.

Akpabio’s comments came during a plenary session as he read several defection letters, including a notice from Senator Enyinnaya Abaribe (Abia South), who officially left the ADC to join the Labour Party.

He said, “Resignation from ADC and declaration for Labour Party. Maybe all those defecting from ADC should just compile everything in one paper and bring it, so that we don’t keep announcing, announcing, announcing. Because I think ADC is dead.”

He continued in a lighter tone, questioning the frequency of political defections.

“How many times can you defect in a month? Once. But some have done three times,” he said.

The Senate President suggested a more coordinated approach to handling defections, urging lawmakers to submit their movements collectively rather than individually.

“So that it doesn’t look like a daily ritual. If you are defecting from Labour, you write all of you. If you are moving from ADC, you write all of you. If you are entering NDC, you write all of you,” he added.

During the session, Akpabio also read a defection letter from Enyinnaya Abaribe, noting his movement across parties in recent years.

“Note that Senator Abaribe has moved from APGA to ADC, and now he has moved from ADC to Labour Party,” he said, joking that such announcements might no longer be read individually going forward.

The development comes amid a broader political realignment in the National Assembly, with at least 17 members of the House of Representatives also defecting from the ADC to the NDC.

In his resignation letter, Umeh cited “lingering divisions in the leadership and unending litigation” within the ADC as reasons for his exit.

“I remain committed to making my contributions towards the development of our dear nation, but this time through the NDC,” he wrote.

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2026, with a 6% growth in Gross Earnings, from N950 billion reported in Q1 2025 to N1.01 trillion in Q1 2026. 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 Thursday, 30th April 2026, this growth was driven by increase in interest income and non-interest income. The increase in interest income was primarily due to the expansion of the Bank’s risk asset portfolio, supported by disciplined, risk adjusted pricing. Interest expense moderated by 5% YoY in Q1 2026 underscored by a continued optimisation of the Bank’s deposit mix and funding structure. This resulted in a 7% growth in net interest income from N591 billion in Q1 2025 to N634 billion in Q1 2026. Non-interest income also improved 19% year on year, rising from N89 billion to N106 billion, highlighting an improvement in fees and commissions and higher contributions from other operating income streams. This performance reflects stronger customer activity and deeper transaction volumes across key business channels.

As a result, the Group recorded a 3% year on year increase in profit before tax, which rose to N361 billion compared with N351 billion in Q1 2025. Profit after tax also increased by 1% to N314 billion.

Profitability was further supported by a decline in cost of funds to 3.76% in Q1 2026 from 3.90% in Q1 2025; while cost of risk moderated to 2% in Q1 2026, reflecting a prudent and proactive risk management stance in an elevated yield environment.

Gross loans increased by 9% from N11.06 trillion as at full year 2025 to N12.04 trillion in Q1 2026, reflecting the continued commitment to carefully deploying credit into high growth sectors of the economy that enhance portfolio returns. Asset quality strengthened as Non-Performing Loan (NPL) ratio eased to 3.79%, from 3.82% reported in December 2025, underpinned by disciplined credit risk management. Customer deposits rose to N24.47 trillion in Q1 2026, while total assets increased by 2% to N32.01 trillion over the same period.

Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 24.9% and 4% respectively, supported by strong top line earnings and enhanced balance sheet efficiency. Net interest margin (NIM) strengthened to 12.5%, up from 10.3% in Q1 2025, underscoring the Group’s ability to preserve its margins and deliver improved shareholder returns. Prudential ratios remained strong and comfortably above regulatory requirements.

The Group’s Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 23.5% and 71% respectively, while the coverage ratio remained strong at 169%, reinforcing the Bank’s resilient capital and liquidity position.

The Group’s Q1 2026 performance underscores its continued focus on sustaining high quality earnings growth, further strengthening asset quality, and deepening customer engagement through continued digital innovation. The Bank remains firmly committed to delivering sustainable growth anchored on sound corporate governance, prudent risk oversight, and disciplined capital allocation.