Compilations of top 10 key latest updates that you need to know this Friday morning, January 2nd, 2026
Banks’ bad loans spike after CBN withdraws forbearance
Nigeria’s banking sector recorded a rise in bad loans in 2025 after the Central Bank of Nigeria withdrew the regulatory forbearance granted to lenders during the COVID-19 pandemic, according to the apex bank’s latest macroeconomic outlook report.
The report showed that the banking industry’s Non-Performing Loans ratio climbed to an estimated seven per cent, exceeding the prudential benchmark of five per cent.
The CBN said the increase reflected the impact of ending the temporary reliefs earlier granted to banks to cushion the effect of the pandemic on borrowers.
“The Non-performing Loans ratio stood at an estimated 7.00 per cent relative to the prudential limit of 5.00 per cent. The level of NPLs reflected the withdrawal of the regulatory forbearance granted to banks during the COVID-19 pandemic,” the report read.
Regulatory forbearance had allowed banks to restructure loans affected by the pandemic without immediately classifying them as non-performing.
With the withdrawal of the measure, a number of previously restructured facilities have now crystallised as bad loans, pushing the industry ratio above the regulatory ceiling
Wike, Bauchi gov lock horns over terrorism financing claims
Bauchi State Governor, Bala Mohammed, and the Minister of the Federal Capital, Territory, Nyesom Wike, were on Thursday locked in a war of words over allegations of terrorism financing levelled against the Bauchi governor.
Appearing on Channels Television’s Sunrise Daily, Mohammed alleged a political witch-hunt by President Bola Tinubu, adding that Wike was behind the terrorism financing charges filed against Bauchi State Commissioner for Finance, Yakubu Adamu, in which his (Mohammed’s) name featured.
The EFCC had on Wednesday arraigned Adamu and three others for alleged terrorism financing to the tune of $9.7 million, with Governor Mohammed’s name appearing in the charges.
Speaking on Thursday, Mohammed linked the charges to an earlier threat by Wike to “put fire” in Bauchi State, alleging he was using federal agencies and political structures to undermine his administration.
Bodija: N30bn FG fund remains unused, Makinde tells Fayose
The Oyo State Government has explained why Governor Seyi Makinde did not publicly announce the receipt of a N30bn intervention fund from the Federal Government following the January 2024 Bodija explosion, stating that special intervention funds are subject to the budgeting process and do not require public announcements upon receipt.
The explanation was contained in a statement issued on Thursday by the Commissioner for Information, Prince Dotun Oyelade.
The state government also disclosed that the N30bn released by the Federal Government in November 2024 remains untouched in a dedicated bank account, as it is still awaiting the release of the outstanding N20bn balance from the N50bn approved for the reconstruction of Old Bodija and its environs.
The explanation comes in the wake of revelation by former governor of Ekiti State governor, Ayodele Fayose, that the Federal Government gave Governor Makinde intervention support for the explosion victims.
ADC faction rejects Obi, disowns Enugu registration
A faction of the African Democratic Congress, led by its National Chairman, Nafiu Gombe, on Thursday distanced itself from the reported defection and registration of former Labour Party presidential candidate Peter Obi at its Enugu zonal office.
The faction, which described itself as the authentic national leadership of the ADC, said the exercise violated the party’s constitution and established membership procedures.
According to PUNCH Online, Obi announced his defection to the ADC at an event held at the Nike Lake Resort in Enugu State.
At the event, the former Anambra State governor called on Nigerians and opposition forces to unite under a broad coalition to “rescue Nigeria from poverty, disunity and democratic decline.”
In a New Year message issued in Abuja, Gombe stressed that it became important for them to clarify misleading information circulating in the public domain over the party’s membership registration process.
He said the ADC is founded on order, discipline and strict adherence to its constitution, adding that its membership registration process is clearly defined.
Ondo attack: Aiyedatiwa orders statewide security patrol
Ondo State Governor, Mr Lucky Aiyedatiwa, has ordered intensified security patrols across communities and forest areas of the state.
The directive was issued on Thursday during a meeting with security chiefs in Akure, the state capital.
The meeting was held in response to a violent attack carried out by gunmen on Ipele-Owo community in Owo Local Government Area on Wednesday night, New Year’s Eve.
The attack, which occurred at about 10pm, reportedly saw gunmen invade the agrarian community and set a police station ablaze, forcing officers and residents to flee as the attackers fired sporadically, causing panic in the town
An eyewitness said the attackers, numbering about 20, stormed the community around 10:00 p.m. on Wednesday, shooting sporadically and forcing residents to flee their homes for safety.
“It was a terrorist-like attack. The attackers, numbering about 20, came into the Ipele community in a commando style and began to shoot sporadically before attacking the Police Divisional Station in Ipele.
“It was a serious incident because many of us had to flee into the bush. The sounds from the attack were terrifying, and none of us could withstand it,” the eyewitness said.
Dollar to Naira exchange rate today, January 2, 2026
The Nigerian Naira opened the first full trading Friday of the year with relative stability across both the official and informal foreign exchange markets.
Financial analysts are closely monitoring these early 2026 trends as the Central Bank of Nigeria continues its efforts to achieve price discovery and bridge the gap between market segments.
In the Nigerian Foreign Exchange Market (NFEM), the Naira maintained a steady position against the United States Dollar.
According to real-time data as of the morning of January 2, 2026, the official exchange rate is quoted at 1,446.62 per dollar.
This performance follows a period of gradual appreciation for the local currency.
Over the last 12 months, the Naira has strengthened by approximately 6.43% on the official window, moving away from the historic lows of 1,717.50 recorded in late 2024.
Market liquidity remains a focal point for traders as the holiday season concludes and corporate demand for foreign exchange resumes.
Worry in NBA as lawyers slam SPIDEL election annulment
Nigerian lawyers have raised concerns over the recent annulment of the Nigerian Bar Association’s Section on Public Interest and Development Law, NBA-SPIDEL, electoral process, warning that the development could cast a shadow over preparations for the 2026.
In a statement, the Egbe Amofin Oodua (Yoruba Lawyers’ Forum) described the cancellation of the SPIDEL election as a “dangerous signal” for internal democracy within the NBA.
It alleged that the decision to halt the process was taken unilaterally by the NBA President, and resulted in the appointment of a caretaker committee to oversee the affairs of SPIDEL for the next two years.
According to Egbe Amofin Oodua, the SPIDEL election was already at an advanced stage, with some candidates reportedly emerging unopposed, before it was annulled
ADC: Obi’s defection rattles Aso Rock ahead of 2027 — Atiku’s aide
The defection of former Anambra State governor, Mr. Peter Obi, to the African Democratic Congress, ADC, has sparked a sharp exchange between the Presidency and the opposition, with an aide to former Vice President Atiku Abubakar accusing Aso Rock of panicking ahead of the 2027 general elections.
Reacting to comments credited to presidential spokesman, Bayo Onanuga, Atiku’s Special Adviser on Public Communication, Phrank Shaibu, said the reaction from the Presidency betrayed anxiety rather than confidence, arguing that Obi’s move merely exposed deeper fears within the ruling camp.
Shaibu, who spoke on behalf of the former Vice President, in a statement, noted that Onanuga’s remarks showed a departure from the restraint expected of someone speaking for the Presidency, describing the tone as defensive and unbecoming.
“As media adviser to President Bola Tinubu, this outburst says more about panic in Aso Rock than it does about Peter Obi.
Pound to Naira exchange rate today, January 2, 2026
The Nigerian currency market opened the first Friday of 2026 with subtle shifts as the British Pound continues to hold a strong position against the local currency.
Data from both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market reflect a period of relative volatility as traders adjust to the new year’s economic landscape.
Official Market PerformanceIn the official NFEM window, the British Pound began the day trading at approximately 1,949 NGN per 1 GBP.
Throughout the early morning hours, the rate saw minor fluctuations, peaking briefly near 1,951 NGN before retracing toward the 1,948 NGN level by 6:00 AM.
This narrow trading range suggests a measured approach by institutional players and the Central Bank as they manage liquidity during the holiday-shortened trading week.
“2026 is about to be our best year, baby” – Lateef Adedimeji tells wife, Mo Bimpe, amid pregnancy rumours
Nollywood actor Lateef Adedimeji has made a declaration to his wife, Mo Bimpe, as they step into the New Year.
Sharing loved-up photos of him and Bimpe, he declared that 2026 will be their best year.
Lateef Adedimeji says 2026 is the best year
Lateef expressed gratitude to God for the journey so far and expressed hope for all that lies ahead.
He prayed that God go before them, walk with them, and surround them with His grace.
Lateef Adedimeji says 2026 is the best year“ Welcome to 2026.
Stepping into the new year together with my favourite person.
2026 is about to be our best year, baby @mo_bimpe.
Grateful to God for the journey so far, and hopeful for all that lies ahead.
May God go before us, walk with us, and surround us with His grace this year.
2026 will be a great year for us all, Amen
