Crime

How soldiers tracked kidnappers through Edo forest, rescued 14 victims

Published

2 months ago

August 3, 2026

FirstHoldCo sets new Banking record with N6.2trn market capitalization By Segun Odunewu, Lagoss FirstHoldCo Plc has set a new benchmark in Nigeria's banking industry after its market capitalisation surpassed the N6 trillion mark during trading on Monday, August 3, 2026, making it the first listed banking group in the country to achieve the historic milestone. The feat reinforces the company's position as Nigeria's most valuable publicly quoted banking institution and underscores growing investor confidence in its financial performance, corporate restructuring and long-term growth prospects. At a share price of N136.50, with approximately 45.48 billion ordinary shares in issue, the financial holding company's market value climbed to about N6.21 trillion during the trading session on the Nigerian Exchange (NGX). The latest achievement extends an exceptional rally that has seen FirstHoldCo emerge as one of the Nigerian stock market's best-performing blue-chip stocks in 2026. The N6 trillion valuations comes barely two weeks after the company became the first Nigerian banking stock to cross the N5 trillion market capitalisation threshold. On July 22, 2026, FirstHoldCo's shares traded between N112 and N113, pushing its valuation beyond N5 trillion for the first time following the release of impressive half-year financial results that exceeded market expectations. With the latest appreciation, FirstHoldCo's shares have recorded a remarkable 184.97 per cent year-to-date gain, while investors who bought the stock at the end of June have seen returns of approximately 143.53 per cent in just over one month. The recent increase in investment by the company's Chairman, billionaire businessman Femi Otedola, has also strengthened market sentiment. Otedola recently increased his stake in FirstHoldCo to about 25.87 per cent, making him the company's largest shareholder after executing multi-billion-naira share acquisitions on the Nigerian Exchange. His declaration that he intends to eventually acquire majority ownership exceeding 51 per cent has further fuelled investor expectations that the institution will continue its transformation agenda. Capital market observers believe the rally demonstrates the willingness of investors to reward companies with strong financial performance and credible long-term strategies. Vice President, HighCap Securities, David Adonri, described the N6 trillion valuation as a reflection of renewed investor confidence in FirstHoldCo's transformation and earnings capacity. According to him, the market is increasingly pricing in expectations of stronger profitability, improved asset quality and sustained corporate restructuring under the current leadership. He, however, cautioned that maintaining such a valuation would require the company to consistently deliver robust financial performance capable of justifying investors' expectations. Managing Director of Afrinvest West Africa, Ike Chioke, said FirstHoldCo's rally illustrates how institutional investors are rewarding companies with clear strategic direction and improved governance. He noted that the company's strong half-year earnings and renewed confidence from major shareholders have significantly enhanced its attractiveness to both local and foreign investors. According to Chioke, sustained earnings growth, efficient capital allocation and prudent risk management will remain critical if the company is to preserve its premium valuation over the long term. Meanwhile, investment analyst Ambrose Omordion said the stock's impressive appreciation reflects a combination of strong corporate fundamentals and heightened market sentiment. He noted that while momentum has remained positive, investors should continue to evaluate FirstHoldCo based on earnings growth, dividend prospects and operational efficiency rather than share price appreciation alone. 7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777 Lanre Shittu motors takes financial crime awareness campaign to Lagos classrooms By Segun Odunewu, Lagos Lanre Shittu Motors (LSM) has intensified its corporate social responsibility efforts by launching a large-scale campaign aimed at combating financial crime among young Nigerians through education, with the donation of hundreds of copies of a new anti-financial crime book to public secondary schools across Lagos State. The initiative, which forms part of the company's youth development and character-building programme, targets 200 public secondary schools in the first phase, with more than 150 schools already benefiting from the exercise. The campaign centres on the distribution of Clean Hands, Bright Future: A Youth Guide to Avoiding Financial Crime in Africa, a book designed to educate students on the dangers of fraud, cybercrime, identity theft, examination malpractice and other financial crimes, while promoting integrity, hard work, ethical leadership and responsible citizenship. The programme was flagged off at Kuramo Senior College and Victoria Island Senior Secondary School before extending to several other schools across the state. Author of the book, Mr. Adedayo Aluko, said the initiative was conceived in response to the growing involvement of young people in financial crimes across the country. According to him, educating children at an early stage remains one of the most effective strategies for preventing crime and shaping responsible future leaders. "The rate of financial crime among youths is becoming increasingly alarming. We believe education is one of the most effective tools to prevent crime. The message of the book is simple: crime does not pay, and with clean hands, every young person can build a brighter future," Aluko said. He explained that the project extends beyond distributing books, revealing that interactive enlightenment programmes, career talks and mentorship sessions would be organised in beneficiary schools to reinforce the values contained in the publication. Aluko commended Lanre Shittu Motors for sponsoring the initiative, describing the company's Managing Director, Mr. Taiwo Shittu, as a passionate advocate of youth empowerment and quality education. He said the automotive executive personally participated in the flag-off ceremony by presenting copies of the book to students while encouraging them to embrace education, hard work and skills acquisition as the genuine pathways to success. Speaking on the initiative, Taiwo Shittu said Lanre Shittu Motors believes that the fight against financial crime must begin with instilling the right values in young people. According to him, character development is as important as academic excellence in preparing future leaders. "Young people are the future of our nation. By investing in character development and educating students about the consequences of financial crime, we are helping to build responsible citizens who will contribute positively to society. "At Lanre Shittu Motors, we believe integrity, education and hard work remain the surest foundations for lasting success," he said. Shittu explained that the company's commitment to social investment reflects the enduring legacy of its founder and his father, the late Alhaji Rasak Olanrewaju Shittu, who built the organisation on the principles of integrity, compassion and community service.

What initially appeared to be another kidnapping incident along the notorious Lagos-Benin Expressway has emerged as a coordinated military rescue operation that prevented 14 Nigerians from disappearing into captivity, with fresh details highlighting how intelligence, rapid troop deployment and sustained pursuit led to the victims’ freedom.

The incident occurred on the night of July 30 in Ovia North East Local Government Area of Edo State, when armed kidnappers reportedly abducted 14 travellers along the Lagos-Benin Expressway, a highway that has witnessed a series of violent attacks in recent years.

Investigations indicate that troops of the 4 Brigade, Nigerian Army, who were conducting routine security patrols, received actionable intelligence at about 9:30 p.m. regarding the abduction.

Rather than waiting until daylight, the soldiers reportedly launched an immediate pursuit, tracing the kidnappers’ escape route into the surrounding forest.

Security sources familiar with the operation said the swift response placed significant pressure on the kidnappers, forcing them to abandon 11 of the 14 victims before fleeing deeper into the forest.

While the rescue of the majority of the abductees could have marked the end of the operation, military personnel reportedly discovered that three victims were still unaccounted for.

Instead of suspending the search, troops resumed operations at first light on July 31, combing the dense forest in an effort to locate the remaining captives.

According to findings, the sustained search paid off as soldiers eventually located and rescued the remaining three victims, bringing the total number of rescued persons to 14.

The rescued victims were subsequently subjected to medical examinations and preliminary debriefing before being reunited with their families or allowed to continue their journeys.

Military sources confirmed that all the victims were in stable condition following the operation.

Security analysts say the operation underscores the growing importance of timely intelligence from members of the public in combating kidnapping along major highways.

The information reportedly supplied by residents enabled troops to respond within minutes, disrupting what could have become another prolonged kidnapping for ransom.

The operation also demonstrated the effectiveness of immediate pursuit tactics, denying the kidnappers sufficient time to establish secure hideouts or transport their victims deeper into forest camps.

Although all 14 abductees have been rescued, investigations reveal that the kidnappers escaped during the military pursuit and remain at large.

Security sources disclosed that efforts are ongoing to track down the fleeing suspects and dismantle their network operating within the forests bordering the Lagos-Benin Expressway.

The successful rescue operation has been widely hailed as a significant breakthrough in ongoing efforts to curb kidnapping activities along one of Nigeria’s busiest highways, while highlighting the critical role of intelligence-driven military operations in protecting travellers.