Five soldiers of the Nigerian Army have been reportedly killed in an ambush by members of the “Islamic State West Africa Province” (“ISWAP”) in Borno state.

Zagazola Makama, a counterinsurgency publication focused on the Lake Chad region, reports that the attack occurred on January 4 in Sabon Gari, Damboa LGA of Borno.

The report added that the ambush triggered a two-hour firefight, resulting in the death of five soldiers and the destruction of some military equipment.

The publication also reported that the air component of the operation “Hadin Kai” targeted “ISWAP’s” stronghold with airstrikes within the Timbuktu Triangle, in Borno.

“In response to escalating insurgent activities, the Nigerian Air Force (NAF) component of Operation “Hadin Kai” conducted targeted airstrikes on “ISWAP” strongholds within the Timbuktu Triangle, a critical area in Borno state known for its difficult terrain and strategic importance to the insurgents,” Makama said.

“Intelligence sources confirmed that the precision airstrikes dismantled several “ISWAP” positions and disrupted their operational capabilities.

“A significant number of terrorists were reportedly neutralised during the operation.

“Additionally, airstrikes were carried out against Boko Haram factions in the Gwoza axis of the Mandara mountain range.

“The offensive targeted insurgents loyal to Ali Ngulde, a key Boko Haram commander, as part of ongoing efforts to weaken terrorist networks in the region.”

Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) is pleased to announce the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

The Offer, which garnered substantial interest from domestic retail investors, raised a total of ₦209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted. This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.

Commenting on this phase of the recapitalization exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude: “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses.”

GTCO Plc continues to lead its peers in key profitability metrics and financial performance. Building on this successful first phase, the Group will commence the second phase of its recapitalization plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “Truly International” financial services brand.

Proceeds from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution. Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries. GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.

The federal capital territory (FCT) police command has reported that two men were killed and two others injured in an explosion at the Tsangayar Sani Uthman Islamic School in Kuchibuyi village, within the Bwari area council.

In a statement issued on Monday, the command stated that a team of police operatives, including the explosive ordnance disposal (EOD) team and the area commander of Kubwa, were dispatched to the scene.

“The area was immediately cordoned off to protect residents and facilitate a thorough investigation,” the statement reads.

“During the rescue operation, victims were promptly evacuated and rushed to the hospital for medical attention. Preliminary investigations revealed that three men from Katsina had visited the owner of the Islamic school, Mallam Adamu Ashimu.

“The three visitors are suspected of having brought the explosive device with them.

“Tragically, two of the men died in the explosion while tampering with the improvised explosive device (IED) on the school veranda, while the third man and a female trader sustained severe injuries and are currently receiving treatment under police guard.

“The FCT Bomb Squad has confirmed that it was an IED explosion, as remnants of the device have been recovered. Mallam Adamu Ashimu, the owner of the school, has been taken into custody for questioning, and further findings will be communicated in due course.”