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The lives of some Nigerian millionaires and billionaires will resonate as one dismal lie from one end to the other, by the time Access Bank Plc completes its revenue recovery drive.

While this sad reality extends beyond the reaches of Access Bank, the pathetic case of Muyiwa Bakare and some other bank debtors has become hot gossip across the cubicles and halls of first generation banks and Nigeria’s high society circuits.

According to The Capital, Bakare, who is the son of a former billionaire auto magnate, Chief S. O Bakare, founder of Oluwalogbon Motors, and also the former MD of the moribund Metropolitan bank, is currently indebted to Access Bank in several millions and this has incited the dissatisfaction of the bank’s management led by meticulous banking Czar, Herbert Wigwe.

The latter has reportedly embarked on a debt recovery scheme as part of his drive to recover outstanding debts from the bank’s chronic debtors.

It is interesting to know that Bakare is simply one of many debtors of Access Bank whose outrageous debts may put the bank in precarious financial situation if the bank’s management does not recover loans owed by them by year’s end.

At the backdrop of Access Bank’s debt recovery drive, pundits note that Skye Bank may need to initiate a similar scheme to recover debts owed it by debtors such as Festus Fadeyi, Pan Ocean Corporation boss, who allegedly owes the bank N196 billion.

Besides Access Bank and Skye Bank, several other new generation banks are doing battle to recover outrageous debts owed them by career debtors.

The latter despite their disgraceful insolvency and indebtedness in billions, continually parade themselves as Lagos big boys and sophisticated members of Nigeria’s high society.

In reality, they are chronic debtors and poor managers of wealth who have gone bankrupt, argued a highly placed source in one of the banks affected by their debts.

Interestingly, however, you couldn’t have forgotten so soon the Bakare’s expensive 50th birthday shindig for his wife recently.

The party was allegedly borne of his desperation to save face and make the world believe that even though Access Bank aggressively seeks to recover debts owed it by him, he is still rock solid.

Further findings substantiated the fact that for Muyiwa, the birthday celebration goes beyond just celebrating his wife; it presented a platform and opportunity to keep up appearances.

An alumnus of California State University in Northridge California, Warwick Business School and Lagos Business School, not even his education and exposure and privileged background could save his bank from going under then. And so went his cash cow too.

Several friends gave up on him and business associates deserted him but he was blessed to still have the likes of Saraki and Access Bank MD, Herbert Wigwe, in his corner.

The CBN governor, Godwin Emefiele, contended that the intervention became inevitable in view of the bank’s liquidity and non-performing loan ratios which had been below and above the required thresholds respectively for a while.

 

Capital

BIG STORY

Resident Doctors Give Federal Government Four Weeks To Meet Demands

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The Nigerian Association of Resident Doctors (NARD) has issued a four-week ultimatum to the federal government to fully implement outstanding agreements on salaries, allowances and welfare.

The decision was taken at the end of the association’s national executive council (NEC) meeting and scientific conference, held from January 25 to 29, 2026, in Jos, Plateau state.

In a communiqué signed by Mohammad Suleiman, NARD president, the association expressed appreciation to President Bola Tinubu, Vice-President Kashim Shettima, and other key stakeholders for their roles in ongoing engagements.

The NEC acknowledged the reinstatement of disengaged doctors at the Federal Teaching Hospital, Lokoja, and commended the intervention of the Ministry of Labour and Employment and the integrated payroll and personnel information system (IPPIS) on the outstanding 25 and 35 percent consolidated medical salary structure (CONMESS) and accoutrement allowance arrears.

NARD also noted that promotion and salary arrears had been forwarded to relevant authorities, with assurances from the minister of finance that payments would be expedited.

However, the association expressed concern over delays in circulating the directive affirming CONMESS 3 as the approved entry level for medical doctors.

It also decried the non-payment of the professional allowance provided for in the 2026 Appropriation Act and persistent salary arrears across several health institutions.

The association warned of worsening industrial relations at the Benue State University Teaching Hospital. It demanded urgent action, alongside calls for improved welfare, timely release of training funds and renewed investment in health infrastructure nationwide.

“The NEC demands the expeditious clearance of the outstanding 25%/35% CONMESS arrears and accoutrement allowance arrears within the assured two weeks, as committed by the Integrated Payroll and Personnel Information System (IPPIS), following the intervention of the Federal Ministry of Labour and Employment,” the communique reads.

“The NEC demands the prompt payment of all promotion arrears already forwarded to the appropriate authorities, in line with the assurances of the Honourable Minister of Finance for payment within the next four (4) weeks.

“The NEC demands the expedited payment of all outstanding salary arrears owed to specific centres, which have been duly forwarded to the Federal Ministry of Finance for processing, within the assured four (4) week timeline.

“After exhaustive deliberations and in recognition of the progress made by the Federal Government towards addressing the legitimate demands of Nigerian resident doctors, the NEC has resolved to extend the suspension of the Total Indefinite Comprehensive Strike (TICS) for a further period of four (4) weeks as a further goodwill gesture, to allow for the full implementation of the Association’s demands.”

The association had earlier suspended its plan to commence another strike on January 12.

The doctors said this was done after firm commitments from critical stakeholders following Shettima’s intervention.

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BIG STORY

Lagos Couple Stages Self-Kidnap To Raise Funds For Husband’s US Return Ticket, Arrested With N10m Ransom

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A Lagos-based couple, identified simply as Fred and Goodness, have been arrested for allegedly staging their own kidnap and extorting N10m in ransom from their families and friends.

According to Punch Newspaper, the couple faked the abduction on January 7 to solicit funds for the husband, who intended to return to the United States due to a lack of financial support.

A police source who spoke to our correspondent on Thursday said the suspects contacted relatives on both sides of the family and claimed they had been kidnapped while demanding ransom.

The source added that the families raised N10m within three days, believing the money was meant to secure their release.

“The couple faked their kidnapping, thereby calling on friends and families for contributions towards the ransom payment. And what happened was, according to them, the husband wanted to travel back to the US, and he needed some money, but their sponsors were not forthcoming, so they planned it together that maybe by the time they do that, they’ll be able to raise some money.”

Speaking on their arrest, another police source in the command said the couple arranged a meeting at a school in Cappa, Mushin, Lagos, where the ransom was to be delivered.

“Operatives monitoring the area noticed the woman entering the premises alone, while the man arrived separately moments later. However, suspicion was raised when both suspects later emerged together carrying a bag.

“The operatives stopped them, searched the bag, and discovered the ransom money, prompting their immediate arrest. The wife said she was the one who encouraged the husband to make them plot the kidnap.”

The suspects were subsequently handed over to the police, where investigations confirmed that the incident was a case of self-kidnap.

The state Police Public Relations Officer, Abimbola Addebisi, confirmed the incident.

She said, “The couple will be charged to court upon the conclusion of investigations.”

The incident added to the growing number of self-orchestrated abduction cases uncovered by law enforcement.

 

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BIG STORY

Police Arrest Six For ‘Hacking Telecoms Firm To Divert N7.7bn Airtime’, Recover 400 Laptops, 1000 Mobile Phones

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Operatives of the Nigeria Police Force (NPF) have arrested six suspects for allegedly hacking into a telecommunication company in Nigeria to divert airtime and mobile data worth N7.7 billion.

A statement on Wednesday by Benjamin Hundeyin, the force spokesperson, said the suspects allegedly gained unlawful access to the telecommunications company’s core systems.

The suspects are Ahmad Bala, Karibu Mohammed Shehu, Umar Habib, Obinna Ananaba, Ibrahim Shehu, and Masa’ud Sa’ad.

Hundeyin said operatives recovered two mini plazas, retail outlets containing over 400 laptops, 1,000 mobile phones, and a Toyota vehicle.

The force spokesperson said a “substantial” amount of money was traced to the suspects’ bank accounts.

“The syndicate was responsible for the illegal diversion of a telecommunications company’s airtime and data resources, resulting in an estimated financial loss of over ₦7.7 billion,” the statement reads.

“The breakthrough followed a petition by a Nigerian telecommunications company, which reported suspicious and unauthorized activities within its billing and payments infrastructure.

“Investigations revealed that internal staff login credentials had been compromised, granting threat actors unlawful access to core systems.

“Following weeks of planning, coordinated enforcement operations were executed in October 2025 in Kano and Katsina States, with a follow-up arrest in the Federal Capital Territory.

“The suspects would be charged to court on the completion of the investigation.

“Meanwhile, the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has commended the officers involved in the investigation for their professionalism.”

 

 

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