Business
Fire Guts Zenith Bank In Abuja
Fire gutted a section of the Zenith Bank branch located at Area 7 in Abuja on Monday evening.
An eyewitness told our correspondent that the fire started at about 7.35 p. m. due to an electrical fault in the bank.
Our correspondent who visited the scene, reports that the fire occurred at the first floor of the bank but was quickly put off by the timely intervention of officials of the fire service.
Mr Victor Erivwode, DPO, Garki said at the scene that his men who were immediately dispatched to the scene helped the fire service to stop the fire as well as to maintain law and order.
“We are here to help the fire service and also to maintain law and order around the bank,’’ he said.
He said that the fire was probably triggered by an electrical fault in the bank, and denied any bomb scare at the premises.
Mr Agba Emmanuel of the Federal Fire Service, said that his men rushed to the scene immediately they got the distress call to put off the fire.
“I cannot tell you details now, but we came immediately we got the distress call and we have been able to put off the fire,’’ he said.
A staff of the bank, who pleaded anonymity, said that the fire could have damaged some computers in the bank.
He praised the efforts of the fire service and security operatives for their prompt response.
Report say that heavy security personnel comprising the Nigerian Police, Army, Civil Defence and SSS cordoned off the area while the rescue operation lasted.
It took about two hours for the fire service to completely put out the fire from the bank premises.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
