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CBN Acknowledges High Court Ruling Over Dissolution Of Union Bank Board

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CBN

CBN Acknowledges High Court Ruling Over Dissolution Of Union Bank Board

Union Bank board. The court ruled that the CBN acted beyond its legal powers and, therefore, overturned that decision.

(CBN), on Thursday, acknowledged the judgement of a Federal High Court, Lagos Division, over its regulatory action on the Union Bank of Nigeria Plc (UBN) in January 2024.

This is contained in a statement by its acting director, Corporate Communications Department, Hakama Sidi-Ali, made available to journalists in Abuja.

Ms Sidi-Ali said that the apex bank was currently obtaining the Certified True Copy of the judgement and would review it carefully. She reaffirmed the CBN’s unwavering commitment to the rule of law.

“As the apex regulatory authority, the CBN remains committed to acting in accordance with its mandate and established legal processes.

“The CBN assures the public that UBN’s status is unchanged and that it remains fully capable of meeting its obligations to customers, depositors, and all stakeholders.

“The CBN will continue to provide the necessary regulatory oversight to ensure that the Union Bank operates in a safe, sound, and stable manner, while maintaining public confidence in the financial system,” she said.

CBN

CBN

The court ruling of Wednesday relates to an earlier action taken by the CBN in January 2024, which dissolved UBN’s board and management.

The court ruled that the CBN acted beyond its legal powers and therefore overturned that decision.

Economy

Kano Governor Yusuf Sacks Commerce Commissioner

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Abba Yusuf

Kano Governor Yusuf Sacks Commerce Commissioner

Kano Governor Yusuf sacks commerce commissioner. Mr Yusuf expressed appreciation for the services rendered by the former commissioner.

Governor Abba Yusuf of Kano State has sacked Shehu Sagagi, commissioner for investment, commerce and industry, with immediate effect.

This is contained in a statement issued on Thursday in Kano by the governor’s spokesperson, Sunusi Dawakin-Tofa.

He said that Mr Sagagi has been directed to hand over the affairs of the ministry to the director of commerce pending further directives.

Mr Yusuf expressed appreciation for the services rendered by the former commissioner during his tenure in office.

He acknowledged Mr Sagagi’s contributions to the development of the state, particularly in politics, religion, and the growth of small and medium-sized enterprises.

Abba Yusuf

Abba Yusuf

The governor wished him success in his future endeavours and reassured the public that his administration remains committed to efficient service delivery and to the ongoing strategic realignment of government structures for sustainable development in Kano State.

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Crime

Court Jails Man for $19,400 Bitcoin Fraud In Edo

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Bitcoin

Court Jails Man for $19,400 Bitcoin Fraud In Edo

Bitcoin fraud. The Benin Zonal Directorate of the Economic and Financial Crimes Commission has secured the conviction and sentence of Osamudiamen Philip Ikilo for fraud.

The convict was arraigned on one -count charge of stealing before Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City.

Upon arraignment the defendant pleaded not guilty to the charge, setting the stage for trial.

The charge reads: That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this Honourable Court did steal Bitcoin worth the sum of $19,400 (Nineteen thousand, four Hundred United States Dollars) belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your own use, and thereby committed an offence contrary to Section 287 of the Criminal Law of Edo State Law 2022 and punishable under Section 294 of the same Law.

Bitcoin

Bitcoin

In the course of the trial, prosecution counsel, A. S. Bala-Ribah called two witnesses and also tendered documents which were admitted by the court. On his part, the defendant called two witnesses including himself.
Delivering judgment on Monday, March 23, 2026 Justice Aziegbemhin found the defendant guilty of the charge and sentenced him to two years imprisonment without an option of fine.

Ikilo’s road to jail began when he offered to assist the petitioner convert her 0.52092582 Bitcoin worth $19,400 but failed to remit the money to the petitioner as he converted same to his personal use.

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Crime

Court Admits More Evidence Against Mamman In Alleged N31b Fraud

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Court Admits More Evidence Against Mamman In Alleged N31b Fraud

Court Admits more Evidence against Mamman. Justice Maryann Anineh of the Federal Capital Territory High Court, Maitama, Abuja, on Wednesday, March 25, 2026, admitted more documents in evidence against the former Minister for Power, Saleh Mamman in his prosecution by the Economic and Financial Crimes Commission, EFCC for alleged fraud.

Mamman and seven others are being prosecuted by the EFCC on a nine-count charge, bordering on conspiracy, obtaining by false pretence and intent to defraud to the tune of N31,070,541,349.64 (Thirty-one Billion, Seventy Million, Five Hundred and Forty-one Thousand, Three Hundred and Forty-nine Naira, Sixty-four Kobo).

At Wednesday’s proceedings, the Second Prosecution Witness, PW2, Leadu Kpandei, a female compliance officer with Guaranty Trust Bank, GTB while being led in evidence by prosecution counsel, A.O. Mohammed, disclosed that the EFCC, sometime in March 2025, requested the details of account of one of its customers, Fullest Utility Concept Ltd to which the bank responded via a letter attached with the account opening documents, certificate of identification and statement of accounts of the said company, distilled from the bank’s database. She confirmed that she and her colleague signed the documents on behalf of the bank before they were transmitted to the EFCC.

The documents, marked exhibit E1, E2, E3, E4 were tendered and admitted in evidence by the court.

Court

Court

Earlier in the proceedings, the First Prosecution Witness PW1, Umar Abba, a compliance officer of Zenith Bank, concluded his cross-examination, where he revealed he generated the account statements of the defendants also from the bank’s database, endorsed and sent to the EFCC. “I generated the documents of the account statements from the bank’s computer, compared them with what I have, then I signed before sending them to the EFCC” he said.

Suleiman Mohammed, counsel to Mamman drew the attention of the court to a pending application on motion on notice, filed on March 9, 2026 and the judge promised to go through it.

Justice Anineh adjourned the matter till April 16, May 11 and June 4, 2026 for continuation of trial.

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