Economy
Forfeiture Of Keystone Bank’s Controlling Shares To Federal Government Says Court
Forfeiture Of Keystone Bank’s Controlling Shares To Federal Government Says Court
Forfeiture of Keystone Bank’s Controlling Shares to Federal Government. Justice Ramon Oshodi of the Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion ordinary shares of Keystone Bank Limited, valued at ₦1.00 each, to the Federal Government.
The ruling followed a guilty plea by Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Modibbo, for fraudulently converting ₦20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
Sigma Golf Nigeria Limited was arraigned alongside Ahmed Kuru, a former Managing Director of AMCON, who pleaded not guilty to the charges.
The Economic and Financial Crimes Commission (EFCC) accused the defendants of diverting AMCON funds through Heritage Bank to facilitate the acquisition of Keystone Bank. The case also involves Ifie Sekibo, a former Managing Director of Heritage Bank, who is currently at large.
As part of a plea bargain agreement, Sigma Golf Nigeria Limited agreed to plead guilty to all six charges and wind up as a company. The court forfeited 6,250,000,000 Keystone Bank shares to the Federal Government, along with one unit of ordinary shares held by Modibbo.
In return, the EFCC agreed not to pursue criminal charges against Modibbo.
Keystone Bank
Meanwhile, Justice Oshodi granted Kuru bail of ₦50 million, with two sureties providing three years’ tax evidence. The court also directed the EFCC to inform the Nigerian Immigration Service about Kuru’s passport seizure.
The case was adjourned to March 7 for trial commencement.
Economy
U.S. Lawmaker Urges President Tinubu To Remove Matawalle Over Rising Attacks On Christians in Nigeria, Cites Relationship With Bandits
U.S. Lawmaker Urges President Tinubu To Remove Matawalle Over Rising Attacks On Christians in Nigeria, Cites Relationship With Bandits
Relationship with bandits. She urged the U.S. to apply more diplomatic pressure to hold those accused of aiding terrorism accountable.
Kimberly Daniels, a Florida state representative and chairwoman of the United World Congress of Diplomats (UN-WCD), has charged President Bola Tinubu to sack or redeploy the Minister of State for Defence, Bello Matawalle, over rising attacks in the country.
Ms Daniels posted a statement containing her recommendations on tackling insecurity in Nigeria on her Facebook page on Wednesday.
“To The Government of Nigeria: The Results of the Assessment urge President Tinubu to ‘look inward’ and remove elements that compromise national security,” Ms Daniels said.
Ms Daniels’ recommendations specifically included: “Immediate Leadership Review: The removal or redeployment of Minister Bello Matawalle to restore the integrity of the defense ministry.”
She added: “Conducting a transparent investigation into allegations of high-level complicity with banditry to regain the trust of the Nigerian people and implementing more robust security measures for vulnerable communities in the North-Central and Northwestern belts of the country.”

Matawalle
To the U.S. government, Ms Daniels recommended increased “diplomatic pressure to ensure that those accused of aiding terrorism are held accountable.”
“Based on the referenced report, the attacks against believers in Northern Nigeria are allegedly protected by leadership from the inside,” she said.
She added, “The greatest form of terrorism a person can experience is terror that comes from ‘homegrown familiar enemies.’ When the people you trust to protect you work undercover with others who want to harm you, it must be devastating! My brothers and sisters in Nigeria are martyred because they gather to worship Jesus, while most Americans do not understand how precious our religious liberty is and the protections that come with it.”
Bayo Onanuga and Daniel Bwala, spokespersons for Mr Tinubu, have not responded to requests for comment.
Economy
Nigeria, UAE Set To Advance Energy Cooperation: NNPC Ltd
Nigeria, UAE Set To Advance Energy Cooperation: NNPC Ltd
Nigeria and UAE set to advance energy cooperation. Earlier today in Abuja, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, paid a visit to the United Arab Emirates (UAE) Ambassador to Nigeria, H.E. Salem Saeed Al Shamsi, at the UAE Embassy.
The meeting highlighted the existing strong bilateral energy ties between Nigeria and the UAE, with discussions spanning upstream oil and gas investment opportunities, gas development and monetisation, crude oil trading, and infrastructure financing.
Both parties reaffirmed the sustained relations between the two nations, rooted in mutual respect and a shared commitment to long-term energy cooperation.
In his remarks, Engr. Ojulari said as a commercially driven entity, NNPC Ltd. offers a strong portfolio of bankable projects across the entire energy value chain, adding that the company remains open to value-based partnerships with UAE institutions, such as Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Investment Authority (ADIA), and National Petroleum Construction Company (NPCC).

UAE Set To Advance Energy Cooperation
The visit builds on earlier cooperation commitments made by President Bola Ahmed Tinubu and President Mohammed Bin Zayed, as both countries work to translate that intent into concrete, mutually beneficial project outcomes.
Akwa Ibom
Akwa Ibom Governor Eno Commends Quality Job Delivery By Contractors At Project Sites
Akwa Ibom Governor Eno Commends Quality Job Delivery By Contractors At Project Sites
Governor Umo Eno has expressed satisfaction with the quality and timely delivery of jobs by contractors at different project sites in the State.
Fielding questions from Government House Correspondents shortly after his inspection of the projects, Governor Eno reaffirmed his administration’s commitment towards ensuring that projects are properly monitored and appropriately funded in line with the contract agreement.
He explained that the routine on-the spot inspection avails him the opportunity to carry out critical assessment of key projects, monitor project timeliness, staff welfare, pace and quality of job execution and funding approvals.
“Mine is to make sure that the work is going on, we get our money’s worth, ensure contractors are on site and that they are doing what they are supposed to do.
“This inspection, for me, is to give me an on-the spot assessment, monitor our time lines. Everywhere I went to, I can tell you that I am satisfied at the pace of work, and the quality of work done,” he stated.
The Governor thanked the contractors for their commitment to their jobs, and urged them to keep to timelines and specifications while prioritizing the safety and welfare of staff.
“I belief that the contractors know that we will demand that they do the work according to our specification.
“I am not just checking the work, I also check the staff, to ensure that everything is going on well. So when I get an IPC on my desk, I know exactly what that payment voucher is addressing. All of these works you see me inspect today, I have payment vouchers waiting for me to sign off.
“So, I have to come to see and be sure that they have reached certain levels before we can make the next set of payments.”

Akwa Ibom Governor Eno
Among projects inspected by the Governor were the Aviation Village, Legislators and Executive quarters at Dakkada Luxury Estate, Equipment Leasing Company, and the CNG Bus Terminal.
In the Governors team were the Secretary to the State Government, Prince Enobong Uwah, Executive Assistant/Chief Delivery Advisor, Mr. Aniefiok Johnson, members of the State Executive Council, and other government functionaries.
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