Business
Court orders Winding Up of Keystone Bank and forefiture of Majority Shares to FG
An Ikeja Special Offences Court on Tuesday ordered the winding up of Keystone Bank Ltd and forfeiture of 6,250,000,000 units of the ordinary shares of N1.00 each, to the Federal Government.
The News Agency of Nigeria (NAN) reports that Justice Rahman Oshodi gave the order in a judgment in Lagos.
The judgment followed guilty plea by the Chairman of the company, Umaru Hamidu-Modibbo, who represented the company.
The chairman pleaded guilty to an amended six-count charge brought against Sigma Golf by the Economic and Financial Crimes Commission (EFCC).
The charge bothered on conspiracy to steal, stealing, transfer of property derived from stealing with the aim of concealing the origin and evade the legal consequences.
Sigma Golf had entered a plea bargain agreement with the EFCC.
The company was arraigned alongside a former Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru.
While Sigma Golf pleaded guilty to the six-count charge, Kuru pleaded not guilty. Oshodi held that he was satisfied that Sigma Golf admitted guilt of its own volition.
He said: “I am satisfied that the second defendant was aware of the nature of the amended information and the consequences of the plea. “
All its rights, title and interest in the 6,250,000,000 units of Keystone Bank’s ordinary shares of N1.00 each shall be forfeited to the Federal Government of Nigeria represented by the Economic and Financial Crimes Commission.
“In respect of the facts and circumstances of the instant case, the complainant agrees not to pursue criminal charges both now and in the future against Alhaji Umaru Hamidu-Modibbo and Sigma Golf Nig Ltd.”
The judge also held that Hamidu-Modibbo agreed to fully cooperate with EFCC in any ongoing or future investigations relating to the matter, including providing truthful testimony if required.
NAN reports that EFCC had stated that Kuru, Hamidu-Modibbo, Ifie Sekino (still at large) and Sigma Golf, sometime in 2016, conspired to steal by dishonestly converting N20 billion, property of AMCON, through Heritage Bank Ltd. to the use of Sigma Golf for acquisition of Keystone Bank Ltd.
The commission also stated that Sigma Golf and the others transfered N10 billion derived directly from stealing with the aim of concealing the origin of the said sum and evade the legal consequences.
EFCC lead counsel, Mr Rotimi Oyedepo , told the court that the commission agreed with Sigma Golf on the plea bargain in accordance with legal principles, justice and public policy.
Oyedepo submitted that the terms of the plea bargain agreement included the company pleading guilty to all the six counts and winding up.
NAN reports that the chairman and the legal representative of Sigma Golf, Mr David Idemu, confirmed to the court that the plea bargain agreement was made voluntarily. Kuru’s lawyer, Mr Olasupo Shasore (SAN), did not oppose the agreement.
Oshodi consequently convicted Sigma Golf and adopted the terms of the agreement. The judge earlier granted Kuru bail in the sum of N50 million with two sureties, who must swear to an affidavit of means.
The sureties must also provide evidence of tax payment in the last three years, according to the judge. Oshodi adjourned the case until March 7 for ccommencement of trial.
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N30.00, from N850 to N820 per litre, effective from 12th August 2025.
According to a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, they assure the public of a consistent and uninterrupted supply of petroleum products as part of its unwavering commitment to national development”.
He said, “In line with their dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across Nigeria, effective August 15, 2025.
The Dangote Petroleum Refinery has firmly dismissed recent reports alleging a shutdown of its operations, reassuring the public and market stakeholders that its activities remain fully active and stable.
In an official statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery’s management categorically denied claims that truck loading has been suspended or that production has been interrupted. “The Dangote Petroleum Refinery is fully operational. There has been no shutdown, nor has there been any suspension of truck loading activities” the statement reads.
The refinery also clarified that the intermittent sale of Residual Catalytic Oil (RCO) is part of normal business operations, often involving large parcel sales, which explains the recent fuel oil tender.
According to the management, Dangote Petroleum Refinery consistently supplies over 40 million litres of PMS daily, alongside steady volumes of Automotive Gas Oil (diesel). These supplies continue unabated, despite speculation suggesting otherwise.
“As the world’s largest single-train petroleum refinery, the facility employs advanced predictive and preventive maintenance protocols to ensure uninterrupted operations. Routine maintenance activities are standard and do not impact the overall fuel supply” the statement further clarified.
In response to speculation about potential supply shortages and price increases, the refinery challenged those sponsoring the rumour to place orders for daily deliveries of up to 40 million litres of PMS and 15 million litres of diesel for the next 90 days.
“To those who believe this misinformation and anticipate a bullish market, we extend a challenge: We invite interested buyers to place immediate orders for up to 40 million litres of PMS daily and 15 million litres of AGO daily, for the next 90 days, with full upfront payment. Should any supposed supply shortage occur, these buyers would be well-positioned to benefit from the predicted market rise,” it added.
The refinery reaffirmed its commitment to transparency and Nigeria’s energy security, urging the public to disregard unfounded rumours sponsored by unscrupulous and unpatriotic individuals seeking to undermine the country’s energy independence for their own selfish interests, including the importation of substandard fuels under the false pretext of domestic supply shortages.
Ikeja Electric has released updated prices for prepaid meters, which take effect from August 6, 2025. The revised rates cover both single-phase and three-phase meter types and are inclusive of VAT.
The revised rates were announced on the disco’s official X account on Friday.
The company announced that “MBH Power Ltd’s one-phase costs ₦135,987.50, while the three-phase costs ₦226,825.00. Turbo Energy Ltd’s one-phase costs ₦145,608.75, while the three-phase costs ₦236,903.13.
“Aries Electric Ltd’s one-phase costs ₦145,125.00, and the three-phase costs ₦258,000.00. Mojec Asset Management Company Ltd’s one-phase costs ₦135,718.75, and the three-phase costs ₦226,825.00.
“Paktim Metering Nig. Ltd, the one-phase meter costs ₦137,600.00, while the three-phase meter costs ₦233,275.00. Holley Metering Ltd’s one-phase meter costs ₦133,854.03, three-phase meter costs ₦219,497.09.
“CIG Metering Assets Nigeria Ltd’s one-phase meter costs ₦150,500.00, New Hampshire Capital Ltd’s one-phase meter costs ₦133,300.00 and the three-phase costs ₦231,125.00.”
The electricity distribution company noted that the prices are “valid subject to meter availability,” adding that the changes are part of its effort to ensure customers have access to up-to-date information on meter procurement.
The company also assured customers that the new pricing reflects the latest approved rates for meter providers under its Meter Asset Provider scheme.
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