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Court orders Winding Up of Keystone Bank and forefiture of Majority Shares to FG

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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.

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Nigeria and UNIDO Earmark $174.6 million for Industrial Projects

Donor nations, including Japan and Germany, reaffirmed their support for Nigeria’s industrialisation vision.‎

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∆ President Bola Tinubu

The Federal Government of Nigeria, and the United Nations Industrial Development Organisation (UNIDO),have earmarked a total of $174.6 million budget for the implementation of the Programme for Country Partnership (PCP).‎

At the signing ceremony, Senator John Owan Enoh, Minister of State for Industry, signed on behalf of the government of Nigeria , while UNIDO Director-General, Mr. Gerd Müller, appended for the organization.

The ceremony brought together government officials, private sector leaders, diplomatic representatives, and development partners from across the globe. Donor nations, including Japan and Germany, reaffirmed their support for Nigeria’s industrialisation vision.‎

Senator Enoh highlighted the alignment of the PCP with Nigeria’s economic reform agenda under the leadership of President Bola Ahmed Tinubu, emphasising that the partnership aimed to reduce reliance on primary exports and foster a thriving manufacturing sector.‎‎

Enoh said, “The PCP signifies a new era of industrial cooperation built on trust, shared vision, and actionable strategies.

Through this initiative, we will tackle systemic bottlenecks, revitalise key industries, and attract private sector investments.”‎He added that a key element aligned to the PCP is the establishment of the Industrial Revitalization Working Group (IRWG), a high-level platform for accelerating industrial reforms.

The PCP’s thematic focus areas—agro-industrial transformation, SME development, digital innovation, and green transition—align with the IRWG’s objectives to drive economic growth and sustainability.‎‎With the PCP now underway, Nigeria stands at the threshold of a new industrial era, ready to unlock opportunities, attract investments, and lead Africa’s industrial renaissance.‎‎

Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, affirmed the government’s dedication to implementing the PCP with a $174.6 million budget. ‎

The Nigerian government has committed 14.3% in counterpart funding, with UNIDO mobilising the rema”nder through partnerships and donor contributions.‎‎

“The PCP is a vital catalyst for job creation, skill development, and technological advancement in line with our National Development Plan,” Bagudu said.‎‎

Gerd Muller , lauded the partnership as a historic milestone in the long-standing collaboration between Nigeria and the organisation and reiterated UNIDO’s commitment to providing technical expertise, policy guidance, and investment facilitation to ensure the programme’s success.

‎‎‎‎Amb. Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, expressed gratitude to all stakeholders.

“The journey ahead demands collaboration and resilience as we move from potential to productivity,” Rimi said.‎

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Trump slams 14% reciprocal tariffs on Nigeria

The 14 percent tariffs imposed on Nigeria, according to Trump, is against 27 percent charged to the US by Nigeria.

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US President Donald Trump has slammed a 14 percent reciprocal tariff on all Nigerian goods entering the US as the much talked about “Liberation Day” tariffs comes into effect.

Trump had said that countries would face a tariff rate at half the level they charge the US, as deemed by the White House, with a minimum tariff rate of 10 percent, saying that the calculation included non-monetary trade barriers and currency manipulation.

The 14 percent tariffs imposed on Nigeria, according to Trump, is against 27 percent charged to the US by Nigeria.

The new tariffs, which affected 185 countries, has therefore, ended months of anxious wait and uncertainty, which had plummeted stocks around the US, Europe and Asian markets.

The moves today are the latest escalation of a trade war that also includes plans to impose 25 percent tariffs on all foreign-made vehicles this week.

Accordingly, Trump slammed a baseline tariff of 10 percent across all countries, while upping the duties for various partners whom he described as bad actors with country like Lesotho getting as much as 50 percent levies on their exports to America.

The tariffs will be not a full reciprocal,” he said. “I could have done that, yes, but it would have been tough for a lot of countries who didn’t want to do that.”Auto tariffs of 25 percent will go into effect tomorrow as planned.

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Algiers-Abuja direct flights begin April 6

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The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.

This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.

According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.

This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.

“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.

“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.

“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.

The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.

The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.

With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.

The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.

“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.

“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”

The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.

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