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.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
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