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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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OPSN Petitions President Tinubu Over Repeated Summons of Private Companies by National Assembly

OPSN members comprise the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists(NASS), and Nigeria Association of Small and Medium Enterprises(NASME).

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The Organised Private Sector of Nigeria (OPSN) has expressed deep concerns over incessant invitations, summons by the committee of the National Assembly on the activities of private companies.

OPSN members comprise the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists(NASS), and Nigeria Association of Small and Medium Enterprises(NASME).

The Association of Food, Beverages and Tobacco Employees(AFBTE) and other 25 sectoral employers ’ associations also decried this situation.

The concern was conveyed through an open letter sent to the President of the Federal Republic of Nigeria, Bola Tinubu, which was published on Thursday, September 4, 2025.

The group said that the practice has continued unhindered despite judicial pronouncements, including a pending appeal before the Supreme Court, which affirms that the powers conferred on the National Assembly in line with sections 88 and 89 of the 1999 Constitution do not extend oversight powers to private companies.

They cite judicial precedents in the case of DHL International Nigeria Limited vs Senate of the Federal Republic of Nigeria and ORS (FHC/ABJ/CS/261/2018).

The court unequivocally held that private companies do not fall within the category of persons contemplated by sections 88 and 89 of the 1999 Constitution.

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Five Hidden Dangers of Buying Inherited Land in Nigeria by Dennis Isong

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Not every land deal in Nigeria is as straightforward as it looks.

In fact, one of the trickiest types of property transactions you can ever get involved in is buying inherited land.

It often comes with stories, long family histories, and sometimes, unexpected headaches.

While the price may be attractive and the land location desirable, buyers need to slow down and look deeper.

Understanding the 5 Hidden Dangers of Buying Inherited Land in Nigeria can save you from emotional stress, wasted money, and years of court battles.

Let’s take the case of Chidi, a businessman who returned from abroad with the dream of building his retirement home in Lagos.

A relative introduced him to a family selling their dead father’s land.

The documents looked convincing, the price was lower than the market rate, and everything seemed fine—until a year later when one of the late owner’s children sued him, claiming the land was sold without his consent.

What Chidi thought was a dream turned into a nightmare of endless court sessions.

Sadly, his story is not uncommon.This is why we need to unpack the hidden dangers behind inherited land transactions.

1. Family Disputes and Unresolved Ownership

One of the biggest dangers of buying inherited land is family disagreement.

In many Nigerian families, land is passed down without clear documentation of who truly owns what. Some children may feel entitled, while others may want to sell.

The problem arises when not all family members agree.Imagine buying a piece of land from three siblings only to discover later that their fourth brother, who lives abroad, never approved of the sale.

That brother can return anytime and challenge the transaction in court. Until the matter is resolved legally, the land remains under dispute, and your investment stays trapped.

This is why it’s important to confirm that all rightful heirs have agreed in writing before any transaction takes place.

2. Lack of Proper Documentation

Inherited land often lacks complete or updated documentation. Many times, the original owner may have bought the land decades ago without processing proper title documents like a Certificate of Occupancy (C of O), Governor’s Consent, or even a Deed of Assignment.

As the land passes down to the children, the paperwork becomes even more confusing.

Some families rely only on informal documents, such as old receipts or local chiefs’ notes, which are not recognized in court.

If you buy such land, you may spend years chasing documents or, worse still, discover that the land was never legally theirs to sell.

Without valid documentation, ownership becomes shaky, and as a buyer, your claim over the land may not stand when challenged.

3. Multiple Sales of the Same Land

This is a common trap with inherited property. Because different family members may see themselves as “owners,” they sometimes sell the same land to multiple buyers.

One sibling may sell to you today, another may sell the same plot to someone else tomorrow, and yet another may use it as collateral for a loan.

When this happens, the buyer with the strongest legal proof wins. If you’re unlucky, you may lose both the land and the money you invested.

In fact, many land disputes in Nigerian courts stem from this exact scenario.

To protect yourself, you need to investigate carefully, confirm the true heirs, and insist on a family agreement that is signed, stamped, and legally backed.

4. Pending Legal Cases or Government Encumbrances

Another hidden danger of buying inherited land in Nigeria is the possibility of hidden lawsuits or government interests. Sometimes, the land may already be under dispute in court between family members.

Other times, the government may have acquired the land for future development, but the family continues selling to unsuspecting buyers.

If you unknowingly buy such land, you automatically inherit the legal problems that come with it.

Court cases can drag for years, draining you financially and emotionally. Worse still, if the government has plans for the land, you may lose everything without compensation.

This is why land verification through proper search at the land registry and even community checks is not optional—it is essential.

5. Emotional Attachments and Delays

Again, many families selling inherited land struggle with emotional attachments. Even after they agree to sell, one family member may suddenly change their mind or refuse to sign the final documents.

Others may delay the process, hoping to renegotiate or back out.This often frustrates buyers who have already invested time and money into the deal.

Unlike buying land from a registered estate company, transactions involving inherited property tend to drag on unnecessarily, causing you to lose both opportunities and peace of mind.

Final Thoughts

Buying land in Nigeria can be one of the smartest investments you ever make, but it must be done with caution.

When it comes to inherited property, the risks are higher than most people imagine.

From family disputes and lack of documents to multiple sales and hidden court cases, these are the five Hidden Dangers of Buying Inherited Land in Nigeria that every buyer must be aware of.

If you ever consider buying such land, work with professionals—lawyers, surveyors, and trusted realtors who understand the system.

Cutting corners may look cheaper today, but it could cost you everything tomorrow.

And remember, you don’t have to walk this path alone.

I’m Dennis Isong, a top realtor in Lagos. I help Nigerians in the diaspora own property in Lagos, stress-free.

If you have questions about safe property investment or need guidance on avoiding land scams, call or WhatsApp me at +2348164741041.

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How Real Estate Works in Northern Nigeria: Culture & Compliance by Dennis Isong

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When Nigerians talk about real estate, the conversation almost always circles back to Lagos.

The fast-paced deals, skyrocketing land prices, and luxurious estates in Lekki or Banana Island dominate the headlines.

Abuja also gets its fair share of attention as the federal capital with carefully planned layouts.

But there is another part of Nigeria where property has its own heartbeat, shaped by culture, religion, and tradition—the North.

To understand How Real Estate Works in Northern Nigeria: Culture & Compliance, one must see beyond brick and mortar.

Real estate here is not just about land or houses; it is about identity, heritage, and community values. If you approach it only from the legal or commercial angle, you will miss the bigger picture.

The Cultural Lens of Real Estate in the North Northern

Nigeria, with its vast landscapes stretching from Sokoto to Maiduguri, operates under a unique cultural framework.

In cities like Kano, Kaduna, Katsina, and even the smaller towns, property is more than an economic asset—it is a family inheritance.

Families in the North often view land as something sacred, not just because it appreciates in value, but because it ties them to their ancestry.

In Hausa communities, for instance, old family homes—some hundreds of years old—are kept within bloodlines. To sell such property without consulting extended family members can cause serious conflict.

In some cases, you’ll hear of siblings taking each other to traditional courts because one person sold family land without “full blessing.”

This cultural mindset makes buying property in the North different from Lagos, where money often speaks louder than tradition.

In the North, even when a seller is eager, the wider family or community must be carried along. Sometimes, that approval carries more weight than a receipt.Compliance:

The Role of Sharia and State Laws

If you want to grasp

How Real Estate Works in Northern Nigeria: Culture & Compliance, you must understand how law and religion overlap. While Nigeria’s Land Use Act governs all states, the North adds a second layer—Sharia law, which influences property ownership, inheritance, and transactions.

Under Islamic law, land and property distribution follow specific inheritance rules. For example, male and female heirs do not receive equal portions.

A son typically gets a larger share than a daughter.

This means property passed down is already shaped by faith.When it comes to financing, conventional bank mortgages are rare.

Since Islamic law discourages interest (riba), banks and cooperatives in the North often structure financing differently.

Instead of a typical loan, buyers may enter into arrangements like:Ijara (lease): where the bank buys the property and leases it to the client until full payment is made.

Musharakah (partnership): where both parties jointly buy the property, and the client gradually pays off the bank’s share.

This makes real estate transactions slower compared to Lagos, where mortgages are straightforward but expensive.

Yet, it also makes property ownership more community-oriented and less tied to heavy interest repayments. At the same time, formal legal compliance is still essential.

In cities like Kano, Kaduna, Katsina, and even the smaller towns, property is more than an economic asset—it is a family inheritance.

Titles like Certificate of Occupancy (C of O), Governor’s Consent, and Deeds of Assignment are still required.

However, having only those documents without community and cultural alignment can be risky.

A Short Story: Musa’s Dilemma in Kaduna

Let’s bring this closer with a real-life-inspired story.

Musa, a 32-year-old engineer in Kaduna, had just saved enough to buy a piece of land.

The seller showed him a Certificate of Occupancy issued by the state government.

Excited, Musa quickly made payment, collected his papers, and began planning his house design.But his joy was short-lived. When he moved materials to the site, community leaders stopped him.

They explained that even though the land had government approval, he needed the blessing of the Ward Head and acknowledgement from the local traditional council. Until then, no builder would dare work on that land.

Musa was frustrated. He had done everything “legally right,” but in Northern Nigeria, legality is only one side of the coin. Eventually, after weeks of negotiation and presenting kola nuts and token gifts, the leaders gave their approval. It was not corruption, but custom.

To the community, it was about respect—recognizing the role of traditional custodians before starting anything permanent.

That was when Musa realized that in the North, compliance goes beyond government files.

Culture and tradition carry their own authority.

Modern Development Meets Traditional Northern Nigeria is often seen as conservative, but it is also evolving. Cities like Abuja, Kano, and Kaduna are rapidly urbanizing, with shopping malls, gated estates, and smart homes now a reality.

Yet, even with this modernization, traditional values still shape how projects succeed.

Developers have learned that ignoring culture is a mistake.

For example, in many Northern estates, houses are designed with enclosed courtyards to give women privacy—a cultural expectation in Islamic communities.

Some estates also provide prayer spaces and mosques, understanding that religion is central to daily life.

Unlike Lagos, where aesthetics and modern lifestyle dominate, Northern real estate must blend modern architecture with cultural sensitivity.

A sleek duplex without space for extended family visitors may not appeal as much as a home that accommodates communal living.

Investors who understand this balance do well. Those who ignore it, no matter how sophisticated their projects, struggle to attract buyers.

Navigating Real Estate the Smart Way

So, what does it take to succeed in Northern Nigerian real estate—whether you’re a buyer, investor, or developer?

The answer lies in blending two things: respect for the law and respect for culture.

First, secure the legal documents. Without proper titles, you risk disputes and potential repossession by the government.

Northern states still operate under the Land Use Act, and a Certificate of Occupancy or Governor’s Consent is non-negotiable.

Second, never underestimate traditional structures.

From the Ward Head to community elders, local approval can make or break your property plans.

What may look like “extra steps” is actually what keeps your investment safe from hidden disputes.

Third, understand the financing culture. Don’t walk into Northern Nigeria expecting quick mortgage approvals like in Western economies.

Instead, explore Islamic-compliant financing options, cooperative societies, or outright purchase plans.

Last, learn to respect heritage. If you’re buying family land, ensure every stakeholder agrees.

In some families, even distant cousins must consent before a sale is valid. Ignoring this could lead to years of court battles. Final Thoughts

How Real Estate Works in Northern Nigeria:

Culture & Compliance is a lesson in patience, respect, and balance. Unlike Lagos, where deals can be purely transactional, the North demands deeper understanding.

Property here is not only about financial investment but also about cultural integration.

The wise investor doesn’t see these extra layers as obstacles, but as the very fabric that makes Northern real estate unique.

By respecting both the legal framework and cultural traditions, you don’t just buy land—you buy acceptance, peace of mind, and a place within a community.

For anyone considering Northern Nigeria, remember this: documents give you ownership, but culture gives you belonging.

Without both, your real estate journey may feel incomplete.

Dennis Isong is a TOP REALTOR IN LAGOS.

He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE.

For Questions WhatsApp/Call 2348164741041

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