NEWS
N20bn Fraud: Court Orders Forfeiture Of Keystone Bank’s Controlling Share to Federal Government
Justice Ramon Oshodi of the Special Offences Court, Ikeja, Lagos, today, ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.The order came after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.The company, which was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, was after entering a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).However, Kuru, the first defendant in the case, pleaded not guilty to the charges.The EFCC had filed a six-count amended charge claiming that the AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited to facilitate the acquisition of Keystone Bank.The anti-graft agency, under the direction of Olanipekun Olukoyede, also accused the defendants, along with Ifie Sekibo, a former Managing Director of the defunct Heritage Bank (who is currently at large), of dishonestly converting a total of N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Limited.Additionally, they were accused of transferring another N20 billion, derived from theft, with the intent to conceal its source, in violation of Section 332(1) of the Criminal Law of Lagos 2011, which is punishable under Section 332(3) of the same law.During the proceedings today, EFCC Counsel Rotimi Oyedepo (SAN) informed the judge that the Commission and Sigma Golf Nigeria Limited had agreed to resolve the matter amicably and in accordance with legal principles, justice, and public policy.Oyedepo stated that the terms of the plea bargain agreement included Sigma Golf Nigeria Limited pleading guilty to all six court charges and being wound up by the court.He further noted that the court would order the forfeiture of all rights, titles, and interests in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares to the Federal Government of Nigeria, represented by the EFCC.Additionally, the court would order the forfeiture of one unit of ordinary shares allocated to Alhaji Umaru Hamidu Modibbo, the company’s current chairman.Oyedepo disclosed that “the complainant agrees not to pursue criminal charges now or in the future against Alhaji Umaru Hamidu Modibbo.”Both the convict and its legal representative, David Idemu, confirmed that the plea bargain agreement was entered into voluntarily and without coercion.Similarly, Kuru’s lawyer, Olasupo Shasore (SAN) did not oppose the agreement.In light of these developments, Justice Oshodi convicted Sigma Golf Nigeria Limited and adopted the terms of the plea bargain agreement.During the proceedings, the judge also granted Kuru bail in the sum of N50 million with two sureties, who must swear to an affidavit of means before the court. The sureties must also provide evidence of tax payment for the last three years.The court ordered the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport by the court registrar.Before adjourning the case to March 7, for the commencement of the trial, the court temporarily released Kuru to his lawyer until his bail conditions were perfected.
Source: Newsdishng
The family of Chief Samuel Ayodele Adebanjo, revered nationalist, elder statesman, and leader of the Pan-Yoruba socio-cultural group, Afenifere, has formally announced the funeral arrangements following his passing on February 14, 2025, at the age of 96.A series of events have been planned to honour the life, legacy, and values of the late Pa Ayo Adebanjo — a man widely respected for his lifelong dedication to democracy, Yoruba unity, and national development.In a statement by the chairman of the burial planning committee, Dr. Biodun Shobanjo, on behalf of the family, they expressed their deep gratitude for the outpouring of support and prayers received since his passing and welcomed well-wishers to participate in celebrating the life of their beloved patriarch.The funeral arrangements are as follows:Day of Tributes/Service of Songs Wednesday, April 30th, 2025 || 2 p.m. Eko Hotels & Suites, Victoria Island, LagosColour: Shades of GreenWake Friday, May 2nd, 2025 || 4 p.m. Pa Ayo Adebanjo’s Country Home,, Isanya Ogbo, near Ijebu Ode, Ogun StateColour: Alari of GoldChurch Service/Funeral Saturday, May 3rd, 2025 || 10.a.m. St. Phillips Anglican Church, Isanya Ogbo, near Ijebu Ode, Ogun StateColour: Powder Blue Gele/Cap on Ankara or Royal Blue LaceThanksgiving Sunday, May 4th, 2025 || 10.a.m. St. Phillips Anglican Church, Isanya Ogbo, near Ijebu Ode, Ogun StateThe family invites friends, colleagues, political associates, and the general public to join them in paying final respects to a man whose courage, integrity, and unwavering belief in justice left an indelible mark on Nigeria’s political history.Chief Samuel Ayodele Adebanjo, widely known as Chief Ayo Adebanjo or Pa Ayo Adebanjo, was born on the 10th of April, 1928, in Ogun State, in the south-western region of Nigeria. He was born into the family of Joel Adebanjo Adedairo and Salamotu Odubanke. Chief Adebanjo began his public journey as a journalist before proceeding to the United Kingdom to study law. He was called to the English Bar in 1961.His political journey began in 1943 as a member of the Zikist Movement, before joining the youth wing of the Action Group in 1951, where he became a political disciple of the late Chief Obafemi Awolowo. Throughout his life, Chief Adebanjo remained a fearless advocate for democratic governance, true federalism, and Yoruba interests within the Nigerian federation.He will be remembered as a titan of Nigeria’s nationalist struggle and a principled voice in the country’s post-independence political evolution.SIGNED:Mrs. Ayotunde Atteh (nee Ayo-Adebanjo)Mrs. Adeola Azeez (nee Ayo-Adebanjo)Mr. Obafemi Ayo-AdebanjoFor The FamilyApril 24, 2025
Governor Umar Bago of Niger State has declared zero tolerance for rascality even as he has directed security agencies to arrest individuals wearing dreadlocks in Minna, the state capital.
The directive was issued during Tuesday’s high-level stakeholders’ security meeting at the Government House.
Governor Bago instructed security agencies to not only arrest those with dreadlocks but also forcibly shave their hair and impose fines on them.
“We will have zero tolerance for rascality. Anybody that you find with dreadlocks, arrest, barb the hair, and fine him,” Bago declared.
“Nobody should carry any kind of haircut inside Minna. I have given marching orders to security agencies.”
The meeting, attended by security operatives and traditional rulers, focused on clamping down on what the governor described as rising criminality and disorder in the state.
“Parents should warn their children. From this moment, it’s 100% fire-for-fire,” he said. “Also, any house found harbouring criminals should be demolished. Niger State is not for useless people.”
Among other measures announced were restrictions on commercial motorcycles and tricycles, which are now banned from operating between 6 p.m. and 6 a.m., except for emergency medical purposes.
The governor also directed traditional and community leaders, including district, village and ward heads, to ensure accurate documentation of all residents in their areas.
Union Bank of Nigeria Plc led by Yetunde Oni, is currently grappling with a massive N9.3 billion fraud following a significant operational system breach, THE WITNESS reports.
The development comes exactly one year and three months after the Central Bank of Nigeria (CBN) sacked the bank’s board and entire management, citing governance failures. A new management team was subsequently appointed to lead the financial institution.
Union Bank is battling to recover the sum of N9,329,322,870.00 (nine billion, three hundred and twenty-nine million, three hundred and twenty-two thousand, eight hundred and seventy naira), withdrawn from customers’ accounts without authorization.
In a suit marked FHC/L/CS/629/2025, filed before the Federal High Court in Lagos, seen by THE WITNESS, Union Bank sought a preservative order compelling the financial institutions involved to place Post No Debit restrictions on the accounts of all beneficiaries and to return the stolen funds traced to their institutions.
According to the bank, the fraud followed an operational failure and fraud in its core banking system on March 23, 2025, which led to unauthorized transfers from customers’ accounts.
An affidavit deposed to by Oluwasegun Falola, head of the E-Fraud Investigations Department at Union Bank, stated that the funds were fraudulently and erroneously transferred from the bank to various accounts across 53 financial institutions.
Falola explained that on March 23, 2025, the bank observed that N9.3 billion had been debited from customer accounts and dispersed into various accounts maintained by the respondent banks. He added that Union Bank immediately contacted the banks involved in a bid to halt further dissipation of the funds.
“The Fraud Desk Department of the bank, in the course of its investigations, discovered that the monies were transferred in trickles into several accounts domiciled with the 1st to 54th Respondents,” the affidavit stated.
Union Bank attributed the unauthorized debits to a system glitch and exploitation, which it says enabled the illicit transfers.
“The funds were erroneously and fraudulently transferred from customers’ accounts.
“Upon further investigation, it was found that the funds were subsequently moved from these primary beneficiary accounts to other accounts also held by the respondents.”
The bank disclosed that it had submitted the list of recipient accounts to the respective financial institutions as a preliminary measure to recover any remaining funds
To support its recovery efforts, the bank said its internal audit and legal departments compiled detailed reports tracing the flow of funds and identifying all beneficiary accounts.
When the case was mentioned on April 2, 2025, Union Bank’s counsel, A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being moved.
“₦9.3 billion has been moved from the account, and they are still moving funds. We now have more people involved in moving the funds,” the lawyer told the court.
To support its recovery efforts, the bank said its internal audit and legal departments compiled detailed reports tracing the flow of funds and identifying all beneficiary accounts.
When the case was mentioned on April 2, 2025, Union Bank’s counsel, A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being moved.
“₦9.3 billion has been moved from the account, and they are still moving funds. We now have more people involved in moving the funds,” the lawyer told the court.
In his ruling, Justice Deinde Dipeolu agreed with the submissions and thereafter granted a motion ex parte filed by the bank concerning the unauthorized fund transfers.
“Having reviewed the motion ex parte, the application is hereby granted,” the judge ruled.
The incident has raised broader concerns about the security of Nigeria’s banking infrastructure, especially as interbank transactions continue to increase. Financial analysts suggest that outdated systems and inadequate oversight may be exacerbating vulnerabilities, heightening the risk of fraud and transactional errors.
Union Bank did not respond to THE WITNESS’ inquiries as at press time.
(S) Witnessngr
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