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N20bn Fraud: Court Orders Forfeiture Of Keystone Bank’s Controlling Share to Federal Government

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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

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Verve Joins PCI Security Standards Council, NEXO Standards Community, Reinforcing Global Commitment to Secure, Interoperable Payments

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Lagos, Nigeria – March 5, 2026 — Verve International, Africa’s leading payment card brand, has announced its membership of two major global payment standards bodies, the PCI Security Standards Council (PCI SSC) and the NEXO Standards community, reinforcing its commitment to world-class security, interoperability, and future-ready payment infrastructure.

The PCI Security Standards Council is the global governing body responsible for setting and overseeing security standards that protect cardholder data across the entire payment ecosystem, including card schemes, banks, processors, merchants, and solution providers. Its standards help ensure that all entities involved in storing, processing, or transmitting card data meet strict security requirements, reducing exposure to fraud, data breaches, regulatory penalties, and operational risk.

By joining PCI SSC, Verve aligns more closely with globally recognised best practices for payment security and gains the opportunity to actively contribute African perspectives to ongoing discussions shaping the future of card data protection worldwide.

Verve has also joined the NEXO Standards community, home to some of the most influential global standards for payment acceptance. NEXO delivers modern, universal, and interoperable messaging standards that enable banks, processors, and payment terminals to communicate in a clear, consistent, and feature-rich manner.

This membership supports Verve’s continued efforts to simplify integrations, improve interoperability across markets, and accelerate innovation in payment acceptance, particularly as digital and cross-border transactions expand across Africa and beyond.

Speaking on the development, Vincent Ogbunude, Managing Director, Verve International, said:

“Security, trust, and seamless interoperability remain central to Verve’s mission. Joining the PCI Security Standards Council and the NEXO Standards community strengthens our alignment with global best practices and enhances our ability to deliver secure, scalable, and future-ready payment solutions for our partners and cardholders across Africa and beyond.”

Membership of both PCI SSC and NEXO Standards underscores Verve’s broader strategy to modernise payment infrastructure, reduce technical barriers for issuers, acquirers, and merchants, and support smarter, more secure payment experiences across the continent.

With these affiliations, Verve continues to deepen its role within the global payments ecosystem, contributing to the evolution of standards that underpin secure, reliable, and interoperable digital commerce worldwide.

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Zamfara State Government Sponsors 25 Indigene Students to Nigerian Law School, Reinforcing Commitment to Legal Education

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In a significant initiative aimed at enhancing the legal profession in Zamfara State and empowering its youth, the Zamfara State Scholarship Board has successfully obtained Executive approval for a vital intervention. This program is specifically designed for students who have earned admission to the Nigerian Law School, a prominent institution for legal training in the country. Under the visionary leadership of His Excellency, Governor Dauda Lawal, the Zamfara State Government has officially authorized the full sponsorship of registration fees for twenty-five (25) indigene students who have been accepted into the Nigerian Law School for the 2024/2025 academic session.

This financial sponsorship is a crucial element of the administration’s broader strategy to democratize access to high-quality education, ensuring that aspiring legal professionals are not held back by financial constraints. By covering the registration costs, the government aims to facilitate a smooth transition for these students from academic pursuits to professional legal practice, allowing them to engage fully in their studies without the distraction of financial burdens.

The approval reflects the administration’s firm belief that investing in human capital is essential for the sustainable development and growth of Zamfara State. The government recognizes that a strong legal framework and a cadre of skilled legal practitioners are vital for ensuring good governance, stimulating economic rejuvenation, and advancing social justice. This commitment to legal education is integral to fostering a society founded on the rule of law and equitable justice.

“This initiative goes beyond simply covering fees; it represents a strategic investment in the intellectual and professional capital of Zamfara,” stated a spokesperson for the Scholarship Board. “Governor Lawal is deeply committed to nurturing a generation of legal professionals who will not only achieve their personal career goals but will also actively contribute to the legal and socioeconomic transformation of our state.”

To uphold the principles of equity and meritocracy, the selection of the twenty-five benefitting students was carried out through a rigorous and transparent vetting process. This process utilized a comprehensive criteria matrix, ensuring inclusiveness and prioritizing students from diverse backgrounds, particularly those hailing from historically marginalized communities. This approach underscores the government’s dedication to promoting social equity and inclusion in educational opportunities.

The financial support provided by the government is anticipated to significantly lessen the financial burden faced by these students and their families, enabling them to concentrate fully on their academic rigor and responsibilities at the Law School campuses located in various cities including Abuja, Enugu, and Bayelsa.

This educational sponsorship initiative is part of a larger series of reforms being undertaken by the Dauda Lawal administration, all aimed at revitalizing the educational sector in the state. It signals a clear shift from passive governance to proactive, results-oriented investment in the future of Zamfara’s youth, thereby fostering an environment where talent and ambition can flourish.

The Zamfara State Government remains unwavering in its commitment to provide a conducive environment for academic excellence and professional development, ensuring that all indigene students have the opportunity to pursue their dreams without the constraints of financial hardship. This initiative is not just an investment in education but a commitment to building a brighter future for Zamfara State and its citizens.

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Fidelity Bank Advances Financial Inclusion in Kebbi as Community Celebrates New Branch Launch

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Photo caption:
L-R: District Head, Kyangakwai, Alhaji Suleiman Musa; Former Speaker, Kebbi State House of Assembly, Mr Isma’ila Abdulmumuni Kamba; District Head, Kamba (Sarkin Shikon Kamba), Mamuda Zarummai; Council Secretary, Dandi Local Government, Kebbi State, Alhaji Abdulkadir Muhammad; and Regional Bank Head, North-West Zone 2, Fidelity Bank Plc, Mr Muhammad Lawal-Ahijo; at the official commissioning of the new Fidelity Bank Plc branch in Kamba, Dandi Local Government Area, Kebbi State recently.

Residents of Kamba in Dandi Local Government Area of Kebbi State have welcomed the opening of a new branch of Fidelity Bank Plc, describing it as a major milestone that will ease long-standing financial and logistics challenges faced by farmers, small-scale traders and individuals in the community.

The Chairman of Dandi Local Government Council, Dr. Mansur Isah-Kamba, described the branch as a welcome relief after years of limited access to formal banking services. Represented by the Council Secretary, Alhaji Abdulkadir Muhammad, Isah-Kamba noted that residents – including over 83 traditional rulers on the local government payroll—previously travelled long distances to Birnin Kebbi for routine banking transactions.

“With the opening of this branch in our locality, the stress, cost and time associated with banking outside the community will be significantly reduced,” he said. He also commended Fidelity Bank for its foresight and commitment to supporting farmers and small and medium-scale enterprises (SMEs).

On his part, the Sarkin Shikon of Kamba, Alhaji Mahmoud Zarumai-Fana, described farming as the primary occupation in the area will help improve commercial activities.

“Our people are predominantly farmers. Access to financial services will help them improve productivity and livelihoods. Farmers need support such as pumping machines, fertilisers, and pesticides, and proximity to banking services will make it easier to save, access loans, and participate in agricultural intervention programmes,” he said.

Speaking at the official inauguration ceremony, Regional Bank Head, North‑West Region, Fidelity Bank Plc, Mr. Muhammad Lawal‑Ahijo, highlighted the bank’s commitment to expanding financial access and supporting economic growth across Nigeria.

“Our decision to establish this branch is rooted in our belief that every community deserves access to reliable financial services that enable people to grow, businesses to thrive, and local economies to prosper. Kamba is a thriving agricultural community, and the decision to open a branch here is a strategic investment in the future of its farmers, traders, and households. While the infrastructure is for the bank, this branch belongs to the community. We encourage residents to take ownership by fully utilising the services available.” Lawal-Ahijo said.

He further noted the bank’s overall dedication to empowering informal sector workers and small and medium-scale enterprises (SMEs), adding, “Our goal is to bring banking closer to the people and support farmers, SMEs and households with accessible financial services that drive sustainable growth.”

In his remarks, a member of the Kebbi State House of Assembly representing Dandi Constituency, Dr. Abubakar Suleiman-Fana, said the new branch marked a significant step toward strengthening financial inclusion in rural communities.

“This is a milestone for our constituency. Financial inclusion is critical to rural development, and farmers, traders, and youths must take advantage of this opportunity to grow their businesses and improve their economic well-being,” he said.

Residents also expressed delight about the impact the new branch will have on their daily lives. A petty trader, Mrs. Hassana Abubakar, said she previously had to close her shop whenever she travelled to Birnin Kebbi for banking transactions.

“Now I can do my banking here without losing a whole day’s business. This will help my shop grow,” she said.

The opening of the Fidelity Bank branch in Kamba underscores the bank’s ongoing commitment to advancing financial inclusion, supporting rural economies and empowering farmers and small businesses across Nigeria.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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