Banking and Finance
ICPC Moves To Seize N1.3bn Kaduna Fund Hidden In Sterling Bank

Sterling Bank Limited has been indicted as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) seeks the temporary forfeiture of N1,373,180,510.07 Kaduna State fund allegedly hidden in the bank.
The fund is believed to have been diverted from the Kaduna Light Rail Project’s budget into the account of a private company.
Although the project was funded by the government of former Governor Nasir el-Rufai, it was never executed.
The commission reported tracing N1.373 billion to an account belonging to Indo Kaduna Marts JV Nig. Ltd.
The anti-graft agency stated that the money was “allegedly diverted into a private account.”
While a source confirmed a Joint Venture agreement between the Kaduna State Government and the company in 2016, the ICPC revealed that N11,099,579,455.14 was deposited into the company’s account between December 23, 2016, and January 17, 2017, before the company was registered with the Corporate Affairs Commission (CAC).
According to ICPC findings, the company was registered with the CAC on the 10th of May, 2017.
ICPC made the revelations in a motion ex-parte before the Federal High Court, Kaduna Division on Friday February 14th, 2025.
No date has been fixed for the hearing of the motion bordering on the activities of Kaduna State Government during the Nasir el-Rufai administration.
The ICPC wanted the forfeited cash which is currently in the custody of the Central Bank of Nigeria (CBN), to be returned to the Kaduna State Government for the use of the people of the state.The motion was brought pursuant to section 17(1), (2), (3), & (4) of the Advance Fee Fraud and other fraud related offences Act 2006, Section 48 (1), ), (2), & (3) (a) & (b) of the Corrupt Practices and Other Related Offences Act, 2000, Sections 7, 8, 9, 10 11 and 12 of the proceeds of crime: (Recovery and Management) Act, 2022 and Section 6 (6) (a) of the 1999 Constitution of the Federal Republic of Nigeria (As amended)The ICPC asked for the following reliefs:
An order of this Honourable Court temporarily forfeiting the sum of N1,373,180,510.07 (One Billion, Three Hundred and Seventy-Three Million, One Hundred and Eighty Thousand, Five Hundred and Ten Naira, Seven Kobo) being an amount allegedly diverted into a private account to wit: Indo Kaduna Marts JV Nig Ltd, and was recovered into the commission’s recovery account domiciled with the Central Bank of Nigeria in the course of an ongoing investigation activity against officials of Kaduna State Government between 2015 and 2023.An order of this Honourable Court directing the Applicant to publish a notice in any two (2) national newspapers calling for persons whether human, juristic of artificial having interest in the moveable property to show cause in court why the aforesaid moveable property should not be permanently forfeited to the Federal Government of Nigeria.
And for such further or other orders as the Honourable Court may deem fit to make in the circumstances.In an affidavit in support through a Litigation Officer, Idris Abubakar, ICPC said it “received a petition against officials of Kaduna State Government under the administration of Mallam Nasir El-Rufai. A copy of the petition is attached and marked as Exhibit ICPC 1.
“The commission, during preliminary investigation, retrieved relevant documents from Sterling Bank Limited relating to financial transactions involving Kaduna State Government.
“The commission’s investigators analysed the documents retrieved from Sterling Bank Limited and the analysis revealed the following:
“The Kaduna State Government had a purported joint venture agreement with the Respondent signed on 18th October, 2016. A copy of the joint venture agreement is hereby attached and marked as Exhibit ICPC 2.“The joint venture agreement was for the construction of light rail service for the State Government.
“Thereafter, Respondent opened a bank account with Sterling Bank Limited on the 15th day of December, 2016.“Prior to the opening of the bank account for Indo Kaduna Mrts JV Nigeria Limited, the company was not incorporated with the Corporate Affairs Commission.
“That following the opening of the account with the Sterling Bank Limited, former Governor of Kaduna State, Mallam Nasir Ahmad El-Rufai, approved the lodgment of a total sum of N11,099,579,455.14 into Indo Kaduna Mrts JV Nigeria Limited account from various accounts of Kaduna State Government in different tranches into the Respondent’s account.
“Kaduna State Government began funding the account of Indo Kaduna Marts JV. Nigeria Limited with an initial deposit of N890,300,000 (Eight Hundred and Ninety Million, Three Hundred Thousand Naira) from the Kaduna State Single Treasury Account on the 23” day of December, 2016.“On the 10th day of January, 2017, the sum of N2,300,000,000.00 was received by Indo Kaduna Mris JV Nigeria Limited from the office of the Accountant General Kaduna State.“Subsequent deposits of N3,000,000,000.00 and N4,909,279,455.14 were made into the said account from Kaduna State through the office of the Accountant General of the state on the 17th day of January, 2017“That the N11,099,579,455.14 lodged into the Respondent’s account was dissipated before the formal registration of Indo Kaduna Marts JV Nigeria Limited with the Corporate Affairs Commission.
“The total sum received into Indo Kaduna Mrts JV Nigeria Limited from Kaduna State Government accounts was N11,099,579,455.14. A copy of the account statement of Indo Kaduna Marts JV Nigeria Limited is hereby attached and marked as Exhibit ICPC 3.
“That the Respondent (Indo Kaduna Mrts JV Nigeria Limited) was formally registered with the Corporate Affairs Commission on the 10th day of May, 2017.
A copy of the incorporation documents is attached and marked as Exhibit [CPC 4.“The N11,099,579,455.14 was meant for the provision of light rail services for the use of the people of Kaduna and Nigerians in general.
“There was no such project executed by the Kaduna State Government as revealed in the course of investigation.”
ICPC said its investigation revealed further that
:▪Among the signatories to the account of the alleged unregistered company were officials of Kaduna State Government and the Indian representative of Skipper Nigeria Limited.
▪Sometime in January, 2017, the Group President of Skipper Nigeria Limited, one Jitender Sachdeva, (vide a letter dated the 17* day of January, 2017, instructed Sterling Bank Limited to fix the N11,099,579,455.14 in an interest-yielding account. A copy of the letter is hereby attached and marked as Exhibit ICPC 5.
▪The interest on the fixed deposit amounted to the sum of N326,823,818,68.▪Investigation also revealed that the interest on the fixed deposit was diverted to different accounts of Skipper Nigeria Limited domiciled with Sterling Bank Nigeria Limited. Copies of the said account statements are hereby attached and marked as Exhibits ICPC 6 & 6A respectively.
▪ On the 10th day of July, 2019, N10 billion was returned back to Kaduna State Government from Indo Kaduna Marts JV Nigeria Limited account with Sterling Bank Limited.
▪The balance of N1,046,300,000.00 was diverted in two (2) tranches of N890,300,000.00 and N156,000,000.00 to the account of GTA Engineering Nigeria Limited domiciled with Sterling Bank Limited and Access Bank Plc. Copies of the account statements of GTA Engineering Nigeria Limited of both banks are hereby attached and marked as Exhibits ICPC 7 & 7A respectively.
▪Investigation further revealed that GTA Engineering Nigeria Limited is a subsidiary of Skipper Nigeria Limited.▪From investigation activities, no official of Kaduna State Government was a signatory to the bank accounts of Skipper Nigeria Limited and GTA Engineering Nigeria Limited except Indo Kaduna Marts JV Nigeria Limited.
▪ The alleged N1,046,300,000.00 transferred into accounts of GTA Engineering was tagged “payment for feasibility study” but investigation revealed that no such feasibility study was carried out.
▪The commission has recovered both the N1,046,300,000.00 transferred to GTA Engineering Limited accounts of Sterling Bank Limited and Access Bank Plc for the alleged feasibility study and the interest on the fixed deposit of the N11,099,579,455.14 from Sterling Bank Limited.
▪I know as a fact that the grant of this application will not affect the rights of any interested person to own property as guaranteed under the Constitution of the Federal Republic of Nigeria, 1999.
▪ The diversion of the alleged sum has deprived the people of Kaduna State the benefits of rail transportation system the money was meant for.
▪ This application seeks the Honourable Court’s indulgence to repatriate the recovered sums back to Kaduna State Government to enable the Government channel the money to more people-oriented projects.
(S) The Witness
Banking and Finance
20 New Millionaires Emerge from Fidelity Bank GAIM 6 Promo

L-R: Oyinkan Kusamotu, Principal Legal Officer, Lagos State Lotteries and Gaming Authority; Adetunji Mustafa, Divisional Head, Strategy, Innovation and Business Transformation, Fidelity Bank Plc; Aboluwade Margaret, South-West Zonal Coordinator, Federal Competition and Consumer Protection Council [FCCPC]; Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; Chetachi Okechukwu, Regional Bank Head, Ikoyi, Fidelity Bank; and Aigbadon Ehi, Surveillance and Investigation Officer, FCCPC; at the second and third Monthly draws of the Fidelity Bank, Get Alert In Millions Season 6 (GAIM 6) promo in Lagos recently.
Fidelity Bank Plc has announced 20 new millionaires at the 2nd and 3rd monthly draws of its Get Alert in Millions Season 6 (GAIM 6) promo held at the bank corporate head office in Lagos.
The 20 lucky winners, randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones, will be rewarded with the sum of one million naira each.
Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank Plc, Dr. Ken Opara represented by the Regional Bank Head, Ikoyi, Chetachi Okechukwu, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.
According to Opara, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.
“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts. In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”
The monthly draws was monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator, Federal Competition and Consumer Protection Council (FCCPC), Mrs. Aboluwade Margaret; and the Principal Legal Officer, Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.
Since the campaign launched in November 2024, Fidelity Bank has disbursed N19.75 million to 869 customers across different categories. The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Banking and Finance
Unity Bank Hosts IWD Webinar, Commits to Accelerating Action Towards Gender Equality

Lagos.14.03.2025. Unity Bank Plc has reaffirmed its commitment to women’s empowerment with a series of high-impact initiatives designed to inspire action toward gender equality and sustainable development.
The Bank hosted a webinar with the theme: “Unleashing Women’s Potential,” pivoted by the Unity Bank Women Network as it was marking this year’s International Women’s Day,
Being one of the Bank’s thought leadership on self-reliance, opportunity and equity, the webinar featured influential female leaders, including Gbemi Olateru-Olagbegi, a Nigerian entrepreneur and media personality, and Oluwabusayo Adegoke, a certified life coach and Strategy Consultant, who shared perspectives on women’s leadership, financial inclusion, and breaking barriers in male-dominated industries. The event provided an opportunity for professionals, entrepreneurs, and young women to gain valuable insights into personal and professional development.
The Bank also spotlighted women making significant contributions to their communities, particularly those driving change through education, mentorship, and financial empowerment. Among them were Abisoye Ajayi-Akinfolarin, a trailblazer empowering girls through technology; Tejumoluwa Olaobaju, an advocate leading the fight against period poverty in her community; and Chioma Ohakwe, a champion of inclusivity and women’s empowerment through targeted skill acquisition programmes for girls and women.
Speaking on the Bank’s commitment to gender equity, Mrs. Particia Ahunanya, Unity Bank’s Chief Compliance Officer and Chair of Unity Bank Women’s Network, stated: “Our commitment to financial inclusion and gender equity has made Unity Bank remain in the vanguard of championing opportunities for empowering women across all sectors. This is in view of the realization that women are crucial drivers of economic growth and societal transformation. Through initiatives like the ‘Unleashing Women’s Potential’ webinar and our community spotlights, the Bank is focused on promoting more initiatives to drive impact among the female gender”.
Unity Bank’s IWD 2025 initiatives align with its broader vision of supporting women in leadership, business, and entrepreneurship. Through gender-focused initiatives – particularly with products like the Yanga Account – the bank is committed to driving financial inclusion and empowering women to actively participate in economic and financial systems. By providing tailored financial solutions, Unity Bank aims to create equal opportunities for women to thrive, grow, and succeed.
As the global conversation on gender equality continues to gain momentum, Unity Bank calls on stakeholders across industries to accelerate actions toward creating a more inclusive society without limitations.
Banking and Finance
Fidelity Splashes Millions of Naira on Youth Corps Members with GAIM 6

L – R: Branch Leader, Fidelity Bank Plc, Nanka Close, Wuse, Abuja, Vincent Ijioma; GAIM 6 NYSC Empowerment Grant winner, Bomane-Aziba Koromo; and Zonal Inspector, NYSC Zone 3, Abuja, Adama Usman, at the Fidelity Bank GAIM 6 NYSC Empowerment Grant prize presentation ceremony for Q1 in Abuja recently.
Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.
The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totaling N159 million. The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.
Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.
“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity. Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.
“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders. It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.
Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign, from various branches nationwide. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both from Uyo 2 Branch; Derryk Chidubem Okafor from Trans-Ekulu Branch; Aliyu Idris Adamu from Tudun-Wada Kaduna Branch; Bomane-Aziba Koromo from Nanka Close, Wuse Branch; Asabe Grace Adamu from University of Maiduguri Branch; David Agbai Agwu from Oshogbo Branch; Abdullahi Opeyemi Olajuwon from Airport Road, Lagos Branch; and Eghosa George Orhue from Ado Ekiti Branch.
Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.
His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank. This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it,”
Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe. But when they sent me proof, I realized it was real. I am truly grateful for this opportunity. My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business”.
Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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