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Court Orders Forfeiture Of Keystone Bank Controlling Share To FG

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Justice Ramon Oshodi of the Lagos State Special Offences Court in Ikeja on Tuesday ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government.

The order came after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria, AMCON, funds.

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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 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.

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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.

They were also 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.

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During the proceedings on Tuesday, EFCC counsel, Mr. 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.

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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, represented by the EFCC.

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.”

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Both the convict and its legal representative, David Idemu, confirmed that the plea bargain agreement was entered into voluntarily and without coercion.

Kuru’s lawyer, Olasupo Shasore, did not oppose the agreement.

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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.

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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.

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Delta Govt, Communities Trade Words Over Infrastructure Deficit

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The Delta State Government and some communities have disagreed over infrastructure deficits in their areas.

The Isoko and Udu communities raised an alarm and protested, demanding more government attention in their localities.

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While the Udu people protested about being sidelined in recent infrastructure approvals by the Delta State Executive Council, Isoko youths claimed they had been neglected.

However, the state government described their allegations and agitations as misleading and not reflective of the administration’s equitable development agenda.

READ ALSO:Why Peter Obi Must Get Security Clearance Before Coming To Edo — APC Chair, Tenebe

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Commissioner for Works (Highways and Urban Roads), Reuben Izeze, responding to complaints from residents about the pace of work and the perceived absence of contractors on-site, explained that the inspection visit was unannounced to allow for an honest assessment.

He reaffirmed the commitment of Governor Sheriff Oborevwori’s administration to equitable development across all parts of the state, dismissing claims that Udu LGA has been sidelined.

Speaking during an inspection tour of ongoing road projects in Udu, particularly the Bezi Road and drainage project linking Aladja to Ogbe-Ijoh, headquarters of Warri South West LGA, Izeze said the presence of the administration in Udu is a clear demonstration of its dedication to inclusive infrastructure development.

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We are here to assess the progress on this critical road. The initial design of the road failed to anticipate the volume of water in the area. However, upon discovering the inadequacy of the original drainage plan, the government promptly approved an additional 465 metres of drains to channel water to a nearby natural canal along the Ogbe-Ijoh–Aladja axis,” Izeze stated.

READ ALSO:Delta Commissioner Reveals Reason Two-storey Building Collapsed In Asaba

Again, Commissioner for Works (Rural Roads) and Public Information, Mr Charles Aniagwu, said Governor Sheriff Oborevwori’s administration has continued to prioritise infrastructure development, healthcare, and education across all parts of Delta State, including the Isoko axis.

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Aniagwu emphasised that, contrary to the claims, the Isoko nation has benefited immensely from the administration’s MORE Agenda, with over 53 strategic projects either completed, ongoing, or approved across Isoko North and Isoko South Local Government Areas.

He said the projects cut across road infrastructure, internal road networks in rural and urban communities, healthcare upgrades, and significant interventions in tertiary education.
(DAILY POST)

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Lagos Doctors To Begin 3-day Warning Strike

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Medical doctors under the employ of the Lagos State government on Saturday declared a three-day warning strike in protest against what they described as an “illegal and disrespectful” salary deduction by the Lagos State Government.

The medical doctors under the aegis of the Medical Guild said the warning strike is set to begin from 8:00 a.m. on Monday, July 28, 2025, to 8:00 a.m. on Thursday, July 31, 2025, if the government fails to meet their demands.

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They said the decision to embark on the industrial action came after all avenues for dialogue and reconciliation were exhausted without positive results.

Addressing journalists during a press conference held at the Guild’s secretariat in Lagos, Chairman of the Medical Guild, Dr. Japhet Olugbogi, said the crisis stemmed from a unilateral salary deduction implemented by the state government in April 2025, which affected all medical and dental practitioners in its employ.

READ ALSO:Doctors Warm Up For Nationwide Strike

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The development came to us as a rude shock. Our members were visibly aggrieved and agitated. Although many clamoured for an immediate strike, the officers’ committee chose the path of civility, pursuing advocacy and diplomatic engagement with relevant government agencies,” Olugbogi stated.

According to him, the funds were eventually reversed following what he described as “spirited intervention and strategic engagement,” and a six-member conciliation committee was set up, comprising three representatives each from the government and the Guild.

We presented all relevant documents clarifying the calculation of the CONMESS salary scale, and it was agreed that the status quo would be maintained while the government deliberated internally and returned with a final position,” Olugbogi said.

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However, in what the Guild termed a breach of trust, the Lagos State Treasury Office in July again implemented a salary cut, prompting the Guild to declare a warning strike set to begin from 8:00 a.m. on Monday, July 28, 2025, to 8:00 a.m. on Thursday, July 31, 2025, if the government fails to meet their demands.

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The Guild is demanding the immediate reversal of the July salary deductions. It is also calling for the full payment of the 12-month revised CONMESS arrears owed to honorary consultants at the Lagos State University Teaching Hospital, LASUTH. In addition, the Guild resolved to issue a 21-day ultimatum to the state government after the warning strike, and if the demands remain unmet at the end of the ultimatum, an indefinite strike will commence.

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Olugbogi criticised the government for its actions, especially at a time of economic hardship and mass emigration of health professionals, popularly referred to as the japa syndrome.

Let it be known that the most senior doctor in Lagos State employment does not earn up to $1,100.

“And yet, the government, in its wisdom, feels that reducing this meagre income is the best way to motivate the health workforce.”

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He called on Governor Babajide Sanwo-Olu to urgently intervene and prevent a total collapse of the state’s healthcare system.

“We are by this medium calling on our compassionate Governor to kindly intervene to ensure the reversal of the illegally deducted funds,” he said.

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Over 385 doctors attended the emergency congress where the strike decision was ratified.
Also, the Guild’s Secretary, Dr. Adekunle Akinade, affirmed the union’s readiness to escalate action if their grievances are not addressed.

 

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Why Only South East Deserves New State – Ozekhome

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Constitutional and human rights lawyer, Prof Mike Ozekhome, SAN, on Saturday, maintained that most of the states that make up the Federal Republic of Nigeria today are not viable and, as such, saw no reason why more states should be created in the country.

Ozekhome, who blamed the condition of the states on the “skewed federal template” being operated in the form of a unitary system of government, called for a complete overhaul of the 1999 Constitution.

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According to him, the present constitution is not only cumbersome, with the centre vested with too much power and too many responsibilities, but was also a product of the military class, which has ruled Nigeria for quite some time.

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He spoke at a “Walk for Wellness” campaign embarked upon by the Mike Ozekhome Chambers (MOC) in Abuja on Saturday.

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Some of us are now saying rather than create more states, we should collapse the present structure into about six geopolitical zones, which should serve as regional governments.

“A parliamentary system of government operating on a regional basis will be more beneficial to the people because it will catalyse development and competitiveness among the regions. Right now, no state is competing; all of them just go to Abuja at the end of the month to take from the federation account to share,” he said.

READ ALSO:AEDC Gives Reason For Blackout In Parts Of Abuja

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The senior lawyer lamented that Nigeria has become a sharing country that is not baking anything because “they don’t care or even know how to bake anything.”

According to him, while Nasarawa has the highest mineral deposits of over 36 items, followed by Plateau with 28 items, with Sokoto and Kaduna States in that order, the entire country still relies on crude oil, which is fast losing its value across the world.

I will suggest that if we are to retain the state structure, we should retain the states as federating units, thus having two tiers of government,” he said, leaving local government to the states.

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He added: “The only state I will have said should be created right now should be in the South East, to bring them to equity with other geopolitical zones in the country.”

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