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N432bn theft: El-Rufai sues Kaduna Assembly, challenges probe

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The immediate-past governor of Kaduna State, Mallam Nasir El-Rufai, has urged the Federal High Court in Kaduna to quash the report of the state House of Assembly indicting him of N432bn theft.

In a suit filed by his lawyer, A.U. Mustapha, on Wednesday, El-Rufai said the Assembly breached his right to a fair hearing by not inviting him in the course of the probe.

He is urging the court to declare the report of the Assembly’s ad hoc committee indicting it null and void.

El-Rufai’s media aide, Muyiwa Adekeye, disclosed the development in a statement on Wednesday.

Adekeye said, “Mallam Nasir El-Rufai was at the Federal High Court, Kaduna, today to sign the affidavit supporting his fundamental rights enforcement case against the Kaduna State House of Assembly and the Kaduna State Government.

“El-Rufai approached the court as a Nigerian citizen entitled to be given a fair hearing before his rights can be determined by a quasi-judicial or investigative body or courts in line with the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and the African Charter on Human and Peoples Rights.

“El-Rufai asked the court to declare that by the provisions of Section 36 of the Constitution of the Federal Republic of Nigeria, 1999, the report of the Ad Hoc Committee on Investigation of Loans, Financial Transactions, Contractual Liabilities and Other Related Matters of the Government of Kaduna State from 29 May 2015 to 29 May 2023, as ratified by the Kaduna State House of Assembly, is unconstitutional and therefore null and void for violating his right to fair hearing as guaranteed under the constitution.”

The ad hoc committee set up by the Kaduna State House of Assembly to investigate all finances, loans and contracts awarded under El-Rufai had on June 5, 2024, indicting the ex-governor and some of his appointees of siphoning N423bn state funds.

The Assembly, while adopting the report of the 13-man panel, asked the incumbent Governor, Uba Sani, to refer El-Rufai, his Commissioner of Finance and other aides to relevant security agencies for investigation.

The Assembly had in April set up the 13-man panel, headed by the Deputy Speaker, Henry Danjuma, to probe El-Rufai’s administration.

The probe by the Assembly came weeks after the incumbent Governor of Kaduna State, Uba Sani, lamented that El-Rufai left him a huge debt profile.

Sani, who spoke during a town hall meeting in Kaduna, said he inherited a lean treasury, adding that he could not pay workers’ salaries.

Sani said, “Despite the huge debt burden of $587m, N85bn, and 115 Contractual Liabilities sadly inherited from the previous administration, we remain resolute in steering Kaduna State towards progress and sustainable development.”

While presenting the report during the June 5 plenary, Danjuma said most of the loans obtained under El-Rufai’s administration were not used for the purpose for which they were obtained, while in some cases, due process was not followed in securing the loans.

Receiving the report, the Speaker of the Kaduna House of Assembly, Yusuf Liman, said that a total N423bn was siphoned by the El-Rufai’s administration while leaving the state with huge liabilities.

The committee’s report, which was immediately adopted and its recommendations forwarded to the state Governor Sani for immediate action, alleged that El-Rufai authorised humongous withdrawals of cash both in naira and dollars from the state’s coffers, with no records of utilisation, denying the state of the needed resources for development.

It also alleged that El-Rufai was involved in complicit activities with commissioners and heads of parastatals by allegedly issuing directives to the Kaduna Public Procurement Agency to circumvent due process in the payment of contractors vide letter dated June 21, 2021.

A copy of the report sighted by The PUNCH read partly: “The Governor of Kaduna State between 29th May 2015 to 29th May 2023 as the Chief Executive Officer of the state breached his Oath of Office contained in the 7th Schedule to the Constitution of the Federal Republic of Nigeria (as amended and failed to exercise due discretion in the administration of the state, thereby indulged in: 1. Plunging the state into unwanted, unjustified and fraudulent domestic and foreign debts over and above the total Loans obtained by Kaduna State from 1965 to 1999 and the majority of which were obtained without due process.

“Reckless awards of contracts without due process and due execution, leading to several abandoned projects despite payments.

“(He) authorised humongous withdrawals of cash both in naira and dollar with no records of utilisation and denied the state of the needed resources for development.

“Complicit activities with commissioners and heads of parastatals to defraud the state by issuing directives to KADPPA to circumvent due process in the payment of contractors vide letter dated 21st June 2021.

“Diversion of funds and money laundering contrary to all extant Laws and regulations and accordingly should be referred to the law enforcement agencies for in-depth investigation and appropriate action.”

The committee alleged that some government contractors were overpaid, while others collected money without executing the assigned projects.

It, therefore, recommended that the contractors it listed should refund a total sum of N36.3bn “being funds paid for work either not done, overpayment or diversion to the Kaduna State government.”

The committee equally recommended that the current Commissioner of Finance, the current Chairman of the State Universal Basic Education Board and the current Executive Secretary of the state Pension Bureau should step aside to allow for proper investigation into the activities of the ministry and agencies.

THE PUNCH

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FG assumes full control of Keystone Bank

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Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth recapitalisation process.

The bank disclosed this in a statement on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja.

The court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government.

“Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo,” the statement read.

“At the court sitting today, February 11, 2025, the court ordered the forfeiture of the bank’s shares previously held by these shareholders in favour of the Federal Government of Nigeria, ” it said.

The bank described the development as a significant milestone, reinforcing its stability and positioning it for long-term growth.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” it stated.

The bank also reassured customers of its financial health and regulatory compliance.

“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.

Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on 10 January 2024, leading to the appointment of new leadership.

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Court orders forfeiture of N6.3bn Keystone Bank shares, as ex-AMCON boss’ co-defendant pleads guilty

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The Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the federal government.

The ruling, delivered by trial judge Rahman Oshodi was part of a plea bargain agreement between the Economic and Financial Crimes Commission (EFCC) and Sigma Golf Nigeria Limited, following the company’s guilty plea through its chairman, Umaru Modibbo.

The court also convicted and wound up Sigma Golf Nigeria Limited, forfeiting its 6.25 billion units of Keystone Bank shares to the federal government.

Mr Modibbo, the founder of Sigma Pensions Nigeria Ltd, was arraigned alongside former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru on counts of conspiracy, stealing, and illegal property transfer.

EFCC said in a statement by its spokesperson, Dele Oyewale, on Tuesday, that N20 billion in AMCON funds was illicitly channelled through Heritage Bank to finance Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.

While Mr Kuru pleaded not guilty, Sigma Golf Nigeria Ltd admitted guilt, leading to the company’s conviction and liquidation.

Following the guilty plea, EFCC’s lead prosecutor, Rotimi Oyedepo, who is a Senior Advocate of Nigeria (SAN), urged the court to adopt the plea bargain terms as judgement.

Mr Oshodi, who was satisfied that the agreement was voluntary and served justice, upheld it.

Bail
In another development, the court then considered Mr Kuru’s bail application, noting that the offence carries a seven-year jail term but is bailable.

Mr Kuru’s lawyer, Olasupo Shasore, also a SAN, applied for bail, arguing that his client should be granted bail on self-recognition.

The EFCC did not oppose the request but insisted on stringent conditions to ensure Mr Kuru’s court attendance.

Mr Oshodi granted him bail in the sum of N50 million with two sureties who must be gainfully employed, swear to an affidavit of means, and show evidence of tax payment for the last three years.

The judge also ordered the EFCC to notify the Nigeria Immigration Service of Mr Kuru’s travel restrictions and temporarily released him to his lawyer pending the perfection of his bail conditions.

The case was adjourned till 7 March, 16 and 17 April for continuation of trial.

Background
Mr Kuru has been under EFCC investigation for alleged financial crimes.

In December, the Ikeja Special Offences Court issued an arrest warrant after he failed to appear for trial in a separate case involving the alleged fraudulent conversion of N76 billion and $31.5 million belonging to Arik Air.

A fresh six-count charge filed by the EFCC alleges that Mr Kuru and his co-defendants—Modibbo, Sigma Golf Nigeria Ltd, and the fugitive Ifie Sekibo—conspired to steal N20 billion from AMCON for the acquisition of Keystone Bank.

The charges, signed by EFCC prosecutors Messrs Oyedepo, Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others, include stealing N20 billion allegedly diverted through Heritage Bank.

The indictment also alleged Illegal transfer of N10 billion to conceal its source, and fraudulently acquiring Keystone Bank with public funds.

He was charged with conspiracy to steal and money laundering under Sections 411, 280, and 287 of Lagos State’s Criminal Law (2011 & 2015).

If convicted, Mr Kuru faces up to seven years in prison under Lagos State’s criminal laws.

He pleaded not guilty to all the charges.

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How Strategic Interline Agreement Between Air Peace and Emirates will Enhance Passenger Connectivity 

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Air Peace, Nigeria’s leading airline and West Africa’s largest carrier, has said that the landmark interline agreement with Emirates, one of the world’s premier airlines will enhance travel options and connectivity for Air Peace customers, providing seamless access to international destinations via Dubai while increasing accessibility to key cities within Nigeria.

Through this interline agreement, Air Peace customers flying from Dubai to Lagos on Emirates can now conveniently connect to multiple domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri. Business and corporate travelers will also benefit from streamlined access to major economic hubs such as Abuja, Kano, Uyo, Port Harcourt, and Warri, reinforcing Nigeria’s position as a key player in Africa’s aviation industry.

The partnership expands Air Peace’s global reach, allowing its customers to seamlessly book multi-destination flights under a single ticketing system. Passengers will enjoy hassle-free transfers, improved baggage handling, and enhanced travel convenience, reinforcing Air Peace’s commitment to delivering top-tier service.

Speaking on the agreement, Chief Operating Officer, Air Peace Limited, Mrs. Oluwatoyin Olajide said, “We are excited about this strategic interline partnership between Air Peace and Emirates, which is a significant step towards enhancing global connectivity for Nigerian travelers. It aligns with our mission to provide seamless, world-class travel experiences while expanding our route network and international reach”.

She explained that the collaboration not only expands Air Peace’s international reach but also offers Nigerians arriving from Dubai seamless access to key domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri. “By improving ease of travel, we are boosting business, tourism, and trade opportunities, further strengthening economic ties between Nigeria and the UAE”. The Air Peace COO insists that the partnership further reinforces Nigeria’s aviation sector by enhancing connectivity, efficiency and positioning the country as a critical hub for regional and global travel. “At Air Peace, we remain committed to providing greater connectivity, convenience, and world-class service for our passengers”.

Deputy President and Chief Commercial Officer, Emirates, Adnan Kazim, said, “Emirates is a steadfast partner of Nigeria’s tourism, trade and aviation sectors. This partnership with Air Peace is the next step on this journey, bolstering our connectivity and introducing more travel options for corporate leisure, and travellers visiting friends and family to and from Nigeria. We look forward to deepening our strategic partnership with Air Peace in the future to enhance the benefits for our mutual customers.”

The interline agreement is set to bolster Nigeria’s aviation sector by enhancing airport operations and increasing passenger traffic. Strengthening Lagos as a major hub, the agreement supports the broader goal of elevating the country’s aviation infrastructure, fostering competition, and improving overall service quality.

The enhanced connectivity facilitated by this partnership will support Nigeria’s economy by making travel easier for business professionals, investors, and tourists. Increased accessibility to international markets will stimulate trade, attract foreign investment, and create new opportunities for job growth, reinforcing Nigeria’s status as a leading economic force in Africa.

Air Peace remains committed to broadening its network and elevating service quality, ensuring that customers enjoy greater convenience, efficiency, and flexibility when traveling. This interline agreement is a significant step forward in achieving those objectives.

Customers can book their travel now on flyairpeace.com

 

 

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