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.

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

Top officials in the federal civil service have commenced intensive lobby as the federal government shops for new Accountant-General of the Federation, AGF, as well as two federal permanent secretaries.

A statement by Eno Olotu, Director, Information and Public Relations in Office of the Head of the Civil Service of the Federation, OHCSF, on Monday said the two vacant positions of permanent secretary arise from the recent retirement of the permanent secretary from Oyo State and an impending vacancy in the North-West Geopolitical Zone.

Olotu added that the position of the Accountant-General of the Federation will become vacant upon the retirement of the incumbent in March 2025.

She said that to ensure the appointment of only qualified, credible, and competent individuals, the appointment process will follow a structured and multi-tiered evaluation, as approved by the President as a measure of reaffirming its commitment to a transparent, merit-driven, and rigorous selection process.

President Tinubu in December last year, in what appears as a policy reversal, directed the outgoing Accountant General of the Federation (AGF), Dr. Oluwatoyin Sakirat Madein to continue in office till 7 March 2025.

This followed the controversy that trailed the announcement of Mr Shamseldeen Babatunde Ogunjimi as the new AGF by President Bola Tinubu.

Our correspondent had also reported that there was tension in the office of the Accountant General of the Federation(OAGF) Abuja, following the appointment of Mr Ogunjimi as the new acting AGF by the President.

Ogunjimi’s appointment was announced by Presidential Spokesman Bayo Onanuga in a statement on Tuesday, December 10th, 2024, as a result of the pre-retirement leave of the incumbent AGF, Dr. Madein which commenced on December 7th.

However, in a letter from the Office of the Head of the Civil Service of the Federation (OHCSF), Mrs Madein was asked to reverse her pre-retirement leave notice and continue in office till March 2025.

However, the Monday night circular said that the appointment process is open to all serving Grade Level 17 officers in the mainstream Federal Civil Service who have held their current position for at least two years and have expressed interest in participating.

Candidates must meet several eligibility criteria, including screening and confirmation by their respective permanent secretaries and the Accountant-General of the Federation to ensure they are not under any disciplinary procedures.

The circular said that the list of eligible candidates will undergo verification screening by a Committee of Permanent Secretaries, under observation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Department of State Services (DSS), to ensure eligibility.

The candidates will also undertake an asset declaration with the Code of Conduct Bureau (CCB).

To further ensure the selection of individuals with impeccable ethical standing, candidates will undergo anti-corruption clearance by the DSS, the Economic and Financial Crimes Commission (EFCC), and the ICPC.

“The process will include a written examination conducted at a top Federal Government security agency.

“The setting of the examination questions and marking will be overseen by a body of serving and retired permanent secretaries, with observers from credible civil society organizations, the organized private sector, professional associations, DSS, and ICPC.

“In the subsequent phase of the selection process, candidates will be tested for ICT proficiency in Microsoft Word, Excel, and PowerPoint. ICPC and DSS will also observe this stage.

“The final appointment will rest with the President of the Federal Republic of Nigeria, who will consider the best-performing candidates based on their performance throughout the selection process,” the circular reads in parts