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Keystone Bank sued for alleged non-remittance of $17 million to TSA

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An Abuja-based lawyer, Johnmary Jideobi, has sued Keystone Bank for alleged violation of the Treasury Single Account (TSA) policy.

The bank was accused of not remitting $17 million to the TSA.

The bank is among the seven banks the federal government alleged to have connived with CBN some government agencies to illegally conceal $793.2 million meant to have been transferred to the TSA domiciled in the Central Bank of Nigeria (CBN).

The government had, in the suit, alleged that $17 million out of the said amount was illegally hidden in Keystone Bank.

The fund in Keystone Bank and the six other banks were alleged to be revenues, donations, transfers, refunds, grants, taxes, fees, dues, tariffs etc accruable to the federal government from different ministries, departments, parastatal agencies.

But the Nigerian government, on August 9, 2017 withdrew the suit.

The application with the suit No. FHC/ABJ/CS/1269/17 has the bank (Keystone), the Attorney General of the federation and President of Federal Republic of Nigeria defendants.

According to the court processes by Jideobi, which was released to newsmen Wednesday, the plaintiff (Jideobi) said on June 13, the 1st defendant in this suit filed its counter-affidavit and a written address dated June 12 in opposition to the plaintiff’s originating summons filed on December 21, 2017.

Jideobi in the papers informed that, in the counter-affidavit of nine (9) paragraphs, the 1st defendant offered mealy-mouthed, tenuous, weak and bare denials of the affidavit of facts that accompanied the plaintiff’s originating summons.

According to Jideobi, the 2nd and 3rd defendants in this suit, despite being served with the plaintiff’s originating summons as far back as February 14 have not filed any counter-affidavit or written address in opposition to the claims which the Plaintiff has tabled before Tribunal of Justice.

Jideobi therefore wants the court to declare that paragraph 4.21 of the guidelines on the implementation of the TSA/ e-collection prepared by the Office of the Accountant-General of the Federation dated September, 2015 is unconstitutional and therefore void in view of the combined provisions of Sections 80(1) and Section 162 (1) of the amended 1999 Constitution of the Federal Republic of Nigeria.

He prayed for an order declaring void the purported approval of the president (3rd defendant) for the exemption of Nigerian Petroleum Development Company Ltd.’s account from the TSA and other approval(s) given to any other ministry, department and agency of the federal government of nigeria same being unconstitutional and ultra vires the powers of the president.

Jideobi also prayed for an order of perpetual injunction restraining both the 2nd and 3rd defendants and every person or authority acting under their command or exercising the executive powers of the federation from further granting or purporting to grant a waiver to any person, ministry, department or agency of the federal government from complying with the peremptory dictates of treasury single account ordained by the provisions of sections 80(1) and section 162 (1) of the amended 1999 constitution of the Federal Republic of Nigeria.

He also sought a mandatory order compelling the 1st defendant to promptly sweep into the treasury single account all the liquid of NPDC and particularly, the unremitted funds being about $17,000,000 and such other unremitted funds belonging to the federal government of Nigeria being unlawfully withheld from the federation account domiciled with the 1st defendant.

November 6 has been fixed for hearing of the case.

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Senator Gbenga Daniel Celebrates Aare Adetola EmmanuelKing at 50

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Senator Gbenga Daniel Celebrates Aare Adetola EmmanuelKing at 50

The distinguished Senator representing Ogun East Senatorial District and Chairman of the Senate Committee on Navy, His Excellency, Otunba Engr. Gbenga Daniel, has extended warm congratulations to Aare Adetola EmmanuelKing, Chairman/CEO of Adron Group, on the occasion of his 50th birthday.

In a heartfelt message, Senator Daniel praised Aare Adetola EmmanuelKing for his outstanding dedication and immense contributions to the Nigerian housing sector. He described the celebrant as a shining example in the business community, whose passion and commitment have left an indelible mark on the real estate industry across Nigeria.

“You are indeed a source of inspiration to your generation and a shining example within the business environment. There is no doubt that you had written your name in an indelible ink across Nigeria and most especially among the real estate developers,” he wrote.

Senator Daniel also acknowledged Aare Adetola EmmanuelKing’s conferment as the ‘Otun-Asiwaju of Remo Christians’ by the Ogun State branch of the Christian Association of Nigeria (CAN), as a reflection of his God-fearing nature, philanthropic spirit, and commitment to humanity.

The senator offered prayers for good health, greater accomplishments, and many more remarkable years ahead for the business mogul.

He concluded by affirming his highest regards and admiration for the celebrant

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From Loss to Land: CBEX Victim Gifted Plot in Ibeju Lekki by Swedish Follower

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From Loss to Land: CBEX Victim Gifted Plot in Ibeju Lekki by Swedish Follower

CBEX Crash Sparks Outrage, Tears and Unexpected Kindness: Swedish Fan Gifts Nigerian Investor a Plot of Land

 

The dramatic crash of the CBEX investment platform has triggered a wave of public outrage and heartbreak across Nigeria and beyond, with scores of users lamenting the loss of millions in life savings, business capital, and retirement funds.

The Economic and Financial Crimes Commission (EFCC), along with the Internet Fraud Unit, has reportedly launched a probe into the circumstances surrounding the platform’s sudden collapse. The investigation comes amid mounting pressure from angry investors demanding justice and restitution.

As thousands take to social media to share their personal experiences and financial devastation, one story has stood out—not for its tragedy, but for the unexpected act of generosity that followed.

In a recent Facebook post, Nigerian digital creator Ivan Eagle shared that a Swedish follower, deeply moved by his emotional account of the CBEX fallout—originally reported by Legit.ng—gifted him a full plot of land in Lagos.

“A follower in Sweden just gifted me a FULL plot of land in Lagos after reading my CBEX story on Legit.ng,” Ivan wrote.

He revealed that the property is a 600-square-meter plot in Ibeju Lekki, one of Lagos State’s fastest-growing residential hubs, where land prices under reputable developers like PWAN reportedly start at ₦30 million.

“For those of you who live in Lagos, you all know how Lagos is gradually evolving into Ibeju Lekki, and how residential regions covered by reputable real estate firms in the area have been SOLD OUT,” Ivan added.

A Silver Lining Amid a Financial Storm

The CBEX collapse has left a bitter taste in the mouths of thousands of investors, many of whom believed they were participating in a credible digital asset investment scheme. Online forums and Telegram groups have since been flooded with screenshots of losses, emotional breakdowns, and desperate calls for recovery.

However, Ivan Eagle’s story has become a rare glimmer of hope, showcasing the unexpected humanity that sometimes arises in the aftermath of financial tragedy.

As investigations deepen, questions remain over CBEX’s regulatory compliance, investor protections, and whether its operators will face legal consequences. For now, the EFCC remains silent on the details but has urged victims to submit official complaints through its designated reporting channels.

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Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu

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Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu After Rigorous Selection

 

In a significant leadership transition at one of Nigeria’s foremost military-civilian academic institutions, Professor Lawan Bala Buratai has been appointed as the new Vice Chancellor of the Nigerian Army University Biu (NAUB).

Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu

The appointment was announced following an intensive and merit-based selection process conducted by the Governing Council of NAUB at the Armed Forces Officers Mess and Suites, Asokoro, Abuja. The Council, under the chairmanship of Dr. Awwal Moriki, concluded its deliberations and formally presented the letter of appointment to Prof Buratai in a brief but momentous ceremony.

 

Dr. Moriki, while congratulating the new helmsman, described the selection as the culmination of a transparent and rigorous process aimed at identifying a visionary academic leader who embodies the university’s core values of excellence, discipline, and innovation.

With this appointment, Prof Buratai succeeds Professor Kyari Mohammed, whose single five-year tenure is widely credited with laying a strong foundation for the university’s academic and structural growth.

 

The Nigerian Army University Biu (NAUB) was established in 2018 as a unique public institution owned by the Nigerian Army and designed to serve both military personnel and civilians. Located in Biu, Borno State, the university was conceived as a strategic response to the security and developmental challenges facing Nigeria and the wider Sahel region.

NAUB is focused on entrepreneurship, innovation, defense studies, and technology-driven research. It offers undergraduate and postgraduate programs in diverse fields ranging from engineering and environmental sciences to social sciences, computing, and military history.

 

What sets NAUB apart is its civil-military partnership model, which aims to foster mutual understanding and collaboration between Nigeria’s armed forces and the general populace. The university plays a key role in developing indigenous solutions to security challenges while also contributing to national capacity building and economic resilience through education.

 

With increasing national and international recognition, NAUB continues to attract scholars and partnerships across Africa and beyond, committed to transforming it into a world-class institution in security and development research.

 

Professor Lawan Buratai, a respected scholar and administrator, is expected to lead the university into its next chapter—deepening academic standards, expanding infrastructure, and strengthening NAUB’s role in national transformation.

His appointment signals a continuity of vision with a renewed focus on excellence, innovation, and service to the nation.

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