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JUST IN: Court Jails Fidelity Bank MD, Onyeali-Ikpe, Bank’s Secretary

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A Chief Magistrate Court at Ogba, Lagos on Monday morning sentenced the Managing Director of Fidelity Bank, Nneka Chinwe Onyeali-Ikpe to six weeks imprisonment over disobedience of a garnishee order of court restraining the bank from allowing a judgment debtor access to his account.

Joined with the Managing Director to serve the imprisonment is the Company Secretary of the bank, Ezinwa Unuigboje.

Magistrate Lateef Owolabi gave the sentence sequel to a garnishee order he gave on December 6, 2022 asking 16 banks not to allow a judgment debtor, Prince Enabulele Ozaze access to his bank accounts pending the payment of N2.8 million judgment debt in suit involving the sale of a Toyota Corolla car.

In the main suit, Magistrate Owolabi had given judgment on October 13, 2022 in favour of the plaintiff, Jibrin Ahmed who sued the defendant over the payment of N2.8 million he made to the defendant for the purchase of a Toyota Corolla car. Magistrate Owolabi in the judgment said that the claim before the court is summons used in action for debt or liquidated money demand with or without interest. Liquidated demand, according to him, is one ascertainable as a matter of arithmetic precision without further investigation.

He then said: “I have examined the whole process filed by the claimant and hold that the claimant is entitled to judgment not necessarily because the defendant is absent, but because the claimant has made a case worthy of being entitled to judgment. The totalities of evidence presented are relevant and reliable”.

There magistrate thereafter entered judgment against the defendant in the sum of N2.8 million which is due to the claimant over the transaction that took place in July 2022.

In order to reap the fruit of the judgment, the claimant’s lawyer, Alayo Akanbi filed a garnishe proceeding before the court and attached 17 banks, and asked the court to stop the banks from allowing the defendant to draw money from his accounts with them pending the liquidation of the debt. The garnishe order was granted on December 6, 2022.

However, on January 25, 2023, the claimant, now judgment creditor deposed to an affidavit before the court where he showed that the garnishe order have been flouted by Fidelity bank. He showed instances of how the judgment debtor had been withdrawing funds from his account to the extent that he had depleted the funds in his account with Fidelity bank. He claimed that the judgment debtor has N3, 165, 759.05k in his account with Fidelity bank as at January 12, 2023 when the garnishe order was served on the bank.

By January 15, three days after service, the judgment debtor had withdrawn N725,547.80k from the account. The following day, January 16, 2023, another N251,305.90 was transferred out of the bank. On January 17, the legal officer of the bank Obianuju Nwosu confirmed service on the bank as at December 22, 2022 and further apologized for the transactions on the account.

On January 18, 2023, the court ordered that ordered that the Managing Director, and Company Secretary to appear in person before the court to explain why they should not be committed to prison for allowing the judgment debtor to dissipate the funds in his account after the service of the garnishe order nisi.

At proceeding on Monday February 6, the Managing Director and Company were not in court as ordered. Lawyer to the judgment creditor told the court how the two had disobeyed the garnishe order of the court.

Magistrate Owolabi in his ruling sentenced the Managing Director and Company Secretary to six weeks imprisonment each. He further ordered Lagos State Commissioner of Police and any officer under his command to arrest the duo, bring them to court for onward transfer to the appropriate correctional center.

BIG STORY

AWUJALE: Ogun Government Prepares For Legal Battle With Ifa Council

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The Ogun State Government stated on Monday that it remains firm despite threats of legal action from individuals or groups opposing the Islamic burial rites conducted for Oba Sikiru Kayode Adetona, the late paramount ruler of Ijebuland.

Attorney General and Commissioner for Justice, Mr Sina Ogungbade (SAN), responded to the legal threat from the International Council for Ifa Religion, which intends to sue the government and the family over the disregard for traditional rites.

Ogungbade said pursuing legal action over the late Awujale’s religious burial would be pointless, although the law permits individuals to challenge government decisions through the judiciary.

Oba Adetona died on Sunday, July 13, 2025, at the age of 91, and was buried on Monday, July 14, 2025, following Islamic practices.

The burial sparked controversy, with the ICIR and traditional leaders criticizing the authorities for allegedly neglecting traditional customs.

During a weekend press briefing in Ibadan, Oyo State, ICIR President, Dr Fayemi Fakayode, and the Council’s lawyer, Ifasola Opeodu, reportedly claimed that the burial violated both cultural practices and existing laws.

Fakayode cited Part 8, Section 55, Sub-section II of the Ogun State Chieftaincy Law, stating that traditional rites are mandated for royal burials in the state.

He disapproved of the exclusion of the Osugbo Confraternity, known as the traditional custodians of final rites, and commended them for not retaliating.

He emphasized that the burial was not just about a single king, but posed a larger threat to Yoruba cultural values, warning that bypassing customs erodes the people’s identity.

The council alleged that members of the late king’s family, along with government authorities and security forces, hindered the Osugbo from fulfilling their traditional responsibilities.

Opeodu described the burial procedure as undemocratic and a violation of the religious liberties of traditional worshippers.

According to the council, neglecting traditional burial protocols undermines the religious rights of those who practice indigenous faiths.

As a result, the ICIR pledged to seek legal remedies and reiterated its dedication to protecting Yoruba traditions in future royal burials.

Clarifying the government’s stance, Ogungbade (SAN) said, “If they want to sue, I will describe it as a welcome development.

He added that individuals or groups who believe the government acted wrongly should use legal channels to express their grievances and hold authorities accountable if justified.

He offered unsolicited legal advice, stating that the group’s position is based on a misunderstanding of the law and would likely result in an unsuccessful lawsuit.

Ogungbade questioned how a decision made by the Awujale and his family to follow religious burial rites could be interpreted as infringing on others’ religious rights.

He described the council’s claim as laughable and hoped they would reconsider or seek proper legal counsel. He concluded that if they go ahead with the case, the government is prepared to defend its position in court.

Chief Rasaki Osimodi, the Olowa Iberu and Chief Priest of Ijebu land, voiced dissatisfaction in an interview, accusing the government of colluding with the late monarch’s family.

He expressed disappointment that despite close ties with traditionalists during his lifetime, the late king chose an Islamic burial and failed to honor traditional obligations.

Osimodi claimed that the government backed the decision by signing an agreement with the Awujale, allowing the Islamic burial to proceed and preventing the Osugbo from taking the body, which he said would have happened otherwise.

He stated that although the late king’s children claimed he had no links with traditionalists, they knew he participated in traditional rites and left some duties unfulfilled.

He explained that the presence of heavily armed security personnel discouraged any opposition from traditionalists, who stepped aside to avoid conflict.

Efforts to get comments from the late Awujale’s family regarding the threatened lawsuit were unsuccessful, but a senior palace official who preferred to remain anonymous described the controversy as insignificant.

The source explained that the family acted within legal boundaries and those upset about the situation should challenge the lawmakers, not the family.

The official concluded that the uproar was unwarranted and equated it to making a fuss over nothing.

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BIG STORY

How FX Reforms Stopped Lobbying For Dollars — BUA Chairman Dr Abdul Samad Rabiu

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Chairman of BUA Cement Plc, Dr Abdul Samad Rabiu, has stated that recent foreign exchange reforms by the Central Bank of Nigeria have removed the need for companies to seek FX through lobbying. Rabiu made these remarks on Monday in Abuja during a media briefing following BUA Cement Plc’s 9th Annual General Meeting.

He described the new FX policy as more open and driven by market dynamics, contrasting it with previous approaches which, according to him, led to artificial shortages and pushed businesses to seek special access to dollars.

“I was making a joke a few weeks ago that I’ve only seen the current CBN Governor maybe twice since his appointment. That’s because I don’t need him. Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive,” Rabiu said.

He criticised the old FX regime where the official rate was far below the black market rate, saying it distorted the system and restricted access for businesses.

“The rate was N500 or N600 officially, but nobody could get it. On the street, it was closer to N1,000. It was an artificial rate,” he said.

The BUA chairman commended the current FX reforms for merging rates, saying, “Now, the rate you get is what everyone else gets. You go to the bank, you get FX at the market rate.”

Rabiu voiced confidence in a continued appreciation of the naira, predicting that the exchange rate could drop to around N1,200/$ in the near future, down from nearly N2,000 earlier in the year.

He mentioned that the strengthening of the naira was already reducing the prices of goods, including cement and food items.

Speaking on the issue of cement pricing, Rabiu said the rise in production costs, especially due to FX fluctuations, energy costs, and the need for imported machinery, were responsible for recent price increases. Nevertheless, he noted that BUA had tried to maintain stable prices.

Rabiu explained that BUA Cement’s revenue grew to N877bn in 2024 from N460bn in 2023, even though the company recorded FX losses of N93.9bn.

He stated that the company’s profit before tax rose by 48.2 per cent to N99.63bn, and its return on average capital employed increased to 15 per cent from 10 per cent the previous year.

The company’s earnings per share climbed to N2.18 in 2024 from N2.05 in 2023, marking a 6.3 per cent rise. “This performance was driven by a combination of increased dispatch volumes and prudent pricing strategies, even as the Company absorbed rising input costs.

“Cash generation grew significantly, enabling increased capital expenditure financing and supporting our strategic efforts to reduce exposure to foreign currency obligations. This was achieved by paying down import finance facilities and aligning accrued interest payments with available cash flows,” he said.

Rabiu added that BUA Cement earned N81bn in profit after tax in the first quarter of 2025, surpassing its full-year profit for 2024. He projected that total earnings for 2025 could reach N250bn, attributing this growth to improved efficiency, reduced FX losses, and higher production capacity.

He said the company had no immediate expansion plans beyond its current capacity of 20 million metric tonnes, after recently launching two new cement lines in Sokoto and Edo States.

Rabiu also restated BUA’s focus on shareholder value, announcing a dividend of N2.05 per share, representing a payout ratio of 94 per cent.

The Managing Director and CEO of BUA Cement, Yusuf Binji, also spoke, highlighting the company’s strong financial results, agility, and strategic focus on growth despite a dynamic economic environment.

Binji said the company’s biggest cost—energy—was being tackled through the construction of a 700-tonnes-per-day LNG regasification plant, which would ensure supply and cut costs. He added that BUA Cement had renegotiated its service contracts to favour local content as a way to reduce FX risks and lower operational expenses.

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BIG STORY

Plateau Demands Troops’ Withdrawal As Bandits Abduct, Kill 12 In Zamfara, Sokoto

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The Plateau State government has raised concerns over the presence of troops in certain parts of the state and has called for their replacement. This comes in the wake of the killing of 27 farmers last week in an area that has already seen numerous violent deaths this year.

In a statement, the government requested that mobile police units take the place of the soldiers. The administration, through Chris Kwaja, the Special Adviser to the Governor on Peace and Security, also appealed to the Chief of Defence Staff, General Christopher Musa, to establish a special board of inquiry to look into the repeated attacks, with particular attention on the “actions and inactions of the military personnel” stationed in those communities.

Additionally, the state urged the federal government to support local efforts like Operation Rainbow in tackling the ongoing security crisis.

Kwaja explained that the new strategy was essential to provide a more efficient and responsive approach to dealing with threats, especially in combating asymmetrical warfare, an area where MOPOL is better equipped.

Bandits also launched another assault in Zamfara State, where over 100 farmers were kidnapped in Jengebe Village, located in Talatan Mafara Local Government Area. The raid happened during the weekend, with the bandits returning on Sunday evening without encountering resistance.

Reports from RFI Hausa Service, monitored yesterday, indicated that nine farmers were killed while working on their farms during the attacks. The outlet cited a statement from the state government, which claimed it had taken immediate action in response.

Ahmad Dan Manga, the Governor’s Special Adviser on Security, noted that the situation was under control and that a delegation would soon visit the affected area. He added that security has been reinforced with the deployment of soldiers and local vigilantes.

On Sunday night, armed men attacked Dabagi community in Dange-Shuni Local Government Area of Sokoto State, killing three people and abducting several others. Upon arriving, the attackers opened fire indiscriminately, creating fear among residents before escaping with their captives.

A post shared yesterday by security analyst Bakatsine on X stated: “Bandits attacked Dabagi community in Dange-Shuni LGA of Sokoto State last night. They killed three people and kidnapped an unspecified number of male and female residents.”

A resident who witnessed the event confirmed that the assailants moved freely without resistance, taking the victims into the nearby forest.

He recounted that the attackers came in large groups, began shooting immediately, killed three individuals on the spot, and abducted several men and women.

In another development, the Kaduna State Police Command reported the arrest of Mati Bagiyo, a notorious criminal who had managed to avoid capture for 11 years.

According to Mansur Hassan, the Command’s spokesperson, authorities recovered several weapons from Bagiyo, including one AK-47 rifle, one fabricated AK-47, a pump-action shotgun, two locally made pistols, two AK-47 magazines, two LAR magazines, four AK-47 rounds, 10 pump-action cartridges, 80 pistol rounds, a machete, two torchlights, and a cleaning rod.

Hassan stated that Bagiyo had been a major threat in Kaduna and Katsina states, and is now in custody providing important details to investigators.

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