Business
Arik Air shareholders flay AMCON on airline’s management
Shareholders of Arik Air have described the intervention of the Assets Management Corporation of Nigeria (AMCON) in the affairs of the carrier in the last six years as gross mismanagement of a business enterprise.
Besides, the Shareholders described as atrocious the activities of AMCON’s Managing Director, Mr Ahmed Kuru and the Receiver Manager of Arik Air, Mr Kamilu Omokide.
They said the action of the duo has brought monumental destruction to their business, triggered loss of value in resources and production capacity for Nigeria.
In a statement issued by its Media Office and signed by Aideloje Godwin , the shareholders said there is need to save Nigeria from the duo , who are using government’s well intended institutions and policies to destroy businesses and economy of Nigeria through serial misinformation, conflation of facts and gross mismanagement.
The statement reads : ” We restate without any contradiction that AMCON forced Arik Air into receivership in a gestapo like operation led by Mr Oluseye Opasanya SAN on February 9, 2017.
Arik was not in default of any loan or lease payments to any of its bankers and lessors. Suffice it to state that all Arik banking and lease facilities were performing and not in any default when AMCON forcefully took over Arik’s facilities. Therefore, they were not eligible bank assets (EBA) to have warranted AMCON’s receivership.
“This receivership was executed via an exparte order of the federal high court and enforced with two lorry loads of policemen with impunity and non-compliance with extant receivership laws. It was executed without any legal notice to Arik Air and the regulatory authorities, no form of inventory taking, records of assets and liabilities. Arik Air executive management members were intimidated and barred from the airline offices.’
The shareholders challenged Mr Ahmed Kuru to publish any such loan/ lease defaults letters with certified particulars of demand notices that caused Arik forced receivership by AMCON.
They said : ” The receivership was a conspiracy where the federal high court was deceived into granting an ex parte order. AMCON did not file any records of loan defaults and demand letters because there were none, yet it appointed receiver managers who mismanaged and destroyed the airline for over six years. The receiver managers inherited 19 aircraft which have today been reduced to abysmal two aircraft in operation.’
On the Nigeria Customs Investigation of Arik in Receivership, they urged Mr. Kamilu Omokide( Receiver Manager) and Capt. Roy Ilegbodu Receivership CEO) to cooperate with the customs investigations.
“We shall avail ourselves to the Customs’ authority if and when invited.”
“We understand the predicament of all persons that may be culpable in these heinous conspiracies, actions, and inactions of AMCON, we cannot relate with their renewed diatribe and media trials of the Arik shareholders to cover up their acts of economic sabotage.
“AMCON and its Receiver Managers under Mr Kuru’s leadership have a penchant for disobeying court orders. They wilfully disobeyed several orders of court including filing of audited accounts of Arik in receivership with the corporate affairs commission.
‘It is unfortunate that Mr. Ahmed Kuru’s over 8-year tenure , more than twice the tenure of a democratically elected President , as the Managing Director of AMCON in a national role that should be developmental has turned-out to be a season of disruption of businesses in Nigeria.
“This resulted in hundreds of thousands of job losses, capital losses, businesses capacity deficits and unprecedented economic setbacks. It also caused loss of confidence in the country and exacerbated the decline in foreign direct investments that the federal government is pursuing to improve.’
Alhaji Aminu Alhassan Dantata, a renowned Nigerian businessman and philanthropist, has passed away at the age of 94.
The news of billionaire businessman’s demise was disclosed via a social media post on Saturday by the Deputy National Treasurer of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Uba Tanko Mijinyawa.
According to him, details of the Muslim funeral prayer (Jana’iza) for Dantata will be announced in due course.
“Inna Lillahi wa’inna ilaihi Raji’un. Allah ya yi wa babanmu Dattijo, Alhaji Aminu Alhassan Dantata, rasuwa. Muna addu’a Allah ya jikan sa, ya gafarta masa. Za a sanar da lokacin jana’izarsa,” Tanko wrote in Hausa language.
Tanko’s message about the late philanthropist, who is also an uncle to Africa’s richest man, Aliko Dangote, was translated as “Indeed, we belong to Allah and to Him we shall return. May Allah have mercy on our father and elder, Alhaji Aminu Alhassan Dantata. We pray for his forgiveness. The time of his funeral will be announced.”
Also confirming the news, his Principal Private Secretary, Mustapha Abdullahi Junaid, disclosed in a statement Saturday morning that the Janazah details will be shared later.
Junaid wrote, “Innalillahi wa inna ilaihi rajiun. Innalillahi wa inna ilaihi rajiun. It is with heavy heart that I announce the passing of our beloved father, Alhaji Aminu Alhassan Dantata. May Allah grant him Jannatul Firdaus and forgive his shortcomings. The Janazah details will be shared later insha Allah.”
Alhaji Aminu Dantata, who was the founder of Express Petroleum & Gas Company Ltd., is also credited with having played a key role in the establishment of Nigeria’s first non-interest (Islamic) bank, Jaiz Bank.
Business
South Africa firm, MultiChoice desperately reduces DSTV, GOTV subscription after losing 1.4 million customers
Nigerians have made significant progress against one of their primary competitors in Africa by implementing widespread boycotts of products from South African companies.
This movement has resulted in a substantial reduction of 1.4 million customers for these firms, representing a considerable setback in recent months.
MultiChoice Nigeria has slashed the price of its DStv decoder by 50 per cent, dropping it from ₦20,000 to ₦10,000.
The company announced that the move aimed to attract more customers and curb declining subscriptions.
This was coming after it lost 1.4 million subscribers between March 2023 and March 2025.
According to the firm’s Chief Executive Officer, John Ugbe, in a statement released on Tuesday, the offer was a way of rewarding customer loyalty and delivering enhanced value to subscribers.
“We want to ensure our customers feel appreciated and have access to the best entertainment every day. The ‘We Got You’ campaign is about making premium content more accessible and showing that DStv offers something for everyone, not just football fans.
“By repositioning itself as a platform for daily value, DStv aims to encourage content discovery across a wider array of genres, including movies, drama, kids’ programming, and news.
“This means more channels, more shows, and more reasons to tune in every day,” the statement added.
The company also announced a promotional offer granting subscribers a free upgrade to the next DStv package tier when they pay for their current plan in full between June 16 and July 31, 2025.
Multichoice maintained the price slash, and the free upgrade initiative is a response “to the noticeable economic impact on the everyday lives of Nigerians.”
Recall that MultiChoice Nigeria increased its DStv and GOtv bouquet prices three times within 12 months — first in April 2023, followed by another hike in November 2023, and a third announced in April 2024, which took effect on May 1.
Recent price movements indicate that the Nigerian currency has remained in a consolidation phase in the unofficial market, according to several reports.
The dollar’s rapid decline has also boosted the pound. Investor concerns over the potential damage from the White House’s unpredictable policymaking have caused the dollar to decline sharply.
Recent monetary fundamentals suggest that the CBN’s ongoing reforms, along with the participation of foreign investors, will be crucial in determining whether the Nigerian naira remains stable in 2025.
The country’s currency is fluctuating between N2,150 and N2,250/£/£ this month due to increased buying pressure on the British pound in Nigeria’s commercial capital.
However, the naira experienced a positive shift with the establishment of global depositary notes denominated in naira by BNY Mellon and Standard Bank, backed by Nigerian sovereign debt. It aims to provide foreign investors with easier access to Nigeria’s high-yielding debt market.
The new depositary notes will be settled through Euroclear and Clearstream, two significant international clearing systems, enabling a broader range of institutional investors worldwide to participate. This development is seen as a major step forward.
British Pounds fundamentals still solid amid weak UK retail sales data
The pound sterling remained strong against its major peers for the week. When compared to the US dollar, the sterling closed at 1.345 amid a sharp decline in May retail sales figures from the United Kingdom (UK).
However, the psychological level of 1.35 against the US dollar is a roadblock for the sterling, indicating that the short-term trend is uncertain
The poor retail sales report will exert more pressure on the Bank of England to cut rates in the summer, despite the central bank holding rates steady on Thursday.
UK retail sales dropped significantly, falling 2.7% month-over-month in May.
This came after an upwardly revised 1.3 per cent increase in April and was markedly worse than the -0.5% market estimate. This steep decline, the most significant since December 2023, was partly due to a precipitous drop in food store sales.
UBS forecasts that the euro is expected to gain strength against the British pound over time, possibly pushing the currency pair toward the 0.86 mark, as consumers feel the impact of inflation and express concerns about the state of the economy. The bank stated it was confident that trade and geopolitical risks affecting both currencies would ultimately be resolved.
The primary obstacle to a rate cut is persistently high inflation, although markets anticipate one or two rate cuts in 2025.
However, three members of the Monetary Policy Committee (MPC) voted in favor of a 25-bps rate cut, citing significant labor market loosening, muted consumer demand, and pay deals near sustainable levels. The BoE reaffirmed in the policy statement that any further monetary policy restraint should be relaxed gradually and cautiously.
UK consumer prices increased in May as expected, but the year-over-year rate slowed from the previous month. According to economic data, the May annual inflation rate was 3 per cent, consistent with forecasts and only slightly lower than April’s 3 per cent rate.
Notably, had there been no error in the Vehicle Excise Duty series, the April figure would have also been 3 per cent.
The core consumer price index increased by 3.5 per cent in May compared to 3.8 per cent in April. Inflation remains significantly above the Bank of England’s target of 2 per cent.
UK Finance Minister Rachel Reeves cautiously acknowledged government efforts to stabilize public finances but cautioned that there is “more to do.” Markets interpreted that as a reference to ongoing economic challenges.
The Economic and Financial Crimes Commission (EFCC) has arraigned Rebecca Godwin-Isaac Omokamo, a real estate developer also known as Bilikisu Ishaku-Aliyu, over alleged N500 million land fraud and money laundering.
Omokamo was arraigned before Joyce Abdulmalik, judge of a federal high court in Abuja, on two separate charges following a petition filed by Colleen Yesufu, a 79-year-old widow, whose lands were among those allegedly fraudulently acquired.
In the first case marked FHC/ABJ/CR/77/2025, the EFCC arraigned Omokamo alongside her husband, Isaac Yusuf-Ishaku, and their company, Homadil Realty Limited, on a five-count charge.
In the second matter with charge number FHC/ABJ/CR/76/2025, she was docked on a 17-count charge alongside Idakwogi John and Rychardo Homes Ltd.
The EFCC alleged that between 2023 and 2024, the defendants received over N500 million from multiple victims under false pretences and laundered the money through various company accounts.
The commission said they used forged documents, including a falsified power of attorney, to claim ownership of Plot 4022, Guzape district, Abuja.
According to the anti-graft agency, Omokamo used the forged documents to obtain a building permit from the department of development control of the federal capital territory administration (FCTA) and sold the property to a buyer for N70 million.
The defendants were further accused of falsely claiming ownership of plots 1861, 1862, and 1863 in cadastral zone B07, Katampe district, Abuja, with which they allegedly defrauded several individuals purchasing the property.
The defendants allegedly conspired to fraudulently acquire and sell the lands, including those belonging to Colleen Yesufu.
Their actions, the EFCC said, amounted to offences contrary to section 8(a) and punishable under section 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.
All the defendants pleaded not guilty to the charges read to them.
After hearing their applications through defence counsel Christopher Oshomegie and M.A. Ebutu, the judge admitted each defendant to bail in the sum of N10 million with two sureties in like sum.
The judge ordered that the sureties must be civil servants not below grade level 16, present evidence of their last three months’ salaries, possess landed property equivalent to the bail sum, and depose to an affidavit of means.
The judge also directed the defendants to deposit their international passports and barred them from travelling outside the country without approval.
They are to be remanded in prison custody pending the perfection of their bail conditions.
The matters were adjourned to July 21 and 22 for trial. The EFCC informed the court that it intends to call 13 witnesses.
Unknown to many, the arraignment of the managing director of SunTrust Bank, Halima Buba and the bank’s executive director, Innocent Mbagwu by the Economic and Financial Crimes Commission (EFCC) is linked to the activities of the managing director of Felak Concept Group Limited, Aisha Achimugu.
NATIONAL WAVES reports that before the arrangement of Buba and Mbagwu, the EFCC had, sometime in April 2025, recovered ₦11 billion from the Sun Trust Bank, the money allegedly belong to one of its customers, Felak Concept Group Ltd — linked to Aisha Achimugu.
NATIONAL WAVES gathered that the money was paid to the EFCC’s recovery account domiciled with Central Bank of Nigeria (CBN).
“While trying to recover the said money, the EFCC laid seige to the bank, disrupted the bank’s operations nationwide and detained Buba” a dependable source informed NATIONAL WAVES.
Following this development, the executives filed a fundamental rights enforcement suit, asserting that the commission’s actions violated their constitutional rights and those of the bank’s staff.
“After playing hide and seek for some time, the bank eventually transferred the N11 billion before Buba was released from detention.
“Shortly thereafter, the EFCC filed criminal charges against Buba and Mbagwu.
Recall that on Friday, June 13, 2025, the EFCC arraigned Halima Buba and Innocent Mbagwu for alleged $12 million fraud.
They were arraigned before Justice Emeka Nwite of the Federal High Court in Abuja.
The defendants face a six-count charge bordering on illegal cash transactions and conspiracy, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, Buba and Mbagwu allegedly facilitated the illegal transfer of $3 million in cash on March 10, 2025, in Abuja, to Suleiman Muhammed Chiroma and his associates.
This was contained in a press statement signed by Dele Oyewale, Head, Media and Publicity, EFCC.
The statement revealed that another $3 million transaction allegedly took place on March 13 in Lagos, directed to Mukhtar Miko, also linked to Chiroma—both transactions reportedly bypassed financial institutions, which is prohibited under Nigerian law.
The two bank executives pleaded not guilty to all charges.
EFCC lead prosecutor, Rotimi Oyedepo, SAN, expressed readiness to commence trial immediately and asked the court for an accelerated hearing. Defence counsel, J.J.
Usman, SAN, urged the court to grant bail based on a previous application filed on May 27.
However, the prosecution objected, calling the application “incompetent” since it was filed while the defendants were neither under arrest nor before the court.
Justice Nwite overruled the objection and granted each defendant bail in the sum of ₦100 million, with one surety each in like sum.
The sureties must own landed property in Abuja, submit all relevant documents to the court, and provide two passport photographs and their international passports.
The court will verify all submitted documents and addresses.
The judge ordered that both defendants be remanded in a correctional facility until their bail conditions are met and adjourned the case to July 17 and 18, 2025, for trial continuation.
citypeopleonline
Zenith Bank Plc has once again been named the Best Bank in Nigeria in the Global Finance Best Banks Awards 2025, clinching the prestigious title for the fifth time in six years. The bank was one of the 36 winners across Africa honoured by Global Finance in its 32nd Annual Best Bank Awards.
According to the publication, the winners stood out by responding effectively to customer needs in challenging economic environments, delivering strong results, and positioning themselves for future growth. Despite rapidly shifting interest rate conditions, the awardees demonstrated prudent asset and liability management.
Selections were made by the editors of Global Finance after in-depth consultations with corporate financial executives, banking professionals, and analysts across the world. Criteria for the awards ranged from objective measures—such as asset growth, profitability, geographical reach, strategic partnerships, business development, and innovation—to more subjective assessments from equity analysts, credit rating agencies, and industry consultants.
Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, expressed delight over the award:
“We are thrilled to retain our position as the Best Bank in Nigeria for the fifth time since 2020. This achievement is a testament to our unwavering commitment to exceptional customer service, innovative solutions, and strong corporate governance. We remain focused on investing in our people, technology, and processes to consistently deliver top-tier service.”
She acknowledged key stakeholders, including the bank’s founder and chairman, Jim Ovia, CFR, for his visionary leadership; the board for its consistent guidance; the staff for their dedication; and customers for their loyalty and support.
Publisher and editorial director of Global Finance, Joseph D. Giarraputo, noted:
“Global banking continues to evolve, tackling challenges with resilience and seizing opportunities through innovation. AI has quickly become central to this transformation and is set to reshape the financial sector at an unprecedented pace.”
Global Finance’s Best Bank Awards are among the most coveted accolades in the banking industry, respected by banking and finance professionals across 150 countries and territories in regions including Africa, Asia Pacific, Latin America, and Europe.
Zenith Bank’s sustained excellence has earned it a long list of recognitions, including:
Number One Bank in Nigeria by Tier-1 Capital for 15 consecutive years (The Banker Magazine, 2024 Top 1000 World Banks Ranking)
Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards (2020, 2022, 2024)
Best Bank in Nigeria (Global Finance World’s Best Banks Awards, 2020–2022, 2024)
Best Bank for Digital Solutions in Nigeria (Euromoney Awards, 2023)
Inclusion in the World Finance Top 100 Global Companies (2023)
Other notable awards include:
Best Commercial Bank, Nigeria (World Finance Banking Awards, 2021–2024)
Most Sustainable Bank, Nigeria (International Banker Awards, 2023, 2024)
Best Corporate Governance Bank, Nigeria (World Finance Corporate Governance Awards, 2022–2024)
Best in Corporate Governance – Financial Services, Africa (Ethical Boardroom, 2020–2023)
Most Valuable Banking Brand in Nigeria (The Banker Magazine, 2020, 2021)
Bank of the Year (BusinessDay BAFI Awards, 2023, 2024)
Retail Bank of the Year (BAFI Awards, 2020–2022, 2024)
Best Innovation in Retail Banking, Nigeria (International Banker, 2022)
Most Responsible Organisation in Africa, Best Company in Transparency and Reporting, and Best Company in Gender Equality and Women Empowerment (SERAS CSR Awards Africa, 2024)
Bank of the Year by ThisDay and New Telegraph newspapers (2024)
Best in MSME Trade Finance (Nairametrics, 2023)
Rights Issue/Public Offer of the Year (Nairametrics Capital Market Choice Awards, 2025)
Zenith Bank continues to set the benchmark for excellence, innovation, and responsible banking in Nigeria’s financial services sector.
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