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Granite and Marble drags Zenith Bank to Court Over Alleged Economic Infractions

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An Abuja based mining company, Granite and Marble Ltd, (GML) has dragged Zenith Bank Plc, Zenith Bank UK, First Investment Development Company (FIDC) and Prudential Mortgage Bank (PMB) before a federal high court in Abuja over alleged forgery, illegal conversion of equity, illegal operations of bank account, economic sabotage and threat to life.

The mining firm is claiming a sum of N635billion as specific and general damages for the alleged infractions committed against it by the four banks and others.

Apart from the banks, others listed as defendants in the suit marked: FHC/ABJ/CS/1455/2021 are the Managing Director of Zenith Bank, Ebenezer Onyeagwu; the Managing Director of FIDC, Adebisi Adebutu; the Managing Director of PMB, Eyo Asuquo; the Deputy Managing Director Zenith Bank, Mrs Adaora Omeoji; Yewande Esan and others.

In the writ of summons filed on behalf of GML and others by Messrs Sebastine Hon (SAN), Anthony Malik (SAN) and Paul Harris Ogbole (SAN), the plaintiffs are claiming the N635 billion as specific and general damages for the series of infractions committed by the defendants against them.

In the particulars of the suit, Zenith Bank is accused of diverting the sum of N1billion approved for GML by the Central Bank of Nigeria CBN and routed through Zenith Bank.

The plaintiffs also claimed that Zenith Bank and its officers allegedly connived with Adebutu, Asuquo, FIDC and PMB to illegally change signatories to GML accounts without the authorization of the actual signatory to the accounts.

FIDC and PMB are alleged to have forcefully taken over the operations of the quarry site of GML despite not paying for the shares of the company they had proposed to buy.

GML also claimed that Zenith Bank held unto its verified assets for four years as collateral without disbursing the N1billion Real Sector Support Funds (RSSF) approved for it by the CBN.

In the suit which is accompanied by a 126 point statement of claim, GML and its Directors highlighted their ordeal in the hands of the institutions and individuals, which they claimed resulted in massive revenue losses, arrest of members of their families, denial of access to their business premises and transferring their accounts to persons not properly and legally authorized to do so.

GML further claimed that sometime in 2016, it’s Managing Director was on President Muhammadu Buhari’s delegation, as a representative of the mining sector, on the President’s first trade visit in China.

It added that while on the trip, the President signed an agreement with SBM China Ltd, one of the world’s largest manufacturers of mining equipment, to establish the biggest mining processing plant in Africa to be located in Abuja.

According to the company, it was on the strength of the agreement that they approached and got approval for a N1billion facility from the Real Sector Support Fund (RSSF) operated by the Central Bank of Nigeria.

The plaintiffs claimed that not only did Zenith Bank refuse to release the funds which were GML’s counterpart commitment, it frustratingly held on to the company’s assets and wrote several approval and offer letters without disbursements.

At a point, Zenith Bank was said to have claimed, in a letter, that the funds will be disbursed by their UK subsidiary, Zenith UK Ltd.

The refusal by Zenith to release the funds was said to have jeopardized the agreement signed in China to reduce cost of construction.

The plaintiffs stated that Messrs Eyo Asuquo, FIDC and PMB approached GML to purchase shares in the company (GML) valued at an agreed combined sum of N700million.

Despite not paying for the shares, the plaintiffs alleged that they illegally tampered with the company’s documents at the Corporate Affairs Commission (CAC) and introduced names of themselves and substituted the names of other directors and the Company Secretary based on forged board resolutions.

The plaintiffs averred that with the altered documents, they connived with Zenith Bank to change the signatory to the account.

Adebutu and his team were also alleged to have forcefully taken over the sites of the company and conspired with Zenith Bank to draw down from the RSSF facility using the instrumentality of a forged deed of debenture.

They also claimed that while the quarry site was taken over by the purported new owners, illegal trade in unlicensed explosives were carried out thereby endangering residents of the neighbourhood.

The plaintiffs further averred that evidence of illegal trade in explosives by the defendants are before the Economic and Financial Crimes Commission (EFCC).

For the trauma experienced by the families, the cancelation of the contract occassioned by the activities of Zenith bank and the massive loss of revenues occasioned by the illegal take over of the company, the plaintifs are making a claim of N635billion or $1.2billion from the defendants.

Meanwhile, Justice Inyang Eden Ekwo of thE Federal High Court, Abuja on January 21, 2022 granted the plaintiffs’ request for substituted service of court documents on Zenith Bank, UK through DHL, a courier firm.

The judge granted the substituted service order while ruling on an ex-parte application filed and argued by lead counsel to the plaintiffs, Chief Sebastine Hon SAN.

Justice Ekwo consequently fixed March 8, 2022 for the hearing of the suit.

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Centre for Credible Reforms Lauds Transparency in Ongoing Insurance Sector Reforms

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The Centre for Credible Reforms and Institutional Accountability (CCRIA) has commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, for promoting transparency and accountability in the ongoing reforms of Nigeria’s insurance industry.

The centre said the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 had ushered in a new phase of development for the sector, with stronger regulatory standards, improved capitalisation and greater emphasis on protecting policyholders.

Dr Aminu Abubakar Aminu, president of the centre, said this in a statement at the weekend.

Aminu commended President Bola Tinubu and the National Assembly for the enactment of NIIRA, describing the legislation as a major step towards addressing longstanding challenges in the insurance industry.

“The enactment of the Nigerian Insurance Industry Reform Act is a significant milestone in the development of Nigeria’s insurance sector. We commend Mr President and the National Assembly for recognising the need to modernise the legal and regulatory framework governing the industry. NIIRA provides the foundation for an insurance sector that is better capitalised, more accountable, more responsive to policyholders and better equipped to contribute meaningfully to the Nigerian economy,” he said.

The centre also praised Omosehin for his leadership of NAICOM, saying his extensive experience as an insurance professional had positioned him to effectively implement the new regulatory framework.

“We consider the appointment of Mr Olusegun Ayo Omosehin as Commissioner for Insurance and Chief Executive Officer of NAICOM a timely and appropriate decision. He is a seasoned insurance professional with many years of experience in the industry, and his understanding of the sector gives him the practical knowledge required to lead an important reform process of this nature. We commend him for the direction he has provided since assuming office and for his commitment to strengthening the industry,” Aminu said.

According to the centre, the ongoing recapitalisation exercise was among the important steps taken to strengthen the financial capacity of insurance companies and improve their ability to meet obligations to policyholders.

Aminu said the reforms were already producing early gains and should be sustained through consistent implementation.

“The early developments under NIIRA demonstrate that the reform is not merely a legislative exercise but a process capable of producing measurable improvements in the industry. Stronger capital requirements, improved supervision and greater attention to policyholder protection will ultimately create an insurance market that Nigerians can trust. We encourage NAICOM to remain focused on the implementation of the Act and to continue providing clear guidance to operators and other stakeholders,” he said.

The centre noted that the reforms would also help deepen insurance penetration and strengthen the industry’s contribution to national economic development.

It urged insurance companies, brokers, reinsurers, professional bodies and other stakeholders to embrace the new framework and work with NAICOM to achieve the objectives of the legislation.

“The success of NIIRA will require the cooperation of every stakeholder in the insurance ecosystem. Operators must see the reforms as an opportunity to strengthen their institutions, improve their services and regain the confidence of Nigerians. A well-regulated insurance industry can mobilise long-term capital, protect businesses and households against risks and support investment and economic growth. These are benefits that go beyond the insurance industry itself,” Aminu said.

Aminu emphasized that the centre was particularly encouraged by the emphasis on policyholder protection under the new framework, noting that public confidence remained critical to the growth of insurance in Nigeria.

He said Nigerians should be able to purchase insurance products with confidence that operators had the financial capacity and institutional structures required to honour legitimate claims.

The president further urged NAICOM to sustain its engagement with stakeholders while ensuring that the provisions of NIIRA were implemented transparently and consistently.

“What is required at this stage is continuity, professionalism and commitment to the objectives of the law. The reforms must be sustained beyond the initial implementation period so that the gains can become permanent features of the industry. We believe NAICOM, under the leadership of Mr Ayo Omosehin, has an important responsibility to ensure that the momentum is maintained, and we encourage all stakeholders to support the commission in delivering on this mandate,” he said.

The centre said the successful implementation of NIIRA would strengthen confidence in the insurance sector, improve the protection available to policyholders and position the industry to play a greater role in Nigeria’s economic transformation.

It also called for continued collaboration between NAICOM, insurance operators and other stakeholders to ensure that the objectives of the new law were fully achieved.

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Hon. Amb. Jim Okolo Promotes Nigeria’s Vast Potential at New York Independence Day Celebration

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As Nigerians from across the United States gathered in Manhattan to celebrate Nigeria’s Independence Day in grand style, Hon. Amb. Jim Okolo used the occasion to share an inspiring message about Nigeria’s immense possibilities, rich cultural heritage, and promising future.
Speaking with members of the media during the colourful celebration, Hon. Amb. Okolo described Nigeria as one of the most blessed nations in the world, endowed with abundant natural resources, a dynamic population, and a cultural heritage that continues to earn global recognition.
According to him, Nigeria possesses enormous deposits of valuable minerals and other natural resources that, if fully harnessed, can accelerate economic growth and create prosperity for millions of citizens. He noted that the country is strategically positioned to become a leading destination for investment in mining, agriculture, technology, manufacturing, and infrastructure development.
Beyond its natural wealth, Hon. Amb. Okolo emphasized that Nigeria’s greatest strength remains its people. He praised the creativity, resilience, intelligence, and entrepreneurial spirit of Nigerians, pointing out that Nigerian professionals, innovators, academics, and business leaders continue to excel in various sectors across the world.
The respected diplomat also spoke passionately about Nigeria’s unique cultural identity. From the colourful festivals of its diverse ethnic groups to its globally celebrated music, fashion, literature, cuisine, and film industry, he described Nigeria as a nation whose cultural influence extends far beyond its borders.
He noted that Nigeria’s diversity is one of its greatest treasures, bringing together hundreds of ethnic nationalities with distinct traditions and languages that collectively form a vibrant and unified national identity.
While addressing questions on security, Hon. Amb. Okolo maintained that although Nigeria faces certain security challenges, the situation is not always as severe as often portrayed by social media discussions and sections of the international media. He stressed that millions of Nigerians continue to live, work, study, invest, and contribute meaningfully to society every day.
He called on the international community, investors, and members of the diaspora to focus on Nigeria’s strengths, opportunities, and achievements rather than allowing negative narratives to define the country’s image.
“Nigeria remains a land of opportunity, innovation, and hope. It is a nation blessed with extraordinary human capital, abundant resources, a rich cultural heritage, and a people whose determination and resilience continue to inspire the world,” he said.
The celebration was attended by several distinguished personalities, including the United Nations Secretary-General, Hajia Amina Mohammed, the Nigerian Ambassador to the United Nations, diplomats, business leaders, community stakeholders, and prominent members of the Nigerian diaspora.
The event transformed parts of Manhattan into a vibrant showcase of Nigerian pride, featuring cultural exhibitions, traditional performances, business networking sessions, authentic Nigerian cuisine, and displays highlighting the country’s achievements and diversity.
Adding excitement to the festivities were thrilling performances by internationally acclaimed Nigerian music stars Patoranking, Runtown, and BNXN (formerly known as Buju), who entertained thousands of attendees and demonstrated the growing global appeal of Nigerian music.
As the celebration came to a close, the message from Hon. Amb. Jim Okolo resonated strongly among participants: that Nigeria is far more than the challenges often highlighted in headlines. It is a nation blessed with extraordinary talent, vast opportunities, cultural richness, and the potential to achieve even greater success on the global stage.

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Mailafia: Critics Won’t Stop My Peace Cup Mission

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…as Mailafia 10th Edition Peace Cup set to kick off 10th October

Amb. Dr. Yakubu Agabi Mailafia, organiser of the Mailafia Peace and Unity Football Competition, has said he will not be deterred by criticisms over the resources he commits to the annual grassroots football tournament, insisting that his focus remains on creating opportunities for young talents.

Mailafia stated this on Saturday during the draws for the 10th edition of the competition, where he said he derives peace and fulfilment from organising the tournament because of its contribution to youth development, talent discovery and peaceful coexistence.

He said despite comments by some people that he was wasting his resources on the competition, he remained committed to the initiative because of the opportunities it provides for young footballers.

“People have said that I am wasting my resources in organising the competition, but I am not perturbed by what they are saying,” Mailafia said.

According to him, his major concern is to ensure that young and talented players are given the opportunity to showcase their abilities and pursue football careers, not only in Nigeria but also abroad.

Mailafia said the competition had continued to enjoy grassroots support, describing it as a platform that has attracted attention beyond Nasarawa State and Nigeria.

“I find peace organising this competition,” he said, adding that it was “the only competition that carries grassroots support, not just in Nigeria but in Africa.”

He said the tournament was more than a football competition, stressing that it was intended to provide young people with a platform through which their talents could be identified, developed and exposed to opportunities.

Mailafia therefore charged the organisers of the 10th edition to remain committed and focused, urging them to take ownership of the competition and ensure that it was conducted according to acceptable best practices.

“I want the organisers to be committed and focused and see the competition as their own, to take over ownership of the competition and ensure that it is done with the best practice needed,” he said.

The 10th edition of the Mailafia Peace and Unity Football Competition is scheduled to commence on October 10, 2026, with 32 teams drawn from across Nasarawa State expected to participate in the tournament.

Speaking during the draws, President of the Dedere Progressive Mandate Youth, Comrade Aminu Musa Rilwanu, said the exercise was organised to prepare the teams and officials for the commencement of the competition.

Rilwanu said the competition, hosted annually by Mailafia, Majinkiran Daddere, had contributed to the discovery and development of football talents at the grassroots.

He said thousands of youths had benefited from the competition at the state, national and international levels, citing Anas, a former Nasarawa United player, as one of the players discovered through the tournament.

According to him, Anas was spotted through the competition and has since progressed in his football career abroad.

Rilwanu said the tournament had therefore continued to serve as a platform for young footballers to demonstrate their abilities and pursue opportunities beyond their communities.
“The draws are to prepare the players and organise for the competition proper,” he said.

He urged all the 32 participating teams to approach the tournament with the spirit of peace and unity, stressing that their participation should contribute to peaceful coexistence among youths across Nasarawa State.

“We urge all the 32 teams from across Nasarawa State to ensure that their participation will bring about unity and peace in the state,” Rilwanu said.

He also called on officials involved in the competition to demonstrate commitment and maintain effective communication throughout the tournament.

Rilwanu said dignitaries from within and outside the state were expected to grace the opening ceremony on October 10, as activities begin for the 10th edition of the competition.

According to verifiable reported, the annual tournament has over the years provided a grassroots platform for young footballers to compete, develop their skills and seek opportunities for progression within and outside Nigeria.

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