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Benue Govt Drags NDIC, Bank to Court over Illegal Sale of Shares

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From Attah Ede, Makurdi

The Benue Investment and Property Company (BIPC) yesterday pulled the Nigeria Deposit Insurance Corporation (NDIC) and All States Trust Bank (in-liquidation) to court over illegal sale of shares belonging to the state and demanded for a refund of N8.

6 billion as claims and general damages.

It would be recalled that the case which was started in 2011, was discontinued due to a request by NDIC for an out of court settlement and the parties went to Arbitration Panel in Abuja.

However, the panel could not resolve the matter because the NDIC later preferred to continue with the case in court.

When the case came up for hearing at the Federal High Court sitting in Makurdi, the  Counsel to the plaintiff, Douglas Pepe SAN called one of their chief witnesses, Paul Agu, a former staff and MD/CEO of the company.

Agu intimated the court that the plaintiff applied for a loan facility of N550m from the Federal Mortgage Bank and pledged some of her shares to All States Bank (in -liquidation) for the Bank to guarantee the loan.

He explained that the money was to come through the liquidated bank adding that the bank was to take her commission and stand as their guarantor before the mortgage bank.

He said the bank failed to meet her contractual agreements with the plaintiff yet started deducting charges from their account.

He said the bank also failed to complete the process of opening the letter of credit as required in such cases.

Pepe through his star witness tendered 32 documents to support their position.

Among the documents tendered were bank statements of the plaintiff in All States Bank (in -liquidation) between August 1, 2002 and December 31, 2003.

He also tendered details of transfers of shares sold by the respondents and closed their case.

However, the respondents presented by Aondover Iorngee after cross examination requested for date for defence.

The plaintiff in the suit, while given the breakdown of the transitions, said BIPC  applied for a loan facility of N550m from the Federal Mortgage Bank and pledged some of her shares to All States Bank (in -liquidation) for the Bank to guarantee the loan.

The plaintiff further stated that the respondents who did not fulfill her part of the contract agreements, charged them arbitrarily and sold their shares placed in their custody as collateral.

BIPC therefore, urged the court to order the respondents to pay N2. 6bn has lost income for her inability to trade with stocks which were pledged as collateral and has been with them since 2002.

They also pay the shares which in 2007 were valued at over 740m at the time of transaction and appreciated to over N5.5bn in 2007.

They should also pay N99.5m being proceeds of the shares illegally sold and N62.8m being value of lost dividends and bonuses over the period.

The plaintiff therefore, asked the court to order the respondents to pay N2bn as general damages, totalling N8.6 billion.

The presiding judge, Justice Raphael Egbe, however adjourned the case to May 5, 2025 for opening of defence.

NEWS

‎FG Imposes 7-year Ban on New Federal Tertiary Institutions 

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The Federal Executive Council (FEC) has approved a seven-year moratorium on the establishment of new federal tertiary institutions.

‎Dr Tunji Alausa, Minister of Education  announced the approval, after Wednesday’s FEC meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.

‎He explained the ban applies to all federal universities, polytechnics, and colleges of education.

According to Alausa, the decision aims to address systemic decay caused by unregulated expansion.

‎”What we are witnessing today is duplication of new federal tertiary institutions, a significant reduction in the current capacity of each institution, and degradation of both physical infrastructure and manpower.

‎“If we do not act decisively, it will lead to marked declines in educational quality and undermine the international respect that Nigerian graduates command.”

‎“We are doing this to further halt decays in tertiary institutions which may in future affect the quality of education and consequently cause unemployment of graduates from some of these institutions.”

‎Alausa noted Nigeria currently has 72 federal universities, 108 state universities, and 159 private universities with similar trends in polytechnics and colleges of education.

‎He pointed to a growing mismatch between the number of institutions and available student enrollment.

‎He cited a northern university with fewer than 800 students but over 1,200 staff, calling it unsustainable.

‎The minister described the moratorium as a bold corrective measure by the Tinubu administration.

‎He said the government would now focus on upgrading existing institutions, improving infrastructure, boosting manpower, and increasing capacity.

‎“We need to improve the quality of our education system and increase the carrying capacity of our current institutions so that Nigerian graduates can maintain and enhance the respect they enjoy globally.”

‎The minister however announced that the Council approved 9 new private universities out of the 79 active requests pending applications.

‎”Several of these applications have been in the pipeline for over six years, with investors having already built campuses and invested billions of Naira,” he explained.

‎“Due to inefficiencies within the NUC, approvals were delayed. We have since introduced reforms to streamline these processes, and today’s approvals are a result of clearing this backlog.”

‎(NAN)

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Foreign News

CAF Sanctions Kenya Again over Crowd Trouble

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The Confederation of African Football (CAF) has sanctioned African Nations Championship (CHAN) co-host, Kenya, for the second time in as many weeks over security breaches.

In a statement made available on Monday evening, the continental governing body said that it has limited entry to the 48,000-seat Moi International Sports Centre.

It also said that, known as Kasarani Stadium, can accommodate 27,000 fans for Sunday’s Group A match between Kenya and Zambia.

CAF said only electronic ticket holders would be allowed into the stadium, with thermal tickets prohibited.

The governing body warned that Kenya’s matches could be relocated from Kasarani Stadium if organisers fail to prevent further breaches.

“We trust these measures will be applied swiftly to protect competition’s integrity, ensure fan safety, and uphold confidence in Kenya’s commitment to the tournament,” CAF said.

The sanctions follow incidents on Aug. 10 when Kenya defeated two-time winner Morocco 1-0 in spite of playing the entire second half with 10 men.

The win put Kenya top of Group A with seven points.

The debutants would reach the quarterfinals with at least a draw against winless Zambia.

Last week, Kenya’s football federation was fined nearly 20,000 U.S. dollars for security lapses during the team’s 1-0 win over DR Congo in the tournament opener on Aug. 3.

In the latest case, CAF cited major lapses, including stadium gates and restricted service areas being overrun by ticketless spectators and holders of government-distributed physical tickets.

It also accused security personnel of losing control at exit points and allowing breaches of the perimeter fence that enabled thousands of ticketless fans to enter.

CAF had expressed alarm over the use of tear gas and flash grenades, reports of live ammunition fired near spectators and staff, and violent incidents such as stone-throwing at security personnel.

It also cited unsafe vehicle movement in spectator areas, inadequate police response, and the lack of medical incident reports in spite of injuries being reported.

Organisers were further criticised for insufficient communication tools and the absence of CCTV coverage at critical entry points.

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Varsity Don Advocates Establishment of National Bureau for Ethnic Relations, Inter-Group Unity

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By David Torough, Abuja

A university scholar, Prof. Uji Wilfred of the Department of History and International Studies, Federal University of Lafia, has called on the Federal Government to establish a National Bureau for Ethnic Relations to strengthen inter-group unity and address the deep-seated ethnic tensions in Nigeria, particularly in the North Central region.

Prof.

Wilfred, in a paper drawing from years of research, argued that the six states of the North Central—Kwara, Niger, Kogi, Benue, Plateau, and Nasarawa share long-standing historical, cultural, and economic ties that have been eroded by arbitrary state boundaries and ethnic politics.

According to him, pre-colonial North Central Nigeria was home to a rich mix of ethnic groups—including Nupe, Gwari, Gbagi, Eggon, Igala, Idoma, Jukun, Alago, Tiv, Birom, Tarok, Angas, among others, who coexisted through indigenous peace mechanisms.

These communities, he noted, were amalgamated by British colonial authorities under the Northern Region, first headquartered in Lokoja before being moved to Kaduna.

He stressed that state creation, which was intended to promote minority inclusion, has in some cases fueled exclusionary politics and ethnic tensions. “It is historically misleading,” Wilfred stated, “to regard certain ethnic nationalities as mere tenant settlers in states where they have deep indigenous roots.”

The don warned that such narratives have been exploited by political elites for land grabbing, ethnic cleansing, and violent conflicts, undermining security in the sub-region.

He likened Nigeria’s ethnic question to America’s historic “race question” and urged the adoption of structures similar to the Freedmen’s Bureau, which addressed racial inequality in post-emancipation America through affirmative action and equitable representation.

Wilfred acknowledged the recent creation of the North Central Development Commission by President Bola Tinubu as a step in the right direction, but said its mandate may not be sufficient to address ethnic relations.

He urged the federal government to either expand the commission’s role or create a dedicated Bureau for Ethnic Relations in all six geo-political zones to foster reconciliation, equality, and sustainable development.

Quoting African-American scholar W.E.B. Du Bois, Prof. Wilfred concluded that the challenge of Nigeria in the 21st century is fundamentally one of ethnic relations, which must be addressed with deliberate policies for unity and integration.

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