News
Firm Petitions SFU as Bankers’ Panel Withdraws from N1Bn Fraud Probe

The Sub-committee on Ethics and Professionalism of the Bankers’ Committee has withdrawn from investigating a fraud case to the tune of about N1bn involving Star Orient Nigeria Limited, an aviation fuelling company, and Access Bank Plc.

Seye Awojobi, secretary of the committee, said in a report dated April 23, 2021, that the panel struck out the case following PUNCH Metro’s report on the investigation conducted into the case by the Zone 2 Police Command, Onikan, Lagos State.
The report of the investigation had indicted some members of staff of Access Bank for allegedly colluding with the erstwhile Managing Director of Star Orient, Dare Osamo, and others to launder N1bn.
The police report read in part, “Strong prima facie cases of conspiracy, forgery, obtaining money by false pretences and stealing were established against Dare Osamo and others, including Access Bank.”
Responding to the company’s petition to the committee over the alleged N1bn fraud, Awojobi said, “The bank informed the sub-committee that the case was published in PUNCH Newspaper of March 11, 2021.
“The sub-committee, after due consideration, decided that the case should be struck out since the case was reported to the media, and also that the matter was under investigation by the Nigeria Police Force prior to the case being brought before the Sub-committee on Ethics and Professionalism.”
However, Ogbonnaya Agbafo, counsel for Star Orient, said his client waited on the Bankers’ Committee for eight months, adding that despite the firm and Access Bank finishing their submissions and waiting on the sub-committee to pass its verdict, no verdict was given.
He said, “If the sub-committee had adjudicated within a reasonable time after the parties had exhausted their submissions, it would have reached a decision long before March 11, 2021. Was the sub-committee patiently waiting for something – some slip or breach?
“There was no evidence that it was our client that took the matter to the press. The bank that made the allegation did not provide proof that it was our client and not the bank itself that leaked the matter to the press.
“The golden rule of adversarial proceedings is that he who asserts must prove. The sub-committee was content to act on the ipse dixit of our client’s adversary, on whose interest it was based, perhaps, upon its own induced press leak and the committee would appear to have waited for just that leak to happen – to cry off the case!”
Agbafo explained that the committee was avoiding engaging the truth, adding that its stance as presented by Awojobi was a “sad reflection that the ideals of social and economic justice will always suffer peril in any conflict between bent financial power and honest business.”
He added, “But on further reflection, one understands that self-interest is a universal law of life: why should a committee of bankers act in judgment against one of their own?
“Those who designed the concept of the sub-committee must have been diehard idealists to have overlooked this foible of man: what the wise Yoruba would call the ‘awa rawa’ principle!”
Star Orient added that the sub-committee threw out its petition during a 15-minute hearing and was insensitive about ethical standards in the banking sector.
It stated, “To set the records straight, ShibahWells Energy, our joint venture partner, petitioned the AIG, Zone 2 Command, against the directors of Star Orient on allegations of theft and money laundering
“Star Orient petitioned the Bankers’ Committee and the CBN to cause investigation into compliance with ethics and regulations governing banking in Nigeria vis-à-vis the opening and operations of the company’s bank accounts, including that of Access Bank.
“While we lack the power and resources to contend with the intimidation and overreaching powers of the bank, justice by all means must be served.
“We, therefore, petitioned the Inspector-General of Police through the Special Fraud Unit to unravel and prove wrong our allegation of fraud and connivance in money laundering against Access Bank and other financial institutions.”
When contacted, Eyitayo Johnson, Public Relations Officer, SFU, said, “I can confirm to you that the SFU has an active petition we are investigating in respect to the petition by Star Orient and it involves some deposit money banks and microfinance banks.
“The case is still very much ongoing and before the week runs out, we should be able to cover major milestones and be able to brief the press accordingly.”
News
UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.
The mission follows the high profile and well received state visit to the UK in March, which also included education engagements. Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.
The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.
In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.
In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.
British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.
“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”
“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”
DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”
DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.
News
Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu
In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.
The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.
Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.
The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.
News
Karex, World’s Top Condom Maker to Hike Prices due to Iran war

Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.
Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.
Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.
“The situation is definitely very fragile, prices are expensive… We have no choice but to transfer the costs right now to the customers,” Goh told Reuters.
Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.
Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.
The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.
“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.
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