General News
Intercontinental Bank Gives Out N2m, 50 Laptops
Intercontinental Bank has launched a National Essay Competition for Nigerian university undergraduates to commemorate the nation’s 50th Independence Anniversary in October.
Mahmoud Lai Alabi, Group Managing Director/Chief Executive, Intercontinental Bank explained that the essay competition, tagged “50 Stars @ 50”, was initiated to not only expand the scope of the bank’s commitment to educational development but also the bank’s modest way of demonstrating its genuine desire to continuously support human capital development in the country.
“Over the years, as you are aware, Intercontinental Bank has shown deep commitment to the development of the nation’s education sector through State Scholarship schemes and other donations to institutions of higher learning. We are strongly committed to building a world-class educational system as well as developing the intellectual capacity of Nigerian students through laudable projects such as the one we are here to flag of today. We in Intercontinental Bank recognise the fact that, 50 years represents a significant milestone in the history of any nation. It is in this light that the bank, as a responsible corporate citizen, came up with the idea of a national essay competition, not only as our contribution to the nation’s golden jubilee celebrations but also as a way of engaging Nigerian university students intellectually. The essay will seek to engage the participants on a soul-searching adventure on the nation’s journey so far and in the end produce illuminating expose enunciating how far we have gone as a nation, what we have achieved, the pitfalls, and how best to achieve a better Nigeria,” Alabi said.
According to the bank boss, the objectives of the competition which has as its topic: ‘Nigeria: A Nation at 50, The Past, the Future’ are specifically to celebrate with Nigeria and Nigerians at 50 and to create a strong pedestal for getting the input of Nigerian youths into the process of national planning, leadership and nation-building.
He said at the end of the cut-off date for submission, a team of professors drawn from the universities would be saddled with the responsibility of critically assessing the collated essays from where 50 winners will emerge.
The Entry Form has been hosted on the bank’s website for intending participants to download free and also in paper format available in all branches of the bank where prospective candidates could pick them.
Completed Entries are to be returned to the branches from where they will be moved to the Head Office through the 10 regional offices. At the end of the competition, the overall 50 winners would be recognized as 50th Anniversary STARS and every STAR shall be rewarded with a prize. The overall best essay writer will be rewarded with an educational grant of N500,000, cash prize of N500,000 and one HP mini laptop; the second best will get N300,000 educational grant, N300,000 cash prize and one mini laptop; the third best will get N200,000 educational grant, N200,000 cash prize and a mini laptop while the 4th-50th winners will get one mini laptop each.
The 50 Stars will be unveiled to the world in a ceremony in Lagos during the nation’s 50th Independence Anniversary.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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