News
Skye Bank Asks FG to Seize Ntel, Discos, Says Ex-MD Wreaked Havoc

Management of Skye Bank Plc has written to Acting President Yemi Osinbajo, detailing how Tunde Ayeni, chairman of the bank between 2010 and 2016, allegedly wrecked the financial institution, according to TheCable.
The bank recommended that the government assist it to seize Ayeni’s assets, including Nitel (now Ntel) and the Electricity Distribution Companies (Discos)
In a series of letters and documents seen by TheCable, the management listed details of how Ayeni allegedly used his office to perpetrate illegality.
After sending several warnings, the Central Bank of Nigeria (CBN) had taken over Skye Bank on July 4, 2016.
Godwin Emefiele, governor of CBN, said then that the action followed the failure of the lender to meet the regulator’s minimum key liquidity and capital adequacy ratios.
Ayeni had resigned after the development and CBN announced the appointment of Muhammad Ahmad as the new chairman, while Adetokunbo Abiru took over from Timothy Oguntayo as group managing director (GMD).
Suspense Account
In the letter signed by Abiru and Ahmad, the bank gave details of how Ayeni allegedly used loans from the bank to acquire major government companies.
“Upon the assumption of duty by the new board, one of the immediate concerns that needed to be addressed was to ascertain the true state of the affairs and financial position of the bank and the credibility of the IT and information systems of the bank,” the letter read.
“To this end, the following were undertaken: engagement of PWC do to half-year audit as of June 30, 2016. This was later extended to cover the full year to December 31, 2016.
“Engagement of KPMG to do a forensic audit of the bank’s IT platform and management information systems.
“The forensic audit revealed that the bank operated two sets of financial accountability/books and this was responsive for the regulators/auditors inability to detect the massive losses and infractions, particularly the balance of N280bn in suspense accounts.
Industry Indebtedness
“The bank’s total exposure to Ayeni as of the date is about N70bn. It is clear that he used his position as the chairman of the bank to obtain inside loans well above the regulatory thresholds for the acquisition of the following government enterprises: Ibadan Electricity Distribution Company, Yola Ibadan Electricity Distribution Company and Nitel/Mtel. All the facilities are presently seriously challenged.
“As of today, Ayeni’s total industry indebtedness, covering both Nitel and the Electricity Distribution Companies (Discos) is estimated at about N150bn, and little, if any, of these obligations, are being doubtful that he will ever be in a position to service these loans satisfactorily.”
The letter also said another N33 billion was traced to Ayeni, saying there was suspicion that that out of this amount, N7 billion was spent on the re-election campaign of former President Goodluck Jonathan.
“The sum of N7bn was disbursed without due process to various individuals and corporate organisations on the request of Godknows Igali, a former permanent secretary of the federal ministry of power,” it read.
“The monies appear to have been expended essentially on the Jonathan-Sambo electoral campaign in 2015. That sum remains outstanding as at today.
“There is ample evidence that he (Ayeni), among others, received large amounts of cash, totalling N29.5bn, from the bank, which appears to be connected to the purchase of Mainstreet Bank Limited, but which has not been accounted for.
“He was instrumental in the approval and disbursement of the liquidity management which went on throughout his tenure.”
Seize Assets
The management recommended that the government assist it to seize Ayeni’s assets.
“The former chairman should be brought to account for his central role in many of the identified infractions,” it read.
“We have been able to perfect the debenture on the fixed and floating assets of Natcom, the vehicle that was used for the acquisition of Nitel and Mtel with asset estimated at N282bn (Open market value) and N183bn (forced sale value) by Knight Frank in 2014.
“This will put us in a position to place the company into receivership for recovery. However, in order to come to fruition, this approach will require strong and unyielding support from the regulatory and political authorities in the country.”
The management also indicted Akinsola Akinfewa, Kehinde Durosinmi-Etti and Oguntayo, all former GMDs of the bank.
Other individuals listed in the petition for various acts of infraction are Femi Otedola, chairman Forte Oil Plc, Festus Fadeyi and Jide Omokore.
Ayeni could not be reached for comments as he failed to respond to a text message TheCable sent to his telephone.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
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