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

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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.


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CAC Unveils Measures to Ease Company Registration

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Mr. Hussaini Ishaq-Magaji, SAN, registrar-general of the Corporate Affairs Commission (CAC), said the commission is determined to end delays in business registration and service delivery through new digital reforms.

Ishaq-Magaji stated this on Monday at the CAC Stakeholders’ Forum held in Kano, which brought together lawyers, business owners, EFCC, ICPC, and other partners to review challenges and reforms in the commission’s service.

He said the commission had inherited an overstretched registration portal that was unable to cope with the growing demands triggered by compliance initiatives such as mandatory registration of Point-of-Sale (PoS) businesses and annual returns filing.

According to him, the situation created a backlog of applications and placed an unfair burden on customers and staff. “Our call centre and operational departments receive no fewer than 3,000 emails daily, with less than 100 staff attending to them.

“This model is not sustainable and not fair to our customers or our staff. That is why we resolved to change it for good,” he said.

The registrar general explained that the commission had introduced an Artificial Intelligence-powered portal capable of reading and routing thousands of customer requests within seconds.

He added that the AI system, launched in June, had successfully reduced the time for business name registration to less than 10 minutes, a feat he described as unprecedented globally.

“Anywhere you are, without knowing anyone in CAC or paying a middleman, you can register a business name and get your certificate instantly in less than 10 minutes. That is the new Nigeria we are building,” he said.

He, however, acknowledged that other services, such as limited liability company and incorporated trustee registrations, were still experiencing delays due to backlogs, with about 7,000 pending applications being handled by only 63 registry staff.

The registrar-general assured stakeholders that further phases of the digital reform would address these gaps, stressing that technology was now a necessity for the commission to deliver its mandate.

Also speaking, Ahmed Abubakar, Chairman, Nigerian Bar Association (NBA), Ungogo branch, commended the commission for its digital reforms, describing them as a “remarkable achievement.”

Similarly, Usman Umar-Fari, Chairman, NBA Kano branch, urged the CAC to encourage companies to fulfill their corporate social responsibilities and create more opportunities for lawyers.

 


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Police Begins Enforcement of Tinted Glass Permits from October 2

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Nigeria Police Force has announced that it will begin enforcing the use of tinted glass permits nationwide on October 2, 2025.

Police Begins Enforcement of Tinted Glass Permits from October 2

SP Shi’isu Adam, Public Relations officer, Jigawa State Command, disclosed this in a statement in Dutse, the state capital.

According to him, online registration and application for the permits is ongoing, and members of the public are urged to follow the stepwise process on possap.gov.ng for a smooth application.

He explained that applicants must create an account using their NIN, BVN, or TIN, verify their account via email, then log in to select the Tinted Glass Permit service and upload their vehicle details along with supporting documents.

“Applicants must carefully confirm all details before submitting their requests and making payments as directed on the portal,” SP Adam emphasised, urging accuracy for fast processing.

He added that after the application, vehicle inspection, and fingerprint biometric capturing will be scheduled at the designated Nigeria Police Force Intelligence Departments.

For Jigawa applicants, Adam confirmed that biometric capturing would be done free of charge at the State Intelligence Department, located at the Police Headquarters in Dutse.

He also warned motorists against patronising unauthorised individuals attempting to exploit the permit process.

“This initiative promotes transparency and ensures road safety for all,” the PPRO said, stressing the command’s commitment to accountability.

The statement further called for cooperation from the public to ensure the smooth enforcement of laws and a safer driving environment statewide.

It added that compliance with the directive safeguards motorists legally and helps combat illegal window tinting.

“Those planning to apply are advised to begin registration promptly ahead of the enforcement date,” SP Adam stated.


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Takang, Ladid Lead Africa’s Digital Sovereignty Debate @ DACE 2025

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How can Africa remain safe and powerful in a world being rapidly redefined by Artificial Intelligence? That pressing question will take centre stage at the 13th Digital Africa Conference & Exhibition (DACE), scheduled for October 28–29, 2025, in Abuja.

The two-day gathering will be anchored by two powerhouse keynote speakers: Dr. Armstrong Takang on Day 1 and Prof. Latif Ladid on Day 2, each bringing unique expertise to Africa’s digital sovereignty conversation.

Dr. Armstrong Takang, Managing Director/Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), will open the conference with a keynote that situates Africa’s digital sovereignty within the broader context of economic reform, institutional innovation, and strategic governance.

A consummate professional and visionary thinker, Dr. Takang has spent decades bridging the gap between public reform and private investment across Africa and the United States. Before his current role at MOFI, he served as Special Adviser to the Honourable Minister of Finance, Budget and National Planning, where he led the MOFI Transformation Team.

His career includes leading Growth Alliance Partners (GAP), a pan-African firm that helped turn around several businesses to create shareholder value, and working at KPMG in New York.

He has been instrumental in designing and implementing key national initiatives such as the Integrated Payroll and Personnel Information System (IPPIS), the Voluntary Asset and Income Declaration Scheme (VAIDS), and the ICT components of EFCC/NFIU systems.

Dr. Takang has also chaired national ICT committees and contributed to landmark policies, including Nigeria’s Content Development in ICT and the country’s 50-year Development Plan. His keynote will highlight how digital and financial sovereignty intersect to secure Africa’s long-term competitiveness.

On the other hand, Prof. Latif Ladid, Founder & President of the IPv6 Forum and Chair of the AI & Blockchain Global Forum, brings decades of global leadership in internet architecture, digital policy, and emerging technologies.

His expertise spans across pivotal roles from IEEE Future Networks to the Internet Society, 3GPP, and EU research on next-generation networks.

Organizers say his keynote will set the tone for the conference, unpacking how Africa can assert digital sovereignty, safeguard its data, and lead in shaping the ethics and standards of AI on the global stage.

“This year’s theme, ‘Sovereign Intelligence: Africa’s Voice in the Global Digital Order,’ isn’t just a concept, it’s a necessity,” said Dr. Evans Woherem, Chairman of Digital Africa Consult. “Prof. Ladid’s keynote will highlight what it takes for Africa to remain safe, independent, and powerful in the new AI era.”

At a time when global powers are racing to define AI norms and secure digital dominance, Africa risks being left behind if it fails to act. Much of its technology remains imported, its data stored abroad, and its languages invisible in mainstream AI systems.

DACE 2025 is designed to change this narrative, by equipping Africa with the tools, strategies, and partnerships to become a proactive co-author of the digital future.

The conference will feature high-level dialogues on digital sovereignty, policy innovation, and cross-border cooperation, alongside exhibitions of homegrown startups, developer workshops, and showcases of African-built AI tools for health, agriculture, finance, and education.

Beyond the panels and showcases, DACE 2025 is expected to produce a concrete roadmap for Africa’s digital sovereignty.

“This isn’t just about technology,” noted Woherem. “It’s about agency, safety, and independence. With Prof. Ladid setting the stage, we hope to leave Abuja with a united vision of Africa’s place in the global AI order.”

With delegates expected from across Africa and the world, the two-day gathering promises to be a defining moment in the continent’s digital journey.


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