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Forfeiture Claim on Airtel Shares is False and Misleading – O&O Networks Limited, Subsidiary of Ecobank Group
Sale of Airtel Shares; No Forfeiture Order against Ecobank Group, O&O Networks Limited
No Court Order to forfeit Sales Value of Our Airtel Shares – O&O Networks Limited, Subsidiary of Ecobank Group
O&O Networks Limited, Special purpose vehicle owned by the Ecobank Group says contrary to certain media reports, there is no forfeiture order of the Federal High Court of Nigeria in its proceedings that is directed against Ecobank Transnational Incorporate (ETI) or Ecobank Nigeria Limited. O&O Networks Limited is defending long-standing proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it. The company which is a special purpose vehicle previously owned by Oceanic Bank, formed part of Ecobank Transnational Incorporated’s (ETI) in 2011 after the acquisition of Oceanic Bank. Legal proceedings were first initiated against O&O Networks Ltd in December 2006 by Broad Communications Ltd (“plaintiff”), in the Federal High Court of Nigeria.
A statement released by O&O Networks, pointed out that there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited.
According to the statement, there have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017, though a trial date on the substantive merits was recently fixed for May 28, 2019.
The statement reads: “Contrary to certain press reports, there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited, and neither ETI nor Ecobank Nigeria Limited has made or is required by law to make any payment to the Federal High Court of Nigeria in relation to this long-standing litigation. There have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017.
“In 2006, the plaintiff’s claim was grounded on an alleged right of first refusal over shares in Airtel Networks Limited that O&O Networks owned. The plaintiff claimed ownership of the Airtel shares based on its right of first refusal. In 2017, the plaintiff amended its claim to seek monetary compensation of USD equivalent of Naira 10 billion (approximately US$28 million) in place of its claim of ownership of the Airtel share.
” Since the matter was filed in 2006, it has not proceeded to trial on the substantive merits of the claim to date though a trial date on the substantive merits was recently fixed for May 28, 2019
“In August 2018, O & O Networks sold its shares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on 7 June 2018 and subsequently in September 2018, the plaintiff filed an interlocutory application requesting the Federal High Court of Nigeria to grant an order directing O&O Networks to place Naira 22.5 billion (approximately US$62 million) – the entire proceeds of the sale of the Airtel shares and an amount which is significantly in excess of the plaintiff’s total monetary claim – into an escrow account in the name of the Chief Registrar of the court, pending the final determination of the substantive claim. The Federal High Court of Nigeria granted the plaintiff’s interlocutory application on 7 March, 2019.
“O&O Networks has filed a notice of appeal and an application for stay of execution to this ruling. O&O Network’s appeal to the interlocutory order is currently pending, and it intends to prosecute the appeal vigorously.
“O & O Networks Limited believes the substantive claim of the plaintiff is without merit and will continue to vigorously defend all proceedings – interlocutory and substantive – in relation to the plaintiff’s long-standing claim.”
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Nigeria, U.S. Launch Multiple Deadly Airstrikes on Terrorists in Sokoto — FG
Nigeria and the United States yesterday launched a joint military operation to flush out terrorists in the Northwest, the Ministry of Foreign Affairs confirmed last night.
The Federal Government confirmed in a statement by the ministry that it remained engaged in structured security cooperation with international partners, including the United States (U.S.), in addressing the persistent threat of terrorism and violent extremism.
U.S. President Donald Trump confirmed the joint operation in a tweet on his X handle.
He said the attacks were on Islamic States of Iraq and Syria (ISIS) in Sokoto State.
The statement by the Foreign Affairs Ministry was signed in the early hours of today by Kimiebi Imomotimi Ebienfa.
It reads: “This has led to precision hits on terrorist targets in Nigeria by air strikes in the Northwest. In line with established international practice and bilateral understandings, this cooperation includes the exchange of intelligence, strategic coordination, and other forms of support consistent with international law, mutual respect for sovereignty, and shared commitments to regional and global security.
“Nigeria reiterates that all counter-terrorism efforts are guided by the primacy of protecting civilian lives, safeguarding national unity, and upholding the rights
and dignity of all citizens, irrespective of faith or ethnicity.
“Terrorist violence in any form, whether directed at Christians, Muslims, or other communities, remains an affront to Nigeria’s values and to international peace and security.
“The Federal Government continues to work closely with its partners through established diplomatic and security channels to weaken terrorist networks, disrupt their financing and logistics, and prevent cross-border threats, while strengthening Nigeria’s own security institutions and intelligence capabilities.
“The Ministry of Foreign Affairs will continue to engage relevant partners and keep the public informed through appropriate official channels.”
Confirming the operation, Trump said the military struck terrorists’ hideout in Sokoto.
The U.S. President said he had ordered the deadly strike to flush out ISIS terrorists in the Northwest.
Trump had accused the terror group of persecuting Christians in Nigeria.
In a post on social media, Trump said he had directed a “powerful and deadly strike against ISIS Terrorist Scum in Northwest Nigeria,” who he said had been killing innocent people.
U.S. Africa Command said the strike killed multiple terrorists at the request of Nigerian authorities in Sokoto State, which borders Niger to the north.
The claim could not be verified as at the time of filing this report.
“I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was,” Trump wrote on Truth Social.
“The Department of War executed numerous perfect strikes, as only the United States is capable of doing.
“Under my leadership, our country will not allow radical terrorism to prosper. May God bless our military, and MERRY CHRISTMAS to all, including the dead terrorists, of which there will be many more if their slaughter of Christians continues,” added the president, who is spending the Christmas holiday at his estate in Palm Beach.
In a separate post on social media, Defence Secretary Pete Hegseth said he was “grateful for Nigerian government support & cooperation”.
The Special Adviser to President Bola Tinubu, Mr. Daniel Bwala, told CNN: “The U.S. and Nigeria are on the same page in the fight against terrorism.”
Trump has focused for the last several months on terrorist activities, including calling in November on his secretary of defence to “prepare for possible action” and warning the U.S. would enter Nigeria “guns-a-blazing” to protect the Christian population of Africa’s most populous country.
On Christmas Eve, Tinubu shared a “Christmas Goodwill Message” in which he wished Christians across his nation and the world a merry Christmas and prayed for peace among individuals of differing religious beliefs.
“I stand committed to doing everything within my power to enshrine religious freedom in Nigeria and to protect Christians, Muslims, and all Nigerians from violence,” President Tinubu said in a post on X.
A delegation of senior Nigerian officials had visited the U.S. to hold talks with their counterpart.
The team, led by the National Security Adviser (NSA), Mallam Nuhu Ribadu, had explained the government position.
The team said the terrorists have no specific target.
A delegation made manily of U.S Congressmen had also visited Nigeria.
Both countries had raised a joint committee to deepen talks
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Update : • $7m School Fees Controversy: ICPC Invites Dangote Over Claim Against Ex-NMDPRA Boss
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ICPC invites Dangote and ex-NMDPRA boss
Pushes ahead despite ex-CEO’s resignation
Raises panel, opens investigation on Monday
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has invited businessman, Aliko Dangote for more information in respect of his petition against the immediate past managing director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Alhaji Farouk Ahmed.
Dangote is expected to appear or send his lawyer, Ogwu Onoja (SAN) tomorrow when ICPC’s investigation of the petition formally commences.
The commission raised a panel of crack investigators on Friday to handle the probe,
The ICPC ,according to sources ,has asked Dangote to submit his evidence to the anti-graft agency.
Dangote had accused Farouk of corruption and misappropriation of funds, including spending millions of dollars on his four children’s education in expensive and exclusive schools in Switzerland.
The businessman accused Farouk of economic sabotage by undermining domestic refining by colluding with international traders and oil importers through the continued issuance of import licences.
Farouk has since resigned his appointment.
But the commission said it is going ahead with the investigation, Farouk’s resignation notwithstanding.
“All is set for the investigation, ” a well- placed source in ICPC told The Nation yesterday.
“ICPC has set up a panel of crack investigators on Dangote’s petition. The Chairman of the commission, Dr. Musa Adamu Aliyu (SAN) asked the trusted team to stay action on a case and focus on Dangote’s petition. This underscores the importance attached to this case,” the source said.
“We have also invited Dangote or his lawyer to come on Monday to adopt the petition. “Either of them is to present relevant documents or evidence to support the petition.
“He who alleges must prove or provide lead on the allegations which our investigators must act on.
“We have acknowledged the receipt of the petition in line with our guidelines or mandate to do so within 48 hours.”
Continuing, the source said :”after formal adoption of the petition, we will isolate issues and ask Ahmed to respond to the allegations.
“We have been inundated with enquiries but I can assure you that ICPC will be fair to all the parties.”
Responding to a question, the source added: “The resignation of Ahmed does not affect this probe which is in the public interest.”
“Section 19 of the Corrupt Practices and Other Related Offences Act (ICPC Act 2000) makes it an offence for any public officer to use his/her position to confer an unfair or corrupt advantage on himself, his relatives, associates, or other public officers.Anyone found guilty of any such offence is liable to five years imprisonment without the option of a fine.
“The enabling law also stipulates harsh punishment for individuals deemed to have wasted ICPC’s time and resources by making malicious or frivolous petitions against others.”
In the petition submitted on Tuesday through his lawyer, Ogwu Onoja SAN), Dangote demanded the arrest, investigation and prosecution of Farouk for allegedly living above his means as a public servant.
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He accused Farouk of “spending without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.
The document named the children and their schools and provided specific amounts paid for verification.
“Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over $7million of public funds, for the education of his four children in different schools in Switzerland for a period of six years upfront,” Dangote alleged.
“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement constitute gross acts of corrupt practices, for which ICPC is statutorily empowered under section 19 of the ICPC Act to investigate and prosecute,” Dangote added.
The cold war between Dangote and petroleum regulators had earlier sparked a N100billion suit.
The Dangote Petroleum Refinery and Petrochemicals FZE filed a N100 billion lawsuit at the Federal High Court in Abuja challenging import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and others, including the Nigerian National Petroleum Company Limited (NNPCL).
The refinery accused the regulator of granting licences to import refined petroleum products despite domestic production capacity.
It alleged that the action of the regulator has violated some sections of the Petroleum Industry Act.
The suit, FHC/ABJ/CS/1324/2024, was discontinued in July 2025 by Dangote’s lawyers.
ICPC petition guidelines say: “Any person anywhere in the world may make a complaint against any other person (corporate or non- corporate) in Nigeria, where reasonable grounds exist for suspecting that such a person has conspired to commit or attempted to commit or has committed an offence under the Corrupt Practices and Other Related Offences Act 2000.
Complaint/petition is made through oral/written report submitted through post, physically to any ICPC office in Nigeria.
A complaint made orally or by an illiterate shall be reduced into writing and read over to the complainant by an officer of the Commission.
The report shall set out details of the complaint , date, time and place where the offence was allegedly committed.
The complainant shall provide the names and addresses, phone number, email and other relevant information that may assist the Commission in locating the person or persons against whom the complaint is made.
The complainant shall state his/her full address, email or phone number or any other information that will assist the commission in contacting him/her, whenever necessary.
Reports can also be made online through any of the commission’s reporting platforms.
The commission shall acknowledge receipt of any petition within 48 hours.
Spokesperson of ICPC , John Okor Odey confirmed that the commission “received a formal petition on Tuesday, 16th December, 2025 from Alhaji Aliko Dangote through his lawyer. The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed. The ICPC wishes to state that the petition will be duly investigated.”
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JUST IN : N2.2bn Fraud, Court Upholds Ngige’s EFCC Bail, Insists on Senior Civil Servant as Surety
The Federal Capital Territory High Court sitting in Gwarinpa, Abuja, on Thursday, granted a former Minister of Labour and Employment, Chris Ngige, to continue to enjoy the administrative bail earlier granted him by the Economic and Financial Crimes Commission.
The trial judge, Justice Maryam Hassan, made the order while delivering a ruling in the bail application filed and argued on behalf of the former minister by his lead counsel, Patrick Ikwueto (SAN).
Justice Hassan in the ruling directed Ngige to produce a surety who must be a director in the employment of the Federal Government and own a landed property.
Justice Hassan ruled that the surety is to deposit the title documents of the landed property, as well as his travel documents, with the court pending the time Ngige completes the retrieval of his own international passport.
The EFCC had previously granted Ngige bail on self-recognition and directed him to submit his travel documents to the commission, in addition to providing one surety.
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