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Supreme Court Upholds AMCON’s Sale of Lagos Continental Hotel in Landmark Debt Recovery Ruling

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The Supreme Court of Nigeria has affirmed the powers of the Asset Management Corporation of Nigeria (AMCON) to dispose of the Lagos Continental Hotel, bringing an end to a long-running legal dispute over the property.
The apex court delivered its judgment on February 20, 2026, in favour of AMCON after years of litigation involving Polaris Bank Limited, AMCON, 11 Hospitality Plc, and Milan Industries Limited.

Origin of the Dispute
The case stemmed from a credit facility granted by the defunct Skye Bank Plc—now Polaris Bank—to Milan Industries Limited for the construction of the Lagos Continental Hotel located in Victoria Island, Lagos.
However, the loan later became non-performing, prompting AMCON to acquire the Eligible Bank Asset from Polaris Bank in September 2018 as part of its mandate to stabilise Nigeria’s banking sector.

Before the loan acquisition, the bank had appointed Kunle Ogunba as Receiver/Manager over Milan Industries to recover the outstanding debt.

In that capacity, Ogunba took possession of the hotel based on the registered Deed of Legal Mortgage securing the loan and his Deed of Appointment.

After acquiring the loan, AMCON subsequently validated Ogunba’s appointment and proceeded to dispose of the Lagos Continental Hotel to 11 Hospitality Plc for N22 billion.

Legal Battle Through Multiple Courts
Following the sale, Milan Industries Limited filed a suit at the Federal High Court challenging AMCON’s decision to dispose of the asset.
The Federal High Court dismissed the case, but Milan Industries later appealed the decision at the Court of Appeal, which ruled in its favour.

The verdict was subsequently challenged at the Supreme Court by AMCON.

Supreme Court Clarifies AMCON’s Powers
In its final ruling, the Supreme Court overturned the decision of the Court of Appeal and upheld AMCON’s authority under the AMCON Act.
The apex court held that the AMCON Act is a special legislation enacted by the National Assembly to address unique challenges within Nigeria’s financial system.

It also reaffirmed provisions of Section 60 of the law, which exempts AMCON from paying stamp duties and confirms its rights as a mortgagee regardless of the upstamping of documents.

According to the court, AMCON retains a continuing security interest in mortgaged assets as long as the outstanding debt remains unpaid.

Hotel Sale Upheld
With the ruling, the Supreme Court validated the sale of the Lagos Continental Hotel and reinforced AMCON’s authority to dispose of mortgaged assets in the course of recovering non-performing loans.
The development effectively ends the legal dispute over the property, bringing the matter to a final close.

Umahi: Southeast Now ‘Rightfully Recognised’ Under Tinubu, Urges Support for President’s Re-election

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Minister of Works Dave Umahi has declared that the Southeast is now occupying its rightful place in the country under the administration of President Bola Ahmed Tinubu.

Umahi said the President has effectively addressed long-standing concerns about the marginalisation of the region by ensuring greater inclusion of the Southeast in national development.

The minister made the remarks at the weekend while inspecting ongoing federal infrastructure projects in Ebonyi State.

Key Federal Projects Underway in the Region
Among the projects inspected were the Onueke section of the 465-kilometre Trans-Sahara Super Highway, where a 25-span bridge measuring about 700 metres is currently under construction.
Other projects include the Onueke–Afikpo highway, Afikpo–Ndibe Beach road, the Ebonyi–Cross River Beach Bridge, and the Amasiri–Okigwe highway.

Umahi said the projects reflect the Tinubu administration’s commitment to infrastructure development and economic growth in the Southeast.

Call for Support Ahead of Elections
The minister urged residents of the region to support the President’s re-election bid, noting that the administration had done “so much” for the Southeast.
“Mr. President has done so much for the Southeast and I want you people to broadcast what he is doing for us,” Umahi said.

He also called on citizens to highlight the ongoing development efforts across the region, particularly on social media.

“Let our people that are not here who are on social media know that the tide has changed and we are now counted and we are now at the right position in the affairs of the nation,” he added.

The minister further urged people of the Southeast to set aside grievances and acknowledge the federal government’s efforts in the region.

“No more bitterness and no more verminous statements but appreciation so that we can get more just like other regions that appreciate him and get more,” he said.

Umahi stressed that continued support and appreciation of the administration’s efforts would encourage more federal projects and development initiatives in the Southeast.

Tope Alabi Pays Emotional Tribute to Gospel Legend Toun Soetan After Her Death at 73

Tope Alabi Mourns Gospel Icon Toun Soetan
Popular gospel singer Tope Alabi has paid a heartfelt tribute to veteran gospel musician Toun Soetan, who passed away at the age of 73.

Taking to Instagram, Alabi described the late singer as a spiritual mother and a matriarch whose influence in the gospel music ministry remains immeasurable.

“She was a true spiritual mother and a matriarch in gospel music,” Alabi wrote.
According to the singer, Soetan’s life reflected deep devotion to Christ and unwavering commitment to spreading the gospel through music.

“Her life was a reflection of Christ, and her impact in the gospel music ministry will never be forgotten. She lived for Christ and preached Him through her life and music,” she added.

Gospel Community Reacts to Soetan’s Passing
The death of the veteran musician was confirmed by gospel comedian Woli Agba in a social media post on Friday.

Alabi expressed comfort in the belief that the late singer had gone to be with the Lord.

“Though we will miss her, we are comforted knowing she has gone to be with the Lord. Rest well, Mama. Your legacy lives on,” she wrote.

A Legacy of Gospel Music Ministry
Soetan, widely respected in Nigeria’s gospel music community, was known for several inspirational songs, including Train Up Your Child and Darling Jesus.

Over a career that spanned more than four decades, she dedicated her life to gospel music and ministry, inspiring generations of believers through her songs and teachings.

Born in Lagos and raised in a Muslim family, Soetan converted to Christianity in 1974, a decision that would later shape her journey into gospel music and ministry.

She is survived by her husband, family members and a large community of gospel ministers and admirers who continue to celebrate her legacy.

Ex-Head of State Yakubu Gowon Speaks on Tinubu’s Performance — Here’s What He Said

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Former military Head of State Yakubu Gowon speaks on President Bola Tinubu’s leadership,while the APC rejects ADC’s claim that Nigeria’s poverty rate has risen to 63%.

Gowon Speaks on Tinubu’s Leadership as APC Fires Back at ADC Over Poverty Claims

Former military Head of State Yakubu Gowon has expressed strong support for the leadership of Bola Ahmed Tinubu, saying the Nigerian president is doing well across multiple sectors of governance.

Gowon, who ruled Nigeria between 1966 and 1975, spoke with journalists after paying a courtesy visit to the president at the Presidential Villa Abuja.

The elder statesman said Nigeria is making progress under Tinubu’s leadership and expressed satisfaction with the direction of governance.

When asked what areas the president should improve as his administration continues, Gowon declined to single out any particular sector.

Instead, he said Tinubu appears to be addressing national challenges comprehensively.

“Isn’t he doing the best he can all round?” he asked rhetorically.

“So there is no particular place; every other area — political, economic, social, etc.”

Gowon acknowledged the complex security challenges confronting Nigeria but maintained that the president is taking steps to tackle them.

“And, of course, the major problem that we have today, the security area, he’s doing everything to deal with those for the good of all Nigeria,” he said.

According to him, national leadership requires managing several priorities at the same time.

“He’s got to look after the interests of Nigeria in all areas, and I’m happy about that,” Gowon added.

The former head of state also emphasised that resolving the nation’s challenges ultimately rests with the government.

“If I say that the problem that is happening today, it is only the government today, that’s Mr. President that can really deal with it, and he is dealing with it the best he can without creating any problem for Nigerians and for the country,” he said.

He expressed optimism that the government’s efforts would eventually bring stability to the country.

“The government is handling it the best it can to ensure that Nigeria, in the end, achieves the peace that it deserves, that it requires and it deserves.”

The visit comes amid ongoing consultations between President Tinubu and key national leaders on governance, security, and national development.

Meanwhile, the ruling All Progressives Congress (APC) has strongly criticised the opposition African Democratic Congress (ADC) over claims that Nigeria’s poverty rate has surged to 63 percent.

The ADC based its claim on an Agora Policy dialogue report, which suggested that the country’s poverty rate increased from 49 percent to 63 percent.

In response, APC National Publicity Secretary Felix Morka accused the opposition of “mischievously misleading Nigerians.”

Speaking in a statement in Abuja, Morka dismissed the criticism as a reflection of what he described as the opposition’s misunderstanding of the government’s economic reforms.

Morka defended the administration’s decision in May 2023 to remove the fuel subsidy and unify foreign exchange rates.

According to him, the previous systems created a major fiscal burden and encouraged corruption and cross-border smuggling.

He said the policies had drained up to 90 percent of national revenue, making economic reform inevitable.

While acknowledging that Nigerians initially experienced hardship due to the reforms, Morka insisted that the measures were necessary to correct longstanding structural distortions in the economy.

To support its argument, the APC cited macroeconomic indicators showing signs of recovery.

According to the party, Nigeria’s economy grew by 4.4 percent last year and the growth is projected to reach 5.5 percent this year. It explained further that the foreign reserves have surpassed $50 billion, the highest level in nearly two decades and added that food inflation has dropped to a 13-year low while non-oil exports exceeded $6 billion in 2025.

Morka also said higher revenue allocations are now reaching state and local governments, enabling development at the grassroots level.

The APC further highlighted ongoing government initiatives aimed at cushioning the effects of the reforms.

These include cash transfer programmes, student loan schemes, and the rollout of Compressed Natural Gas (CNG) initiatives to reduce transportation costs.

The ruling party insisted that the Tinubu administration remains committed to rebuilding Nigeria’s economy and delivering long-term stability for citizens. Read More

Bala Bello Appointed Special Adviser on Political Economy, Pledges Loyalty to President Tinubu

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Bala Bello, former Deputy Governor of the Central Bank of Nigeria (CBN), has been appointed Special Adviser to President Bola Ahmed Tinubu on Political Economy, promising loyalty and professional service in advancing the administration’s reform agenda.

In a statement following his appointment, Bello expressed gratitude to President Tinubu for previously appointing him to the CBN in 2023 and for entrusting him with this strategic advisory role.

“I am grateful to President Tinubu for appointing me to the Central Bank of Nigeria and giving me the privilege to serve for the past 30 months,” he said. “I am even more grateful that he has now found me worthy to serve as Special Adviser on Political Economy.”

Bello noted that the new position will allow him to work closely with the president and contribute significantly to political and economic reforms under the “renewed hope” agenda.

“It places me in a position to work even more closely with the President and to contribute more meaningfully to the ongoing bold political and economic reforms being undertaken by the administration,” he said, pledging professionalism and loyalty in his new role.

Before joining the CBN, Bello had a distinguished career in development finance and public sector banking. He served as Executive Director at the Nigerian Export-Import Bank (NEXIM Bank) from 2017 to 2023 under former President Muhammadu Buhari.

In September 2023, he was appointed Deputy Governor of the Central Bank of Nigeria by President Tinubu. He also played a key role in the 2023 general elections, actively supporting Tinubu’s campaign and advocating for the rotation of presidential power to southern Nigeria.

As Special Adviser on Political Economy, Bello is expected to provide strategic advice linking political considerations with economic policy, helping guide the Tinubu administration’s reform initiatives in governance, finance, and national development.

Bello’s appointment underscores the administration’s focus on strengthening the interface between economic management and political strategy as it pursues ambitious reforms.

Pentagon Identifies Six US Airmen Killed in KC-135 Crash During Iraq Mission

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The Pentagon has identified six United States Air Force service members who died after a KC‑135 Stratotanker refueling aircraft crashed in western Iraq on Thursday.

The aircraft went down on March 12 while flying over friendly airspace during Operation Epic Fury, according to officials.

Three of the fallen airmen were assigned to the 6th Air Refueling Wing based at MacDill Air Force Base in Florida.

They were identified as:
• John A. Klinner, 33, a major from Auburn, Alabama
• Ariana G. Savino, 31, a captain from Covington, Washington
• Ashley B. Pruitt, 34, a technical sergeant from Bardstown, Kentucky

The remaining three were members of the 121st Air Refueling Wing stationed at Rickenbacker Air National Guard Base in Columbus, Ohio.

They include:
• Seth R. Koval, 38, a captain from Mooresville, Indiana
• Curtis J. Angst, 30, a captain from Wilmington, Ohio
• Tyler H. Simmons, 28, a technical sergeant from Columbus, Ohio

Military officials said the crash involved another KC‑135 Stratotanker, though details surrounding the incident remain unclear.

The Pentagon confirmed that an investigation is underway to determine the cause of the accident.

The KC-135 aircraft is widely used by the U.S. Air Force to refuel military jets mid-air, enabling extended flight operations during overseas missions.

Officials say further information will be released as the investigation progresses. ✈️

Formula 1 Cancels Bahrain, Saudi Arabian Grands Prix Over Middle East Security Concerns

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Formula 1 has cancelled the Bahrain Grand Prix and the Saudi Arabian Grand Prix following security concerns linked to the ongoing conflict in the Middle East.

The sport’s governing body, Fédération Internationale de l’Automobile (FIA), announced that the decision was reached after careful security evaluations determined it was unsafe to stage the races under current conditions.

The Bahrain race at Bahrain International Circuit in Sakhir had been scheduled for April 10–12, while the Saudi Arabian event at Jeddah Corniche Circuit was due to take place the following week.

In a statement released ahead of the Chinese Grand Prix, the FIA confirmed that neither race will be rescheduled or replaced on the 2026 Formula 1 calendar.

FIA President Mohammed Ben Sulayem said the safety of teams, staff and fans was the top priority.

“As always, the FIA will place the safety and well-being of our community and colleagues first. After careful consideration, we have taken this decision with that responsibility firmly in mind,” he said.

The cancellations reduce the 2026 Formula 1 season to 22 races instead of 24. It also creates a five-week break between the Japanese Grand Prix at the end of March and the Miami Grand Prix in early May.

Formula 1 had explored possible replacement venues, including Autódromo Internacional do Algarve in Portugal, Autodromo Internazionale Enzo e Dino Ferrari in Italy, and Istanbul Park in Turkey.

However, organisers concluded that hosting a race at short notice would be challenging due to logistical constraints, ticket sales arrangements and the pressure on already stretched race personnel.

The cancellation is expected to cost the sport more than £100 million, as Bahrain and Saudi Arabia are among the highest-paying hosts on the Formula 1 calendar.

Hosting fees are typically shared between the competing teams and the sport’s commercial rights holder, Formula One Group.

Despite the financial implications, officials stressed that safety considerations made the decision unavoidable.

The unexpected break in the schedule will now allow teams extra time to review the opening races of the season and continue development work under the sport’s new engine regulations.

Empowering Women With Mechanised Tools Will Boost Food Security — Kaduna Gov Sani

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Governor Uba Sani of Kaduna State has said that empowering women with mechanised farming tools will significantly accelerate agricultural productivity, strengthen food security and expand economic opportunities across Nigeria.

The governor, who was represented by his deputy Hadiza Sabuwa Balarabe, made the remarks in Kaduna during the celebration of International Women’s Day, organised by the Women in Mechanized Agriculture Association (WIMA).

According to him, the gathering was more than a ceremonial event, describing it as a reflection of what he called a “quiet revolution” being driven by women across farms, markets and agribusiness hubs.

Sani noted that agricultural mechanisation is transforming farming globally, stressing that Nigeria must embrace modern technologies to remain competitive and meet the rising demand for food.

He explained that mechanisation goes beyond the introduction of machines, as it improves productivity, enhances efficiency, reduces labour burdens and opens new economic opportunities for farmers, especially women.

The governor pointed out that women farmers often juggle both farming and household responsibilities, adding that access to mechanised equipment could significantly reduce their workload while increasing farm output and income.

He emphasised that agriculture remains a major source of livelihood for millions of Nigerians, with women playing critical roles across the value chain, including production, processing, marketing and food distribution.

Despite their contributions, the governor acknowledged that many women farmers still face challenges such as limited access to land, finance, technology and mechanised services, which continue to limit their productivity.

Sani reaffirmed the commitment of the Kaduna State Government to support women and youths in agriculture through policies and investments that promote agribusiness development and improve access to modern farming technologies.

Also speaking, President of WIMA Aisha Yakubu Bako said the association was established in 2019 to provide mechanisation services to farmers while empowering women as service providers.

She revealed that the organisation has expanded from just six members at inception to about 2,900 women who now provide mechanised services such as ploughing, harvesting, threshing, drying, irrigation pumping and crop spraying across several states.

Meanwhile, a representative of PropCom Plus, Kator Abagu, said the programme has partnered with WIMA to establish solar-powered mechanisation hubs and introduce climate-smart agricultural technologies aimed at improving the productivity and livelihoods of smallholder farmers.

Police Probe Alleged Shooting of Skit Maker Broda Shaggi in Sango-Ota

Ogun State Police have launched an investigation into reports that comedian Broda Shaggi was shot while filming a skit in Sango-Ota. Authorities say the incident is yet to be confirmed

Police Launch Investigation After Broda Shaggi Reportedly Shot While Filming Skit

The Ogun State Police Command has launched an investigation into reports that popular skit maker and social media influencer Samuel Perry, widely known as Broda Shaggi, was allegedly shot while filming a comedy skit in Sango-Ota.

The incident reportedly occurred last Sunday afternoon under the Sango-Ota Bridge in Ado-Odo/Ota Local Government Area of Ogun State.

Despite the widespread reports, the police say they cannot yet confirm whether the alleged shooting actually took place within Ogun State.

In a statement issued on Friday, the Police Public Relations Officer, Oluseyi Babaseyi, urged the public to avoid spreading unverified information while investigations continue.

“For the sake of clarity, the command cannot confirm that Broda Shaggy was shot anywhere within Ogun State. Investigation into the matter has, however, commenced.

“Members of the public are kindly advised to refrain from spreading unverified information and allow the investigation to run its course,” he said.

Although details surrounding the incident remain unclear, a police source who spoke anonymously said the influencer allegedly sustained a gunshot injury while filming the skit.

According to the source quoted by The Punch, the shooting occurred during the production of a comedy video.

“He was shooting a skit under the Sango-Ota bridge when he sustained a gunshot injury. We don’t have information yet on how it happened, but his crew members who were present quickly rushed him to the hospital.”

Sources familiar with the situation said the entertainer was immediately rushed to Blooming Care Hospital, where he was given emergency medical attention.

Medical staff reportedly administered first aid upon his arrival.

However, he was later transferred to Duchess International Hospital, where he is currently recuperating.

Investigations also revealed that no formal report has been made to the police by the influencer’s team since the incident occurred.

Authorities say the ongoing probe will determine the exact circumstances surrounding the alleged shooting.

Broda Shaggi, known for his comedic skits and strong social media presence, remains one of Nigeria’s most popular online entertainers, with millions of followers across digital platforms. Read More

Tinubu Mourns Ex-Super Eagles Star Henry Nwosu, Hails 1980 AFCON Hero as Nigerian Football Legend

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Bola Ahmed Tinubu has expressed deep sorrow over the death of former Super Eagles midfielder Henry Onyemanze Nwosu, describing the late football icon as one of the most gifted players to ever represent Nigeria.

Nwosu, a key member of Nigeria’s historic squad that won the 1980 Africa Cup of Nations, died on Saturday at the age of 62.

In a condolence message issued through his Special Adviser on Information and Strategy, Bayo Onanuga, the President extended heartfelt sympathies to the family of the former national team star and joined the Nigerian football community in mourning his passing.

Tinubu described Nwosu as an exceptionally talented midfielder whose skill, creativity and passion for the game left an enduring mark on Nigerian football.

He recalled the late playmaker’s brilliance as a 17-year-old member of the then Green Eagles squad that secured Nigeria’s first AFCON title in 1980, noting that his contributions helped cement the team’s place in the country’s sporting history.

According to the President, Nwosu’s artistry and technical ability on the field made him one of the most admired footballers of his generation.

Tinubu also highlighted the late midfielder’s more than a decade of service to the national team, during which he represented Nigeria in several major continental competitions, including the Africa Cup of Nations tournaments in 1982, 1984 and 1988.

Beyond his achievements on the pitch, the President acknowledged Nwosu’s contributions to the development of football in Nigeria, noting that he inspired many young players who followed in his footsteps.

“His football artistry remains the stuff of legends,” Tinubu said, adding that Nigerians would continue to remember the late midfielder for the pride and joy he brought to the nation through his performances for the national team.

The President added that Nwosu’s legacy would endure in the annals of Nigerian football and in the memories of fans who watched him display remarkable talent and dedication to the sport.

Tinubu also prayed for the repose of the late football star’s soul and asked God to grant comfort and strength to his family, friends and the entire Nigerian football fraternity as they mourn the loss.