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Why I stepped down as CEO of UBA — Tony Elumelu

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Why I stepped down as CEO of UBA — Tony Elumelu
• Tony Elumelu
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Tony Elumelu, the chairman of Heirs Holdings Group, has revealed that the Central Bank of Nigeria’s (CBN) policy, which limits the tenure of bank CEOs to ten years, was a key factor in his decision to step down as CEO of the United Bank for Africa (UBA).

Speaking at the 14th-anniversary celebration of Heirs Holdings in Lagos, Elumelu shared how this regulatory shift sparked a transformative journey that led to the establishment and growth of Heirs Holdings, now a global conglomerate with investments in diverse sectors across 24 countries.

Elumelu recounted how, in 2010, he was compelled to step down as CEO of the United Bank for Africa (UBA) due to a Central Bank of Nigeria (CBN) policy that imposed a maximum tenure of 10 years for bank CEOs.

“What could have been a setback became the beginning of something extraordinary – an opportunity that was truly transformative,” Elumelu remarked, emphasising that the policy shift, rather than dampening his ambitions, opened new doors for him. “When one door closes, many others open.”

This policy, which required him to relinquish his role at UBA, spurred the founding of Heirs Holdings, a conglomerate now operating in 24 countries and spanning sectors such as power, energy, financial services, hospitality, real estate, healthcare, and technology.

Reflecting on the group’s achievements, Elumelu noted, “Today marks a significant milestone, as we celebrate 14 years of excellence at Heirs Holdings Group.”

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Elumelu used the occasion to share broader lessons on leadership and resilience. He urged aspiring entrepreneurs to view challenges as opportunities for growth.

“When faced with adversity, do not give up. When challenged, bounce back. Persevere, be resilient, and transform your fear into hope, your hope into ambition, and your ambition into action,” he advised.

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Court martial: 12 soldiers face trial over alleged murder, other criminal offences

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The Commander, 4 Special Forces Command, Nigerian Army, Doma, Maj.-Gen. Olurotimi Awolo, has inaugurated a General Court Martial (GCM) to try 12 soldiers accused of various offences, including alleged murder, assault and aiding criminality.

Speaking during the inauguration on Tuesday in Doma, the Commander, represented by the President of the General Court Martial, Col. Salihu Ibrahim, said the convening order was issued pursuant to powers conferred on him by Section 131(2)(d) of the Armed Forces Act, Cap A20, Laws of the Federation of Nigeria, 2004.

He said the court was constituted to hear the cases of all accused personnel and determine each matter strictly on its merit.

“The court will be guided throughout the trial by the principles of natural justice as enshrined in the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

“We are also mindful of the cardinal principle of criminal justice that every accused person is presumed innocent until proven guilty.

“Where the prosecution fails to establish any allegation beyond reasonable doubt, the court will discharge and acquit the accused person.

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“Conversely, where an accused person is found guilty, the law will take its course in accordance with the provisions governing such offences,” he said.

He assured all parties of the court’s commitment to fairness, justice and professionalism, urging prosecution and defence counsels to avoid unnecessary delays and frivolous adjournments.

The court president maintained that speedy disposal of the cases would serve the interest of justice and ensure confidence in the military justice system.

However, trial could not commence immediately after the inauguration as six of the accused persons present in court were declared medically unfit to stand trial.

The court’s Medical Orderly, Sgt. Audu Ahmadu, informed the panel that five of the six accused persons had elevated blood pressure levels.

Following the development, the prosecutor, Capt. Shamsondeen Sadiq, urged the medical orderly to ensure that the affected personnel received adequate medical attention to enable the trial to commence.

The President of the court subsequently adjourned proceedings to a later date, which would be communicated to all parties.

Speaking with newsmen after the inaugural sitting, Barr. George Illah, counsel to one of the accused persons, commended the Command for constituting the court martial.

He expressed confidence in the competence of the panel, noting that the president of the court, other members and the Judge Advocate were qualified to discharge their responsibilities.

“As a defence counsel, I will do my best to ensure that the soldiers standing trial before this honourable court martial get the justice they deserve.

“It is important for people to understand that military personnel standing trial before a court martial are entitled to all constitutional and legal rights guaranteed under the law, and we will ensure that those rights are protected,” he said.

The News Agency of Nigeria (NAN) reports that members of the General Court Martial include Col. A.A. Buhari, Lt.-Col. Victor Yamu, Lt.-Col. A.K. Karma and Lt.-Col. S. Abdullahi.

Others are Maj. J.M. Usendeng, Maj. A.D. Ahmed, Maj. U. Ahmed, Maj. S.L. Sagu, while Capt. U. Nna serves as Judge Advocate. (NAN)

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Appeal Court suspends execution of judgment against ADC, 4 others parties

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The Court of Appeal in Abuja has ordered the stay of execution of the judgment that directed the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties.

*In a unanimous decision, a three-member panel of the appellate court led by Justice A. B. Mohammed, berated Justice Peter Lifu of the Federal High Court in Abuja for flouting an order it made on May 22, which directed him to suspend proceedings before him.*

*The appellate court held that Justice Lifu’s action amounted to an affront on the hierarchy of courts.*

*It held that the lower court’s action was “the highest form of judicial impertinence,” stressing that the Supreme Court previously held that a judge who acted in such manner “is unfit for the bench as it amounts to judicial rascality.”*

*“Courts are enjoined to protect their integrity. This Court has supervisory authority over the trial court. The decision of the lower court to proceed with the judgment despite the express order of this court is a brazen violation of the hierarchy of the court and the 1999 Constitution.*

*“This court has the duty to invoke its powers in ensuring that its orders are made.*

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*“The application for stay of execution is here yet granted. The enforcement of the judgment is stayed,” the appellate court held.*

Appeal Court suspends execution of judgment against ADC, 4 others

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Troops rescue Widow of late Major General Rabe Abubakar

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Troops of the Nigerian Army’s 17 Brigade have rescued Mrs. Abubakar, the widow of the late Major General Rabe Abubakar, who was abducted by bandits shortly before the retired senior military officer died in captivity.

According to military sources, the rescue operation was carried out in Tunga Village, where troops encountered the armed bandits holding her captive. During the exchange, the kidnappers reportedly shot Mrs. Abubakar before fleeing as soldiers advanced on their position.

The troops immediately secured the area, rescued her and administered emergency first aid.

Military authorities said Mrs. Abubakar sustained gunshot wounds and was bleeding when she was rescued. She is currently receiving medical treatment.

The rescue comes days after the burial of Major General Rabe Abubakar, whose death while in captivity sparked widespread outrage and renewed concerns over insecurity in parts of the country.

Following Major General Abubakar’s death, the Defense Headquarters’ Joint Task Force North West, under Operation Fansan Yamma, launched a major offensive operation, codenamed Operation Clean Sweep III, targeting terrorists and bandits operating in Matazu Local Government Area and neighbouring communities in Katsina State.

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According to the military, the operation commenced on 14 June 2026 to locate and neutralise those responsible for the attack, dismantling criminal networks, and restoring security across the affected communities.

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