By News Agency Of Nigeria

The federal government has taken over Keystone Bank following a ruling by the Lagos State Special Offences Court.

The troubled bank announced the takeover in a statement on Tuesday.

The trial judge, Justice Rahman Oshodi, ordered the ownership transfer and the forfeiture of 6.3 billion units of ordinary shares to the federal government at a nominal rate of one naira per share.

“At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the bank previously held by the shareholders in favour of the Federal Government of Nigeria,” said the financial institution. “The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”

On January 10, 2024, the Central Bank of Nigeria announced the dissolution of the bank’s “previous board and management” for corporate governance breaches.

The apex bank followed this action by appointing a new board and management for the bank.”

“Subsequently, the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank,” the statement said.

Despite the crisis, Keystone said, “We assure our customers that the bank remains safe, healthy, strong, and resilient.”

HABARIPAY Squad, payment fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), today announced dates for its annual social coding competition. Building on the success of the inaugural edition, “Squad Hackathon 2.0” is set to take place from the 13th–15th of March 2025 at the state-of-the-art GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State.  

Launched in January 2024, Take on Squad Hackathon is designed to foster creativity, collaboration, and problem-solving skills among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital solutions that not only improve their immediate communities but also contribute to addressing wider economic and social concerns. The second edition of the hackathon is expected to be even larger and more impactful, with expanded participation from universities across Nigeria and a broader range of impactful problem statements.  

Themed “Finclusion Revolution: Unlocking Access, Empowering Communities,” this 3-day event aims to spotlight how technology can address real-world challenges that limit access to financial services in underserved communities. The hackathon will feature onboarding, team-building activities, brainstorming and hacking sessions, and solution development. By providing a platform for university students and other tertiary institution participants to showcase their IT skills, the event fosters personal growth, professional development, and network-building. Additionally, it serves as a stepping stone for young innovators to gain exposure, attract investment, and potentially bring their solutions to market. 

Speaking on the upcoming Take on Squad Hackathon 2.0, Eduophon Japhet, Managing Director of HabariPay Ltd, said: “The Take on Squad Hackathon reflects our core mission of empowering businesses and young innovators. We believe that the next big breakthrough in technology will come from young minds who are passionate about solving current and emerging universal challenges. At Squad, we are not just building cutting-edge payment solutions for our clients; we are nurturing a culture of innovation and empowering the next generation of tech leaders in Africa.” 

Registration for Take on Squad Hackathon 2.0 is now open for teams of four. Beyond the grand prizes—₦5 million for first place, ₦3 million for second place, and ₦2 million for third place—standout participants will have the exclusive opportunity to join the Squad

Hackademy. This initiative, powered by Squad, provides young innovators with access to comprehensive learning resources, expert mentorship, and exclusive job opportunities within Squad’s ecosystem of partners. 

Don’t miss this chance to make a difference with your squad and be part of a vibrant community of young innovators shaping the future of digital payments in Africa. 

For more details and application guidelines, please visithttps://squadco.com/hackathon.  

About HabariPay

HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom. 

Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient. 

HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS. 

About Squad

Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.  

Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.  

Find out more at www.squadco.com.

By Anastasia John E, Abuja

The Central Bank of Nigeria (CBN) has announced a revision of transaction fees for Automated Teller Machine (ATM) services, with the new charges set to take effect on March 1, 2025.

In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN stated that this fee adjustment is necessary to address rising operational costs and enhance overall efficiency within the banking sector. The last revision of ATM transaction fees occurred in 2019, when the CBN reduced withdrawal fees from ₦65 to ₦35.

Under the new fee structure, customers making withdrawals from their own bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals. However, a fee of ₦100 will be applied for every ₦20,000 withdrawn at on-site ATMs located within bank branches.

For withdrawals at ATMs belonging to other banks (off-site or not-on-us transactions), customers will incur a ₦100 fee along with a surcharge of up to ₦450 for every ₦20,000 withdrawn.

International withdrawals made with debit or credit cards will now incur a “cost-recovery charge,” allowing banks and financial institutions to apply fees equivalent to those charged by the international acquirer.

Additionally, the previous allowance of three free monthly withdrawals for remote-on-us transactions (for customers of other banks) will be discontinued.

The CBN has urged all financial institutions to comply with these new directives ahead of the implementation date, emphasizing that the revised fees are intended to improve ATM service efficiency and ensure fair charges for consumers.

Ogun State Governor, Prince Dapo Abiodun, has announced plans to establish ranching facilities to handle the processing of meat in the state.

The Governor revealed this when he hosted the Head of International Projects of SEMMARIS, Mr. Timothee Witkowski, and the Regional Agriculture Counsellor of the French Embassy, Sonia Darraco, at his office in Abeokuta.

According to Governor Abiodun, the establishment of the ranch facilities would enable the government to rear, fatten, slaughter, and process meat in the most hygienic way suitable for human consumption.

“We have an immediate plan to set up ranching facilities here in Ogun State where we will rear cattle, fatten them, slaughter, and process them properly,” he said.

The Governor also disclosed plans to establish piggery facilities, in addition to the existing poultry farms in the state.

“We are also going to do piggery as well. Already, we have a lot of poultry, but we will get them organized,” he added.

Governor Abiodun noted that the current method of slaughtering cattle at the Kara Cattle Market is not hygienic enough for human consumption.

“Although about 9,000 to 10,000 cattle are slaughtered daily at Kara Cattle Market to cater to Lagos markets, they are done haphazardly and not hygienic enough for human consumption,” he said.

The Governor commended SEMMARIS for its positive impact on agriculture, food distribution, and logistics.

He also lauded the organization for the Rungis Farmers’ Market, which has made food available to the people of France at affordable prices.

Mr. Witkowski, in his remarks, stated that his mission in the state is to be a strategic partner by working as a team to modernize agricultural projects and provide technical services in the state.

“Starting with Ogun State is a good idea because of the potential and the strategic location of the state.

“There is a lot of land available, and the state government has a strong vision for the region,” he said.

The project, when operational, is expected to provide job opportunities, ensure food security, and improve the agricultural value chain.

The Regional Agriculture Counsellor of the French Embassy, Sonia Darraco, assured that her home country is ready to support the company in its mission.

Photo Credit: @OGSG_official

/theyorubatimes.com/ogun-set-to-establish-ranching-facilities-to-process-meat-create-job-opportunities/