EMEFIELE: FINANCE MINISTRY UNAWARE OF N124.86BN CBN WITHDRAWAL, WITNESS TELLS COURT. (PHOTO). #PRESS RELEASE

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 Emefiele:  Finance Ministry Unaware of N124.86bn CBN Withdrawal,   Witness Tells Court   A Director in the Federal Ministry of Finance, Ali Mohammed, on Tuesday, October 6, 2026, told the Federal Capital Territory, FCT High Court sitting in Maitama, Abuja, that the Ministry was not aware of the withdrawal of N124.86 billion from the Central Bank of Nigeria, CBN.   Mohammed, who testified as the prosecution witness 10, PW10, in the ongoing trial of the former CBN Governor, Godwin Emefiele, disclosed this while being led in evidence by the prosecution counsel, Abbas Mohammed.   The witness said he appeared before the court because his Ministry received a letter from the investigation team concerning N154 billion said to have been withdrawn by the CBN.   Explaining his position and responsibilities in the Ministry, Mohammed said, “My Lord, the Department of Home Finance is made up of three functions based in three divisions, that is State and Public...
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PRADA BUYS FASHION COMPETITOR VERSACE IN $1.4 BILLION DEAL. (PHOTO).

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 Prada buys fashion competitor Versace in $1.4 billion deal

The Prada Group confirmed Tuesday that it has acquired Milan-based fashion rival Versace in a 1.25 billion euro (approximately $1.4 billion) deal, bringing the brand known for its bold, sexy designs under the same corporate umbrella as Prada’s “ugly chic” style and Miu Miu’s youthful aesthetic. The acquisition, completed after receiving all regulatory approvals, is expected to reinvigorate Versace following a period of moderate post-pandemic performance under U.S. luxury group Capri Holdings.

Prada heir Lorenzo Bertelli will serve as Versace’s executive chairman while maintaining his roles as group marketing director and sustainability chief. Bertelli has indicated that he does not plan to implement immediate executive changes at Versace, but emphasized the brand’s untapped growth potential. Versace is currently undergoing a creative relaunch under designer Dario Vitale, who debuted his first collection during Milan Fashion Week in September. Capri Holdings, which acquired Versace for $2 billion in 2018, had struggled to position the brand amid the rise of “quiet luxury.” In 2024, Versace accounted for 20% of Capri Holdings’ 5.2 billion euro revenue; analysts project it will represent 13% of Prada Group’s pro-forma revenue, with Prada at 64% and Miu Miu at 22%.

The Prada Group has already started integrating Versace into its Italian manufacturing system, which produces goods for Prada and Miu Miu. Bertelli highlighted the shared craftsmanship and expertise across the brands, noting the group’s ongoing investments, including a 60 million euro upgrade to supply chains in Italy and Britain this year, and 200 million euros invested from 2019–2024. Prada also operates an in-house training academy across Tuscany, Marche, Veneto, and Umbria, which has trained 570 artisans over the past 25 years, hiring a significant portion into the group’s workforce.


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