Category: Business

The Federal High Court in Lagos has ordered MTN Nigeria Communications Plc to appear and show cause why it should not be subjected to asset-freezing reliefs sought by Access Bank Plc and three other firms over an alleged debt totaling ₦180.95 billion. Justice Akintayo Aluko issued the directive while ruling on an ex-parte application in Suit No: FHC/L/CS/1004/2025, filed by Access Bank and three companies currently under receivership—Multi-Links Telecommunications Limited, Capcom Telecoms Limited, and Cyancom Limited. The applicants, represented by Senior Advocate of Nigeria Mr. Kunle Ogunba (SAN), are seeking…

Zenith Bank Plc has been named “Best Bank in Nigeria” in the Global Finance Best Banks Awards 2025, winningthe award for the fifth time in six years. The Bank was among winners from 36 countries in Africa recognised by the prestigious Global Finance in its 32nd Annual Best Bank Awards. The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success. Winning organizations managed their assets and liabilities in a savvy…

The United Bank for Africa (UBA), chaired by Tony Elumelu, is currently facing public backlash over alleged N106 million that mysteriously vanished from a customer’s account under questionable circumstances. The controversy erupted just weeks after the Lagos State Police Command arrested four UBA officials for allegedly stealing £138,924 (over ₦270 million) from international airlines’ accounts. According to police investigations, the suspects had reportedly conspired to siphon funds from domiciliary accounts into private accounts and later redistributed them to multiple beneficiaries. In the latest incident, Ibhahe Hope Ehieribo, a U.S.-based Nigerian…

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Access Bank Plc and one of its employees, Abdulmalik Abubakar in court over the alleged money laundering and diversion of N825.9 million. The anti-graft commision filed a four-count charge against them at the Federal High Court over alleged diversion of N825.9 million ofvstate funds into a fraudulent account. The charges, filed by the federal government, followed an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), according to court documents seen by this newspaper. The…

A Federal High Court sitting in Lagos has remanded five individuals—including a bank manager and a nursing mother—over their alleged involvement in a cyberattack on the server of Premium Trust Bank. The defendants are Matthew Adeniyi Damilola, E-Payment Service Manager at the bank; Kehinde Odeyemi, a nursing mother with a four-month-old baby; Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunnola. Arraigned before Justice Alexander Owoeye, the five were charged by the Economic and Financial Crimes Commission (EFCC) on a six-count indictment bordering on conspiracy, cybercrime, and unauthorized access…

Traditional leaders and stakeholders from Ibadanland and Ogbomosoland have strongly opposed a proposed legal amendment by the Oyo State House of Assembly seeking to make the Alaafin of Oyo the permanent chairman of the state’s Council of Obas and Chiefs. The opposition was contained in a joint statement issued on Monday in Ibadan and signed by Mogajis, Baales, monarchs, the Central Council of Ibadan Indigenes, the Ibadan Compounds Peace Initiative, prominent sons and daughters of Ibadanland, and Mogajis from the Soun Ruling Houses of Ogbomoso. The bill to amend the…

For decades, Nigerian farmers have remained central to the nation’s economy, sustaining food systems and rural livelihoods. Yet, despite their critical role, they remain largely excluded from the formal financial system due to a lack of traditional credit histories, collateral, or access to banking infrastructure. Now, a new partnership between Nigerian fintech company SeedFi and agritech platform Winich Farms is poised to change that. Together, they are introducing a pioneering initiative: produce-collateralised loans. This allows farmers to use their stored crops as collateral, bypassing the conventional demands of paperwork or…

Nigeria’s leading 3rd tier bank, Access Bank Plc has secured a $100 million senior loan facility from a consortium of global Development Finance Institutions (DFIs) led by Germany’s DEG. The consortium also includes FinDev Canada, ILX (Netherlands), and Austrian DFI OeEB, marking a strategic boost for Nigeria’s MSME sector and female-led enterprises. The facility will enable Access Bank to extend funding to privately-owned MSMEs, small corporates, and family-owned businesses across Nigeria. A key feature of the agreement is the allocation of at least 30% of the loan toward gender-lens investing,…

FirstBank, the West African premier bank and financial inclusion service provider, is proud to announce a strategic collaboration with EStars Education Africa Limited (EStars), a global leader in educational esports. Empowering the Next Generation of Esports Professionals The partnership provides a platform for FirstBank to support the rollout of EStars’ comprehensive esports qualifications, including entry-level Certificates and BTEC courses in esports. These programmes are designed to equip students with the necessary skills and knowledge to excel in the burgeoning esports industry. Innovative Financial Solutions for Gamers In addition to educational…

The United States National Transportation Safety Board has attributed the helicopter crash that killed former Access Holdings CEO, Herbert Wigwe, his wife, son, and three others to pilot error caused by spatial disorientation. The NTSB report, released on Wednesday, further indicted the helicopter company, accusing it of “inadequate oversight of its safety management processes”. This was contained in the NTSB final report unravelling the reasons for the helicopter crash in February 2024. Preliminary report had earlier shown that the helicopter, registered as N130CZ, crashed while operating under visual flight rules…

Guaranty Trust Holding CompanyPlc (“GTCO” or the “Group”) has released its Unaudited Consolidated and SeparateFinancial Statements for theperiodended March 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦300.4billion on the back of strong performance posted on the core earnings lines of interest income which grew y-o-y by 41.1% and fee income up by 41.2%.The strong performance enabled the group to douse the impact of the ₦331.6billion fair value gains recognised in Q1-2024 which did not recur in Q1-2025.…

Shareholders of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion. The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unflinching support and commitment, which have been responsible for the bank’s stellar performance over the years. He noted that…

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦1.266trilion, representing an increase of 107.8% over ₦609.3billion recorded in the corresponding year ended December 2023. This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management. The…

INJUNCTION AND STAY OF EXECUTION CARGO REMAINS UNDER ARREST In a surprising twist of events, its decision delivered today, the Federal High Court in a surprising shift from the true nature of FirstBank ’s claim held that the matter is not a maritime claim but rather, a simple case of debt recovery. This is quite surprising considering the fact that the order sought is to prevent further fraudulent sale of crude on the FPSO. Shockingly, the court also held that the Arrest Order against the cargo, because it was exparte…

Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, delivering significant growth across key performance indicators. The Bank’s impressive performance reflects effective management and pricing of its risk assets, as well as an optimized treasury portfolio, reinforcing its position as a leader in Nigeria’s banking industry. According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit year-on-year (YoY) growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to…

Organisers of the forth coming Lagos/Ogun Multi-sector Tradefair have announced that the 4-day free to attend event is expected to attract over 100,000 visitors from across Nigeria and beyond. The trade fair, scheduled to run from April, 16-19, 2025 at De Blue Roof Event Centre, Lateef Jakande road Agidingbi, Ikeja, will feature about 120 exhibitors showcasing their products and services across various sectors, including agriculture, manufacturing, technology, and more. “We are excited to host the Lagos/Ogun Multi-sector Trade fair, which has become a premier platform for businesses to connect, innovate,…

As part of its ongoing efforts to enhance the quality of life for households and empower women in underserved communities, GTCO PLC at the weekend launched its Waste for Gas initiative which saw over 3,000 residents of Obafemi Owode Local Government Area of Ogun State, receive a unit each of a 3kg gas cylinder. Speaking about the initiative, the Group Chief Executive Officer, GTCO PLC, Mr. Segun Agbaje noted that beyond delivering innovative financial solutions, the institution is deeply committed to making a meaningful impact in the communities where it…

Guaranty Trust Bank Ltd has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions. This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers. With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience. Speaking on the initiative, Miriam Olusanya,…

HabariPay’s 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…

Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’). This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board. Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner…

The Nigerian Economic Summit Group (NESG) has announced the appointment of three leaders, Mr Wole Adeniyi, Mr Mohamad Darwish, and Mr Olusegun Alebiosu, to its board of directors. These appointments reflect the NESG’s steadfast dedication to promoting visionary leadership and strengthening partnerships with key business leaders and private sector stakeholders. The addition of these accomplished professionals is expected to drive strategic initiatives aimed at transforming and advancing Nigeria’s economic landscape. Wole Adeniyi is the Chief Executive Officer of Stanbic IBTC Bank Ltd and is responsible for driving the institution’s strategy…

Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme,‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’.Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent. With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and…

UNION BANK REWARDS 360 CUSTOMERS WITH N21 MILLION IN FIRST SAVE AND WIN PALLI PROMO 4 DRAW Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4 campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws. The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live…