Banking
Displaced Renaissance Homeowners Demand N4bn from First Trust Mortgage Bank
By Modupe Gbadeyanka
Some displaced Renaissance homeowners in Rivers State are seeking about N4 billion as compensation from the management of First Trust Mortgage Bank over their eviction from the properties they acquired from the lender.
They accused the bank, formerly known as FBN Mortgage Bank, of not carrying due diligence before selling some portions of land to them in 2010, about seven years after a Supreme Court judgement held that the land belonged to the favour of the Nigerian Air Force (NAF).
The solicitors to property owners of Renaissance Homes Housing Scheme, Adeniji Kazeem & Co, in a letter to the Managing Director of First Trust Mortgage Bank Plc, said the alleged negligence of the company has put them under untold hardship.
“It is imperative that we state that as of 31st January 2003 the decision of the Court of Appeal was already reversed by the Supreme Court, and then in June 2003, Vestor bought the land from Ex-Squadron Leader Obiosa. First Trust Mortgage Bank Plc, thereafter, bought the land from Vestor in 2008.
“In the light of all these facts, a modest due diligence, going by a reasonable man’s test would have revealed that at the time your bank was about to purchase the property from Vestor in 2008, there was a Court Martial judgment registered on the property, that there was also a Court of Appeal judgment in furtherance of which Vestor then registered its interest, which would ordinarily arouse the curiosity in anyone, especially your bank, to conduct due diligence on the status of the appeal to the Supreme Court,” a part of the letter from the displaced property owners at Plot 96 GRA Phase 3, Port Harcourt, Rivers State, said.
They emphasised that if the mortgage bank had carried out “modest due diligence” to investigate “the title of Vestor Properties Limited,” the property owners would not have fallen victim to the problem.
“Given the circumstances and sensitivity of this issue, it is only fair and conscionable for First Trust Mortgage Bank to take steps towards adequately compensating Renaissance Homeowners having negligently ignored the encumbrance in the disputed property and foisting a defective title on the homeowners,” the homeowners submitted.
However, First Trust Mortgage Bank has denied prior knowledge of the delivery and execution of the judgment, insisting it had no reason to doubt the credibility and validity of the title of its predecessor in-titles, over the land.
In a letter written to the affected homeowner, the bank’s lawyers, Onyeke, Ideho & Ighomuaye LP, disclosed that efforts are being made to resolve the issue.
The financial institution said it was working with Vestor Properties Limited “to engage Chief Olusola Adekanola, the purchaser of the land from the Nigeria Air Force, on an amicable resolution of the matter, towards a possible restoration of the possessory rights of the subscribers of the Renaissance Apartments.”
In the alternative, the company said it would “commence interpleader proceedings at the Rivers State High Court, Port Harcourt, before the same court that granted the warrant of possession and contend before the court that Supreme Court Judgment executed at the property, that the execution of the judgment by the Air Force on the order of restitution, can only be executed on the known and established property or properties of the judgment debtor.”
It was gathered that in June 2003, about five months after the apex court judgement, Vestor bought the land from ex-Squadron Leader Obiosa and then sold the property to First Trust Mortgage Bank in 2008.
In 2010, the evicted homeowners bought several units of 4 (four) bedroom flats through the Renaissance Homes Housing Scheme, an initiative of First Trust Mortgage Bank Plc. They remained on the property until they were chased away on March 1, 2022.
The property was said to have been a subject of litigation between the Nigerian Air Force and one of its former personnel, Ex-Squadron Leader A. Obiosa, who was court-martialled and allegedly found culpable of financial malfeasance which eventually led to the confiscation of the disputed landed property by the Force.
The dismissed Obiosa allegedly got a reprieve at the Appeal Court and quickly sold the land to Vestor Properties Limited which, in turn, transferred the ownership to the First Trust Mortgage Bank.
One of the affected homeowners and Chairman of Renaissance Estate Homeowners’ Association, Mr Doyle Edeni, said, “Our members, the majority of whom are retirees, have been rendered homeless.”
“What we are saying is that they should refund us today’s value of what we paid for the properties and indemnify us against our losses as a result of the invasion,” he further said.
By Aduragbemi Omiyale
Ecobank Group, the parent company of Ecobank Nigeria Limited, has released its financial statements for the 2025 accounting year, growing its net revenues by 17 per cent to $2.5 billion from $2.1 billion in the preceding year.
An analysis of the earnings showed that Corporate and Investment Banking (CIB) revenues grew by 21 per cent, while Consumer and Commercial Banking (CCB) earnings rose by 14 per cent, with higher transaction volumes across channels expanding Payment revenue by 14 per cent to $305 million in the period under review.
Details of the results submitted to the Nigerian Exchange (NGX) Limited showed that pre-tax profit went up by 21 per cent to $801 million, and the net profit jumped by 22 per cent to $407 million from $333 million, with the earnings per share (EPS) up by 23 per cent.
Business Post observed that customer deposits increased to $25.3 billion, with gross loans and advances to customers up by $2.3 billion to $12.8 billion.
Commenting on the performance of the financial institution, the chief executive of Ecobank, Mr Jeremy Awori, said, “Our 2025 performance has further demonstrated that our Growth Transformation and Returns (GTR) strategy, along with our geographically diversified business model, are yielding positive results.”
He disclosed that regarding the Consumer Banking business, the company broadened access for both new and existing customers by expanding digital account openings in more markets.
“We installed 500 new ATMs, extended our Direct Sales Agents into 22 markets, and added over 1,000 new personnel. In Commercial Banking, we strengthened our relationships with small and medium-sized enterprises (SMEs), particularly in the agribusiness sector, by introducing specialised expertise and enhanced digital tools to serve our clients better and improve access to funding.
“Within CIB, we secured over 75 major mandates with multinationals, development finance institutions (DFIs), humanitarian agencies, and regional corporations, while $610 million in commodity financing supported robust performance in our Trade business,” he added.
He commended the nearly 14,000 employees of the organisation for their efforts in growing the key performance indicators, noting that “these achievements would not have been possible without” their dedication.
“As we look ahead to 2026, we remain confident in our ability to execute our GTR strategic initiatives. However, we are fully aware of the potential implications for economic and financial conditions stemming from geopolitical tensions in the Middle East, as well as macroeconomic impacts across Africa and globally. Our focus remains on executing with agility, resilience, and disciplined risk and expense management across all our markets,” Mr Awori stated.
By Modupe Gbadeyanka
Banks operating in Nigeria have been warned by the Economic and Financial Crimes Commission (EFCC) against granting unsecured loans to customers.
The Acting Zonal Director for the Lagos Zonal Directorate 2 of the agency in Ikoyi, Mr Bawa Usman Kaltungo, said giving loans without credible collateral often leads to insider abuse and non-performing loans.
According to him, loans backed only by personal guarantees, including those of top executives, are inadequate and put depositors’ funds at risk.
“We have issues with banks’ mode of giving loans. The process often shows insider abuse,” he said when the Chief Audit Executive of First Bank of Nigeria Limited, Mr Mufutau Olawale Abiola, led a delegation on a courtesy visit to his office in Lagos.
“Top-down loans are not secured. You cannot give a loan based solely on the personal guarantee of the chief executive; this is not security. Banks must not issue loans without verifiable collateral. If there is proper collateral for loans obtained by bank customers, this will reduce the rate of non-performing loans,” he stated.
Mr Kaltungo further warned that a bank is only a custodian, and that giving loans without adequate collateral “amounts to tampering with depositors’ funds,” urging lenders to implement measures, including thorough due diligence on its customers, to prevent loan defaults.
“Even in situations where you outsource due diligence, there must be a clause of liability,” he said.
Reaffirming the commission’s commitment to continued cooperation with the bank in tackling financial crimes, he urged the bank to release its staff promptly when invited during investigations of alleged financial crimes.
“When we invite your staff, especially where insider connivance is suspected, you must release them so we can jointly fight economic and financial crimes. We must work together to stay ahead of criminals.
“Let me add that where money is, that is where people’s hearts are. Most of the time, we escalate issues to foreign security agencies as may be necessary,” he added.
Earlier, Mr Abiola expressed gratitude to the EFCC leadership for the engagement, noting that the visit was intended to strengthen the existing collaboration between the bank and the Commission.
While urging the EFCC to expedite investigations into cases involving its staff and others, he also disclosed that a designated team in his bank handles requests from the EFCC.
By Modupe Gbadeyanka
As part of its commitment to delivering fast, secure, and truly accessible financial solutions at scale, Bankit has introduced a smart payment card.
It is completely free to customers, with no card issuance fee required and can be delivered nationwide at no extra cost.
Fully integrated with the Bankit app, the new payment cards enable users to carry out a wide range of transactions with ease, including ATM withdrawals, POS payments, and online purchases, while also allowing real-time tracking and management of spending.
The introduction of Bankit Cards marks a significant evolution of the platform’s already strong offering, which has seen widespread adoption for its instant transfers, seamless bill payments, and secure digital transactions.
By eliminating the cost barrier typically associated with card ownership, Bankit is setting a new benchmark for value in Nigeria’s digital banking space while extending its capabilities into everyday physical and online payments.
The Head of Marketing at Bankit, Mr Kingsley Ezenwa, described the initiative as a bold step toward deepening customer trust and accelerating financial inclusion.
“The launch of Bankit cards, completely free for our customers, is a defining moment in our growth journey. We are not just introducing a new product; we are removing barriers and expanding access to modern financial tools for millions of Nigerians,” he said.
He emphasised that the decision to waive both card and delivery fees reflects Bankit’s broader philosophy of putting customers first while building a truly inclusive financial ecosystem.
“Our users already trust Bankit for seamless transfers and bill payments. By making our cards free, we extend that value into everyday spending online, offline, and anywhere payments are required without adding any extra cost burden,” he added.
As Nigeria’s fintech landscape becomes increasingly competitive, Bankit continues to distinguish itself through simplicity, affordability, and superior user experience. The platform’s rapid growth is driven by its ability to anticipate and respond to the evolving needs of modern consumers who demand fast, reliable, and cost-effective financial services.
At the core of Bankit’s offering is a strong commitment to security. The platform integrates advanced protection systems, including real-time transaction monitoring, multi-layer authentication, and robust encryption protocols designed to safeguard user funds and data at every touchpoint.
“Security remains at the heart of everything we do. While we are making access easier and more affordable, we are also ensuring that our users enjoy the highest level of protection, delivering not just convenience, but true peace of mind,” Mr Ezenwa further stated.
With increasing adoption across individuals and small businesses, Bankit is quickly becoming Nigeria’s preferred fintech choice, playing a key role in driving financial inclusion and accelerating the transition to a cashless, digitally empowered economy.
“Bankit is scaling rapidly because we understand the needs of modern consumers. Simplicity, reliability, innovation and now affordability are what set us apart. Offering these cards free of charge is another step toward becoming Nigeria’s leading digital banking solution,” he concluded.
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