By Adedapo Adesanya

A Federal High Court sitting in Lagos has fixed July 20 for judgment in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN) challenging the legality of the Digital, Electronic, Online, and Non-traditional Consumer Lending Regulations (DEON Regulations) issued by the Federal Competition and Consumer Protection Commission (FCCPC).

‎Justice Ambrose Lewis-Allagoa handed down the date after parties adopted their final written addresses and concluded arguments in the matter marked FHC/L/CS/760/2026.

‎‎The proceedings, held at the court’s Ikoyi division on Monday, featured extensive legal arguments over the scope of the FCCPC’s regulatory powers within Nigeria’s digital economy and telecommunications sector.

‎Although the litigants were absent in court, the Plaintiff, WASPAN, was represented by a team of lawyers led by Mr Kemi Pinheiro SAN, while the FCCPC’s lead counsel was Ms Olufunke Aboyade SAN.

‎At the commencement of proceedings, counsel informed the court that issues surrounding earlier contempt proceedings had been amicably resolved between the parties.‎

‎Following the development, Mr Pinheiro withdrew the Form 49 contempt process previously initiated by the Plaintiff, prompting the court to strike out the application.

‎The hearing thereafter shifted to the FCCPC’s preliminary objection challenging the competence of the suit.

‎‎Arguing the objection, Ms Aboyade contended that the DEON Regulations had existed since July 2025 and questioned the delay in instituting the action.‎

‎She further argued that the regulations were introduced as consumer-protection measures and maintained that the Plaintiff failed to comply with mandatory statutory pre-action notice requirements before approaching the court.

‎But, Mr Pinheiro urged the court to dismiss the objection, arguing that the FCCPC improperly introduced disputed facts without supporting affidavit evidence.‎

‎According to him, issues such as delay and alleged non-compliance with procedural requirements could not validly be raised through written submissions alone.

‎The senior advocate further argued that constitutional provisions guaranteeing access to court override technical objections relating to pre-action notices where a litigant alleges imminent regulatory injury.

‎He also accused the FCCPC of adopting inconsistent legal positions by simultaneously challenging the jurisdiction of the court while seeking affirmative reliefs from the same court.

‎On the substantive suit, WASPAN urged the court to invalidate portions of the DEON Regulations on the grounds that the FCCPC exceeded its statutory powers.

‎The Plaintiff argued that while the FCCPC possesses powers to make regulations under its establishing law, those powers are restricted to consumer protection matters and cannot supersede sector-specific legislation regulating telecommunications and financial services.

‎Mr Pinheiro specifically argued that the Commission was unlawfully attempting to exercise powers already vested in the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN).

‎He further submitted that subsidiary legislation cannot override existing Acts of the National Assembly, insisting that the disputed regulations conflict with provisions of both the Nigerian Communications Act and the Central Bank of Nigeria Act.

‎In response, the FCCPC defended the validity of the regulations and insisted that its statutory mandate extends across sectors where consumer rights and market competition issues arise.

‎Ms Aboyade also argued that defendants in originating summons proceedings are entitled to formulate and argue independent legal issues in response to claims brought before the court.

‎During the final exchanges, the Plaintiff additionally challenged documentary exhibits tendered by the FCCPC, arguing that the materials lacked evidential value and failed to establish any direct connection between alleged “loan shark” activities and members of WASPAN.

‎After listening to all submissions, Justice Allagoa adjourned the matter till July 20 for judgment.

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By Modupe Gbadeyanka

Zenith Bank is championing the narrative that children are the true leaders of tomorrow by deepening its investment in carefully curated initiatives that elevate kids across education, financial literacy, health, digital inclusion, and social protection, building a generation equipped to thrive and lead.

For Zenith Bank, much more than commemorating the annual Children’s Day marked every May 27, every child matters, and the bank’s footprint reflects a deliberate, pan-African strategy to nurture potential from the earliest age.

Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over three years, anchoring the Tuesday edition and the Zenith Financial Literacy Friday show. The programme blends spelling bee contests with financial literacy questions, creating awareness and onboarding children into the Zenith Children’s Account (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026, where Zenith Bank hosted over 1,000 children and their parents, celebrating ZECA winners with games, skits, and Zenith Bank-branded gifts.

The company’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 states and the FCT. Students are trained on savings, budgeting, basic investments, and their retail products, with the top performer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy Program under the CBN-mandated Global Money Week, which in 2025 alone reached 3,622 students across 22 LGAs, deploying 137 bank employee volunteers as educators.

In alignment with the United Nations’ (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bank has donated state-of-the-art ICT centres and computer systems to schools and universities nationwide, including a Computer Centre to Bamaina Academy, Dutse, Jigawa State. Its transformative interventions include fully equipped libraries, vocational facilities, and large-scale school renovations, from Ojota Secondary School and Victoria Island Secondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barriers with a N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructure upgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis Catholic Secondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.

Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhood savings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates the International Day of the Girl Child, reaching 5,000 girls in 10 schools with sanitary pads, hygiene kits, and menstrual health education to keep girls in school and promote SDGs 3, 4, and 5.

The lender’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos, Zenith donated braille materials, food, and toiletries. For the 2026 International Day for Street Children, it partnered with Bosco Child Protection Centre on medical check-ups, food, clothing, and counselling. Annual Christmas Charity Visits to orphanages deliver cash, toys, and essential supplies, while support for the Smile and Shine Children Foundation’s Strive Conference empowers over 2,000 adolescents with life skills and leadership training.

“At Zenith Bank, we are deliberate about initiatives that elevate children because they are not just our future, they are our present responsibility. As Whitney Houston so poignantly sang, ‘I believe the children are the future, teach them well and let them lead the way.’ That is the philosophy driving our investments in education, financial literacy, health, and digital inclusion. From Kiddies Corner to ICT centres, from PHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bank renews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow,” the chief executive of Zenith Bank, Ms Adaora Umeoji, commented.

Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagship Corporate Social Responsibility initiative.  Bringing together thousands of children and teenagers in a vibrant showcase of unity and discipline, the parade has remained dedicated since its inception to the vital mission of supporting, nurturing, and empowering the Nigerian child, reinforcing the Bank’s belief that leadership is learned early through teamwork, confidence, and celebration of young Nigerian identity.

For Zenith Bank, Children’s Day is more than a date on the calendar. It is a daily pledge to empower, protect, and prepare Nigeria’s children for leadership. From classrooms to communities, the Bank’s initiatives are teaching them well and letting them lead the way because the future belongs to children who are equipped today.

By Aduragbemi Omiyale

The board of Abbey Mortgage Bank Plc has been given the approval to raise additional capital aimed at helping the company achieve its next phase, which is centred on delivering seamless and digitally driven banking experiences that eliminate the traditional barriers to premier financial services.

At the 34th Annual General Meeting (AGM) of the lender on Monday, investors authorised the raising of up to N100 billion through an offer by way of issuance of shares (whether by rights issue and/or public offer), global depository receipts, commercial papers, loans, convertibles or non-convertibles, medium term notes, bonds, and/or any other instruments either as a stand-alone or by way of programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, and on such terms and conditions; including through book building process or such other processes all of which shall be as determined by the directors, subject to obtaining the approvals of relevant regulatory authorities.

The directors were also allowed to raise fresh equity capital of up to N65.547 billion by way of private placement of 26,562,647,265 ordinary shares of 50 Kobo each at N2.43 per share, subject to regulatory approvals.

In addition, shareholders approved the increase in the company’s issued share capital from N5,076,923,077 divided into 10,153,846,154 of 50 Kobo each to N18,358,246,709.50 by the creation of up to 26,562,647,265 ordinary shares of 50 Kobo each, such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the bank.

Addressing investors at the meeting, the chief executive of Abbey Mortgage Bank, Mr Mobolaji Adewumi, said, “Shaping the future means building a resilient institution that is as agile as it is reliable, while ensuring that every stakeholder benefits meaningfully from our growth and expansion.”

The company’s leadership also highlighted its strategic progress and strong corporate governance culture that positions the institution to deliver broader financial services and enhanced customer experiences.

The meeting also provided an opportunity to appreciate shareholders for their continued confidence, loyalty, and support, which have remained instrumental to its growth journey over the years.