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Oil Firm Sues Union Bank for N6.7b over Contract Breach

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By Modupe Gbadeyanka

A N6.7 billion lawsuit has been instituted against Union Bank of Nigeria by a multinational oil company, Petrocam Trading Nigeria Limited.

The firm accused the lender of negligence and breaching a contract between them and filed the suit before a Lagos High Court.

Petrocam wants the court to compel Union Bank to credit its current account with N6.7 billion plus interest on the sum at the rate of 22 percent per annum from commencement of suit to date of judgement, with N50 million in general damages.

Counsel to Petrocam, Barrister Gboyega Oyewole (SAN), claimed Union Bank flouted the joint venture agreement entered with his client to jointly collaborate in opening letters of credit confirmation lines for the importation of petroleum products.

The joint venture accounts are domicile with the bank and in executing the letter of credit confirmation lines, the bank is expected to use the Naira sum in the account in bidding and purchasing foreign exchange for liquidation of mature letters of credit.

Sometimes in 2014, the company was said to have approached the bank for an import finance facility line of $45 million in its favour to finance the importation of petroleum products, upon securing the finance facility, various letters of credit were raised to utilize the dollar facility. The import finance facility was later increased to $100 million.

The letters of credit were to be paid back with sales proceeds and subsidy reimbursement and bank guarantee was provided as security for the sale proceeds.

However, the bank was alleged to have failed, neglected and refused to perform its duty as an agent between the company and Central Bank of Nigeria and as a bank to secure foreign exchange for the liquidation of matured letters of credit as at when due.

The bank, rather than make bids on behalf of the company within the period of 2014/2015 in the first quarter of the transaction when the letter of instructions were given by the company, was only able to purchase forex to liquidate these mature letters of credits within the period of 2016/2017,whereas 90% of the transactions were done in 2014/2015 when dollar was at the rate of N155-N160 per Dollar.

However, the company failed to bid on these transactions until when foreign exchange has moved to N288-N320 per dollar.

The company averred further that over N4 billion was domicile with the bank in the joint venture account as at February, 2015 and over N2.4 billion in Petrocam current account for purchase of foreign exchange to liquidate these matured letters of credit, but that the bank was only able to secure bid for $21,625,935.30 within the period of 90 days when they were expected to liquidate the full value of $76,369,569.30 which exposed the company to heavy losses as a result of the failure to bid as at when due by the bank within the transaction cycle.

By reason of the several acts of gross negligence and breach of the banker-customer relationship subsisting between the company and the bank, the company joint venture account maintained with the bank for the funding of trade facility has been allegedly unlawfully debited with a total sum in excess of N6,704,918,533.71.

The company also averred that the various exorbitant charges made on the company’s account by the bank was revealed by the report of the independent consultant engaged by the company.

As a result of these alleged breaches, Petrocam wants an order directing Union bank to credit or reverse the wrongful debit on the company’s current account maintained with the bank for the funding of the letter of credit totaling the sum of N6,704,918,533.71 arising from the bank’s breach of its duty to the company, interest on the said sum of N6,704,918,533.71 at the rate of 22%per annum being the prevailing interest rate from commencement of this suit to the date of judgement, and thereafter 7% interest from the date judgement is given till the final liquidation of the judgment sum as well as N50 million as general damages in favour of the Petrocam company.

But Union bank did not file any defence to this suit, rather it has filed another suit against Petrocam Trading Company Limited and its Managing Director, Mr Patrick Ilo, before a Federal High Court in Lagos, claiming the sum of N10,062,643,928.72 and $5,247,693.82 plus interest at the rate of 27% per annum and N20 million as cost of instituting the said legal action against Petrocam Trading company and its Managing Director.

This has forced Petrocam and its Managing Director to file a preliminary objection against this suit, drawing the attention of the court to their pending suit against the bank at a Lagos High Court.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

Stanbic IBTC Reinforces Role in Driving Businesses, Key Sectors in Nigeria

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By Adedapo Adesanya

Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.

This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.

With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.

The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.

“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”

He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.

Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.

He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.

Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.

Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.

Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.

“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.

The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.

Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.

“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.

He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.

The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day. 

“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”

She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”

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Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Banking

Easter: Ecobank Assures Customers Uninterrupted Banking Services

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By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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