Banking
Court Orders First Bank MD to Sign Sympathy Letter
By Aduragbemi Omiyale
First Bank of Nigeria Limited has been directed to pay the benefits of one of its deceased staff, Mrs Chika Chukwu, within 30 days, Business Post reports.
This directive was given by Justice Faustina Kola-Olalere of the Port Harcourt division of the National Industrial Court.
The court further orders the financial institution to write a sympathy letter to the husband of the late employee, Mr Ori Chukwu, which must be signed by its Managing Director.
Ruling on the matter, the judge said the lender must pay Mr Chukwu, who is now the administrator of the estate of Mrs Chukwu, N963,504.68 as benefits in addition to N250,000 as the cost of action.
Mr Chukwu had approached the court to compel First Bank to pay him the sum of N4 million as compensation under the Workmen’s Compensation Act, but the judge disagreed with him.
According to the deceased’s husband, First Bank only paid a one-year basic salary of his last wife, who prior to her demise in 2006, was an employee of the bank, to assist the family with burial expenses and has failed to pay the other entitlements despite repeated demands.
But First Bank, through its counsel, Mr Rotimi Aremu, maintained that it had paid the amount of money payable to the family of its late staff upon her death; and averred that the bank insurer for the death of the deceased employee was paid less of the deceased indebted to the bank.
The lender argued that the action of Mr Chukwu was statute-barred and liable to be dismissed on the ground that the action was filed over five years provided under the Limitation Law of Rivers State.
It also informed the court that the claimant had failed to show his right to demand, neither as the husband of the deceased nor as a dependant of the deceased.
The bank stressed that the Letter of Administration issued in Mr Chukwu favour was just a letter of authority to an administrator, not evidence of a marriage between him and the deceased.
According to First Bank, it was not a necessary party to the suit, as the compensation due (if any) to the claimant was to be borne by the Nigeria Social Insurance Trust Fund Management Board and urged the court to dismiss the claim in its entirety.
This argument was countered by Mr Chukwu through his counsel, J. U. Ikorogbudu, explaining that a dependent was someone who relies wholly or partly on the income of the deceased employee.
He denied that the deceased was indebted to the defendant, urging the court to assume jurisdiction and grant the reliefs sought.
Justice Kola-Olalere, while delivering the judgment after careful evaluation of the submission of both parties, dismissed the objections and held that from May 11, 2009, when the case in question was filed in Rivers State High Court to September 23, 2016, when it was struck out for lack of jurisdiction, the limitation period stopped running and then continued running again from September 24, 2016, to August 18, 2017, when the action was filed at the NIC.
The judge held that the deceased was not indebted to the bank before she died as no document was shown to prove to the contrary
“The defendant has admitted receipt of the sum of N963,504.68 from its insurer for the death of the deceased employee; therefore, I hold that the defendant is to pay to the claimant, the admitted sum of N963,504.68 as the deceased/employee’s death in service benefit in line with the provision of clause 5.8.3 (d) of Exhibit C.5 before the court in this case.”
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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