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 Aduragbemi Omiyale
Sterling Financial Holdings Company Plc has allotted shares from its public offer of 2025 to investors with valid applications.
The allotment follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities and Exchange Commission (SEC).
In September 2025, the financial institution offered for sale about 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share in public offer.
However, the exercise received wide participation from the investing public, with the company getting 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent and reflecting sustained confidence in Sterling Holdco’s strategic direction, governance, and long-term growth prospects.
The firm approached the capital market for additional funds for the recapitalisation of its two flagship subsidiaries, Sterling Bank and The Alternative Bank.
The capital injection will support the commencement of full operations and contribute to the group’s revenue diversification objectives.
In line with the guidelines set out in the offer prospectus, Sterling Holdco confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied.
A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
Simultaneously, the electronic allotment of shares has be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) on February 17, and for applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
By Modupe Gbadeyanka
To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.
This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.
According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.
Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.
The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.
The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.
“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.
“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.
By Modupe Gbadeyanka
The merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course, a statement from one of the parties disclosed.
According to Unity Bank, there is no iota of truth in reports in certain sections of the media suggesting that the merger process had stalled, as the transaction remains firmly on track.
It was disclosed that the necessary regulatory steps have been completed, but only a few other steps to finalise the transaction, especially the final court sanction.
There had been speculations that both lenders may not meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) before the March 31, 2026, deadline.
However, it was noted that the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework.
When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.
“The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning.
“We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria,” the chief executive of Unity Bank, Mr Ebenezer Kolawole, stated.
Recall that a few months ago, shareholders authorised the merger between the two entities at Court-Ordered Meetings. They also adopted the scheme of merger at their respective Extraordinary General Meetings (EGMs) in September 2025,
The central bank also backed the merger, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC).
The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.
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