By Modupe Gbadeyanka

A comprehensive suite of innovative financial solutions tailored for all key stakeholders within the education ecosystem has been introduced by Ecobank Nigeria Limted.

According to the affiliate of the leading pan-African banking group, Ecobank Group, these offerings will drive financial inclusion, operational efficiency, and sustainable growth across the sector.

At the unveiling of the solutions in Lagos, the Executive Director for Commercial and Consumer Banking at Ecobank Nigeria, Mr Kola Adeleke, disclosed that the products would address real-world challenges, enabling all participants, from institutions and educators to families and partners, to thrive.

For school owners and educational leaders, Ecobank offers cash-backed loans to support both operational and capital expenditures.

These are complemented by treasury management tools that enhance financial oversight, along with digital collection platforms that ensure seamless and efficient school fee processing.

Teachers and non-teaching staff also stand to benefit significantly, as the lender provides salary access tools that enable timely and flexible income management, career development programs to support continuous professional growth, and financial wellness plans designed to promote long-term financial stability.

As for suppliers and partners within the education value chain, they will benefit from tailored financial solutions such as invoice factoring for improved cash flow, inventory financing to maintain operational continuity, and marketplace visibility to expand their reach and business opportunities within the sector.

“Our integrated financial and non-financial propositions form part of a broader strategy to strengthen our leadership in the education financing space, while contributing meaningfully to national and continental goals around access, equity, and excellence in learning.

“We have designed these solutions to meet the diverse needs of school proprietors, teaching and non-teaching staff, students, and parents. Ecobank is committed to empowering the education sector through seamless collections, access to credit, and a suite of sustainability-focused offerings.

“Education is a pillar of national development, and we recognize the sector as an integrated system of needs and opportunities. Our goal is to support this system not just with financing but also with digital tools, career development programs, and sustainability initiatives,” Mr Adeleke said.

Also, the Head of Education, Faith, and Social Services at Ecobank Nigeria, Ms Adebukola Ademiluyi, noted that by integrating smart financing with sustainability, digital infrastructure, and inclusive participation, Ecobank is pioneering a full-service banking model tailored to the realities of Africa’s education sector.

“More than just funding, we are enabling seamless school management systems through API partnerships that digitize operations such as student registration, staff payroll, inventory management, and parental communication.

“We also place strong emphasis on supporting parents and guardians, providing financial planning tools, access to student loans, merit-based scholarships, and child progress monitoring systems. These innovations are designed to ease financial burdens and deepen parental involvement in their children’s academic journeys,” she said.

Union Bank of Nigeria stands at the forefront of the nation’s financial sector, leading the charge in promoting gender inclusivity and empowering women.

With a rich legacy of innovation and dedication, the Bank is actively creating a more equitable and supportive environment for women, both within its own workforce and across the wider Nigerian community.

Recently honoured as the ‘Family-Friendly Bank of the Year’ by The New Telegraph, Union Bank is raising the bar with progressive policies for customers and employees alike.

Through its Alpher initiative, the Bank is investing in the future of female students, entrepreneurs, and professionals throughout Nigeria.

Alpher offers bespoke financial services, career and business development opportunities, and exclusive lifestyle benefits designed to help women thrive.

Union Bank’s strategic collaborations, such as its sponsorship of the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) programme, have enabled numerous entrepreneurs to graduate, access vital training, and secure grant opportunities.

Within its own ranks, Union Bank set a new benchmark with a five-month fully paid maternity leave, complemented by the option to take annual leave.

This policy, aligned with the United Nations SDG 3: ‘Good Health and Well-Being’, ensures that employees have the time and support they need to recover and bond with their families.

The Bank’s internal women’s network, WeHub (Women Empowerment Hub), regularly hosts insightful events and discussions focused on bridging the digital gender divide and advancing the careers of female employees.

Demonstrating further commitment to working parents, Union Bank has established a state-of-the-art Crèche at its Head Office in Marina, Lagos Island.

Equipped with lactation rooms and family-friendly facilities, this initiative directly supports SDG 5: ‘Gender Equality’, enabling women to balance their professional and family responsibilities in a truly inclusive workplace.

Union Bank’s comprehensive approach to gender inclusivity and empowerment solidifies its status as an industry leader, fostering a supportive internal environment while championing the advancement of women across multiple sectors.

Be part of this journey towards a more equitable and prosperous Nigeria; choose Union Bank, where empowerment and progress go hand in hand.

By Aduragbemi Omiyale

Justice O.O. Abike-Fadipe of the Lagos State High Court in Ikeja has fined Union Bank of Nigeria for converting Nicon Investment Limited’s £130.7 million fixed deposit to offset the loan obtained by Global Fleet Oil and Gas Limited.

Global Fleet and Nicon Investment are companies owned by popular businessman and Senator representing Ondo South Senatorial District, Mr Jimoh Ibrahim.

The court, while giving judgement in suit LD/1074/2010 filed by Nicon Investment against Union Bank, ordered the lender to pay £1 million as damages for the “breach of its fiduciary duties to the claimant and negligence,” dismissing the bank’s counterclaim in its entirety with N10 million costs.

According to the judgement, “The defendant bank’s unilateral use of part of the claimant’s £130,720,557.06 to liquidate Global Fleet’s debt without the mandate and/or due authorisation of the claimant is wrongful, null and void.”

It held that, “Union Bank Plc ceases to have the power to pursue the alleged indebtedness upon the sale of the said alleged indebtedness to Asset Management Corporation of Nigeria (AMCON).”

But Union Bank, in a statement, disagreed with the judgement of the court, pledging to appeal the case at the appellate court.

“We wish to assure our customers, partners, and the public that Union Bank operates with the highest levels of professionalism, ethical conduct, and legal compliance in all our dealings.

“While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our lawyers to file an appeal against it immediately.

“The court’s findings, including its position on the consolidation of indebtedness, locus standi, and third-party liability, are at variance with established legal principles and the bank’s understanding of the facts. We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served.

“Union Bank had previously transferred the relevant debt obligations to AMCON, and we maintain that all actions taken in this regard were in line with applicable laws and banking practice.

“We reiterate our unwavering commitment to acting in good faith, protecting stakeholder interests, and preserving the integrity that has defined our institution for over a century. The

Bank remains resilient and focused on continuing to deliver excellent service and value to its customers.

“We appreciate the continued trust and support of all stakeholders as we navigate this legal process,” the statement signed by the company’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, said.

Business Post reports that Union Bank used the £130,682,918.93 fixed in Union Bank by Nicon Investment to clear the loan taken by Global Fleet.

Nicon Investment challenged this action in court, saying this was unlawful because the bank was not authorised to do so.

The investment firm informed that it suffered significant damages due to the bank’s actions, including other illegal charges and wrongful penalties, which deprived it of the opportunity to utilise the funds for property business and expansion.

But Union Bank argued that, “Both companies’ accounts were treated as related accounts with the knowledge and consent of both companies.”

The court agreed with Nicon Investment that Union Bank’s unilateral conversion of the funds “from the claimant’s fixed deposit account to US Dollars without the due authorisation and/or mandate of the claimant is wrongful, null and void,” emphasising that, “The pounds sterling fixed deposit account of the claimant is not tied to the indebtedness of Global Fleet and/or meant in any way or manner whatsoever to provide security for the said debt.”