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Aviation Firm Files $45m Suit Against Diamond Bank

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By Dipo Olowookere

A $45 million lawsuit has been filed against Diamond Bank by an indigenous aviation Firm, Topbrass Aviation Limited.

The suit, marked FHC/L/CS/1488/2017, was filed before a Federal High Court sitting in Lagos and the plaintiff is accusing the lender of breach of contract.

Topbrass Aviation Limited wants the court to order Diamond Bank to pay $19,250 million as special damages for revenue or income it lost from December 2014 to the date of filling the suit due to alleged unethical practices by Diamond Bank.

The firm is also seeking an order of the court to compel Diamond Bank Plc to pay it the sum of $25 million and $875,000 as special and exemplary damages respectively for several outrageous and reprehensible breach of its banker’s duties to it, and for loss of income which would have accrued to it from the commercial use of its aircraft.

Narrating what brought about the current legal action, the aviation firm, in an amended statement of claim filed before the court by its lawyer, Barrister Fidelis Albert, stated that it has a banker/customer relationship with Diamond Bank and such relationship was still subsisting made it to open and maintain bank accounts with the bank in the course of banking business, the company maintains three Dollars and two Naira denominated accounts with the bank.

Topbrass Aviation Limited said sometimes in 2010, it bided for and was awarded a multi-million Dollar contract by Chevron Nigeria Limited (CNL) to provide aircraft charter and auxiliary aviation support services for the oil company, and that by the terms of the contract, it had the obligation to deploy two Bombardier Dash-8Q300 aircraft for the exclusive use and service of Chevron Nigeria Limited on an initial two-year charter.

The purchase price for the aircraft was $9.5 million.

However, the cost of undertaking a comprehensive back-to-service maintenance on the aircraft before it could introduce the aircraft to its fleet for routine flights, was over $1 million, and on account of prohibitive cost, it was constrained to approach Diamond Bank, as its banker’s, for a loan to finance the purchase, maintenance and importation of the aircraft.

The aviation firm stated further that in obtaining the credit facility, it entered into series of negotiations with Diamond Bank, and after its proposal, including the risk, cash flow projections, income stream on existing contract, potential incomes and commercial viability was fastidiously assessed by the bank, and upon the conclusion of the negotiations, it was granted credit facility of $10.5 million.

The plaintiff said by the term of the offer letter of the facility, it was required to make and indeed made, an equity contribution to the loan portfolio to the tune of 10 percent of the value of the credit facility, which amounted to the sum of $1.050 million.

The plaintiff further stated that sometimes in  2010, it entered into an aircraft maintenance and Service Provider Agreement (AMSP Agreement) with an aircraft maintenance facility in South Africa known as Execujet Maintenance (Pty) Limited.

Pursuant to the AMSP Agreement, it began servicing and/or maintaining its aircraft fleets with Execujet. The first aircraft, similarly a Bombardier DHC-8-Q315 marked 5N-TBC and MSN 614, was delivered to Execujet for ‘C’ check sometimes in March 2013, for which Execujet completed the scheduled maintenance within a ten-week period at a total cost of about $650,000.

The plaintiff, averred further that quite unknown to it, and while it was labouring to resolve payment issue with Execujet, Diamond Bank had sometimes in January 2015, surreptitiously circumvented it, and commenced clandestine discussion with Execujet with a view to retaining the services of Execujet as its agent for sale of the aircraft.

With this, the plaintiff said Diamond Bank and Execujet concluded an agreement dated May 14, 2015, the agreement it termed intended to overreach and extinguish its proprietary and ownership right of its aircraft.

The plaintiff alleged further that Diamond Bank interference with its contract with Execujet, through deceit, fraudulent misrepresentation and breaches of banker’s fiduciary duties to it, gave Execujet the impetus to boldly defraud it and foster the chains of fraud and breach of contract.

The company further alleged in its particulars of damage that Diamond Bank breached its banker’s duties of confidentiality, care, good faith and honouring mandate to it without cause, by divulging its credit standing and private financial information to Execujet in a false, misleading and inaccurate manner; maliciously misrepresenting its credit standing to Execujet without authority; refusing to honour its payment mandate to vendors in respect of the Aircraft thereby injuring it’s credit and reputation; and unilaterally accessing and making payments without and against the mandate of the company.

It further alleged that the bank covertly and maliciously interfere with or circumvent its contractual relationship with Execujet, or unjustly induce Execujet to breach its Aircraft Maintenance Agreement with the company, including countermanding the company’s instructions and directives to Execujet in respect of maintenance of the Aircraft and incidental matters.

The plaintiff averred that Execujet concluded maintenance of the Aircraft in 25th October, 2016, however following the action of Diamond Bank, Execujet was in dilemma of who to hand over the aircraft to, in view of competing claims of the company and Diamond Bank, adding that with the steps taken by the Diamond Bank, consequently Execujet continues to unlawfully retain the possession of the Aircraft in South Africa at Diamond bank’s behest and pleasure, while the actions taken so far has  put Topbrass Aviation company in a state of perpetual indebtedness to the bank.

Consequently, Topbrass Aviation Limited is urging the court to grant all its above stated reliefs against Diamond Bank.

However, the court adjourned till next month for hearing when Diamond Bank must have filed its amendment statement of defense.

Meanwhile, Diamond Bank could not be reached for comments on this suit.

 

 

 

 

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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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Banking

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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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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