Banking
CBN Begs Court Not to Compel First Bank to Pay N123b Debt
By Modupe Gbadeyanka
A Federal High Court sitting in Owerri, Imo State, has been urged by the Central Bank of Nigeria (CBN) not to make absolute the temporary garnishee order it granted six chiefs representing the Ogoni community, compelling it (CBN) to pay the sum of N122.53 billion on behalf of First Bank of Nigeria Limited (First Bank).
According to ThisDay, CBN’s lead counsel, Professor Fabian Ajogwu (SAN), while responding to a new suit filed by the judgment creditors (Ogoni chiefs) seeking to commit First Bank, its chairman, Mrs Ibukun Awosika, and Managing Director, Dr Sola Adeduntan, to prison for alleged contempt for not paying them the sum of over N122.53 billion, stated that making the order absolute and compelling the CBN to pay out the huge sum would be against the interest of justice because the matter was still pending at the Supreme Court.
There are concerns that compelling the CBN to pay the N122.53 billion from First Bank’s funds domiciled with the central bank could have far-reaching consequences for Nigeria’s oldest and biggest lender by assets and deposits, and a systemic impact on the rest of the financial system and wider economy.
But in a statement yesterday, the bank said it was a responsible and law abiding corporate citizen with the capacity and character to, on a consistent basis, meet its obligations as and when due.
The case, which started in 1991, was originally instituted at the Rivers State High Court, Nchia Division, by six indigenes of Ogoniland against the Royal Dutch Shell Plc, Netherlands, Royal Dutch Shell Plc, United Kingdom, and Shell Petroleum Development Company (SPDC) of Nigeria Limited over alleged oil spills that occurred when Shell operated in the community.
The plaintiffs alleged that it was the same case that led to the Ogoni struggle championed by the late Mr Ken Saro Wiwa.
Judgment was eventually entered in their favour against Shell by the state High Court, whereupon the defendant appealed against the said judgment.
However, in 2001, a fresh suit was commenced by some representatives of the Ogoni people before the Federal High Court in Port Harcourt presided over by Justice Ibrahim Buba claiming N17 billion and interests on the said sum for the losses allegedly caused by the oil spills.
Justice Buba, after listening to the submissions of the parties in the suit, in his judgment in 2010, awarded N17 billion to the representatives of the Ogoni people.
The court equally granted the Ogoni chiefs 25 per cent interest charge on the principal sum of about N17 billion.
SPDC then appealed against the judgment and applied for a stay of execution of the judgment pending the appeal.
As a condition for granting the stay of execution, the court required Shell’s bankers, First Bank, to provide a guarantee of the judgment sum.
This condition was complied with. But Shell’s appeal failed at the Court of Appeal on technical grounds, ostensibly because it filed its processes out of time and without regularising them.
When the oil giant proceeded to the Supreme Court, it also failed as the court upheld the decision of the Court of Appeal.
Accordingly, last December, the judgment creditors (Ogoni representatives) commenced garnishee proceedings at the Federal High Court in Owerri presided over by Justice Lewis Allagoa.
They urged the CBN to pay them N122.53 billion out of First Bank’s account in its custody.
THISDAY gathered that they calculated the principal sum of N17 billion and the accrued 25 per cent interest charge per annum to arrive at the sum of N122,533,403,392.
In January, Justice Allagoa granted them a temporary order (garnishee nisi) ordering the CBN to pay them the sum from First Bank’s account with it.
The judgment creditors, Chief Isaac Osaro Agbara and five others (representing the Ogoni community) are represented by Mr. Lucius Nwosu (SAN) as the lead counsel, while First Bank is represented by Chief Wole Olanipekun (SAN) as lead counsel.
Shell, against whom the judgment was made and who wants to be joined in the garnishee proceedings, having filed a motion for joinder, is represented by Mr Wale Akoni (SAN), while the garnishee, CBN, which is allegedly in custody of the N122.53 billion is represented by Ajogwu.
When the suit came up for hearing before Justice Lewis-Allagoa of the Federal High Court in Owerri last Friday, Ajogwu, filed a motion before the court to set aside the temporary garnishee order on the grounds that the CBN was not indebted to and does not have the private funds of First Bank in its custody.
However, Akoni’s motion for Shell to be joined in the garnishee proceedings could not be taken.
Ajogwu contended that the consent of the Attorney General of the Federation was not obtained to attach the money alleged to be in the custody of a public officer, contrary to the Sheriffs and Civil Process Act.
He also argued that the funds alleged to be in the custody of the CBN could only be statutory funds, which cannot be attached for payment of judgment sums.
He further averred that in view of the several suits and appeals in the matter, the proceedings were an abuse of the court’s process and amounted to forum shopping.
In his motion, counsel to First Bank, Olanipekun, also asked the court to set aside the temporary garnishee order.
He argued that the court lacks the jurisdiction to hear the case, and therefore asked the court to transfer the case to Abuja or Lagos.
But in his response, Nwosu stated that the Ogoni judgment creditors were entitled to the benefit of their judgment and opposed all motions by the CBN, Shell and First Bank.
After hearing all the parties in the case, Justice Allagoa adjourned the matter to April 11, 2018, for the continuation of hearing.
But in a statement sent to THISDAY yesterday, First Bank’s Head of Marketing and Corporate Communications, Mrs Folake Ani-Mumuney, said her organisation was a responsible law abiding citizen with the capacity and character to meet its obligations as and when due.
She said the events culminating in the issuance of the bank guarantee at the request of Shell and all the lawsuits arising from the case were before the courts.
She expressed confidence that the courts would dispense justice in the cases in line with constitutional obligations.
According to her, “First Bank is a responsible and law abiding corporate citizen with the capacity and character to, on a consistent basis, meet its obligations as and when due.
“The events culminating in First Bank’s issuance of the said bank guarantee at the request of Shell Petroleum Development Company Limited as well as all matters arising therefrom and associated therewith are subject matters of different lawsuits including Suit Nos. FHC/OW/CS/C4/2017, FHC/L/NJR/1/2018 and Appeal Nos. SC/511/2017 and SC/731/2017 which are ongoing.
“We are confident that the various courts will dispense justice in the cases in line with their constitutional obligations.”
Also, a source conversant with the case explained that First Bank’s appeal was still at the Supreme Court and hearing on the case will come up on October 16, 2018.
He said irrespective of the fact that the Supreme Court had not ruled on the case, the counsel to the Ogoni chiefs, Nwosu, has been pushing for First Bank to honour the guarantee.
He said First Bank, however, has maintained that the parties have the right to exhaust their rights in law and that includes going to the Supreme Court.
According to the source, this was another attempt by Nwosu to stampede the bank into paying the N122.53 billion.
Opening up on other tactics employed by the counsel to the Ogoni chiefs to compel First Bank to cough up the sum despite the fact that the matter is still being adjudicated, he said Nwosu had also petitioned the two legislative chambers of the National Assembly.
“Not stopping at that, he has petitioned the central banks of other countries where First Bank has operations; he has initiated winding up proceedings against the bank in Lagos and Abuja which he discontinued; he took an action against First Bank at the Federal High Court in Port Harcourt which he abandoned; he obtained the garnishee at the Federal High Court in Owerri seeking to attach First Bank’s funds at the CBN; then last week he filed contempt proceedings against the chairman and managing director of the bank.
“All these he has done irrespective of the case at the Supreme Court. But First Bank, from what I can tell, is confident in the judiciary to do the right thing,” he said.
By Margaret Banasko
“Detty December,” Nigeria’s unofficial end-of-year spectacle, is an annual economic boom of concerts and parties, amplified by the return of the “IJGB“ (I Just Got Back) crowd. This celebration drives massive discretionary spending and consumer euphoria.
However, this festive high often leads to a financial low; the “Long January.” This is when critical non-negotiable expenses like rent and school fees hit hard.
Do not treat December as a financial free-for-all. Savvy individuals and business leaders must reframe it as the final, crucial financial quarter. The goal is to shift from emotional spending to deliberate, strategic saving.
Here are five smart, actionable financial moves that are critical for maintaining fiscal discipline that will enable you to maximize the festive season’s enjoyment while effortlessly de-risking and prepping your finances for a strong Q1 trajectory.
- Capitalize on Discounted Bill Payments: The increased consumption of utilities, airtime, and data during this period necessitates higher essential recurring costs. Smart financial governance dictates actively seeking value on these high-frequency expenditures. Pay all essential bills from electricity tokens to data bundles and Cable TV subscriptions through a platform, such as the FairMoney app, that provides a direct financial incentive or cashback on purchases. This ensures that operational necessity does not unduly drain capital, as every percentage saved on recurring utilities is capital effectively preserved for critical Q1 requirements.
- Implement the 50/30/20 Rule Strategically: Acknowledge the inevitable social expenditure of Detty December by imposing a clear framework for resource allocation. This strategic rule dictates how your income must be distributed to ensure financial security. Divide your December income into three non-negotiable categories: Allocate 50 percent of your income directly to critical January financial requirements like rent, transportation, and structured debt payments; this sum must not be compromised. Allocate 30 percent to your discretionary December wants, covering social activities, gifts, and controlled splurges; once this budget threshold is met, spending must cease. Crucially, assign the remaining 20 percent to structured savings and investment.
This 20 percent is non-negotiable and serves as the anchor for long-term wealth creation and a buffer against the Long January strain. You can automate this crucial 20 percent deduction before you even begin spending using the FairSave feature on the FairMoney App, which enables instant autosave while you earn daily interest and retain the flexibility to withdraw anytime.
- Convert Festive Windfalls into Capital: Do not view every incoming festive cash gift or unexpected bonus as mere spending money. Instead, strategically treat any financial “windfall” as a direct deposit into your future wealth accumulation. The 100 Percent Rule applies here: commit to saving or investing 100 percent of any financial gift, as this capital was not part of your planned income, offering a critical opportunity to grow your savings effortlessly. Immediately isolate any unexpected cash injections and categorize them as investment capital rather than disposable income.
By leveraging FairLock on the FairMoney App, you can save 100 percent of the festive cash into a fixed deposit. This ensures the funds are secure and illiquid, accruing interest over the stipulated savings period, which can then be released on maturity to sort out major Q1 projects or investments.
- De-Risk Your December Savings Strategy: FairMoney’s premium, revolving credit line up to ₦5,000,000, FlexiCredit, serves as a crucial liquidity shield over your protected capital. Instead of being forced to prematurely break fixed deposits or liquidate interest-earning savings accounts to cover sudden, urgent expenses such as an unexpected repair or a short-notice business need, you can immediately draw the required funds from your FlexiCredit limit.
This allows critical, ring-fenced funds to remain untouched, continue accruing interest, and maintain their full readiness for the inevitable “Long January” obligations like rent and school fees. FlexiCredit empowers the savvy individual who earns a minimum of ₦250,000 as salary to strategically manage cash flow and capture short-term high-return opportunities without depleting their primary savings or operational capital, offering immediate bridge financing, charged at a competitive 0.25 percent per day only on the amount utilized.
- Prioritize High-Value, Low-Cost Experiential Activities: While Detty December’s allure often stems from high-ticket social events and luxury venues, truly impactful celebrations are measured by the quality of connection, not the cost of admission. Instead of defaulting to expensive restaurant dinners, exclusive concerts, or impulse travel, strategically redirect your social budget toward creative, high-value experiential activities.
Organize themed potlucks with friends, host a family Christmas hangout at home, or explore local attractions like parks and museums that offer rich experiences without the premium price tag. By substituting generic, high-cost outings with thoughtful, collective events, you significantly slash discretionary spending while often increasing the depth and enjoyment of the festive season, guaranteeing maximum emotional return on minimum financial investment.
By applying these five smart moves, you assert control over your finances, ensuring you do not just survive Detty December and the Long January, but wrap up the year not just in celebration, but in financial style, positioning yourself for an empowered and prosperous New Year.
Margaret Banasko is the Head of Marketing at FairMoney MFB
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
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