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 Aduragbemi Omiyale
A Côte d’Ivoire subsidiary of Zenith Bank Plc will be launched on Wednesday, April 29, 2026, after obtaining an operating licence in December 2025 from the country’s Ministry of Finance and Budget.
The country’s subsidiary will operate from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.
Zenith Bank is in Côte d’Ivoire to deepen its presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU).
Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.
Expected at the official opening ceremony tomorrow are senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.
The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point.
It was gathered that the new subsidiary will be headed by Mr Cédric Tano, a seasoned banking executive with over two decades of experience.
“We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration.
“Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight.
“We are well-positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region,” Mr Tano commented.
Also speaking, the chief executive of Zenith Bank, Ms Adaora Umeoji, said, “From the very beginning, our founder and chairman, Mr Jim Ovia, set out to build a truly global brand with a strong presence across Africa and key international markets.
“The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent.
“As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”
By Modupe Gbadeyanka
Some entrepreneurs across diverse sectors recently completed a three‑week intensive capacity‑building programme organised by Ecobank Nigeria, in partnership with DHL.
The event was put together to equip Small and Medium Enterprises (SMEs) with the skills, tools, and insights required to scale beyond local markets and compete globally.
The focus was on critical growth enablers such as cross‑border trade, e‑commerce opportunities, logistics, customs procedures, and international shipping—key pillars for sustainable expansion in today’s increasingly connected global marketplace.
In one of the sessions, titled Trade and Grow Beyond Borders: Welcome to E‑commerce, the Relationship Channel Manager for DHL Customers/Global Express, Mr Charles Eke, underscored logistics as a critical success factor for SMEs, identifying key challenges such as access to finance, markets, and efficient logistics.
He also provided practical guidance on customs processes, international shipping, documentation, and shipment tracking, while emphasising the immense opportunities e‑commerce presents for cross‑border expansion.
According to him, international markets often offer greater growth potential than domestic markets for well‑positioned SMEs.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, described the programme as a catalyst for meaningful growth and mindset change.
“Over the past three weeks, something truly powerful has taken place. This programme has gone far beyond knowledge sharing—it has inspired new thinking and unlocked fresh possibilities for our SMEs. The message is clear: no business should be limited by geography,” she said.
Mrs Odu reiterated Ecobank’s deliberate focus on SMEs as key drivers of Africa’s economic development, saying, “Beyond building capacity, we are intentionally opening doors by connecting businesses to new markets and opportunities. With our presence in over 30 African countries, coupled with integrated payment, trade finance, and e‑commerce solutions, Ecobank is uniquely positioned as the Pan‑African bank enabling seamless cross‑border trade.”
One of the participants, Ms Dolapo Fatoki of Debsfray, a Lagos-based fashion brand, described the initiative as impactful, practical, and transformative.
“The sessions were highly informative. I gained a deeper understanding of documentation and pricing, two areas that previously posed major challenges for me. The collaboration between DHL and Ecobank has been exceptional and truly beneficial,” she noted.
Similarly, the Creative Director of FC Accessories, Mr Tosin Olukuade, described the programme as “an eye‑opener,” adding that it reshaped his approach to business growth.
“The insights I gained will help me scale my business exponentially. I am grateful to Ecobank and DHL for creating this opportunity,” he said.
Reflecting on the programme’s digital focus, the chief executive of Needle Point, Mrs Theresa Onwuka, highlighted how the sessions broadened her outlook on growth and innovation.
“The class was so good—it got my mind thinking of possibilities. My main takeaway is clear: digitalisation is the way forward,” she remarked.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels, as part of new compliance measures introduced in its revised Guide to Charges.
The directive was contained in a circular titled Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide) and signed by the Director of the Financial Policy and Regulation Department, Mrs Rita Sike.
According to the apex bank, Chief Compliance Officers and Heads of Information Technology in financial institutions are required to jointly render electronic reports of all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
The reports are to be submitted to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond the reporting requirement, the CBN also introduced broader accountability measures, placing responsibility on top management of financial institutions to ensure strict adherence to the new guide.
Executive Compliance Officers or Managing Directors are mandated to cascade compliance expectations across all business units and ensure that banking systems are configured to apply only approved charges.
Specifically, the regulator directed that Heads of Information Technology must ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers are to monitor strict compliance with the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services.
The CBN explained that the review was aimed at promoting a safe and sound financial system, encouraging innovation, and expanding financial inclusion through lower tariffs on micropayments and transactions.
It added that the revised framework would strengthen oversight and accountability, encourage the adoption of electronic payment channels, and accommodate new industry participants.
Business Post also reported that the regulator has raised ATM card fees by 50 per cent to N1,500 and scrapped the monthly maintenance charge.
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