Banking

Court Orders CBN to Deduct N183bn from First Bank’s Account

Published

5 years ago

09/03/2020

By Adedapo Adesanya

A Federal High Court in Abuja has directed the Central Bank of Nigeria (CBN) to pay a judgment sum with interest of N182.7 billion to Ogoni community from the account of First Bank of Nigeria.

The court gave this directive to the apex bank because First Bank manages the account of Shell Petroleum Development Company (SPDC), which the court compelled to pay the amount of money for causing damage to the community and its environs as a result of oil spillage.

Making the garnishee order absolute, the presiding judge, Justice Inyang Ekwo, ordered the CBN to deduct the sum from the First Bank account and pay the people of Ejama Community in the Eleme Local Government Area of Rivers State.

Mr Ekwo held that the Order Absolute was made upon the Order Nisi on June 3, 2019, compelling the garnishee (CBN) to pay the judgment creditors monies belonging to the guarantor (First Bank of Nigeria Limited) in the garnishee’s custody.

He said the ruling was in satisfaction of the judgment debt in Suit No. FHC/PH/CS/231/2001 (later renumbered Suit No. FHC/ASB/ CS/57/2010) titled Chief Isaac Osaro Agbara and five others vs CBN and two others as well as Suit No: FHC/ABJ/CS/562/19 2/: Agbara and two others, vs the Shell Petroleum Development Company of Nigeria Limited and others.

The ruling read in part, “The guarantor/surety/debtor secured and guaranteed to pay the judgment creditors special damages; and interest for delayed payment for five years from 1996 at 25 percent per annum i.e. 25 percent of the said sum till the date of judgment; N10 billion as general damages; and 10 percent interest on the judgment debt till payment giving a total of N76,871,175,831.18 as at June 14, 2010, being the date of the judgment but with the accrual of post judgment interest totalled N182, 768,696,651.89.”

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 SPDC 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, who was later killed by the military government of late Head of State, Mr Sani Abacha.

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 filed by some representatives of the Ogoni people at the Federal High Court in Port Harcourt presided over by the judge, Mr Ibrahim Buba claiming N17 billion and interests on the said sum for the losses allegedly caused by the oil spills.

The court equally granted the Ogoni chiefs 25 percent interest charge on the principal sum of about N17 billion but SPDC appealed the judgment and applied for a stay of execution pending the appeal.

Providing a condition for granting the request, the court asked Shell’s bankers, First Bank, to provide a guarantee of the judgment sum – a condition that was complied with however, Shell’s appeal failed at the Court of Appeal on technical grounds.

Then in December 2018, the Ogoni representatives commenced garnishee proceedings at the Federal High Court in Owerri and filed contempt proceedings against the bank before the judge, Mr Buba who delivered the judgment in 2010.

After the Appellate Court ruling, Shell and First Bank proceeded to the Supreme Court but their appeal was dismissed.

Following the dismissal by the apex court, Ogoni chiefs resumed the garnishing proceedings.

Banking

Ecobank Partners CreditCorp for Flexible Loans to Customers

Published

2 days ago

20/01/2025

Dipo Olowookere

By Dipo Olowookere

Ecobank Nigeria Limited has taken a significant step to ensure its customers get cheap personal loans by partnering with the Nigerian Consumer Credit Corporation (CrediCorp).

The service is available to civil servants and private-sector employees whose salaries are paid through Ecobank.

New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.

Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.

These loans can be used to finance a variety of personal needs, including paying school fees, rent, maintenance costs, medical bills, car purchase and repairs, asset purchase, and more.

The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.

According to the Head of Consumer Banking at Ecobank Nigeria, Ms Adeola Ogunyemi, the loans will provide salary earners, both in the public and private sectors, with better access to financial products.

“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.

“Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance.

“We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative,” Ms Ogunyemi stated.

CrediCorp, a Development Finance Institution (DFI) established by the federal government, is focused on enhancing access to consumer credit for Nigeria’s workforce.

Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers.

The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).

Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization. The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.

Banking

131 Wema Bank Customers to Win N11m January 24

Published

3 days ago

19/01/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

No fewer than 131 customers of Wema Bank Plc will win N11 million in cash prize in the company’s 5 for 5 promo season 4 monthly draw fixed for Friday, January 24, 2025, in Warri, Delta State.

According to a statement from the lender, from the 131 customers, 80 of them will win N25,000 each, 40 will win N100,000 each, eight domiciliary account holders will win N250,000 each and three will get N1 million each, with one to be from Warri, venue of the event.

The 5 for 5 promo selects winners from the bank’s pool of active and transacting customers, via thoroughly regulated electronic live draws.

The first 3 seasons saw the Wema Bank 5 for 5 Promo disburse over N150 million to 2,378 Nigerians across the six geopolitical zones in Nigeria, and with the launch of Season 4 on October 1, 2024, Wema Bank raised the bar, setting aside a whopping N135 million for disbursement this season alone.

So far, over 1,000 Nigerians have won cash prizes in daily, weekly and monthly draws, with 540 customers winning in 55 daily draws, 550 customers winning in 11 weekly draws and 262 customers winning in 2 monthly draws; totalling over N27 million disbursed so far.

The third monthly draw of the season, which also happens to be the first monthly draw of 2025, is set to hold this January in Warri, and another 131 winners will emerge from the draw.

“The goal for us with the Wema Bank 5 for 5 promo is giving back, providing support and rewarding our loyal customers, it’s been one of the key means through which we say ‘thank you’ as a Bank, and four years strong so far, it’s only gotten better with each season.

“We made millionaires in December ahead of Christmas and it was heartwarming to hear from our amazing customers how instrumental these rewards were in sorting out some bills. Now, we are even more ready to kickstart 2025 on a millionaire note,” the chief executive of Wema Bank, Mr Moruf Oseni, said.

“As a tradition, the 5 for 5 Promo continues to tour different locations across the six geopolitical zones, however, our winners are always selected from across the country. So even though one of the millionaires will be from Warri where this draw will hold, there’s still room for two more millionaires and over 120 more winners of cash ranging from N25,000 to N250,000.

“The joy for us is in the smiles that are made, the stories that are positively impacted and the hope that these cash rewards bring to the winners; from students to small business owners, working professionals, and so on.

“We are all too familiar with the running ‘100 days of January’ reality that plagues a lot of us after the heavy spending that comes with December, so this draw is the perfect opportunity to support our customers beyond the daily and weekly draws that we hold every other weekday.

“I congratulate the winners in advance, and I encourage every new and existing Wema Bank customer to seize this opportunity and start transacting today. The 5 for 5 promo is as transparent as can be, so anyone can win, provided they meet the minimum requirements,” he added.

Banking

UBA Completes Routine System Maintenance on Card Service

Published

3 days ago

19/01/2025

Dipo Olowookere

By Dipo Olowookere

The United Bank for Africa (UBA) Plc has completed its scheduled routine system maintenance on its card service.

The financial institution over the weekend informed its customers of a scheduled maintenance on its card service from 12 am to 5 am of Sunday, January 19, 2025.

Customers were told that the action could make them experience service disruption while using the UBA cards for financial transactions.

The lender said it was carrying out the maintenance for better service delivery, apologising for any issue they may encounter during the period.

“In line with our commitment to provide you with exceptional experience and to enable us to serve you better, we will be carrying out a scheduled routine maintenance on our card services.

“During this period, you may not be able to use your Debit & Credit Card. Please use our alternative channels, LEO, *919#, Mobile App or Internet Banking for transactions

“An update will be provided as soon as the maintenance is completed.

“We appreciate your understanding and apologize for any inconvenience this may cause. Please be assured that we are committed to providing you with excellent banking services,” the notice earlier sent to customers said.

After the completion of the process, UBA mailed another statement to customers, informing them they could use their cards without any issue.

“We are pleased to inform you that our scheduled routine system maintenance has been completed.

“You can now enjoy safer and quicker transactions on our card service.

“We regret any inconvenience you may have experienced, and assure you of our commitment to continuously provide you with excellent service,” the statement sighted by Business Post read.