Banking
Court Orders First Bank MD to Sign Sympathy Letter
By Aduragbemi Omiyale
First Bank of Nigeria Limited has been directed to pay the benefits of one of its deceased staff, Mrs Chika Chukwu, within 30 days, Business Post reports.
This directive was given by Justice Faustina Kola-Olalere of the Port Harcourt division of the National Industrial Court.
The court further orders the financial institution to write a sympathy letter to the husband of the late employee, Mr Ori Chukwu, which must be signed by its Managing Director.
Ruling on the matter, the judge said the lender must pay Mr Chukwu, who is now the administrator of the estate of Mrs Chukwu, N963,504.68 as benefits in addition to N250,000 as the cost of action.
Mr Chukwu had approached the court to compel First Bank to pay him the sum of N4 million as compensation under the Workmen’s Compensation Act, but the judge disagreed with him.
According to the deceased’s husband, First Bank only paid a one-year basic salary of his last wife, who prior to her demise in 2006, was an employee of the bank, to assist the family with burial expenses and has failed to pay the other entitlements despite repeated demands.
But First Bank, through its counsel, Mr Rotimi Aremu, maintained that it had paid the amount of money payable to the family of its late staff upon her death; and averred that the bank insurer for the death of the deceased employee was paid less of the deceased indebted to the bank.
The lender argued that the action of Mr Chukwu was statute-barred and liable to be dismissed on the ground that the action was filed over five years provided under the Limitation Law of Rivers State.
It also informed the court that the claimant had failed to show his right to demand, neither as the husband of the deceased nor as a dependant of the deceased.
The bank stressed that the Letter of Administration issued in Mr Chukwu favour was just a letter of authority to an administrator, not evidence of a marriage between him and the deceased.
According to First Bank, it was not a necessary party to the suit, as the compensation due (if any) to the claimant was to be borne by the Nigeria Social Insurance Trust Fund Management Board and urged the court to dismiss the claim in its entirety.
This argument was countered by Mr Chukwu through his counsel, J. U. Ikorogbudu, explaining that a dependent was someone who relies wholly or partly on the income of the deceased employee.
He denied that the deceased was indebted to the defendant, urging the court to assume jurisdiction and grant the reliefs sought.
Justice Kola-Olalere, while delivering the judgment after careful evaluation of the submission of both parties, dismissed the objections and held that from May 11, 2009, when the case in question was filed in Rivers State High Court to September 23, 2016, when it was struck out for lack of jurisdiction, the limitation period stopped running and then continued running again from September 24, 2016, to August 18, 2017, when the action was filed at the NIC.
The judge held that the deceased was not indebted to the bank before she died as no document was shown to prove to the contrary
“The defendant has admitted receipt of the sum of N963,504.68 from its insurer for the death of the deceased employee; therefore, I hold that the defendant is to pay to the claimant, the admitted sum of N963,504.68 as the deceased/employee’s death in service benefit in line with the provision of clause 5.8.3 (d) of Exhibit C.5 before the court in this case.”
By Modupe Gbadeyanka
Nine commercial banks operating in the country have been fined N150 million each by the Central Bank of Nigeria (CBN) over their failure to dispense cash to customers through their Automated Teller Machines (ATMs).
Recall that last year, the banking sector watchdog warned deposit money banks (DMBs) to load their ATMs with cash to ease the hardships Nigerians go through in getting cash.
It was alleged that members of staff of banks were selling cash to Point of Sale (POS) operators as it was getting difficult for customers to withdraw cash from banks.
To address this issue, the central bank directed lenders to ensure customers are able to withdraw their funds via their ATMs or risk being sanctioned.
In a statement on Tuesday, the Acting Director of the Corporate Communications Department of the CBN, Mrs Hakama Sidi Ali, said spot checks showed that the affected banks did not comply with the cash distribution guidelines, noting that the fines will be directly debited from the affected banks’ accounts.
She listed the defaulting lenders as Fidelity Bank, First Bank, Globus Bank, Keystone Bank, Providus Bank, Sterling Bank, Union Bank, UBA, and Zenith Bank.
“In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.
“Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank, Union Bank Plc, Globus Bank, Providus Bank, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc,” the statement said, stressing that the apex bank will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines.
By Adedapo Adesanya
Top remittances service firm, LemFi, has raised $53 million in Series B funding to further boost its efforts to acquire more customers and expand its footprint into more countries.
The funding round was led by Highland Europe, a London-based growth-stage investment firm that backs startups with more than €10 million in annualized revenues. Other participants in the deal included existing investors like Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator.
Lemfi, founded by Mr Ridwan Olalere, its chief executive officer (CEO), and Mr Rian Cochran, its Chief Financial Officer (CFO), closed the Series B round in four months, bringing LemFi’s total funding to $85 million, as per TechCrunch.
LemFi will use the funding to extend its offerings, scale its payment network licenses and partnerships to provide hyper-localized service and recruit talent for its next growth phase.
The firm, which generates revenue from transaction fees and foreign exchange spreads, currently has more than 300 employees across Europe, North America, Africa, and Asia.
Founded in 2020, the four-year-old company has seen massive increases in parameters and claims to have over one million active users who rely on its multi-currency accounts to transfer money to friends and family in countries like Nigeria, Kenya, India, China, Pakistan, and 15 others.
LemFi has undergone rapid growth by helping diaspora communities in North America and, more recently, Europe, send money to emerging markets across Africa, Asia, and Latin America. It currently has 27 send-from markets and 20 send-to countries on its roster.
As part of its expansion plans, the firm has also expanded into Europe by partnering with embedded finance provider Modulr and will help LemFi kickstart operations until it secures its license next month after acquiring a firm based in the Republic of Ireland.
“We intend to go to as many markets as we have a significant number of immigrants, starting now with Europe this year, which is going to be a big focus for us,” CEO, Mr Olalere told TechCrunch in an interview.
By Modupe Gbadeyanka
A new art installation, Kong in a Cage, made from recycled materials has been displayed by Ecobank Nigeria Limited at its headquarters in Lagos.
The piece, made by Mr Toyeeb Ajayi, is showcased at the Ecobank Pan African Centre (EPAC) in Lagos as part of the lender’s efforts to foster sustainability in the country.
This thought-provoking piece, which reflects on humanity’s confinement of nature, will be open to the public on Saturdays and Sundays, the financial institution said.
The Managing Director/Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, said the bank remains dedicated to offering a global platform for emerging Nigerian artists, especially in the fields of sustainability and the arts.
He disclosed that Kong in a Cage aligns with Ecobank’s broader mission to promote the creative sector across Africa.
“Our aim is to highlight the incredible talent of Nigerian artists, providing them with opportunities to showcase their work both locally and internationally.
“The creative sector is an essential driver of economic growth, well-being, and global interconnectedness. At Ecobank, we are committed to investing in the future of our youth, helping to shape a brighter future for Nigeria,” Mr Lawal stated.
On his part, Mr Ajayi said Kong in a Cage is a commentary on environmental sustainability, with the installation’s use of recycled materials reflecting this theme.
Situated in the midst of an urban business environment, the piece serves as both a warning and a call to action, offering a visual critique of humanity’s impact on the planet through the lens of art.
“By employing sustainable materials and practices, this installation does more than just entertain—it prompts a conversation about the intersection of art and environmental stewardship.
“Kong in a Cage is not just an artwork; it’s a dialogue—a visual plea for accountability, responsibility, and a renewed respect for the fragile balance between humanity and nature.
“I encourage everyone to reflect on humanity’s impact on the environment, consider the potential of reclaimed materials, and rethink our relationship with the planet,” he enthused.
Ecobank’s commitment to environmental sustainability is well-documented, with initiatives such as the Get Cash for Plastic Bottles campaign, which removed over four million plastic bottles from the streets and drains of Lagos. The bank is also actively involved in tree-planting efforts aimed at preserving and protecting the environment.
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