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 Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
