Banking
Customers Slam N7bn Suit on Adam Nuru-led FCMB
By Modupe Gbadeyanka
Two customers of First City Monument Bank (FCMB), Sunlek Investment Limited and Sunsteel Industries Limited, have slammed a N7 billion suit on the lender headed by Mr Adam Nuru.
The companies accused the financial institution of breach of contract concerning credit facilities they obtained from the bank some years ago.
In a report by Global Excellence Magazine, it was stated that in a 126-paragraph statement of claim accompanied by another 27 paragraphs of a witness sworn to on oath and filed before a Federal High Court sitting in Lagos by a Lagos lawyer, Mr John Olusegun Odubela (SAN), the two firms claimed they operated loan accounts with FCMB upon which disbursement was made for all letters of credit/loan facility granted to them by the bank for the importation of raw materials.
However, since May 23, 2013, when the bank entered into an agreement to grant them loan and open a loan facility account for them till date, they have not been given the particulars of the loan facility account or has any statement of account of this loan account been made available to them.
The plaintiffs further alleged that by commitment letter dated May 23, 2013 and the term sheet for facility duly signed/executed by the two parties, FCMB committed and undertook to fund on fully-underwritten basis the debt finance of $1.5million and N422.5million Thereafter, other loans facilities were granted to the companies by the bank.
It was stated that the total amount of the letters of credit opened by the bank in favour of the companies were $8.0 million out of which said sum the companies contributed 10 percent based on the terms of the grant of the various offer for facility utilized to open letters of credit from March 22, 2013 to September 2017. The loans facilities were well secured.
The plaintiffs contended that from the available records available to them, it was reflected that they have fully repaid their indebtedness to the bank.
However, the companies said they were surprised when they received the bank’s letter that their indebtedness to the bank as at March 14, 2019 was in the sum of N1.13 billion and that the debt should be liquidated within 14 days, despite the fact that they have fully repaid the loan they took from the bank.
As a result of this, they engaged the services of an accounting firm to audit their account. They claimed that their letter and their solicitor’s letter requesting for statements of accounts of the loan accounts from the FCMB were not responded to and that from the forensic analysis of their accounts, it was observed that they were not in any way indebted to the bank in the sum of N1.13 billion as claimed by the lender.
The plaintiffs said from the forensic audit report, it was discovered that there were two transactions carried out on letter of credit, wherein substantial volume of the product was damaged. The value of items purchased by the letters of credit was in the sum of $1,999,965 for the importation of cold rolled steel strips, galvanized steel strips and Zinc wire from Chemetals (HK) limited Unit 1105H/F Lippo Center 89, Queens Way Hong Kong.
The companies said FCMB was solely and unilaterally liable to undertake all the risk insurance policy Clause A for the consignment/raw material to be imported by virtue of the letter of credit.
According to them, the bank solely negotiated insurance policy obtained for the products purchased and appointed Mansard Insurance Plc to provide insurance cover Clause C for the importation of the consignment.
It said upon taken delivery of the consignment after payment of custom duties and port charges, it was discovered that a large volume of the said consignment was in various forms of damaged conditions.
The plaintiffs claimed they informed the bank about the damaged consignment and the need to pursue insurance claim for the damage consignment and that FCMB requested for documents from the officers of the plaintiffs, which were sent to them to pursue the claim.
In the statement of claim, the plaintiffs said however, the agent of the bank sent a report to them saying from the nature of damages to some of the products, the insurance policy, being a Clause C policy as undertaken by the bank, was not sufficient to cover the loss from the said damages to the products.
The total value of the consignment damaged was in the sum of $628,386.23 and N336.14 million.
The plaintiffs said FCMB ought to have undertaken an all risk insurance policy cover with the insurance company. As a result of the damages to the consignment, they were not fit for use and could not be refined in the plaintiffs’ machine and remained in their factory as junk or waste material.
The plaintiffs averred that they have suffered financial loss as a result of the breach of contract in the sum of N884.9 million which has negatively affected their business operation since 2014 till date.
They also averred that they are entitled to claim damages for breach of contract against the bank who had by its various acts of breaches of the various letters of offer for facility caused great loss to their business. Consequently, the plaintiffs claim against FCMB jointly and severally are as follows:
“General damages in the sum of N5 billion.
“A declaration that the plaintiffs are not indebted to the bank in any sum premised on the fact that they have settled all their indebtedness on the facilities granted to them by the bank.
“A declaration that the bank breach the terms of letter of credit and is liable for the loss of the letters of offer on importation, in the sum of $1,999,865.
“A declaration that the bank is liable to refund to the plaintiffs N884.9 million being the losses uncured on the damaged consignment purchased through letters of credits and failure and refusal of the bank to obtain an all risk insurance policy for the shipment of the said consignment.
“An order for the payment of N826,996,135.00 being the total sum wrongly debited on the plaintiffs account by the bank.
“An order of the court restraining FCMB from appointing and or registering any instrument of appointment of an official receiver or any instrument whatsoever made for the purpose of enforcing the security for the payment of alleged indebtedness in the sum of N1.13 billion being allegedly claimed against the plaintiffs by the bank and a cost of litigation assessed at N250 million.”
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.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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