Banking
Diamond Bank Shocks South-South Customers With SUV, N25m
By Dipo Olowookere
Winners have emerged in the Diamond Bank SavingsXtra promotion draw for south-south customers and prizes given to respective beneficiaries.
At the draws held recently in Port-Harcourt at the Odual road branch of the bank, a brand new SUV was won as well as N25 million.
The SavingsXtra draw is part of Diamond Bank’s way of promoting a savings culture and satisfying its customers.
The ceremony, which attracted industry stakeholders, relevant regulatory bodies, customers, shareholders, journalists and management staff of the bank, saw Mr Imariagbe Austin of the Sapele Road branch, Benin City emerge as the winner of the star prize of a brand new SUV.
At the draws, 10 lucky customers went home with N1million each and a further 31 customers won N500,000 each.
The draws were conducted through an electronic process certified by the top audit firm KPMG who had a representative present to monitor the event.
Mr Osita Ede, Head of Mass Market Segment, Diamond Bank Plc, in his opening speech, informed that the Diamond SavingsXtra account was created to promote a savings culture and enhance financial inclusion among Nigerians.
He stated that the reward scheme was just one of the ways in which the bank sought to appreciate customers for their loyalty to the bank.
Mr Edeh pointed out that coming up in the no-too-distant future is Diamond Bank’s nationwide monthly draw in which thirteen people will be awarded the sum of N1m each, two people the sum of N2 million each and one lucky person will win the salary-for-life which sees the winner earn a salary from Diamond Bank plc every month for a period of 20 years.
To qualify for the monthly draw, Mr Osita Edeh informed the gathering that all a customer needs to do is maintain a minimum monthly balance of N5,000.00 while additional deposits would count as multiple entries thereby increasing the customer’s chances of winning.
Present at the occasion were past winners from draws within the region.
Mr Duru Chukwuebuka Francis, a salary-for-life winner who emerged from the Eket branch of Diamond Bank plc, said he didn’t believe he had won until he got the first credit alert from the bank.
Mr Duru, a trader in building materials, went further to state that representatives from the bank have continuously proffered invaluable advice on investment opportunities making him a better business manager.
Mrs lawal Fatima, who won N1m in February, on her part, declared that she resigned from her job at the end of January and in February she was told she had won in the SavingsXtra promotion.
She informed the gathering that she made judicious use of the money, investing in a profitable venture which she is using to take care of herself.
In her words, “I can say that Diamond Bank is one of the most SME-friendly banks because I believe the essence of this money is to help people earn a living and so I appreciate Diamond bank for assisting people in establishing themselves.”
Head of Retail performance, Southern Directorate of Diamond Bank Plc, Mrs Tonye Ukpong, declared that the Savingsxtra Reward scheme was here to stay.
She informed all present that the Bank has paid out over N4 billion over eight years and N600 million has been earmarked for winners this year.
She encouraged customers to cultivate the savings culture because that is what the Diamond SavingsXtra account seeks to promote, stating that Diamond Bank Plc would not relent in its efforts to create mutually beneficial relationships between the bank and customers through its services and offerings.
The winners were selected in a poll drawn from all the states within the bank’s south-south directorate.
Some winners from the day included, Aliyu Mahammed Salifu, Ladi Anne Yougha netimah, Eyo Ekpenyong, Tunji Adetayo Owoseni, Ngozi stella Omolafe, Emwanmwan lucky Agbonrierien, Felicia Olachi Onyegbula, Mrs Osuoha Ifeoma Vivian, Goka John Osaro, Alh Saleh Danlami Sulaiman.
By Modupe Gbadeyanka
A Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of N81.1 million to the Federal Government of Nigeria in favour of Sterling Bank.
The money was part of the N2.5 billion stolen by some customers of Sterling Bank and transferred to their own use as well as to the use of some third-party beneficiaries, owing to a system glitch experienced by the bank.
On October 2, 2025, the court granted an interim forfeiture order of the fund and also directed the publication of the same in a national newspaper for any interested party to show cause why the money should not be finally forfeited to the federal government.
When no one came forward to claim the money, Justice Yelim Bogoro on Monday, March 9, 2026, ordered the final forfeiture of the funds.
The matter was brought before the court by the Economic and Financial Crimes Commission (EFCC) after a petition from the financial institution on July 18, 2022.
The anti-graft agency, in its investigations, traced the stolen funds to various accounts, including that of a customer, Sulaiman Kehinde Ojora, who was one of the major beneficiaries of the monumental fraud.
Investigation further revealed that Sulaiman Kehinde Ojora fraudulently concealed the sum of N43.0 million in the account of his friend, Taiwo Oluwaseyi Alawode (Account No. 1233126860), domiciled in Access Bank, and the sum of N122.2 million in the account of his wife, Aminat Olatanwa Ojora (Account No. 0072889319), domiciled in Sterling Bank.
By Adedapo Adesanya
Parallex Bank Limited said it has completed the recapitalisation requirement of the Central Bank of Nigeria, surpassing the N50 billion minimum capital threshold for regional commercial banks ahead of the March 31, 2026, deadline.
The feat reinforces the bank’s position as a financially resilient and strategically forward-looking institution within Nigeria’s evolving banking landscape while positioning it for accelerated growth.
The development now places Parallex Bank among financial institutions that have complied with the apex bank’s directive aimed at strengthening the capital base of deposit money banks, improving financial system stability, and enhancing the sector’s capacity to support economic growth.
Speaking on the development, Mr Olufemi Bakre, the managing director of the lender, said the milestone underscores the belief that excellence, when consistently pursued, delivers sustainable results.
He added that the strengthened capital position will enable Parallex Bank to expand its lending capacity, deepen financial inclusion, and continue delivering innovative, customer-focused financial solutions across various segments of the economy.
“With this strengthened capital position, Parallex Bank is better equipped to expand lending, deepen financial inclusion and continue delivering innovative, customer-focused banking solutions across the retail, SME and corporate segments of the economy,” he said.
The recapitalisation exercise, announced in March 2024 by the CBN, is expected to strengthen the resilience of Nigeria’s banking sector and enhance its capacity to support economic growth.
Mr Bakre commended the bank’s stakeholders, particularly the Board of Directors, for their strategic guidance, oversight, and timely support, which he said were instrumental in ensuring that the recapitalisation requirement was met within the stipulated timeframe.
According to him, the Board’s commitment to strong governance and long-term value creation provided the foundation for disciplined capital planning and effective execution across the institution.
By Modupe Gbadeyanka
A leading provider of consumer and business financing solutions in Nigeria, Zedvance Finance Limited, intends to increase its lending to commercial entities in the country by 160 per cent in 2026.
Last year, it provided N96 billion loans to support enterprises across key sectors of the economy, including oil and gas, automotive, logistics, renewable energy, fintech, e-commerce, trade distribution value chains, agri-businesses and others.
This year, Zedvance, a subsidiary of Zedcrest Group, plans to push this amount higher to N250 billion across key economic sectors, including off-grid power, smart devices and home equipment, vehicle dealerships and mobility platforms, agribusiness and manufacturing, consumer and industrial goods distribution and hospitality.
This expansion reinforces its mission to accelerate enterprise growth by providing faster and broader access to credit across Africa.
“We are proud of our accomplishments so far, especially the impact we’ve made in sectors that are critical to economic development,” said the Managing Director of Zedcrest Group, Mr Adedayo Amzat.
“Through solar and asset on-lending, we have helped to expand energy access and improve income opportunities for gig workers by financing mobility asset platforms across Nigeria.
“Because our customers are at the heart of our business, we were intentional about designing our flagship product, Liquidity Solutions, to allow businesses to unlock faster credit delivery across all high-growth sectors. This has proven impactful as we continue to witness our clients record great successes,” Mr Amzat further said.
Leveraging its 11-year legacy, Zedvance’s Commercial Solutions business, launched in 2025, has in just one year become a major driver of credit expansion, achieving one of the highest loan disbursement rates among financial institutions, empowering thousands of local enterprises and boosting economic growth.
Through offerings such as working capital, invoice/PO financing, equipment and trade finance, and ecosystem-based solutions, Zedvance enables access to liquidity for buy-now-pay-later providers, asset acquisition, and cross-border credit lines for imports & exports, aiding business expansion and strengthening operational resilience in a dynamic economic environment.
On his part, the acting executive director for Commercial Solutions, Mr Ayooluwa Oladimeji, said Zedvance leverages technology, product innovation, deep sector expertise and risk-moderated structures to deploy diverse funding solutions, including multi-currency credit lines, BNPL facilities, and equipment financing across automotive, renewable energy, manufacturing, fintech, and trade distribution sectors.
“In 2025 alone, Zedvance Commercial Solutions business recorded tremendous growth, driven by strong partnerships and a rapidly expanding portfolio. We are proud to have supported a range of businesses, including Shekel Mobility, Tradegrid, Sapphire, CredPal and other ecosystem partners.
“Beyond these successes, our focus remains on strengthening credit access across Africa’s commercial ecosystems to enable businesses to scale with confidence and resilience,” he said.
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