Banking
Displaced Renaissance Homeowners Demand N4bn from First Trust Mortgage Bank
By Modupe Gbadeyanka
Some displaced Renaissance homeowners in Rivers State are seeking about N4 billion as compensation from the management of First Trust Mortgage Bank over their eviction from the properties they acquired from the lender.
They accused the bank, formerly known as FBN Mortgage Bank, of not carrying due diligence before selling some portions of land to them in 2010, about seven years after a Supreme Court judgement held that the land belonged to the favour of the Nigerian Air Force (NAF).
The solicitors to property owners of Renaissance Homes Housing Scheme, Adeniji Kazeem & Co, in a letter to the Managing Director of First Trust Mortgage Bank Plc, said the alleged negligence of the company has put them under untold hardship.
“It is imperative that we state that as of 31st January 2003 the decision of the Court of Appeal was already reversed by the Supreme Court, and then in June 2003, Vestor bought the land from Ex-Squadron Leader Obiosa. First Trust Mortgage Bank Plc, thereafter, bought the land from Vestor in 2008.
“In the light of all these facts, a modest due diligence, going by a reasonable man’s test would have revealed that at the time your bank was about to purchase the property from Vestor in 2008, there was a Court Martial judgment registered on the property, that there was also a Court of Appeal judgment in furtherance of which Vestor then registered its interest, which would ordinarily arouse the curiosity in anyone, especially your bank, to conduct due diligence on the status of the appeal to the Supreme Court,” a part of the letter from the displaced property owners at Plot 96 GRA Phase 3, Port Harcourt, Rivers State, said.
They emphasised that if the mortgage bank had carried out “modest due diligence” to investigate “the title of Vestor Properties Limited,” the property owners would not have fallen victim to the problem.
“Given the circumstances and sensitivity of this issue, it is only fair and conscionable for First Trust Mortgage Bank to take steps towards adequately compensating Renaissance Homeowners having negligently ignored the encumbrance in the disputed property and foisting a defective title on the homeowners,” the homeowners submitted.
However, First Trust Mortgage Bank has denied prior knowledge of the delivery and execution of the judgment, insisting it had no reason to doubt the credibility and validity of the title of its predecessor in-titles, over the land.
In a letter written to the affected homeowner, the bank’s lawyers, Onyeke, Ideho & Ighomuaye LP, disclosed that efforts are being made to resolve the issue.
The financial institution said it was working with Vestor Properties Limited “to engage Chief Olusola Adekanola, the purchaser of the land from the Nigeria Air Force, on an amicable resolution of the matter, towards a possible restoration of the possessory rights of the subscribers of the Renaissance Apartments.”
In the alternative, the company said it would “commence interpleader proceedings at the Rivers State High Court, Port Harcourt, before the same court that granted the warrant of possession and contend before the court that Supreme Court Judgment executed at the property, that the execution of the judgment by the Air Force on the order of restitution, can only be executed on the known and established property or properties of the judgment debtor.”
It was gathered that in June 2003, about five months after the apex court judgement, Vestor bought the land from ex-Squadron Leader Obiosa and then sold the property to First Trust Mortgage Bank in 2008.
In 2010, the evicted homeowners bought several units of 4 (four) bedroom flats through the Renaissance Homes Housing Scheme, an initiative of First Trust Mortgage Bank Plc. They remained on the property until they were chased away on March 1, 2022.
The property was said to have been a subject of litigation between the Nigerian Air Force and one of its former personnel, Ex-Squadron Leader A. Obiosa, who was court-martialled and allegedly found culpable of financial malfeasance which eventually led to the confiscation of the disputed landed property by the Force.
The dismissed Obiosa allegedly got a reprieve at the Appeal Court and quickly sold the land to Vestor Properties Limited which, in turn, transferred the ownership to the First Trust Mortgage Bank.
One of the affected homeowners and Chairman of Renaissance Estate Homeowners’ Association, Mr Doyle Edeni, said, “Our members, the majority of whom are retirees, have been rendered homeless.”
“What we are saying is that they should refund us today’s value of what we paid for the properties and indemnify us against our losses as a result of the invasion,” he further said.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn