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 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.
By Adedapo Adesanya
Ratings agency, Moody’s, has placed the ratings of Bidvest Bank on review for downgrade, raising worries of Access Bank to properly fund the bank amid takeover plans.
Access Bank Plc, the banking subsidiary of Access Holdings Plc, entered into a binding agreement for the acquisition of 100 per cent equity stake in Bidvest Bank Limited in December.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
However, in its new rating, Moody’s flagged the capacity of the Nigerian lender to fund the bank, in comparison with that of its owner, the Bidvest Group.
Bidvest, valued at R88 billion on the Johannesburg Stock Exchange (JSE) in December announced Access Bank as the preferred buyer of its banking unit, Bidvest Bank, in a deal worth R2.8 billion subject to the usual regulatory approvals.
The Bidvest Bank book, which mainly consists of leased assets, loans and advances, totalled R6 billion in December, funded by deposits of R8 billion.
Bidvest Bank generated a trading profit of R371 million and an operating income of R377 million in its most recent financial year.
After the finalisation of the acquisition, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
However, Moody’s has placed Bidvest Bank on review for downgrade to the following ratings: the Ba2 domestic-currency long-term issuer rating; the Aa2.za national scale domestic-currency long-term issuer rating; the P-1.za national scale short-term issuer rating; the ba3 Adjusted Baseline Credit Assessment (Adjusted BCA); and the b2 BCA.
The main reason for the potential downgrade is that Access Bank’s rating (long-term deposit ratings of Caa1 positive, Baseline Credit Assessment of caa1) is far lower than Bidvest Bank’s current rating (long-term Corporate Family Ratings of Ba2 stable).
Access Bank’s Caa1 rating is judged as poor quality and very high credit risk.
“The review for downgrade on the domestic-currency long-term issuer rating and the Adjusted BCA of Bidvest Bank will primarily focus on assessing the progress in the acquisition process, including the obtention of regulatory approvals, and the likelihood of the acquisition being completed,” said Moody’s.
“A successful completion of the acquisition by Access Bank could lead to a multi-notch downgrade of Bidvest Bank’s issuer rating due to the loss of two of the notches of parental support uplift from Bidvest Group.”
“This is because the potential new shareholder, Access Bank, has both a lower capacity than Bidvest Group to support the bank, as indicated by the lower rating of Access Bank in comparison to that of Bidvest Group; and a lower rating than Bidvest Bank itself.”
Moody’s said that Bidvest Bank’s current Ba2 domestic-currency long-term issuer rating benefits from two notches of uplift from its b2 BCA. This reflects the high chance of affiliate support from Bidvest Group if the need arises.
The Bidvest Group is expected to safeguard the bank’s financial health and operational stability despite the impending divestment.
The review for downgrade on the bank’s standalone BCA looks at the uncertainties regarding the future strategic direction of the bank post-disposal.
Moody’s said that this “includes the potential disruption to its activities during the disposal process as well as the bank’s post-acquisition financial fundamentals, which will depend on how it is combined with Access Bank’s existing South African operations.”
It added that the review will also assess whether the current positioning of Bidvest Bank’s b2 standalone BCA two notches above Access Bank’s caa1 standalone BCA would remain appropriate in case of successful completion of the acquisition.
Moody’s said a parent entity’s creditworthiness can directly and indirectly affect the credit standing of its bank subsidiaries.
“The bank’s b2 BCA reflects the bank’s solid capitalisation, high liquidity and improving profitability, underpinned by solid niche franchises in the fleet finance and management segment, as well as in the foreign exchange segment,” said Moody’s
“These strengths are moderated by the bank’s weak asset quality and relatively modest deposit-gathering franchise.”
“There is limited upside potential on the ratings given the review for downgrade.”
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