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 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.
