Banking
Firm Drags UBA to Court over Illegal Charges, Seeks N3.5b
By Modupe Gbadeyanka
A company named Citygate Global Investment Limited has taken United Bank for Africa (UBA) Plc to court over what it called ‘illegal deductions’ from its account with the bank.
In a suit, FHC/L/CS/407/2017, filed before Justice Oluremi Oguntoyinbo of a Federal High Court sitting in Lagos, the plaintiff urged the court to mandate UBA to pay N3.45 billion to it for the illegal and excess charges, general damages, and litigation cost.
Citygate Global Investment Limited also wants the judge to give an order compelling the bank to publish an apology in five national newspapers for the said alleged excessive and illegal charges.
It further want the judge to grant an order mandating UBA to pay 21 percent interest on the money sought, from the date of filing the suit till judgement and at the rate of six percent from the date of judgement till final liquidation.
According to an affidavit in support of the originating motion deposed to by its legal officer, Ms Busola Oluwole, the company argued that its Chief Executive Officer, Mr Segun Durojaye, narrated to her on March 10, 2017, that a representative of UBA had approached and introduced to him a product called U-Gold Savings Account with an explanation that its features included minimum opening and operating balance of N10,000; Zero C.O.T.; Third party withdrawal; unlimited number of withdrawal; Internet and mobile banking; debit card issuance and SMS and E-mail alerts.
Ms Oluwole further contended that not too long after opening the said account, UBA began misappropriating the applicant’s funds, converting same and plundering the said account with different COT and other charges which UBA had warranted that the account would not be exposed.
While adding that UBA’s misrepresentation, warranties and conditions of contract which the applicant had relied upon, the deponent maintained that it altered the company’s situation and eventually made it to suffer economic losses.
Ms Oluwole further argued that UBA reneged on its warranty and debited the sum of N903,313.
According to the deponent, “UBA unwantedly breached the terms of the contract as well as of those customer-banker relationship existing between parties.
“UBA plundered and subjected the applicant’s funds to wanton debit between October 19, 2011, and March 4, 2015.
“Upon discovery of the said discrepancies, the applicant engaged UBA through its branch and head office to desist from unauthorized and illegal deduction and the bank refused.
“The applicant further engaged the services of a forensic accountant at its own cost to conduct an audit of the account which revealed the said distortion in its accounting operations.
“We were surprised upon receiving a regular, almost automated reply to the correspondence forwarded to UBA, where it stated that Investigation would be conducted on the account, but no reversal was done, and no other report of investigation was received, while UBA continued to withhold the said applicant’s funds.
“Upon filing a suit against UBA at a Magistrate Court which was later struck out for want of jurisdiction, the bank admitted it’s negligence, conversation and breach, and made refund of some funds Illegally debited outside of the two weeks window prescribed by the provision of the Central Bank of Nigeria (CBN) guide to bank charges, without the statutorily prescribed letter of apology to the applicant.
“UBA converted the applicant’s funds in total breach of banker-customer relationship and breach of fiduciary good faith entrusted in the bank.
“The applicant has suffered economic losses in general and specific damages which require recompense.
The deponent, therefore, urged the court to interpret the various documents and policies in favour of the applicant, and award the statutory damages for the applicant against UBA.
But the financial institution in its counter affidavit deposed to by its legal officer, Mr Gabriel Omu, stated that the bank is not in a position to know if the applicant is registered with the Security and Exchange Commission (SEC) or engaged in other activities.
The UBA’s legal officer stated that the bank sometimes in October 2011, introduced to the applicant a new product called ‘U Gold Savings Account’, which has the semblance of a current account, but with Zero COT, and such other features.
Mr Omu said UBA did not represent to the applicant that the other features of the account would not attract usual Bank charges.
He said the bank charges, which the applicant is contesting are for Electronic Fund Transfers, to wit; IRO, NBBS charges; debit card fees; SMS and E-mail alerts from the inception of the account in October 19, 2011 up till March 16, 2015.
He also said the applicant made a total NIP transfers in the total sum of N371,577,000, of which he was charged of N1,130,106. 05; that made up of IRO-NIBBS charges of N29, 279. 25; Bank fess of N1, 048, 396; and Value Added Tax (VAT) of N52, 430. 80.
According to the lawyer, UBA did not make any admission of negligence, conversation or misappropriation of the applicant’s funds at the Magistrate Court, Lagos.
Mr Omu said the action marked MCL/314/16, instituted by the applicant against UBA was struck out for want of jurisdiction in June 2016, while the bank had paid into the applicant’s account a total sum of N1.100,826.08, being VAT on the bank charges; and IRO-NBBS charges on May 31, 2016.
He urged the court to dismiss the applicant’s suit against UBA with substantial cost.
The matter has been adjourned until September 25, 2017.
Source: Premium Times
By Adedapo Adesanya
Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.
This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.
With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.
The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.
“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”
He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.
Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.
He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.
Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.
Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.
Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.
“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.
The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.
Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.
“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.
He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.
The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.
“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”
She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
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