Banking
First Bank Staff to Get N5.2m for Wrongful Employment Termination
By Modupe Gbadeyanka
First Bank of Nigeria has been directed to pay one of its staff members, Mr Joseph Simeon Akor, a total of N5.2 million for wrongfully terminating his employment.
This order was given by Justice Zaynab Mohammed Bashir of the Port Harcourt Judicial Division of the National Industrial Court, Business Post learned.
The judge held that the claimant successfully established that the lender breached the terms of his employment by failing to comply with the disciplinary procedure contained in its Staff Employee Handbook after commencing investigations into allegations of misconduct and by paying him less than the prescribed half of his basic salary during suspension.
The court found that although the bank retained the contractual right to terminate the employment, the action was wrongful for failing to comply with its own contractual obligations and disciplinary framework.
Justice Bashir further held that, having elected to terminate Mr Akor’s employment on the ground that his services were no longer required rather than dismissing him for misconduct, First Bank of Nigeria could not rely on alleged misconduct to deny him the financial entitlements accruing during his suspension.
In delivering the judgment, the judge ordered the financial institution to pay N3.2 million as the balance of the claimant’s salaries and allowances withheld during his suspension, and N2 million as general damages for the breach of the terms of his employment.
From the facts, Mr Akor informed the court that he was employed by First Bank of Nigeria in May 2005 and rose to the position of Deputy Manager before his employment was terminated in December 2018 following allegations of misconduct.
He argued that the allegation was never substantiated. Yet, he was suspended, paid only about N31,000 monthly instead of half of the basic salary prescribed by the Bank’s Staff Employee Handbook, and eventually had his employment terminated. In contrast, the investigation into the allegation was still ongoing.
He further maintained that First Bank of Nigeria breached the provisions of its Staff Employee Handbook by failing to conclude investigations before terminating his employment and by withholding part of his salaries, allowances and other benefits during his suspension despite the allegation not being established.
In defence, First Bank contended that Mr Akor was accorded a fair hearing through disciplinary proceedings, that his employment was lawfully terminated because his services were no longer required, and that he was not entitled to the unpaid balance of his suspended salary, having left the bank’s employment while still on suspension.
The company further claimed that the reason stated in the termination letter that the services of Mr Akor were no longer required was sufficient in law and that the court could not import any other reason into the letter.
In opposition, Mr Akor’s counsel, O. G. Tony Ogidi, submitted that First Bank failed to comply with its disciplinary procedure under the Staff Employee Handbook, terminated the employment of his client before the conclusion of investigations, and failed to justify the termination in accordance with the provisions of the Handbook.
The counsel further argued that the termination letter merely stated that the services of Mr Akor were no longer required without assigning any reason and maintained that the bank acted contrary to the provisions of its Staff Employee Handbook by paying Mr Akor substantially less than half of his basic salary during his suspension.
By Aduragbemi Omiyale
Stanbic IBTC stole the spotlight at the recently concluded Euromoney Awards for Excellence 2026 in London, the United Kingdom.
At the ceremony, which attracted critical stakeholders in the financial services sector across the globe, the member of Standard Bank Group was named winner in four categories.
The company went home with the Best Bank for Sustainable Finance award, the Best Bank for Consumer Lending award, the Best Bank for Mortgages/Home Loans award and the Best Bank for Securities Services award.
“We are pleased to have been named winner in these categories at the Euromoney Awards for Excellence 2026. These are important areas of our business and remain central to how we support individuals, businesses and institutional clients across Nigeria.
“Our focus remains on delivering reliable, relevant and responsible financial solutions, while serving our clients with the discipline, professionalism and care they expect from Stanbic IBTC,” the chief executive of Stanbic IBTC Holdings Plc, Mr Chuma Nwokocha, said.
Also commenting, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, said, “Across our business, we continue to focus on solutions that respond to the needs of our clients, whether they are individuals, families, businesses or institutions. We will continue to strengthen our service delivery, deepen client relationships and support responsible growth across the markets we serve.”
In the 2025 fiscal year, Stanbic IBTC showed continued scale across its financial services business, reporting total assets of N8.62 trillion, customer deposits of N4.37 trillion and net customer loans and advances of N2.38 trillion, as total income stood at N895.7 billion, while return on equity was reported at 42.4 per cent.
Stanbic IBTC’s sustainability disclosures also showed continued activity across its ESG and positive impact priorities. The organisation reported N277.3 billion in sustainable loans disbursed, representing a 60 per cent increase from 2024; and N76.4 billion in loans disbursed to 2,862 SME clients for the year ended 2025.
Its sustainability approach is anchored on three high-impact goals: driving sustainable industrialisation; facilitating sustainable trade; and fostering equitable access to finance. It also identifies four positive impact areas: job creation and enterprise growth; infrastructure development and energy transition; climate change mitigation and adaptation; and financial inclusion.
Across consumer lending and home loans, Stanbic IBTC continues to provide financing solutions to individuals and households, supported by the Group’s broader banking platform and customer-focused approach.
In securities services, Stanbic IBTC continues to provide custody, settlement, corporate actions, securities lending, reporting, reconciliation, foreign exchange processing and related investor services to institutional clients participating in Nigeria’s capital markets.
Stanbic IBTC continues to support individuals, businesses and institutional clients across sustainable finance, consumer lending, mortgages/home loans and securities services; while remaining focused on delivering financial solutions that are relevant to clients and responsive to the operating environment.
By Adedapo Adesanya
Paystack has launched Small Business Launchpad, a four-week business growth programme designed to help small and medium-sized enterprises (SMEs) using its platform strengthen their operations and scale sustainably.
The payments technology company said the first cohort will begin on August 27, 2026, admitting up to 50 selected businesses. Participants will receive practical business training, expert mentoring and direct support from Paystack, with sessions focusing on customer acquisition, cash flow management, business operations and growth.
The initiative is the latest in a series of programmes by Paystack aimed at supporting merchants beyond payment processing. It follows the launch of the Paystack Small Business Bundle in June, which gives eligible merchants access to discounted products and services from partner organisations.
According to the company, the Launchpad programme will build on that support by providing practical learning, access to experienced business operators, networking opportunities and hands-on guidance for entrepreneurs.
To qualify, applicants must be active Paystack merchants operating a small or medium-sized business in Nigeria. Successful applicants will be required to commit to the full four-week programme and pay a N150,000 participation fee.
Participants will have access to business clinics led by experienced entrepreneurs and industry experts, one-on-one office hours to discuss specific business challenges, priority Paystack support throughout the programme, and product benefits including early access to selected Paystack offerings.
Businesses that complete the programme will also receive three months of free payment processing, capped at N25 million in processed transactions, while becoming part of an alumni community that will continue after the programme ends.
Speaking on the initiative, Ms Jumoke Gbeleyi, Strategy and Operations Leader at Paystack, said the programme was designed to address the practical challenges entrepreneurs face daily.
“Small business owners are making decisions every day about customers, cash flow, operations and growth, often with limited time and support. Launchpad gives us a practical way to work more closely with the merchants building on Paystack, connect them with experienced operators, and help them leave with stronger systems, relevant networks and actions they can apply immediately. We want the programme to be useful from day one, not theoretical,” she said.
Paystack said the inaugural cohort will cover topics including customer acquisition, financial management, business systems and lessons from experienced operators.
The sessions will be facilitated by founders, senior business executives, finance specialists and industry leaders, including Mr Babajide Duroshola, Managing Director, Nigeria at M-KOPA; Mr Luther Lawoyin, co-founder of Pricepally; Ms Nana Abu, Senior Manager at KPMG; Mr Kenny Isichei of Bumpa; and Ms Jumoke Dada, founder of Taéillo.
The company said the programme will initially focus on Nigeria, with plans to introduce additional cohorts in the future.
By Modupe Gbadeyanka
United Bank for Africa (UBA) Plc has been recognised as the Best Bank for Retail and Sustainability Leadership (ESG) by Euromoney.
The Nigerian lender got this accolade at the prestigious 2026 Euromoney Awards for Excellence on Thursday, July 17, 2026, at The Peninsula London in the United Kingdom.
The recognition of UBA for its retail banking excellence and sustainability leadership highlights its outstanding financial performance, innovation, customer impact and sustainable business practices, underscoring the company’s leadership in driving sustainable finance while expanding access to innovative banking solutions for millions of customers across Africa.
Euromoney declared that UBA distinguished itself through significant strides in environmental, social and governance (ESG) performance, including the launch of a Green Financing Facility to support households and businesses transitioning to renewable energy, a N5 billion financing programme in partnership with the Bank of Industry to empower women-owned businesses, and its long-term commitment to achieving net-zero emissions by 2050.
The organisers of the awards also highlighted UBA’s efforts to embed sustainability within its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building initiatives that have trained more than 16,000 employees across the Group.
In the retail banking category, Euromoney recognised UBA’s continued expansion as one of Africa’s largest retail banking franchises. The bank grew its customer base to over 37 million by the end of 2025, while retail revenue more than quadrupled to N429.5 billion.
The awards also acknowledged UBA’s continued digital innovation, particularly the enhancement of its award-winning AI-powered chatbot, LEO, which became Africa’s first artificial intelligence banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives. These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” the chief executive of UBA, Mr Oliver Alawuba, stated.
On her part, the Head of Marketing, Brand and Corporate Communications at UBA, Ms Alero Ladipo, said, “These awards are a powerful affirmation of our Customer First philosophy. Every innovation we introduce, every solution we develop and every investment we make is driven by our desire to create exceptional value for our customers.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact. We are honoured that one of the world’s most respected financial publications has recognised these efforts.”
