By Adedapo Adesanya 

London-based remittance company, LemFi, has obtained regulatory approval from the Central Bank of Ireland to acquire Irish payment firm, Bureau Buttercrane, as it continues to expand its European footprints.

According to a statement, LemFi will inherit Bureau Buttercrane’s existing Payment Institution license (CBI reference number: C182347), allowing it to offer an extended range of financial services in the European Economic Area (EEA) region. These services include but are not limited to payment account issuance, money remittance and more.

This move continues LemFi’s commitment to providing seamless and efficient services while complying with the regulatory frameworks set by the relevant authorities.

The company which recently completed a $53 million Series B fundraise will continue to pursue its global expansion goals, staying true to its vision of building the future of financial services and products for immigrants everywhere.

In 2021 it acquired UK-based RightCard Payment Services Limited, securing an Electronic Money Institution (EMI) License in the process and in 2023, it secured a pivotal International Money Transfer Operator license (IMTO) from the Central Bank of Nigeria (CBN).

Just last year, the company expanded into Ghana and Kenya, allowing it to enter into partnerships with multiple partners.

Late in 2024, LemFi launched its services in select European countries through a strategic partnership. Providing minutes transfers at the best value to recipients in over 20 countries in Asia, Europe and Africa.

Speaking on the deal, Ms Rebeca Wignall, General Counsel at LemFi said, “We are very pleased to have completed this acquisition and are particularly delighted by the possibilities this offers us at LemFi.

“We also extend a note of gratitude to the Central Bank of Ireland (CBI) and the legacy team at Bureau Buttercrane for their role in seeing this through,” she added.

By Modupe Gbadeyanka

The sum of N21 million have been won by 360 customers of Union Bank in the first Save and Win Palli Promo 4 draw held recently in Lagos.

The Save & Win Palli campaign is a nationwide promo to reward both new and existing customers with cash prizes.

The Season 4, which began in December 2024, and runs until May 2025, and offers customers the opportunity to win N131 million in cash prizes, motorcycles, tricycles, fuel vouchers, and a star prize of N5 million, which will be handed out to three lucky winners at the grand finale.

Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of N10,000 and perform a minimum of five transactions monthly to qualify for draws.

Monthly winners can receive N100,000, while quarterly draws will reward lucky savers with motorcycles, tricycles, and other exciting prizes.

Customers who save in multiples of N10,000 will increase their chances of winning.

New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch, while existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.

At the first live draw of this season, 60 customers went away with N100,000 each, while 300 others won N50,000 worth of gift vouchers.

The Area Business Executive at Union Bank for Lagos Island 1, Ms Gloria Omereonye, said, “Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline.

“We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”

By Aduragbemi Omiyale

An ex-parte Mareva order earlier grated to First Bank of Nigeria Limited on December 30, 2024, for the freezing of the assets of a Nigerian oil and gas services company, General Hydrocarbon Limited (GHL), has been overturned.

The injunction was set aside on Wednesday by Justice Dehinde Dipeolu of the Federal High Court sitting in Lagos on the request of counsels of the defendants in the matter.

The judge held that the financial institution did not fully disclose Justice Ambrose Lewis-Allagoa’s order in Suit Number 1953, which made the Mareva Injunction incompatible with the earlier ruling.

The counsel to GHL, Mr Abiodun Layonu (SAN) and the counsel to the 2nd to 5th defendants, Mr Olumide Aju (SAN), argued that the injunction violated an existing order from a court of concurrent jurisdiction.

First Bank, represented by Mr Babajide Koku (SAN) and Mr Victor Ogude (SAN), had approached the court via an ex-parte application in Suit Number FHC/L/CS/2378/2024 against GHL and 15 other entities despite a subsisting judgement.

Responding to the suit, GHL and some of the defendants urged the court to discharge the order freezing its assets and accounts on the grounds that the court was misled in granting same, arguing that the injunction was obtained through fraudulent misrepresentation and concealment of material facts.

GHL and other applicants accused First Bank of misleading the court to obtain orders against them.

They argued that had all the facts been presented before the trial judge, the order against them would not have been granted.

First Bank and GHL are at loggerheads of a loan believed to be about $225.8 billion. The bank froze the assets of GHL because it said the company has failed to repay the debt.

Meanwhile, the directors of GHL involved in the case are considering seeking $1 billion each in damages from First Bank for defamation and wrongful freezing of their accounts.