Banking
NDIC Begins Payment of Liquidation Dividends to Alpha Merchant Bank Shareholders
By Modupe Gbadeyanka
Shareholders of Alpha Merchant Bank Plc (in-liquidation) have been urged to come forward to proofs to verify their status in order to get paid liquidation dividends.
The affected investors are required to visit the offices of the Nigeria Deposit Insurance Corporation (NDIC), the official liquidator, across the 10 designated centres in the country.
A notice by NDIC disclosed that arrangements have been finalised for the payment of the “liquidation dividends to eligible shareholders of the bank with effect from February 3, 2020.”
It said in a notice that, “Accordingly, all persons listed as shareholders in the register of the bank (in-liquidation) should file their proof of claim with the liquidator, as NOTICE is hereby given that liquidation dividend is intended to be declared for eligible shareholders.”
In the disclosure dated January 24, 2020 and signed by the Director of Claims Resolution Department, it was also stressed that, “Liquidation dividends will continue to be declared to shareholders as and when assets of the closed banks are realized by the corporation.”
Business Post gathered that Alpha Merchant Bank, which had Mr Jimi Lawal as its Managing Director, commenced operations on June 6, 1988 with a seven-member board and a issued share capital of N6 million, which increased to N15 million in August 1989 through bonus issue to all shareholders, which.
However, the lender got into trouble as a result of ownership and control crisis, especially the mode of payment of the initial paid-up capital of N6 million by some shareholders.
The ownership and control crisis polarised the board to the extent that it could not operate as a team. Board oversight of management was very weak while the management was accused of withholding vital information from the board, engaging in unprofessional and unethical practices as well as dissipation of the bank’s resources.
According to what Business Post gathered, one of the main issues was the acquisition of Banque Internationale Pour L’ Afrique Occidental (BIAO) shares in the defunct Afribank Nigeria Plc.
Some of the aggrieved directors of Alpha Merchant Bank claimed others on the board used the sum of $16 million of bank’s fund to acquire Afribank shares for their personal benefit and a petition was filed to the Central Bank of Nigeria (CBN) to look into the matter.
Also, the bank’s public offer of 50 million shares in May 1992 generated a controversy, which warranted regulatory intervention.
Others who waded into the management crisis of the defunct financial institutions were the late HID Awolowo and the present Awujale of Ijebuland, Oba Sikiru Adetona.
Below are NDIC offices shareholders of the defunct Alpha Merchant Bank Plc can go for verfication
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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