Banking
Otudeko Says First Bank Loan Fully Paid as Onasanya Moves to Clear Name
In a determined effort to prove his innocence and clear his name, the former Managing Director of First Bank, Bisi Onasanya, last Thursday appeared before Justice Chukwujekwu Aneke at the Federal High Court in Lagos.
Mr Onasanya, alongside former chairman of the financial institution, Mr Oba Otudeko; a Director at Honeywell Group, Mr Soji Akintayo, and a firm, Anchorage Leisure Limited, is refuting allegations of fraud related to a commercial loan transaction when he headed the lender.
Mr Onasanya’s appearance aligns with the commitment made by his lawyer, Mr Adeyinka Olumide-Fusika (SAN), when the matter first came up in court on January 20, 2025.
Another counsel for Mr Onasanya, Mr Olasupo Shashore (SAN), argued that although the former banker is determined to defend his innocence and clear his name, he aligns with the argument of Mr Otudeko’s lawyers, led by Mr Wole Olanipekun (SAN), that the court should first hear the preliminary application challenging its jurisdiction before proceeding with the case.
Mr Olanipekun informed the court the case is civil in nature because it concerns a bank-customer relationship and should not be treated as a criminal matter by the court.
The counsel to Anchorage Leisure Limited, Mr Ade Adedeji (SAN), supported Mr Olanipekun that the Economic and Financial Crimes Commission (EFCC) seemed determined to harass and intimidate his clients, despite the loan being fully repaid since 2017 and all parties having agreed to close the matter.
“We filed a preliminary objection, but the EFCC has yet to reply. The loan, which is the subject of prosecution, has long been repaid since 2017, when the EFCC initially waded into the matter.
“There is clear evidence of repayment available and the continued pursuit of this case by the EFCC amounts to nothing but witch-hunting, intimidation, and harassment of the defendants. It is baffling why a matter that was resolved many years ago is suddenly being resurrected,” he argued.
He said an application dated February 10, 2025, had been made, requesting the court to quash or decline jurisdiction over counts 1 to 10, alleging abuse of judicial process and a lack of prima facie evidence.
However, EFCC prosecutor, Mr Rotimi Oyedepo (SAN), countered, stating that the allegations in the 13-count charge stemmed from a detailed investigation.
Following arguments from both parties, Justice Aneke adjourned the case to March 17, 2025, for ruling on the matter of jurisdiction.
Mr Fusika urged the court to allow his client to return home and appear in court on the next adjourned date, stating that Mr Onasanya had complied with the earlier assurance by presenting himself before the court as a mark of respect for the judicial process.
Justice Aneke granted the request, permitting Mr Onasanya to go home and return for the next hearing on the adjourned date.
By Dipo Olowookere
One of the leading financial institutions in Nigeria, Access Bank Plc, has commenced the sale of commercial paper worth N194 billion under its N400 billion commercial paper programme.
Access Bank, one of the subsidiaries of a financial services provider, Access Holdings Plc, currently trades its equities at the NASD OTC Securities Exchange, with its share price closing flat at N19.30 per unit on Thursday.
Subscription for the debt instrument began on Wednesday, March 20, 2025, and will close on Tuesday, March 25, 2025.
The lender is offering the commercial paper for sale in two tenors; 180 days and 270 days, according to details of the exercise obtained by Business Post.
It is selling the six-month maturity at a discounted rate of 19.44 per cent and the nine-month tenor at 20.92 per cent. The minimum subscription is N5 million and in multiples of N1,000 thereafter.
Access Bank combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities.
The lender was the first deposit money bank (DMB) in the country to meet the N500 billion minimum capital requirement of the Central Bank of Nigeria (CBN) for banks with international operations, with its share capital exceeding N600 billion.
The bank has been acquiring different financial institutions outside the country, including in South Africa, as part of its expansion drive.
It operates commercial banking services through a network of more than 700 branches and service outlets spanning three continents, 24 countries and over 60 million customers spread across Africa, Europe and Asia.
By Aduragbemi Omiyale
No fewer than 20 fresh millionaires have emerged in the Fidelity Bank Plc Get Alert in Millions (GAIM) Season 6 promo.
They winners were picked at the second and third monthly draws of the financial institution held at its corporate headquarters in Lagos recently.
The events were monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator of the Federal Competition and Consumer Protection Council (FCCPC), Mrs Aboluwade Margaret; and the Principal Legal Officer of the Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.
A statement from the lender disclosed that the 20 lucky winners were randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones and would be rewarded with N1 million each.
The Fidelity Bank GAIM campaign was launched in November 2024 and about N19.75 million has been won by 869 customers across different categories.
The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.
Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank, Dr Ken Opara, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.
Dr Opara, represented by the Regional Bank Head for Ikoyi, Chetachi Okechukwu, said, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.
“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts.
“In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”
Fidelity Bank, ranked among the best banks in Nigeria, is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
By Modupe Gbadeyanka
As part of its commitment to deliver quality service to customers, Rand Merchant Bank (RMB) has finally embraced the trade finance software of Union Systems Limited (USL), Kachasi.
The lender said its migration from Finastra’s Trade Innovation (TI) to USL’s Kachasi is a testament to the strength, reliability and competitiveness of this homegrown solution.
Kachasi is Nigeria’s leading indigenous trade finance software built to empower banks with seamless automation, regulatory compliance, and enhanced operational efficiency.
The platform has consistently proven to be a game-changer in the trade finance sector, offering key features such as full compliance with statutory and local regulatory requirements, end-to-end automation of trade finance processes, compliance with international trade regulations, advanced risk management and reporting tools, as well as seamless integration with core banking, local portals and third-party systems.
RMB said its decision to integrate Kachasi into its operations reinforces the platform’s reputation as a trusted trade finance solution.
As international trade becomes more complex, financial institutions require cutting-edge technology to navigate regulatory requirements, mitigate risks, and ensure operational excellence.
“This win affirms our commitment to revolutionizing trade finance automation across Africa. As more financial institutions embrace Kachasi, we remain dedicated to delivering cutting-edge solutions that drive efficiency and elevate the banking sector,” the financial institution stated.
Also, the chief executive of USL, Mr Chuks Onyebuchi, said, “This partnership with Rand Merchant Bank marks a defining moment, not just for Union Systems Limited but for African-built fintech solutions on the global stage.
“The successful transition from Finastra’s Trade Innovation (TI) to Kachasi proves that our homegrown technology is not only competitive but also better suited to the evolving needs of banks and trade finance institutions.
“Kachasi’s seamless automation, deep integration capabilities, and understanding of the local and international trade landscape make it the ideal choice for financial institutions looking to drive efficiency and innovation. This achievement is a testament to our commitment to building world-class technology, and we are excited to support RMB in revolutionizing their trade finance operations.”
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN