Banking
Payment of N2.5bn Judgment Debt Won’t Affect Profitability—Stanbic IBTC
By Dipo Olowookere
Recently, a supreme court in Nigeria struck out the suit filed by Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, challenging an appeal court ruling, which directed the lender to pay a certain sum to a company known as Longterm Global Capital Limited.
In 2010, a Federal High Court sitting in Lagos, had in a suit no FHC L/CS/1491/2009: Longterm Global Capital Limited & Mr Patrick Akinkuotu vs Stanbic IBTC Bank Plc, granted the prayers of the company against the bank, which Stanbic IBTC Bank appealed at the appellate court.
Business Post gathered that on April 11, 2007, the appellant granted an overdraft facility of N600 million to Longterm Global Capital for a tenor of 365 days and an option to roll over amongst other terms.
Subsequently, on May 11, 2007 and July 17, 2007, the appellant granted two additional overdraft facilities CEO of Longterm Global Capital, Mr Patrick Akinkuotu in the sum of N400 million and N250 million respectively for tenors of 365 days and with options to roll over amongst other terms.
At the expiration of the overdraft facilities granted to the respondents, the appellant granted an extension to them to liquidate the facilities, with Mr Akinkuotu applying that the facility granted to him be merged with that of his firm.
The respondents alleged that they had liquidated the overdraft facilities granted them by the appellant and in consequence of the appellants’ refusal to release the respondent’s shares pledged for the overdraft facilities granted, the respondents instituted a suit at the Federal High Court, Lagos Division and won.
When the matter got to the Court of Appeal, Stanbic IBTC Bank lost again and then headed to the Supreme Court, where it was directed to pay the sum of N2.5 billion to the respondents.
In a statement on Friday, the parent company of the bank said the respondents have been paid the judgment debt, but this will no way affect its liquidity and profitability.
“Stanbic IBTC Bank has discharged its liability under the judgment by paying the judgment sum of N2.5 billion to the judgment creditors.
“We would like to assure all our esteemed stakeholders that, as required by IFRS, our banking subsidiary had made a full provision for this judgment since 2013.
“Accordingly, the payment of the judgment sum has no impact on our banking subsidiary’s current liquidity position and profitability,” Stanbic IBTC Holdings said in the statement.
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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