Banking
Robbery Attack: Court Orders First Bank to Pay N10m
Justice Ikechi Nweneka of the National Industrial Court, Lagos Judicial Division has ordered First Bank Limited to pay retired staff, Mr Godson Nkume, the sum of N10 million damages for abysmal handling of the compensation due to him from the armed robbery attack on the bank on December 14, 2006.
According to a statement issued by the court, the financial institution was also asked to pay the claimant the sum of N500,000 as damages for failure and or refusal to release Deed of Assignment and sum of N300,000 cost of action within 30 days.
The court held that the bank breached his duty by failing to give due care and attention in processing claimant’s compensation under the Group Personal Accident Insurance Scheme.
During the hearing, Mr Nkume submitted that while in the services of the bank, armed robbers raided his branch and shot him on both legs. He was operated and discharged 5 weeks after but continued his treatment as an outpatient.
He resumed work but was advised by the doctors not to drive for about a year to help the injuries heal faster. His Branch Manager made a report of the incident to the CIA and the claimant applied to the defendant for assistance to defray the salary of a driver he hired based on the medical advice at N20,000.00 per month, that despite the approval, the defendant refused, failed and or neglected to pay.
Mr Nkume also claimed that First Bank maintained a Group Personal Accident Insurance policy for its staff and by the contract of employment, he was entitled to compensation for the injuries sustained during the armed robbery attack.
He submitted further that he was granted a staff home construction loan and fully repaid but the bank refused, failed and or neglected to release his Deed of Assignment which affected some business transactions he wanted to go into after retirement.
In its defence, First Bank claimed Mr Nkume, having ceased to be its employee, was not entitled to claim under the Group Personal Accident insurance cover that as at the time the claimant retired its policy for long service award gifts had been reviewed from gift items to vouchers.
Counsel to the defendant submitted that the court has no jurisdiction to try some claims for being caught by the Limitation Law of Lagos State which stipulates 6 years for actions founded on simple contract and 3 years for damages for negligence where personal injuries are involved that the action was commenced 12 years after for the gunshot injuries, and the court has no jurisdiction to try other claims.
He further submitted that despite claimant’s oral testimony to the contrary, the documentary evidence before the court showed beyond any doubt that Mr Nkume never complained of First Bank’s handling of his injury and treatment until he contrived of this action, urging the court to dismiss the case.
Delivering judgment, Justice Nweneka affirmed jurisdiction and held that the cause of action could not have arisen in December 2006, when the armed robbery attack took place, but from the date when the claimant became aware of the defendant’s default in processing his compensation and further that statutes of limitation of actions do not apply to contracts of service, and affirmed jurisdiction.
“The defendant appears to read paragraph 2 of Exhibits 3 and D6 to mean the claimant did not ask for compensation. This will amount to reading the email out of context.
“His case, as I see it, is that based on his contract of employment and Article 15.10 of Exhibit 34, he is entitled to compensation for injuries sustained in the course of duty and that it was the defendant’s duty to ensure this compensation was paid to him.
“So far, the defendant has not produced any documentary evidence countermanding the Executive Director’s approval of N20,000 for the claimant’s driver,” the judge held.
The court ordered First Bank to pay the claimant the sum of N240,000 being the sum of N20,000 per month approved for his driver for one year.
Justice Nweneka further ordered First Bank to return forthwith and handover to the claimant his Deed of Assignment no. 37/37/2261 dated January 26, 2010 and to immediately file at the relevant Lands Registry a release of the Legal Mortgage on the property.
By Aduragbemi Omiyale
Sterling Financial Holdings Company Plc has allotted shares from its public offer of 2025 to investors with valid applications.
The allotment follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities and Exchange Commission (SEC).
In September 2025, the financial institution offered for sale about 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share in public offer.
However, the exercise received wide participation from the investing public, with the company getting 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent and reflecting sustained confidence in Sterling Holdco’s strategic direction, governance, and long-term growth prospects.
The firm approached the capital market for additional funds for the recapitalisation of its two flagship subsidiaries, Sterling Bank and The Alternative Bank.
The capital injection will support the commencement of full operations and contribute to the group’s revenue diversification objectives.
In line with the guidelines set out in the offer prospectus, Sterling Holdco confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied.
A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
Simultaneously, the electronic allotment of shares has be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) on February 17, and for applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
By Modupe Gbadeyanka
To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.
This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.
According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.
Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.
The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.
The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.
“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.
“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.
By Modupe Gbadeyanka
The merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course, a statement from one of the parties disclosed.
According to Unity Bank, there is no iota of truth in reports in certain sections of the media suggesting that the merger process had stalled, as the transaction remains firmly on track.
It was disclosed that the necessary regulatory steps have been completed, but only a few other steps to finalise the transaction, especially the final court sanction.
There had been speculations that both lenders may not meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) before the March 31, 2026, deadline.
However, it was noted that the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework.
When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.
“The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning.
“We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria,” the chief executive of Unity Bank, Mr Ebenezer Kolawole, stated.
Recall that a few months ago, shareholders authorised the merger between the two entities at Court-Ordered Meetings. They also adopted the scheme of merger at their respective Extraordinary General Meetings (EGMs) in September 2025,
The central bank also backed the merger, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC).
The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.
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