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 Modupe Gbadeyanka
A platform to enable cross-border intra-Africa payments for individuals, merchants, and traders in Nigeria and Ghana is being designed by Onafriq Nigeria Payments Limited in partnership with the Pan-African Payment and Settlement System (PAPSS).
The platform, currently in its pilot stage, is the first wallet-based outbound payments scheme, which is fully in Naira and instant, without relying on hard currency conversion.
The parties are working together with banks and mobile money operators in the West Africa nations.
The Central Bank of Nigeria (CBN) has already approved this initiative, which will benefit small and medium enterprises (SMEs), the real engine of intra-African trade, as they will now have access to a faster, cheaper way to reach customers and suppliers across the border.
By reducing barriers to cross-border trade, the new service will allow these businesses to grow their addressable markets and activity. From December 1, this service will be fully operational for a 6-month period.
Through the partnership with PAPSS, Onafriq, which is a CBN licensed payment service provider, is supporting the operationalization of the Africa Continental Free Trade Area (AfCFTA) mandate. The mandate itself is driving tariff-free trade for the 54 member states of AfCFTA. Within the partnership itself, Onafriq provides the mobile money rails, with an ecosystem consisting of over 1 billion mobile wallets.
Meanwhile, PAPSS brings a network of over 160 commercial banks, representing an ecosystem of more than 400 million bank accounts across its 19 African countries of operation. The two partners are essentially seamlessly connecting two worlds: mobile money and banking. As a consequence, intra-African trade transactions will take place more easily and opportunities will be created.
Currently, Africa is made up of bank and mobile-led markets, with siloes often inhibiting transactions between these economies. However, this partnership will remove these boundaries. With over one billion mobile wallets and 500 million bank wallets across Africa, this partnership will allow for cross-border collaboration at scale.
This partnership builds on Onafriq and PAPSS’ existing partnership for payments into Ghana, announced earlier this year.
“Our work with PAPSS shows what collaboration at scale can unlock—seamless, secure connections between banking systems and mobile money ecosystems. This is how we open bi-directional trade corridors, reduce costs for businesses, and give African enterprises the rails they need to trade with confidence in their own currencies. The vision is continental, but it starts with practical steps like this one,” the Managing Director for Anglophone West Africa, Mxolisi Msutwana, said.
The Chief Information Officer for PAPSS, Ositadimma Ugwu, added, “Too often, African businesses and individuals see borders as roadblocks instead of opportunities. With this step, we’re challenging that mindset, giving Nigerians the ability to send value next door with the same ease as sending a text message. Our vision is simple: make Africa’s borders invisible to payments. This pilot makes that a reality, moving us closer to a continent where payments don’t pause at the border.”
By Adedapo Adesanya
Mrs Ifeyinwa Osime has been appointed as the chairman of the board of Access Bank Plc, following the retirement of Mr Paul Usoro on January 29, according to a statement to the Nigerian Exchange (NGX) Limited.
Mrs Osime, an accomplished legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired the Board Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee.
This role made her contribute significantly to bank’s corporate governance, leadership development, and sustainability initiatives.
In addition to her role at Access Bank, Mrs Osime is a Director at Ebudo Trust Limited and a Partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, Women Corporate Directors, Nigeria Chapter, and Chartered Institute of Directors Nigeria, where she serves on the Executive Committee of the Women Sectorial Group.
Beyond her professional responsibilities, Mrs Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the chairman of Access Holdings, Mr Aigboje Aig-lmoukhuede, said: “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the Bank’s vision and mission, and I am confident that, under her leadership, the Bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African Bank.”
He also congratulated Mr Usoro on the completion of his tenure and for his exemplary leadership, dedication and significant contribution to the Group, saying he remains a valued member of the Access Bank family.
By Adedapo Adesanya
The African Energy Bank (AEB), a pan-African financial institution established to mobilise capital for the continent’s energy development and strengthen regional energy value chains, will begin operations in June 2026.
This came as Nigeria officially handed over the headquarters of bank at a ceremony held on the sidelines of the ongoing Nigeria International Energy Summit (NIES).
The president of the African Petroleum Producers’ Organisation (APPO) and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mr Mamadou Colibaly, praised Nigeria for its leadership in bringing the initiative to fruition, as he disclosed the bank was expected to commence operations in four months’ time.
“We are committed to launching this bank no later than June. I sincerely thank our partners for providing the headquarters and office that make this take-off possible. The African Energy Bank represents Africa’s commitment to finance, develop, and secure its own energy future by Africans, for Africans,” he said.
The African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), established to mobilise domestic and regional capital for Africa’s energy infrastructure, reduce dependence on external financing, and align energy investments with the continent’s long-term development and industrialisation agenda.
While performing the handover, Nigeria’s Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, said the country had fulfilled all its responsibilities as host nation.
“Nigeria has met every obligation as host. The headquarters is ready, strategically located, and fully equipped, and we are prepared for immediate take-off.”
The ceremony highlighted a growing consensus among African leaders on the need for the continent to take greater ownership of its vast natural resources.
Through tailored financial instruments, the bank is expected to support projects across the energy value chain, including exploration, refining, renewable energy integration, and local content development, with a focus on job creation and economic value addition.
The African Energy Bank has been touted as not just another financial institution, but a strategic pillar in Africa’s quest for economic independence and long-term energy security
The African Energy Bank is a pan-African financial institution jointly promoted by APPO member states and Afreximbank to provide tailored financing solutions for energy projects across the continent, strengthen regional energy markets, and support sustainable development through improved access to capital.
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