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 Adedapo Adesanya
The Senate has demanded detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus.
The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mr Tokunbo Abiru, opened its statutory briefing with a firm call for transparency at the apex bank, noting that the Auditor-General’s query on the unremitted funds required a full, clear and documented response, insisting that public trust in monetary governance depended on strict accountability.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and reducing inflation, Mr Abiru underscored that such progress must be accompanied by institutional responsibility.
He stated the Senate expected the CBN to explain the circumstances surrounding the query, outline corrective steps taken and reveal safeguards against future lapses.
This came as the Governor of the central bank, Mr Yemi Cardoso, appeared before the senate committee and offered an extensive review of economic conditions, asserting that Nigeria was experiencing renewed macroeconomic stability across major indicators.
Mr Cardoso attributed the progress to bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management implemented since mid-2025.
According to him, headline inflation had declined for seven consecutive months, from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, marking the steepest and longest disinflation trend in over a decade.
Food inflation accruing to him also slowed to 13.12 per cent, supported by improved supply conditions and exchange-rate predictability.
The CBN governor described the foreign-exchange market as fundamentally transformed, adding that speculative attacks and arbitrage opportunities had largely disappeared.
According to him, the premium between the official and parallel markets had fallen to below two per cent, compared to over 60 per cent a year earlier. As of November 26, the naira traded at N1,442.92 per dollar at the Nigerian Foreign Exchange Market, stronger than the N1,551 average recorded in the first half of 2025.
He also announced a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years and sufficient to cover over ten months of imports.
Diaspora remittances, he noted, had tripled to about $600 million monthly, while foreign capital inflows reached $20.98 billion in the first ten months of 2025, 70 per cent higher than in 2024 and more than four times the 2023 figure.
Cardoso further confirmed that the CBN had fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
On banking-sector stability, he reported that recapitalisation efforts were progressing smoothly. Twenty-seven banks had already raised new capital, with sixteen meeting or surpassing the new regulatory thresholds ahead of the March 31, 2026 deadline, highlighting improvements in ATM cash availability, digital-payments oversight and cybersecurity compliance.
Despite the positive indicators, the Senate sought clarity on several policy decisions.
Mr Abiru pressed for explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-Treasury Single Account public-sector deposits, FX forward settlements, mutilated naira notes in circulation, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.
He also requested an update on the activities of the Financial Services Regulatory Coordinating Committee, arguing that stronger inter-agency cooperation was necessary to maintain public confidence.
The session later moved into a closed-door meeting.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
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