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 Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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.
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