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
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
