Banking
Sterling Bank, AMCON in Illegal Land Sale Mess
By Dipo Olowookere
Sterling Bank and the Asset Management Corporation of Nigeria (AMCON) have both been accused of illegally selling portions of Victory Park Estate belonging to an indigenous real estate development company, Grant Properties Limited (GPL).
The portion of land allegedly sold by the Bank was 10 hectares, which was valued at N5 billion at the time of the sale from the 50-hectare land in Lekki, Lagos, where the estate is to be built. The bank allegedly secretly sold the land to one of its Directors for a fraction of its valued price.
New Telegraph reliably gathered that GPL took a loan from four banks – Unity Bank, Skye Bank, WEMA Bank, and Sterling Bank – to part-finance the development of the estate.
The loan was secured with the transfer of the shares in GPL’s subsidiary company, Knight Rook Ltd to the banks in lieu of a legal mortgage.
In a petition addressed to the Lagos State Commissioner of Police, Mr Imohimi Edgar, on November 8, 2017, Managing Director of GPL, Dr Olawunmi Olajide-Awosedo, explained that the residue of the loan was transferred to AMCON in 2011 due to liquidity problems in the banks.
The petition, which was acknowledged by the police boss, read in part; “At the time they sold the debt to AMCON, the banks were required to transfer all of our collateral; however, we found out that Sterling Bank secretly withheld 10 hectares of our land which it illegally sold to one of its Directors, Mr Yemi Idowu, a rival real estate developer, who the bank had appointed to manage the account.
“Prior to his appointment to manage the account, he had made an attempt to buy the land for a price below the market value, but we had refused to sell.
“After he secretly bought the land from his bank, Mr Yemi Idowu sold a quarter of it (2.4 hectares) to UPDC Plc for a substantial secret profit. Both UPDC and Mr Idowu commenced construction immediately.”
The GPL noted that despite getting a favourable court judgement, its staff were being tortured by suspected agents of AMCON and its lawyer, Mr Lanre Olaoluwa of Matrix Solicitors.
It also alleged AMCON of forceful eviction of its client and captivity of a mother and her child, as well as a worker.
A copy of the Lagos State High Court judgement obtained by our correspondent showed that the court nullified the sale of the land on June 2, 2017.
The judgement stated that “the land was sold by Sterling Bank after the banks had assigned the loans to AMCON; the documents of the sale were signed by Mr Yemi Adeola & Ms Justina Lewa, Managing Director and Company Secretary of Sterling Bank respectively, who had no authority to do so; Sterling Bank acted alone, as the other banks did not participate in the sale; and GPL was not informed about the sale.”
Dr Awosedo had earlier written the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on September 28, 2017, detailing what it termed “insider abuse, collusion and fraud” against his company (GPL) by AMCON and Sterling Bank.
The petition, which was also received and acknowledged by the CBN, read: “We took our case to court, and secured 2 orders to stop them from construction, but they disobeyed the Court Orders and continued building. They built a residential development called Cadogan Estate on the land in defiance of the Court Order.
“Having won our case, and secured our land, we wrote to AMCON on 15th June 2017, enclosing a certified true copy of the judgement, and a proposal to repay our loan from the land we won in the judgement. We wrote to AMCON to request for it to value the land and take their payment from it.
“To our surprise, since Friday, June 16, 2017, Olaoluwa has taken over our offices, facilities, estate and homes under an ex parte Court Order granted in August 2016, which should have expired after a maximum of 21 days.
“In fact, he brought an action at the Federal High Court in Abeokuta, seeking among other things, to renew the receivership, and it is instructive to note that the suit is still pending, and the court had not granted him the powers he requested before he began this process.
“As part of the intimidation to force us to compromise our judgement and ratify the illegal sale of our collateral, Olaoluwa and Matrix Solicitors obtained a judgment on October 3rd, 2017 against us in secret, as we were never notified or served any processes concerned with this suit up until they got the judgment. This is despite the fact that a previous case was still pending before the Federal High Court in Abeokuta.
“In fact, on the day they obtained judgment, we actually had a meeting at AMCON offices which was attended by Olaoluwa, his partner and an AMCON team led by Mr Saidu, AMCON’s Company Secretary. We have however filed a motion to set the judgment aside.”
The GPL subsequently called on the Federal Government and other relevant regulatory authorities to order an investigation into the activities of Sterling Bank and AMCON.
It said, “We pray for an immediate and thorough investigation of the involvement of Sterling Bank; its Managing Director, Mr Yemi Adeola; its Company Secretary, Ms Justina Lewa,; Mr Yemi Idowu; and their surrogate companies, including Mosam Global Construction Ltd; RED Ltd (Real Estate Development Company of Nigeria Ltd); SAMTL LTD (Sterling Assets Management & Trust Limited); SAMTL Properties Ltd; and Aircom Ltd in the illegal sale and development of our land.
“The actions of Sterling Bank; Yemi Adeola (MD); Yemi Idowu (Former Director and Shareholder of the bank); and Justina Lewa (its Company Secretary) are illegal under several laws. We want to draw the attention of the government and regulatory authorities to this debacle, so that they can investigate and sanction those who are found to have erred”, he concluded.
By Adedapo Adesanya
Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.
This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.
With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.
The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.
“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”
He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.
Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.
He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.
Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.
Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.
Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.
“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.
The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.
Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.
“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.
He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.
The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.
“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”
She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
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