Banking
Union Bank, Petrocam Legal Tussle Takes New Twist
By Dipo Olowookere
A new dimension has been brought into the case between Union Bank of Nigeria Plc and Petrocam Trading Nigeria Limited.
This is because the firm and its Managing Director, Mr Patrick Ilo, have filed an application before a Federal High Court in Lagos, urging the presiding judge, Justice Rilwan Aikawa, to refer the suit filed against them by Union bank of Nigeria Plc to the Chief Judge of the court for reassignment to another judge of the court in the Lagos Division axis.
The defendants have expressed their loss of confidence in the court in determining the matter without any form of bias.
Petrocam Trading Nigeria Limited, its Managing Director, Mr Patrick Ilo, alongside its South African counterpart, Petrocam Trading South Africa, had earlier dragged Union Bank Plc before a Lagos State High Court, urging the court to direct the bank to credit or reverse the wrongful debt on the Petrocam’s account maintained with the bank for the funding of the letter of credit totaling the sum of N6,704,918,533.71 arising the bank’s breach of its duty to the company.
However, while the case was still pending, Union Bank filed another case before a Federal High Court in Lagos against the company and its Managing Director claiming the sum of N10,062,643,928.72, thereafter securing an order of the court to freeze all the accounts of the company in all commercial banks.
Meanwhile, in the accompanying affidavit verifying the petition sworn to by Mr Patrick Ilo, and filed before the court by Mr Gboyega Oyewole (SAN), the deponent averred that six orders were made against freezing the account of Petrocam company and adjourned for seven weeks, while effectively shutting down all their business, leading to the destruction of all their good will and business connections.
Mr Ilo averred further that, in spite of the potential harm the order may cause, no undertaken was given as to damages in the event that the orders ought to have been made.
Consequently, application was filed to discharge the order and follow with a letter of urgency, to the acting Chief Judge of the Federal High Court seeking his intervention in securing an early date, with the intervention of the acting Chief Judge, Justice Aikawa now fixed the hearing of the matter for May 4, 2018 at which date Union Bank Counsel did not appear in court but wrote to the court that he has travelled to England for his 60th Birthday celebration.
Mr Ilo then urged the acting Chief Judge to use his good office to investigate this matter for appropriate action, to prevent reoccurrence.
When the matter was mentioned, Mr Oyewole SAN told the court that application has been filed for the judge to hands off from the matter or rather transfer the case file to the Chief Judge for re-assignment.
Union bank counsel Chief Ajibola Aribisala SAN, in his response told the court that they are still within time to respond.
Consequently, Justice Aikawa adjourned till June 22, 2018 for the application to be heard.
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.
