Banking
Unity Bank Battles Tompolo’s Firm over N5.3b Debt
By Modupe Gbadeyanka
A firm belonging to a top Niger Delta militant, Mr Government Ekpemupolo, otherwise known as Tompolo, Muhaabix Global Services Limited, has been taken to court by Unity Bank over a debt in the region of N5.3 billion.
The financial institution filed a suit against the company before a Federal High Court sitting in Lagos in efforts to recover the debt.
According to the bank’s counsel, Mr Oluwafemi Atoyebi (SAN), on November 14, 2014, Muhaabix Global Services Ltd sought to get €8.4 million, €282,924 and N500 million from Unity Bank to fund letters of credit for the importation of the two dredgers and their spare parts, which were granted.
It was disclosed that pursuant to the loan agreement and in consideration of both parties, Muhaabix Global Services Ltd executed and registered in favour of Unity bank a debenture deed over the dregers, “Damen CSD 500 and Damen CSD 650 as security for the payment of all the loans, all accrued interest and any outstanding amount payable to the bank.
Following the execution of the mortgage on the imported dredgers, the company also gave lien over its fixed deposit investment with the bank which was in the sum of N2.4 billion and the company also undertook to domicile the balance of its contractual earnings from the Nigerian Maritime Safety and Administration Agency (NIMASA) over the phase 1 and 2 dredging and sand filling contracts to the bank.
However, Unity Bank averred that despite Muhaabix Global Services Limited’s covenant of repayment agreement/undertakings, the company has failed, refused and neglected to liquidate its huge colossal indebtedness to the bank.
Moreso, in consequence of the attachment of its fixed deposit investment and post no debit on its account by the Economic and Financial Crime Commission (EFCC) thereby rendering the security over the imported dredgers, grossly inchoate.
The company has variously defaulted on the huge facilities availed it by the bank including the loan subsequently requested for and availed it in the sum of N60 million and N59 million to meet and augment its working capital.
Unity Bank averred further that by reason of the foregoing and the breaches of the company of the loan agreement, it has suffered huge financial losses and damages.
Consequently, the bank’s claim against the defendants jointly and severally is in the total sum of N5.3 billion being the total outstanding loan granted Muhaabix Global Services Ltd with interests of 9.2591 percent per day from November 16, 2016 until judgment for a minimum of three years which the bank reasonably estimate the matter to last for in court and thereafter, at 6 percent per annum post judgement interest until payment and the legal costs of instituting and prosecuting this legal action.
Joined as co-defendants in the ensuing debt recovery suit are two ocean going Vessels Damen CSD 500 and Damen CSD 650.
Damen CSD 500 is currently deployed at the proposed Dock/Shipyard,Delta state in fulfillment of a dredging contract by NIMASA while Damen CSD 650 together with spare parts is currently lying at the Julius Berger Jetty, Warri awaiting customs clearance. The two dredgers were imported by Muhaabix Global Services Ltd.
Meanwhile, the presiding judge, Justice Oluremi Oguntoyinbo, has adjourned the matter till April 12, 2017 for mention.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn