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 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.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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