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 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.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
