Banking
Unity Bank Loses Case Against Former Employee
By Modupe Gbadeyanka
A former employee of Unity Bank Plc, Mr Moses Mina, has floored his former employers at the National Industrial Court sitting in Port Harcourt, Rivers State.
Justice Polycarp Hamman of the Port Harcourt Judicial division of the industrial court declared in his ruling that the summary dismissal of the claimant from service of the Unity Bank was wrongful and not in line with the terms of his employment.
The judge, which awarded the sum of 200,000 in favour of Mr Mina, further held that having not embedded the collective agreement into the terms of the contract, same was not binding on the parties and the bank was wrong to have relied on same to summarily dismiss him from service.
From facts, the claimant informed the court that he was given letter of suspension from duty on June 12, 2009, and while serving the suspension, he received the letter of summary dismissal dated September 8, 2009.
He further claimed that these disciplinary actions were on the bases of allegation against him and the FT Officer due to the ‘exception on a foreign exchange’.
According to him, himself and the FT Officer appeared before a panel and were informed that the panel was only interested in the alleged threat to the IC Officer, which was not stated in the letter of suspension and no evidence of the said telephone conversation was given.
The claimant argued that the Collective Agreement referred to in the letter of summary dismissal was not contained in the handbook and therefore, not part of the terms of his employment, urging the court to grant reliefs sought.
However, the defendant submitted that all disciplinary and fair opportunities were given to the claimant before his suspension and subsequent dismissal from service.
It also argued that the dismissal was in accordance with the Employee’s Handbook and the Collective Agreement and all the procedural requirements were adhered to before his dismissal from service.
It further stated that the suit, which was filed on September 3, 2015, was not commenced within the period of limitation law of Rivers State, praying that the court should decline jurisdiction and to dismiss the instant suit in its entirety for want of proof.
In reply, counsel to the claimant argued that the cause of action arose in Benin City, Edo State, and not Rivers State, and that the Limitation Law of Rivers State does not apply to the instant suit, urging the court to dismiss the bank’s submission.
Delivering his judgment, the trial judge held that the cause of action occurred in Benin City, Edo State, and that the Rivers State Limitation Law does not apply in the circumstances of the case and the Limitation Law of Edo State, which provides for six years within which to commence an action and that the matter was filed within the limitation period.
“The position of the law regarding the enforceability of collective agreements have been numerously stated in a legion of cases in this country, and it is the law that for such an agreement to bind an employee, it must be incorporated either expressly or impliedly into the employee’s contract of employment.
“I have gone through the letter of appointment issued to the claimant by Unity Bank Plc (the offer of appointment issued to the claimant by Bank of the North Limited and the Employee Handbook), and found out that none of these exhibits made reference either expressly or impliedly to the provisions of any collective agreement as forming part of the terms of the claimant’s contract with the defendant.
“I, therefore, hold that having not embedded the collective agreement into the terms of the claimant’s contract, same was not binding on the parties and the defendant was wrong to have relied on same to summarily dismiss the claimant from service. I so find and hold,” Justice Hamman ruled.
By Adedapo Adesanya
Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.
The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.
In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.
Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.
The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.
To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.
The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.
“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.
Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.
Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has helped First Bank of Nigeria to recover the sum of N802.4 million from a suspect, Mr Kingsley Eghosa Ojo, who unlawfully took possession of over N1.3 billion belonging to the bank.
The funds were handed over the financial institution by the Benin Zonal Directorate of the anti-money laundering agency on Monday, January 12, 2026, a statement on Tuesday confirmed.
First Bank approached the EFCC for the recovery of the money through a petition, claiming that the suspect received the money into his account after system glitches.
The commission in its investigation; discovered that the suspect, upon the receipt of the money, transferred a good measure of it to the bank accounts of his mother, Mrs Itohan Ojo and that of his sister, Ms Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
While handing over the lender, the acting Director for the Directorate, Mr Sa’ad Hanafi Sa’ad, stressed his organisation would continue to discharge its mandate effectively in the overall interests of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done.
“We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, the Business Manager for First Bank in Benin City, Mr Olalere Sunday Ajayi, who received the drafts on behalf of the bank, commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the commission.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Mr Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
By Henry Obiekea
Nigeria is at a defining moment in 2026. After several years of bold macroeconomic adjustments, including foreign exchange unification and structural reforms, the country is moving from stabilization into expansion. With the Central Bank of Nigeria restoring confidence in the Naira and foreign reserves reaching a five-year high of over 45 billion dollars, the next phase of growth will be shaped by how effectively Nigerians can participate in the formal financial system.
Technology-enabled banking is playing a critical role in this transition. Commercial banks remain the backbone of the system, providing balance sheet strength, regulatory depth, and long-term capital essential for national development. Yet in a country of over 220 million people, physical access alone cannot deliver financial inclusion at scale.
Mobile-first and digitally delivered financial services are bridging this gap. By extending regulated banking beyond physical locations into everyday devices, licensed microfinance banks and other regulated institutions are bringing millions of Nigerians into the formal economy. This approach helped push formal financial inclusion to over 64 percent in 2025, ensuring the last mile is no longer excluded.
Achieving the Federal Government’s target of a one trillion dollar GDP by 2036 requires efficient capital flow. In the first quarter of 2025 alone, Nigeria recorded over 295 trillion naira in electronic payment transactions. Faster, secure financial infrastructure supports modern commerce, strengthens trade, and improves overall economic productivity.
Micro, small, and medium-scale enterprises, which contribute nearly 48 percent of GDP, are central to this growth. Technology-driven banking models are helping to close long-standing credit gaps. By responsibly using alternative data to assess risk, small-ticket working capital loans provide the “pocket capital” businesses need to grow. This builds a pipeline of enterprises that can mature into larger corporate clients within the broader banking ecosystem.
Digitally delivered financial services also strengthen public revenue mobilisation. Increased transaction transparency supports a broader tax net and contributes directly to government revenues through stamp duty, reinforcing fiscal sustainability.
This evolution is supported by a maturing regulatory environment. The Central Bank of Nigeria’s Open Banking framework, rolling out in phases from early 2026, ensures that all regulated institutions operate under consistent oversight. Secure data sharing standards mean customers’ financial histories can move with them across institutions, strengthening trust and accountability.
At FairMoney Microfinance Bank, we see this framework as a social contract. Knowing that deposits are protected by NDIC insurance and supported by clear dispute resolution mechanisms gives customers the confidence to participate actively in the economy.
The future of Nigerian banking is defined by structural harmony. Traditional banks provide depth and stability, while technology-enabled institutions provide reach, speed, and accessibility. Together, they turn financial access into economic resilience.
By working in alignment, we can ensure every Nigerian, from the Lagos professional to the rural trader, is equipped to contribute meaningfully to our shared one trillion dollar future.
Henry Obiekea is the Managing Director of FairMoney Microfinance Bank
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