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 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.
